DAILY MARKETS BRIEF I LOCAL MARKETS Friday, August 23, 2019
BEIRUT STOCK EXCHANGE MSCI LEBANON INDEX - 30 DAYS CHART Last Daily % YTD % Dividend % MSCI Lebanon 436.09 0.28% -19.10% Development and Reconstruction Solidere A 6.08 0.66% -13.14% Solidere B 6.07 1.34% -15.58% Banking Audi Listed 3.79 0.00% -22.65% 14.67% BLC Listed 0.93 0.00% 0.00% BOB Listed 18.8 0.00% 0.00% 4.05% LEBANESE USD SOVEREIGN CURVE Byblos Listed 1.15 0.00% -16.06% 12.20% BEMO Listed 1.5 0.00% -4.46% BLOM Listed 7.3 0.00% -21.08% 15.44% Trading RYMCO 3.28 0.00% 0.00% Industrial Holcim 9.89 0.00% -36.19% 26.98% Ciments Blancs 2.6 0.00% 1.96%
Standard & Poor’s rating agency will give Lebanon a 6-month grace period and delay a deci- sion to downgrade it from current “B-”, Al-Akhbar newspaper reports, citing unnamed sources close to the country’s prime minister. Saudi Arabia sold SAR2.3bn ($613m) in sukuk, or Islamic bonds, in its local monthly issue for Ju- ly, the Finance Ministry said. The debt sale was split into three tranches of SAR1.4bn due in 2024, SAR258m due in 2028 and SAR588m maturing in 2034.
Source: Daily Star, Gulf Business, Mubasher, Bloomberg, Businessnews LB GCC EQUITY INDICES MSCI GCC INDEX - 30 DAYS CHART Last Price Daily % YTD % Bahrain 1533.6 0.09% 14.68% Kuwait 6000.1 -0.06% 18.12% Oman 3929.36 1.02% -7.77% Qatar 9877.1 -0.18% -3.69% KSA 8508.93 -0.94% 7.91% Dubai 2790.84 0.07% 9.45% Abu Dhabi 5040.62 -0.56% 2.52% LOCAL/GCC FOREIGN EXCHANGE GCC INDICES DAILY PERFORMANCE Cross Last Price Lebanese Pound Spot USD/LBP 1513.5 Bahraini Dinar Spot USD/BHD 0.37702 Kuwaiti Dinar Spot USD/KWD 0.30417 Omani Rial Spot USD/OMR 0.385 Qatari Riyal Spot USD/QAR 3.6603 Saudi Riyal Spot USD/SAR 3.7503 UAE Dirham Spot USD/AED 3.673 DAILY MARKETS BRIEF I EQUITY MARKETS Friday, August 23, 2019
UNITED STATES EQUITY MARKET INDICES S&P 500 INDEX - 30 DAYS CHART Last Price Daily % YTD % 10D Vol Major Indices DowJones 26252.24 0.19% 12.54% -0.03% S&P 500 2922.95 -0.05% 16.60% -0.29% Nasdaq 7991.388 -0.36% 20.44% -0.55% Sectors Indices Discretionary 942.34 -0.06% 20.58% -0.65% Staples 621.65 0.43% 19.12% -0.44% Energy 425.02 -0.48% 0.22% -0.46% S&P 500 SUPPORT & RESISTANCE Financials 443.07 0.62% 11.91% 0.40% Healthcare 1049.81 -0.49% 4.86% 0.11% Industrials 631.18 0.14% 16.42% -0.31% IT 1397.29 -0.26% 28.39% -0.98% Materials 352.12 -0.70% 11.21% -0.01% Com. Services 165.36 -0.17% 19.15% -0.35% Utilities 313.82 0.07% 16.83% -0.02% Real Estate 241.27 0.43% 25.43% 0.10%
U.S. equities ended flat with the benchmark S&P 500 struggling for direction as strong results from Nordstrom and a fall in U.S. jobless claims offset IHS Markit’s Flash Purchasing Managers’ Index data revealing that manufacturing activity contracted in August for the first time in nearly a decade. European equities fell as mixed readings of business growth across major economies and uncer- tainty over the U.S. interest rate outlook made investors nervous. Data showed Eurozone business growth in recovering marginally in August but factory activity shrinking in Japan and the U.S.
