BBY Dealer Note – AM Brief Institutional Sales
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A BBY Ltd BBY Dealer Note – AM Brief Institutional Sales Monday, July 01, 2013 Richard Lane [email protected] Global Markets United States Bellwether Indicies Stock Indices Close Change Chg Pct Pct YTD S&P 500 0.80% S&P/ASX 200 4802.59 ▼ 8.69 -0.2% 3.3% Dow Jones NASDAQ 0.60% DOW JONES IND AVG 14909.60 ▼ 114.89 -0.8% 13.8% 0.40% S&P 500 1606.28 ▼ 6.92 -0.4% 12.6% 0.20% NASDAQ COMPOSITE 3403.25 ▲ 1.38 0.0% 12.7% S&P/TSX COMPOSITE 12129.11 ▲ 123.33 1.0% -2.4% 0.00% CAC 40 3738.91 ▼ -23.28 -0.6% 2.7% -0.20% FTSE 100 6215.47 ▼ 27.93 -0.4% 5.4% -0.40% XETRA DAX 7959.22 ▼ 31.53 -0.4% 4.6% -0.60% Stock Futures Last Change Chg Pct Pct YTD -0.80% SPI 200 4762 ▼ 7 -0.1% 4.1% -1.00% -0.5% -1.20% S&P 500 1595.90 ▼ 7.30 13.7% Open Mid Close NIKKEI 225 13740 ▲ 60 0.4% 32.2% Wall St. Internals Last Change Chg Pct Pct 1M Yesterday’s Winners & Losers CBOE VIX 16.86 ▲ 0.00 0.0% 3.4% Total Equity Market Turnover = A$7.3B TAPE A/B/C VOLUME 10054 ▲ 3707.33 58.4% 31.5% Best Stocks Worst Stocks S&P 500 Leaders Chg Pct S&P 500 Laggards Chg Pct Discovery Metals 12.50% Caltex Aust Ltd -11.82% Utilities 0.4% Healthcare -0.9% Aust Infra Fund 10.00% Cudeco Ltd -11.50% Consumer Cyclicals 0.3% Telecomunications -0.7% Emeco Holdings L 7.69% Billabong Intl -9.09% Energy -0.2% Financials -0.7% Paladin Energy 6.71% Kingsgate Consol -6.99% Global Wrap – We Call The S&P/ASX 200 Down 10 • US stocks fluctuated during the US session with the S&P 500 and Dow Jones Industrial Average posting losses, while the NASDAQ finished flat. Stocks opened lower on weakness in technology shares, then fluctuated between steep losses and moderate gains for much of the session before flattening out. Analysts said volatility has decreased as investors have come to terms with the fact that the Federal Reserve's stimulus program will eventually come to an end. Fed Governor Jeremy Stein and Richmond Fed President Jeffrey Lacker sounded a more aggressive tone on Friday on when the central bank's unprecedented policy accommodation might be reduced. • Consumer sentiment held close to a six-year high in June as higher home values gave Americans more reason to be optimistic about the economy. Thomson Reuters/University of Michigan final confidence index for this month eased to 84.1, higher than the consensus estimate of 83 and up from 84.5 at the end of May. The index climbed to an eight-month high. Data from the MNI Chicago Report showed manufacturing is struggling to gain traction, Chicago PMI was 51.6, versus a consensus estimate of 55. Improving housing markets are sustaining sentiment and making up for the hit to household wealth from a recent setback in stock prices. Further strides in employment and housing will help provide more fuel for an economy beset this quarter by federal budget cuts. • A measure of demand at the US Treasury Department’s debt auctions has fallen this year to the lowest level since 2009 as a drop in bond prices generates the biggest losses on government securities in four years. Investors bid $2.94 for