MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Thursday, May 24
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3:46 AM German Q1 exports +1.7% Q/Q, a sharp turnaround from -1.5% in Q4. Imports flat Q/Q, up from -0.6% in Q4. [Global & FX] Comment!
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3:32 AM German flash manufacturing PMI at 45.0 in May, down from 46.2 in April. Services unchanged at 52.2. Composite output index at 49.6, down from 50.5 prior and a six-month low. [Global & FX, Breaking News] Comment!
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3:27 AM Shell (RDS.A) extends its $1.8B offer to acquire Cove Energy (CNVGF.PK) to June 13, after Thailand's PTT Exploration came in with a higher $1.9B bid yesterday, sending Cove shares +11.2% in London to 249p, above PTT's 240p/share bid. Some expect Shell to pony up as much as $2.5B; Shell plays coy - it's "considering its options and will make a further announcement if appropriate." (previously) [M&A, Commodities, Top Stories] Comment!
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3:14 AM Rio Tinto (RIO) sticks to its aggressive iron ore expansion plans, confirming its global output capacity could almost double to 450M metric tons by 2016. Despite China's slowing growth, Rio expects strong long-term demand for iron ore - though reports earlier this week said Chinese buyers are deferring or defaulting on coal and iron ore deliveries following a drop in prices. [Commodities] Comment!
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2:05 AM HSBC's flash estimate of China's PMI: 48.7, down from last month's 49.3. If the preliminary reading is confirmed on June 1, it will mark seven months of manufacturing contraction, bolstering the case for more stimulus. [Global & FX] Comment!
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2:01 AM German final Q1 GDP comes in at +0.5% Q/Q and +1.7% Y/Y, both in-line with preliminary readings. [Breaking News, Global & FX] Comment!
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12:00 AM Thursday's economic calendar:
8:30 Durable Goods
8:30 Initial Jobless Claims
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
1:00 PM Results of $29B, 7-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet 1 Comment
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