Source: Bloomberg, Financial Times, Reuters INTERNATIONAL MARKETS INDICES DEVELOPED VS EMERGING - 30 DAYS CHART Last Price Daily % YTD % 10D Vol World 1243.67 -0.24% 11.68% -0.18% Developed 2131.68 -0.18% 13.15% -0.21% Emerging 975.66 -0.76% 1.02% 0.80% Frontier 2624.02 -0.14% 5.51% -0.18% Europe 126.07 -0.39% 10.39% -0.59% EMERGING Latin America 2588.02 -1.20% 0.86% -0.05% DEVELOPED Asia Pacific 151.81 -0.41% 3.48% 0.16% INTERNATIONAL EQUITY INDICES INTERNATIONAL EQUITY - 30 DAYS CHART Last Price Daily % YTD % 10D Vol EuroStoxx 50 3373.67 -0.63% 12.40% -1.07% FTSE 100 7128.18 -1.05% 5.95% 0.76% CAC 40 5388.25 -0.87% 13.90% -0.43% DAX 11747.04 -0.47% 11.25% -1.18%
Swiss SMI 9805.5 -0.43% 16.33% 0.30% FTSE 100 CAC 40 Nikkei 225 20704.74 0.37% 3.45% -0.15% DAX NIKKEI 225 CSI 300 3816.09 0.60% 26.75% -1.91% DAILY MARKETS BRIEF I FOREIGN EXCHANGE Friday, August 23, 2019
FOREIGN EXCHANGE MARKET DISTANCE FROM 52 WEEKS LOW/HIGH Last Price Daily % 10D Vol 25RR Major USD Cross Rate USD Index 1212.04 0.12% 0.00% - EUR/USD 1.1067 -0.12% -0.37% -0.313 USD/JPY 106.63 0.18% -0.37% -1.188 GBP/USD 1.2231 -0.16% 0.19% 0.238 USD/CAD 1.3322 0.14% 0.01% 0.335 AUD/USD 0.6755 -0.03% -0.53% -0.648 NZD/USD 0.6386 0.30% 0.62% -0.588 USD/CHF 0.9855 0.18% -0.67% -0.508 USD/NOK 8.9879 0.08% -0.17% 0.488 USD/SEK 9.6838 0.07% 0.01% 0.358 USD/CNY 7.0877 0.02% -0.05% -0.123 Major EUR Cross Rate EUR/GBP 0.90491 0.07% 0.36% -0.055 EUR/CHF 1.09068 0.06% -0.28% -0.460 EUR/JPY 118.01 0.06% -0.08% -0.990
The U.S. dollar weakened against its relative peers as investors braced for a possible announce- ment or statement from the Federal Reserve event that would help address the worsening global economic outlook. The euro fell against the U.S. dollar as an uptick in Eurozone business growth was offset by an- other decline in China’s currency. The British pound rose against the U.S. dollar after German Chancellor Merkel said a solution to the Irish border issue could be found before the U.K.’s October 31st deadline to leave the E.U.
Source: Bloomberg, Financial Times, Reuters EUR/USD 30 DAYS SUPPORT & RESISTANCE GBP/USD 30 DAYS SUPPORT & RESISTANCE
USD/JPY 30 DAYS SUPPORT & RESISTANCE USD/CAD 30 DAYS SUPPORT & RESISTANCE DAILY MARKETS BRIEF I FIXED INCOME Friday, August 23, 2019
GLOBAL BOND INDICES US TREASURIES YIELD CURVE Yield Yield (in Bps) Benchmark Indices US 10 Years Benchmark 1.6131 0.024 EU 10 Years Benchmark -0.644 0.026 UK 10 Years Benchmark 0.517 0.038 Sovereign Bonds US Treasury Bond 1.669 0.032 Eurozone Sovereign Bond -0.267 0.019 Japan Sovereign Bond -0.295 -0.004 EUR GENERIC YIELD CURVE
Corporate Bonds US Corporate TR 2.892 0.023 US High Yield Bond TR 5.784 -0.010 EUR Aggregate Corporate TR 0.282 0.024 EUR High Yield TR 3.889 -0.047 USD Emerging Market IG & HY 4.924 -0.029
U.S. Treasury yields rose after two Federal Reserve officials said they saw no reason to cut in- terest rates without new economic deterioration, a day after Fed meeting minutes showed poli- cymakers disagreed on the U.S. central bank's rate cut last month. Philadelphia Federal Reserve Bank President Harker said that he does not see the case for additional stimulus. Focus remains on the Fed’s annual event in Jackson Hole, Wyoming, set to conclude today. Most Eurozone government bond yields rose after data showed service activity picked up last month and manufacturing contracted less than expected.
