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Europe Stocks, U.S. Futures Gain; Treasuries Slip; Markets Wrap
News Image(Bloomberg) -- European stocks climbed along with U.S. equity futures after a mixed session in Asia as investors assessed the latest news on trade talks and awaited more clues on monetary policy. Treasury yields ticked higher after retreating Tuesday.Carmakers led gains on the Stoxx Europe 600 index, while contracts on the three main U.S. equity gauges advanced a day after the S&P 500 Index closed lower as U.S. President Donald Trump showed no urgency to resolve trade friction with China and renewed his call for a big Federal Reserve rate cut. Japanese and Australian benchmarks fell, while shares fluctuated in Hong Kong and China and rose in South Korea. The yen slipped and the dollar was little changed. Most European bonds declined, though Italian debt rose a second day after Prime Minister Giuseppe Conte resigned.Investors are on alert for central bank moves as policy makers and world leaders convene this week in Wyoming and France to consider the weakest global growth since the financial crisis. The Group of Seven leaders, with President Trump among them, will gather in France over the weekend as the European Central Bank mull interest rate cuts. And while the Fed minutes due Wednesday may provide some clarity on officials views, theyre likely to be overshadowed by Jerome Powells address at Jackson Hole on Friday.The key thing this week is the Jackson Hole speech by Fed Chair Powell, Tuuli McCully, head of Asia-Pacific Economics at Scotiabank, told Bloomberg TV. It will be interesting to hear if he sticks to the mid-cycle adjustment tone or if he will promise more.Elsewhere, oil edged higher and gold dipped, staying near $1,500.Here are some notable events coming up:Minutes of the Feds July meeting will provide details on the discussions leading to the first interest-rate cut in a decade when they are released on Wednesday.Germany will sell a 30-year bond at a 0% coupon for the first time on Wednesday, in a flurry of debt sales in the next two weeks offering negative rates.Thursday brings the Bank Indonesia rate decision and press conference with Governor Perry Warjiyo.Flash PMIs are due for the euro area on Thursday.Kansas City Federal Reserve Bank hosts its annual central banking symposium in Jackson Hole, Wyoming, starting Thursday. Fed Chairman Jerome Powell will give remarks on Friday.Here are the main moves in markets:StocksFutures on the S&P 500 Index increased 0.4% as of 8:17 a.m. London time.The Stoxx Europe 600 Index increased 0.4%.The U.K.s FTSE 100 Index rose 0.4%.Germanys DAX Index climbed 0.4%.The MSCI Asia Pacific Index declined 0.3%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.1%.The euro declined 0.1% to $1.1092.The British pound declined 0.3% to $1.2139.The Japanese yen fell 0.3% to 106.55 per dollar.BondsThe yield on 10-year Treasuries jumped three basis points to 1.59%.The yield on two-year Treasuries gained two basis points to 1.53%.Britains 10-year yield rose two basis points to 0.471%.Germanys 10-year yield climbed two basis points to -0.67%.CommoditiesWest Texas Intermediate crude gained 0.3% to $56.31 a barrel.Gold fell 0.5% to $1,499.48 an ounce.To contact the reporters on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net;Laura Curtis in London at lcurtis7@bloomberg.netTo contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Robert BrandFor more articles like this, please visit us at bloomberg.com2019 Bloomberg L.P.
