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29th July-2nd August 2024
MON: Chinese Industrial Profit (Jun)TUE: Japanese Unemployment Rate (Jun), Australian Building Approvals (Jun), Spanish Flash CPI (Jul), Swiss KoF (Jul), German GDP (Q2), Prelim. CPI (Jul), EZ Consumer Confidence Final (Jul), US JOLTS (Jun)WED: FOMC Announcement, BoJ Announcement and Outlook Report, BCB Announcement; Chinese NBS PMI (Jul), Australian CPI (Q2/Jun), German Retail Sales (Jun), Unemployment (Jul), French CPI Prelim. (Jul), EZ Flash HICP (Jul), Italian CPI Prelim. (Jul), US ADP (Jul), Pending Home Sales (Jul), Chicago PMI (Jul)THU: BoE Announcement, US Unit Labor Costs (Q2), Swiss Holiday, Chinese Caixin Manufacturing PMI (Jul), US ISM Manufacturing PMI (Jul).FRI:...
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PREVIEWS
BOJ ANNOUNCEMENT (WED): A majority of surveyed economists expect the policy rate to be kept at 0.0%-0.1% whilst money markets are currently pricing a 47% chance of a 15bps hike. The BoJ is also set to announce its taper plans and will release the latest Outlook Report containing board members’ median forecasts for Real GDP and Core CPI. 76% of economists expect the BoJ to keep rates unchanged and 59% expect the BoJ to taper bond purchases to around JPY 5tln per month as a first step at the July meeting. Furthermore, economists are split over which month the BoJ...
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Announces secondary offering of 41,604,207 shares.Goldman Sachs acting as sole book-running manager for offering.(Newswires)
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SNAPSHOT: Equities up, Treasuries up, Crude down, Dollar flat.REAR VIEW: Core PCE hotter than expected, with headline as expected; UoM final headline and 5yr inflation revised higher, with 1yr unchanged; Japan's MoF wants BoJ to cut bond purchases; Stellar 3M results; Cooler than forecasted Tokyo CPI.COMING UP: Data: Swedish GDP, Retail Sales, US Dallas Fed Manufacturing Business Index. Speakers: UK Chancellor Reeves.Supply: Australia. Earnings: Poste Italiane, Pearson, Entain, Heineken, Philips, McDonald's.WEEK AHEAD: Highlights include FOMC, BoJ, BoE, NFP, ISM Mfg. PMI and OPEC+ JMMC. To download the report, please click here.CENTRAL BANK WEEKLY: Previewing FOMC, BoJ, BoE, BCB; Reviewing BoC,...
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Offer would make Petrobras operator of Mopane field, with at least 10bln barrels of oil equivalent.Company is looking for oil reserves abroad due to environmental licensing issues for new areas in Brazil.(Newswires)
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UN does not have expertise on global tax issues, and brings in too many countries, and is not consensus-based.'Pillar 1' talks on digital taxes have made a lot of p[progress but India, China, and Australia remain holdouts.US maintaining demand for mandatory 'Amount B' for pillar 1 transfer pricing.Does not think China 'dug in' against participating in pillar 1, would not be surprised to see Beijing sign on.(Newswires)
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"For years, Google was the largest business customer of One Medical, the primary care provider Amazon acquired for $3.9 billion.""But as Amazon closed the One Medical deal last year, Google decided to terminate its enterprise agreement with the healthcare company, according to an internal document obtained by Business Insider."(Business Insider)
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Q2 results
Net sales 5.352bln (exp. 5.248bln).EBITDA 1.509bln (exp. 1.398bln).
(Newswires)
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A listing in the US could take place as soon as next year.(Bloomberg)
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USD 4.8bln debt payments are due in 2024, USD 7.1bln in 2025 and USD 11.4bln in 2026.Reports USD 19.7bln of debt with providers at end of Q2, down 1.6% from end of 2023.(Newswires)
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Some data was not quite in line with the projections.A first cut doesn't automatically lead to a series.ECB executive board member Schnabel speaks.Services inflation proving to be particularly sticky.Freight costs, protectionism could drive inflation.Pace and extent of ECB rate cuts will depend on data.ECB closely watching sticky services prices.(Newswires)
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389bcf per day of Natural gas in Q2.Liquid hydrocarbon from new fields of 554.7k.(Newswires)
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Monday
Data: Swedish GDP, Retail Sales, US Dallas Fed Manufacturing Business IndexSpeakers: UK Chancellor ReevesSupply: AustraliaEarnings: Poste Italiane, Pearson, Entain, Heineken, Philips, McDonald'sTuesday
Data: Japanese Unemployment Rate, Australian Retail Trade, Spanish GDP, German CPI, Italian GDP, EZ Economic Sentiment, US JOLTsSupply: UK, ItalyEarnings: Airbus, Scor, L'Oreal, Teleperformance, Fresenius Medical Care, Covestro, Diageo, Sage, St James's Place, Croda, BP, Rio Tinto, Grifols, Leonardo, Intesa Sanpaolo, Merck, Paypal, Pfizer, Procter & Gamble, AMD, Microsoft, Mondelez, StarbucksWednesday
Data: Japanese Retail Sales, Australia CPI, German Trade, French CPI, German Unemployment Rate, Italian Industrial Sales, EZ HICP, US ADP Employment, US Chicago PMIEvents: FOMC, BCB Policy AnnouncementSpeakers: Fed...
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Data: Swedish GDP, Retail Sales, US Dallas Fed Manufacturing Business IndexSpeakers: UK Chancellor ReevesSupply: AustraliaEarnings: Poste Italiane, Pearson, Entain, Heineken, Philips, McDonald's(Newsquawk)
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On track to deliver transition metals business production guidance for 2024.We are now very confident we will reach top end of iron ore production guidance this year.Not looking at nickel M&A opportunities in Brazil. (Newswires)
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26th July 2024
Europe traded mostly firmer as earnings dictated price action in an otherwise quiet session in the continent.US PCE printed slightly hotter than expected but only spurred a notable reaction in bonds.In FX, risk currencies performed better against the Dollar while traditional havens fared worse.EQUITIES
European bourses, Stoxx 600 (+0.5%) opened mixed and on either side of the unchanged mark, though sentiment picked up as the session progressed and generally resided near session highs.European sectors hold a strong positive bias; Construction and Materials topped the pile, propped up by post-earning strength in Vinci (+3.6%) and Saint Gobain (+4.7%). Basic Resources...
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