Source: Bloomberg, Financial Times, Economic times, Reuters OVERNIGHT RATES - SWAPS USD CORPORATES - 30 DAYS SPREAD Yield Yield (in Bps) 3M USD LIBOR 2.148 0.000 3M EUR EURIBOR -0.423 0.000 3M GBP LIBOR 0.764 0.000 3Y USD SWAP 1.514 0.038 5Y USD SWAP 1.454 0.035 10Y USD SWAP 1.532 0.036 30Y USD SWAP 1.719 0.041 Spread (in FIXED INCOME SPREADSr Spread EU VS US - 30 DAYS SPREAD Bps) USD 3M vs 10Y Spread 1.85236Spread Spread 0.0277 (in Bps) USD 2Y3M vsvs 10Y10Y SpreadSpread 1.22301-0.377 0.00210.011 USD IG2Y Spreadvs 10Y Spread -0.0011.6 (0.0100)-0.011 USD IG Spread 1.470 0.000 USD HY Spread 4.3 (0.0800) USD HY Spread 4.210 0.000 EU vs US 10Y Spread -2.0893 (0.0391) EU vs US 10Y Spread -2.257 0.002 EU vs US 2Y Spread -1.8185 (0.0601) EU vs US 2Y Spread -2.474 -0.015 EM vs Benchmark Spread 2.928 (0.0140) EM vs Benchmark Spread 276.000 -2.600 DAILY MARKETS BRIEF I COMMODITIES Friday, August 23, 2019
GLOBAL COMMODITIES MARKET COMMODITY INDEX SUPPORT & RESISTANCE Last Price Daily % Commodity Index 76.42 0.00%
Energy WTI Crude Future 55.5 0.27% Brent Crude Future 60.05 0.22% NYMEX Gasoline 166.35 -0.24% NYMEX Heat Oil 183.95 -0.10% ICE Gasoil 564.5 -0.09% WTI OIL 30 DAYS SUPPORT & RESISTANCE NYMEX Natural Gas 2.148 -0.51%
Precious Metals Gold Spot $/Oz 1494.78 -0.22% Silver Spot $/Oz 17.0015 -0.23% Platinum Spot $/Oz 859.79 0.18% Palladium Spot $/Oz 1485.06 -0.21% Gold Future 1504.4 -0.27% Silver Future 17.12 -0.34% Platinum Future 862 0.01% Palladium Future 1476 -0.62% Oil prices fell, pressured by worries about the global economy and as equity markets Base Metals were on edge over the uncertain outlook for LME Aluminum 1766 -0.73% U.S. interest rate cuts. Focus remains on the LME Copper 5683 -0.85% Fed event as it directly impact the U.S. dollar LME Zinc 2245 -1.92% and consequently commodities. LME Nickel 15660 -1.04% Gold prices fell, pressured by strength in bond yields. LME Lead 2058 -1.29% LME Tin 16175 -0.15% Source: Bloomberg, Reuters GOLD 30 DAYS SUPPORT & RESISTANCE Agricultural Corn CBT 370.5 -0.13% Wheat CBT 472.25 0.11% Soybeans CBT 870.5 0.20% Bean Meal CBT 299.8 0.17% Rough Rice CBT 11.205 0.27% MDE Palm Oil 2249 -0.31% Soybean CBT 28.89 -0.03% Coffee ICE 97.3 0.00% Sugar #11 ICE 11.58 0.00% SILVER 30 DAYS SUPPORT & RESISTANCE Cotton #2 ICE 59.35 0.70% Cocoa ICE 2230 0.00% Ethanol CME 1.339 0.00% Lumber CME 359.3 0.00% Orange Juice ICE 99.2 0.00% Live Cattle CME 101.1 0.00% Feeder Cattle CME 135.475 0.00% Lean Hogs CME 62.3 -1.58% DAILY MARKETS BRIEF I COMPANY NEWS Friday, August 23, 2019
TOP 10 WINNERS TOP 10 LOSERS Ticker Last Price Daily % Ticker Last Price Daily % S&P 500 Stocks S&P 500 Stocks NORDSTROM INC JWN 30.75 15.86 ALBEMARLE CORP ALB 63.22 -4.08 KEYSIGHT TEC KEYS 100.35 12.58 CIGNA CORP CI 155.78 -4.04 ALEXION PHARM ALXN 123.49 7.53 L BRANDS INC LB 19.33 -3.49 SYNOPSYS INC SNPS 139 5.43 UNITEDHEALTH GRP UNH 232.94 -3.08 HORMEL FOODS CRP HRL 42.95 4.83 HUMANA INC HUM 288.82 -3.08 GAP INC/THE GPS 17.75 4.66 WYNN RESORTS LTD WYNN 110.13 -3.02 MACERICH CO MAC 28.86 4.30 CENTENE CORP CNC 45.55 -2.94 BOEING CO/THE BA 354.41 4.24 DOW INC DOW 42.05 -2.84 TARGET CORP TGT 106.32 3.22 ANTHEM INC ANTM 261.06 -2.55 TJX COS INC TJX 54.88 2.58 INTL FLVR & FRAG IFF 107.8 -2.43