each $1 of the $1.077 billion of notes and bonds sold by the Treasury this year, compared with a record high $3.15 of bids last year. It’s the first decline in demand at the auctions since 2008. Investors searching for yield amid concern the 30-year bull market for bonds has ended indicate the US government should anticipate fewer orders for its debt. • The US Dollar Index climbed sharply following comments from Richmond Fed President Lacker, who said markets should brace for more volatility as they digest news the Fed will scale back bond buying later this year. The pound dropped for a second week against the dollar as Bank of England Governor Mervyn King said the economy was “too weak to be satisfactory,” underpinning bets the central bank will keep monetary policy loose. Sterling had its biggest weekly decline vs the Euro in a month as CB policy maker David Miles renewed his call for additional asset purchases. • The spot price of gold rebounded from a 34-month low, jumping the most in a month, on signs of short covering and increased demand for jewellery, coins and bars after the metal headed for the biggest quarterly drop in at least 93 years. Gold futures on the Comex climbed 1.0%, while Silver jumped 4.9%. Base metals traded relatively flat as Copper futures on the Comex fell 0.1% and Aluminium futures on the LME gained 0.5%. US crude oil ended modestly lower on Friday, as the Dollar gained following better-than-expected US consumer data, although concerns about tightening international supplies lent support. • Eight out of ten sectors in the S&P 500 traded lower, losses in Financials – Bank of America ($12.86, -1.2%), Citigroup ($47.97, -0.6%), Goldman Sachs ($151.25, -1.5%) and Techs – Apple ($396.53, +0.7%), Cisco ($24.34, - 1.2%), Google ($880.37, +0.4%) weighed on the market, but were partially offset by strength in Utilities and Consumer Discretionary shares. Energy Stocks outperformed as Arch Coal ($3.78, +5.0%) gained after the company agreed to sell its Canyon Fuel subsidiary for $435 million in cash. Materials were led by Metals & Miners as Newmont Mining ($29.95, +8.08%), Barrick Gold ($15.74, +5.85%) and other Gold miners bounced with the Yellow metal. • In other news Accenture ($71.96, -10.3%) was the biggest drag on the S&P 500 after the company cut its full-year outlook. The results also prompted investors to sell some shares of competitor IBM ($191.11, -2.3%). IBM was the biggest drag on the Dow. US-listed shares of Research in Motion($10.48, -27.6%) plunged after the BlackBerry maker reported an unexpected quarterly operating loss, a dearth of details on sales of its make-or-break new line of devices and no return to profit expected in the current quarter. AM BBY Brief © BBY Limited 2013 1 Global Commodities Global Cross Rates Commodity Indices Last Change Pct Pct YTD Cross Last Change Pct YTD Baltic Dry Index 1171 ▲ 20 1.7% 67.5% AUD EUR 0.7025 ▲ 1.27% -10.80% Reuters/Jefferies CRB 275.62 ▼ 1.73 -0.6% -6.6% AUD GBP 0.6006 ▲ 1.21% -6.16% S&P GSCI 611.30 ▼ 4.58 -0.7% -5.5% AUD JPY 90.610 ▲ 0.68% 0.59% Dow Jones UBS Commodity 124.47 ▼ 0.86 -0.7% -10.5% AUD USD 0.9138 ▼ 1.49% -12.09% EUR CHF 1.2293 ▲ 0.25% 1.79% Energy Last Change Pct Pct YTD Brent Crude USD/bbl 102.16 ▼ 0.66 -0.6% -4.4% EUR JPY 128.98 ▼ 0.58% 12.68% WTI Crude USD/bbl 96.56 ▼ 0.49 -0.5% 3.0% EUR USD 1.3010 ▼ 0.22% -1.38% Tapis Crude USD/bbl 109.68 ▲ 1.02 0.9% -3.9% GBP USD 1.5212 ▼ 0.31% -6.38% Gasoline USd/gal 271.56 ▼ 1.25 -0.5% -2.4% NZD USD 0.7740 ▼ 0.69% -6.60% Natural Gas USD/MMBtu 3.57 ▼ 0.02 -0.5% -0.7% USD CAD 1.0520 ▼ 0.41% 6.03% Newcastle Coal USD/MT 81.20 ▼ 1.75 -2.1% -10.4% USD CNY 6.1376 ▲ 0.19% -1.51% Palm Oil MYR/MT 2,337.00 ▼ 94 -3.9% 0.7% USD CHF 0.9451 ▲ 0.01% 3.22% USD JPY 99.140 ▼ 0.80% 14.28% Precious Metals Last Change Pct Pct YTD USD Index 83.136 ▲ 0.28% 4.22% Gold Spot USD/oz 1,234.57 ▲ 33.92 2.8% -26.3% Gold Comex USD/t oz 1,223.70 ▲ 12.10 1.0% -27.0% Global Bond Rates Aussie Gold AUD/ oz 1,350.89 ▼ 56.51 -4.2% -19.3% 5-Year Corporate Investment Grade Markit iTraxx Indicies Silver Spot USD/oz 19.45 ▲ 0.92 5.0% 0.0% Last Previous Day Change Silver Comex USD/t oz 19.67 ▲ 1.17 6.3% 0.0% Asia ex-Japan 150.51 150.85 ▼ 0.33 Palladium Spot USD/ oz 659.00 ▲ 13.40 2.1% 0.0% Australia 137.79 134.59 ▲ 3.20 Platinum Spot USD/ oz 1,327.40 ▲ 4.50 0.3% 0.0% Europe 118.83 117.31 ▲ 1.52 Japan 110.26 113.67 ▼ 3.41 North America 87.15 86.53 ▲ 0.62 Industrial Metals/Minerals Last Change Pct Pct YTD Aluminium LME USD/MT 1773 ▲ 8 0.5% -14.5% Reserve Bank's Implied Cash Rate Copper LME USD/MT 6750 ▲ 0 0.0% -14.9% Yield Previous Day Change Copper Comex USd/lb 305 ▼ 0.20 -0.1% -16.5% 3-Month Cash Rate 2.55% 2.55% ▼ 0.00% 6-Month Cash Rate 2.35% 2.36% ▼ 0.02% Lead LME USD/MT 2051 ▼ 1 0.0% -12.0% Nickel LME USD/MT 13710 ▼ 140 -1.0% -19.6% Australia - Cash Rate 2.75% Steel LME USD/MT 155 ▼ 10 -6.1% -49.2% Yield Previous Day Change Tin LME USD/MT 19675 ▼ 100 -0.5% -15.9% 90-Day Bank Bill 2.65% 2.66% ▼ 0.01% ▼ Zinc LME USD/MT 1853 ▲ 2 0.1% -10.9% 3-Year Bond 2.75% 2.82% 0.07% 5-Year Bond 3.04% 3.11% ▼ 0.07% Iron Ore USD/MT 116.50 ▲ 1.20 1.0% -19.6% 10-Year Bond 3.76% 3.82% ▼ 0.06% Uranium USD/lb 39.65 ▲ 0.00 0.0% -8.9% Germany - ECB Main Refinancing Rate 0.50% London Metals Inventories Close Change Pct YTD Yield Previous Day Change 3-Month EURIBOR 0.22% 0.22% ▼ 0.00% Aluminium MT 5435600 ▼ 6875 4.3% 2-Year Shcatz 0.19% 0.18% ▲ 0.01% Copper MT 665775 ▼ 1650 108.0% 5-Year Bobl 0.74% 0.74% ▼ 0.00% Lead MT 198300 ▲ 300 -38.1% 10-Year Bund 1.73% 1.73% ▲ 0.00% Nickel MT 187488 ▼ 156 34.0% Steel MT 74880 ▲ 0 41.7% United Kingdom - Official Bank Rate 0.5% Yield Previous Day Change Tin MT 14320 ▲ 150 11.7% 2-Year Short Gilt 0.40% 0.43% ▼ 0.03% Zinc MT 1061475 ▲ 3775 -13.0% 5-Year Med Gilt 1.43% 1.46% ▼ 0.03% 10-Year Long Gilt 2.44% 2.43% ▲ 0.02% Fertilisers Last Change Pct Pct YTD United States - Federal Funds Rate 0.0-0.25% DAP Tampa USD/ST 473 ▼ 2 -0.4% -4.7% Yield Previous Day Change 3-Month LIBOR 0.27% 0.27% ▼ 0.00% Agriculture Last Change Pct Pct YTD 1-Month Bill 0.01% 0.02% ▼ 0.01% Coffee 'C' USd/lb 120.40 ▼ 1.50 -1.2% -21.0% 6-Month Bill 0.09% 0.10% ▼ 0.01% Corn USd/bu 511.00 ▼ 27.50 -5.1% -14.8% 12-Month Bill 0.14% 0.15% ▼ 0.01% Cotton No.