Wed, 21 Aug 2019 03:26:31 -0400
Vivendi Wants to Block Mediasets Dutch Holding Company Plan
News Image(Bloomberg) -- Mediaset SpA shareholder Vivendi SA plans to vote against the Italian TV companys proposal to merge with its Spanish affiliate, according to people familiar with the matter, in a potential setback for the broadcasters ambition to create a European alliance. Mediaset investors will gather Sept. 4 to vote on a plan to create a Dutch-registered holding company to house the assets. The controlling shareholder, former Prime Minister Silvio Berlusconis family, wants other national broadcasters to invest in the new entity, which would collaborate on data platforms and advertising in response to the growing threat from Netflix Inc.The plan is overshadowed by a long-simmering conflict between the Berlusconis and Vivendi. The French media group sees the Dutch holding, dubbed Media For Europe, as a move by the family to cement its control over Mediaset, said the people, who asked not to be identified because the deliberations are confidential.Whether Vivendi can block the merger is unclear. It holds around 29% of Mediaset and the vote needs a two-thirds majority to pass. However, most of Vivendis shares sit in an independent trust and it may only be able to vote using the remaining 9.6% of stock that it holds directly.A Vivendi spokesman declined to comment. A Mediaset representative said the company doesnt comment on speculation based on anonymous and not official sources.Mediaset shares were down 0.5% as of 9:23 a.m. in Milan after falling as much as 1.3% at the open.If it loses next months vote, Vivendi will need to decide whether to tender its shares to the Dutch entity or sell out of Mediaset. That second option may be unappealing as Mediaset shares have been trading above the alternative cash buyout price of 2.77 euros ($3.07) offered to shareholders who dont want the Dutch stock. The shares closed Tuesday trading at 2.95 euros in Milan.Even if the resolution does pass and Vivendi decides to remain a shareholder, its opposition to a cornerstone of Mediasets future strategy would only prolong the damaging feud.Mediaset Chief Executive Officer Pier Silvio Berlusconi said in July he didnt expect Vivendi to withhold its participation in the new holding company.Vivendi found one potential ally on Tuesday when proxy advisory firm ISS said Mediaset shareholders should oppose the Dutch arrangement, saying it wasnt particularly attractive from a financial standpoint and minorities would be worse off in terms of corporate governance.The Dutch structure may give extra voting rights to so-called loyal shareholders, an set-up that could allow the Berlusconis to maintain their control, ISS said.Still, another proxy advisory firm, Glass Lewis, said Mediaset shareholders should vote for the plan because the combined business would be more efficient.(Adds Mediaset shares in sixth paragraph.)To contact the reporters on this story: Daniele Lepido in Milan at dlepido1@bloomberg.net;Tommaso Ebhardt in Milan at tebhardt@bloomberg.net;Geraldine Amiel in Paris at gamiel@bloomberg.netTo contact the editors responsible for this story: Thomas Pfeiffer at tpfeiffer3@bloomberg.net, Jennifer RyanFor more articles like this, please visit us at bloomberg.com2019 Bloomberg L.P.
Wed, 21 Aug 2019 03:26:07 -0400
Ryanair takes legal action to prevent pilot strike - markets latest news
News ImageSecond Chinese suitor emerges as frontrunner to buy 'Boris bus' makerWrightbus FTSE 100 and FTSE 250 both joined the main European indices in losing ground yesterday Stocks on Wall Street dip for first time in four days, as Asia markets flatline Boris Johnson should remind Merkel of these four hard economic facts when they meet Jeremy Warner:Global leaders are too divided to counter looming economic darkness 8:21AM Ryanair could attempt to break strikes Ryanair has been drawing up plans to keep as many services as possible in operation if it fails in its legal action. Just in from our transport correspondent Oliver Gill: One senior insider has told me @Ryanair has contingency plans in place to run all, or nearly all, UK flights even if the legal action fails and strikes go ahead. This will be announced after the High Court decision this morning. Oliver Gill (@ojngill) August 21, 2019 8:15AM Ryanair's last ditch bid to avoid strike chaos Parked Ryanair planes will be a common sight in the next couple of days if strike action proceeds. Credit: ALBERTO PIZZOL/AFP Ryanair should learn this morning whether its request to block 180 of its Irish pilots from striking tomorrow and Friday has been successful. The Irish High Court is due to issue its decision on whether the 48 hour stoppage can proceed. Ryanair claims that the strike action breaches an agreement it reached with the union last year. The budget airline also claims thatthe union has failed to submit detailed proposals ahead of balloting its members or issuing its strike notice and that the industrial action is timed to cause maximum disruption by coinciding with a scheduled strike by UK pilots. We'll keep you up to date on developments throughout the day. 7:59AM Facebook moves to address privacy concerns Credit: Dado Ruvic/REUTERS Facebook is launching a long-promised tool that lets users limit what information the social network can gather about them on external websites and apps. The move is an attempt by tech firm to head off criticism of its privacy practices which have been heavily scrutinised in the wake of the Cambridge Analytica scandal. Facebook saidit is adding a section where users can see the activity it tracks outside its service, including through its "like" buttons. Users will be able to turn off the tracking. The feature has been launchedin South Korea, Ireland and Spain and is due to be rolled out in other markets in the "coming months". 