S&P 500 DISTRIBUTION S&P VOLATILITY INDEX
LOSERS WINNERS LOW VOLATILITY HIGH VOLATILITY
Salesforce.com forecast third-quarter and full-year revenue above Wall Street estimates on Thursday, as it benefits from acquisitions and more companies opting for its cloud-based ser- vices, sending its shares up 7 percent in extended trading. The U.S. Federal Aviation Administration said it would invite Boeing 737 MAX pilots from across the world to participate in simulator tests as part of the process to recertify the aircraft for flight following two fatal crashes. Tesla has agreed to buy batteries from South Korea’s LG Chem for electric vehicles manufac- tured in China, Bloomberg reported on Friday citing people familiar with the matter. he batter- ies made by the South Korean chemical company will be initially used in Model 3 cars that are manufactured in the plant near Shanghai, the report said. Volkswagen has denied a media report which suggested that the German carmaker was inter- ested in buying a stake in electric car manufacturer Tesla. Gap posted quarterly same-store sales that fell short of analysts’ estimates, as Old Navy suf- fered its worse comparable sales figures in three years ahead of a planned spin-off of the brand. Overall, sales at the company’s Gap, Old Navy and other stores open for at least a year fell 4 percent in the second quarter ended Aug. 3. News Corp is developing a news-aggregation service to compete with Alphabet’s Google News and could be launched later this year, the Wall Street Journal reported citing people familiar with the matter. The service, called Knewz.com, is expected to be a website and a mobile appli- cation, and will aggregate news from many sources. Sources: Seeking Alpha, Financial Times, Reuters, Wall Street Journal, CNBC DAILY MARKETS BRIEF I ECONOMIC DATA Friday, August 23, 2019
KEY ECONOMIC INDICATORS Country Event Surv (M) Actual Prior Time Canada Retail Sales MoM -0.30% -- -0.10% 15:30 Canada Retail Sales Ex Auto MoM 0.00% -- -0.30% 15:30 Italy Finance Minister Tria Speaks 20:00 Japan Natl CPI YoY 0.60% 0.50% 0.70% 2:30 Japan Natl CPI Ex Fresh Food YoY 0.60% 0.60% 0.60% 2:30 Japan Crude Steel Production -- 8386.7 8789.3 8:00 Japan Pig Iron Production -- 6575.7 6569 8:00 Japan Natl CPI Ex Fresh Food, Energy YoY 0.50% 0.60% 0.50% 2:30 Japan Japan Jul CPI 2:30 Japan Hot Rolled Steel -- 7396.9 7620.1 8:00 Lebanon Lebanon Sovereign Debt to be rated by S&P United Kingdom BOE's Carney Speaks at Jackson Hole 20:00 United States New Home Sales 647k -- 646k 17:00 United States Baker Hughes U.S. Rig Count 930 -- 935 20:00 United States New Home Sales MoM 0.20% -- 7.00% 17:00 United States Annual Federal Reserve Policy Symposium 4:00 United States Fed Chair Powell Speaks at Jackson Hole 17:00
Source: Bloomberg
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