7:37AM Ryanair in bid to stop pilot strikes Ryanair is going to the High Court today in an attempt to block Thursday'sstrike action. An application by Ryanair for an injunction is to be heard by a judge in London on Wednesday. In Ireland, Ryanair has also sought an order at the High Court in Dublin to prevent around 180 pilots based in Ireland from going on a 48-hour strike from midnight on Thursday. The application was contested by Forsa, the parent union of the Irish Airline Pilots Association. A judge is expected to give a ruling on Wednesday morning. 7:22AM Boris heads to Boris, while crisis reigns in Italy Good morning. Equities across Europe were lower yesterday amid political uncertainty, not least in Italy where prime ministerGiuseppeConte said he would resign. The pound went in the opposite direction after comments from Angela Merkel that Europe would think about practical solutions to the current Brexit impasse were interpreted as a chink of light in the stand-off between Downing Street and Brussels.Today the German Chancellorwill be meeting with Boris Johnson in Berlin. 5 things to start your day 1)Second Chinese suitor emerges as frontrunner to buy 'Boris bus' makerWrightbus:One of Chinas biggest engineering companies has emerged asthe frontrunner in the race tosave Boris Bus maker Wrightbus. Weichai, part of giant state-owned conglomerate Shandong Heavy Industry, is in detailed discussionsto buy the struggling bus company, The Daily Telegraph has learnt. 2)Shareholder revolts at annual meetings have little impact on restraining runaway pay across FTSE 100 companies, despite a fall in the average salary paid to chief executives last year, according to the CIPD andthe High Pay Centre.Between 2014 and 2018shareholders approved all FTSE 100 company pay policiespresented at an AGM, with most votes sailing through, areport by theassociation for human resource professionals and the think tank found. 2018 income figures for the CEOs of the FTSE 100 3)Yellowhammer port chaos is not even Project Fear: it is slapstick, writes Ambrose Evans-Pritchard.The Yellowhammer report excited my interest because it makes extraordinary warnings about ports in a no-deal Brexit, and I happen to have been talking to port officials over the past two weeks. These included the Boulogne-Calais chief and the head of the UKs biggest port complex on the Humber. My conclusion is that the Yellowhammer section on ports cannot be true. 4)Britain is a touch richer than previously realised after new sums by the Office for National Statistics added an extra 26bn to annual GDP. The Government and charities replace buildings, machinery and other capital more frequently than expected, businesses develop more software in-house than was known, and services exports are larger than had been appreciated. 5) Lucy Burtonfinds out who the Hong Kong 'Superman' that's taking on British beer is:Hong Kong's richest manLi-Ka Shing. The 91-year-old was determined to change his circumstancesfrom a young age, telling Forbes in 2010 that the "burden of povertyand this bitter taste of helplessness and isolation" that he felt as a child drove him on in adult life. He is the 28th richest person in the world with a net worth of around $32bn. What happened overnight Asian shares flatlined on Wednesdayas investors took a step back after recent gains, with focus now turning to a key speech by Federal Reserve boss Jerome Powell at the end of the week. Rising hopes for China-US trade talks have provided a much-needed lift to markets over the previous two days but with few fresh catalysts, dealers are keeping their powder dry ahead of Friday's address. After positive signals from Donald Trump and some of his top advisers on Monday over progress in the talks with Beijing, and an olive branch with the delay of a ban on Huawei purchases, there have been few developments for traders to buy on. "Our trade-war headline-inspired relief rally appears to have run its course as I suspect there is still a lot of nervousness among US investors as the global economic realities are just too hard to ignore," said Stephen Innes at Valour Markets. With so much riding on the Fed, investors were understandably anxious. MSCI's broadest index of Asia-Pacific shares outside Japan dithered either side of flat after three straight days of gains. Japan's Nikkei slipped 0.3%, while Shanghai blue chips added a slim 0.06%. Hong Kong stocks went into the breakslightly higher after swinging throughout the morning. The Hang Seng Index added 0.11 percent, or 28.98 points, to 26,260.52. Coming up today Interim results: Charter Court, Costain, Hansteen Holdings, Hostelworld, OneSavings Economics: Public sector net borrowing (UK), mortgage applications and house sales (US), Federal Reserve minutes
Wed, 21 Aug 2019 03:21:44 -0400
What Type Of Shareholder Owns Niraku GC Holdings, Inc.'s (HKG:1245)?
News ImageThe big shareholder groups in Niraku GC Holdings, Inc. (HKG:1245) have power over the company. Generally speaking, as...
Wed, 21 Aug 2019 03:20:28 -0400
These 4 Measures Indicate That Oricon Enterprises (NSE:ORICON) Is Using Debt Extensively
News ImageThe external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Wed, 21 Aug 2019 03:18:31 -0400
Was Beijing Enterprises Clean Energy Group Limited's (HKG:1250) Earnings Decline Part Of A Broader Industry Downturn?
News ImageWhen Beijing Enterprises Clean Energy Group Limited (HKG:1250) announced its most recent earnings (31 December 2018...
Wed, 21 Aug 2019 03:16:40 -0400
Trump advisor Pompeo says crypto should be regulated like SWIFT and other electronic financial transactions
News ImageU.S. Secretary of State Michael Pompeo, one of Donald Trump's advisors, has said that cryptocurrencies, such as bitcoin and Facebook's upcoming cryptocurrency Libra, should be regulated in the same manner as all other electronic financial transactions.The post Trump advisor Pompeo says crypto should be regulated like SWIFT and other electronic financial transactions appeared first on The Block.
Wed, 21 Aug 2019 03:16:33 -0400
How Did Landi Renzo S.p.A.'s (BIT:LR) 10% ROE Fare Against The Industry?
News ImageWhile some investors are already well versed in financial metrics (hat tip), this article is for those who would like...
Wed, 21 Aug 2019 03:14:32 -0400
With A Return On Equity Of 7.7%, Has Mangalam Cement Limited's (NSE:MANGLMCEM) Management Done Well?
News ImageOne of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will...
Wed, 21 Aug 2019 03:12:24 -0400
Does Centurion (SGX:OU8) Have A Healthy Balance Sheet?
News ImageThe external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Wed, 21 Aug 2019 03:10:24 -0400
How Do Changan Minsheng APLL Logistics Co., Ltd.s (HKG:1292) Returns On Capital Compare To Peers?
News ImageToday we are going to look at Changan Minsheng APLL Logistics Co., Ltd. (HKG:1292) to see whether it might be an...
Wed, 21 Aug 2019 03:08:29 -0400
Is Civmec (SGX:P9D) A Risky Investment?
News ImageWarren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's...
Wed, 21 Aug 2019 03:06:27 -0400
Is Bisu Technology Group International's (HKG:1372) Share Price Gain Of 208% Well Earned?
News ImageWhile Bisu Technology Group International Limited (HKG:1372) shareholders are probably generally happy, the stock...
Wed, 21 Aug 2019 03:04:50 -0400
Here's What You Should Know About Chelyabinsk Forge-and-Press Plant, Public Joint Stock Company's (MCX:CHKZ) 2.4% Dividend Yield
News ImageToday we'll take a closer look at Chelyabinsk Forge-and-Press Plant, Public Joint Stock Company (MCX:CHKZ) from a...
Wed, 21 Aug 2019 03:02:43 -0400
Does Human Health Holdings Limited (HKG:1419) Have A Volatile Share Price?
News ImageAnyone researching Human Health Holdings Limited (HKG:1419) might want to consider the historical volatility of the...
Wed, 21 Aug 2019 03:00:48 -0400
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