HALISTER: Daimler 3Q Ebit Ex-Items EU4.01b; Says On Track for FY Targets

Daimler 3Q Ebit Ex-Items EU4.01b; Says On Track for FY Targets

(Bloomberg) -- Daimler 3Q Ebit ex-items EU4.01b vs EU3.66b y/y.
  • Revenue EU38.6b, est. EU38.4b. Yr ago EU37.3b
  • Outlook: Still sees FY adj. EBIT rising slightly.
  • Webcast and investor call at 2pm CET, 855 228 3874. Press call and Webcast at 8am.
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  • NOTE: Stock down 15% YTD vs SXAP down 12%
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
DAI GR (Daimler AG)

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UUID: 7947283

HALISTER1: USD/CHF ALERT: Strongest Since June, Approaching Parity

USD/CHF ALERT: Strongest Since June, Approaching Parity

(Bloomberg) -- USD/CHF rising into cluster of daily highs in 0.9950-0.9956 area from May-July period this year; now up 0.3% to 0.9952.
  • Pair last touched 1.00 in March
  • Resistance: 1.0000, psychological; 1.0093, March 10 high; 1.0257, Jan. 29 high
  • NOTE: Mark Cranfield is an FX strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: INDIA RATINGS: Ginni Filaments, RattanIndia Power Cut

INDIA RATINGS: Ginni Filaments, RattanIndia Power Cut

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
  • To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery
DOWNGRADES
  • Ginni Filaments
    • Long-term bank facilities cut to BB+ from BBB- at ICRA
    • Cites lower-than-expected operating profitability
  • RattanIndia Power
    • LT bank facilities cut to D from BBB- at Care
    • LT bank facilities of RattanIndia Nasik also cut to D from BB at Care
    • Cites delays in servicing of debt obligations
  • Sakthi Steel
    • LT bank facilities cut to B from B+ at Crisil
    • Expects operating performance to remain weak over the medium term due to shutdown of manufacturing unit
UPGRADES
  • Jumbo Finvest
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites significant growth in loan portfolio
  • Kerala Transport
    • LT bank facilities raised to B+ from B at Crisil
    • Cites improvement in group’s liquidity due to higher cash accrual
  • KL Steels
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Cites sustained scale of operations
  • Orange Renewable Power
    • LT bank facilities raised to A- from BBB+ at Care
    • Cites change in group strategy
  • Sri Ravichandra Textiles
    • LT bank facilities raised to C from D at Crisil
    • Cites timely servicing of debt
  • Urjankur Shree Datta Power
    • LT bank facilities raised to A from A- at Care
    • Cites consistent operational performance of the plant
    • LT bank facilities of Urjankur Shree Tatya Saheb Kore Warana Power also raised to A- from BBB at Care on better-than-expected operational performance
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
GINI IN (Ginni Filaments Ltd)
RTPOW IN (RattanIndia Power Ltd)
1381101D IN (Orange Renewable Power Pvt Ltd)
1279523D IN (Sakthi Steel Industries Ltd)
1302901D IN (Urjankur Shree Datta Power Co Ltd)

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UUID: 7947283

HALISTER1: INSIDE ASIA: Currencies Drop; Offshore Yuan Breaks to 6-Year Low

INSIDE ASIA: Currencies Drop; Offshore Yuan Breaks to 6-Year Low

(Bloomberg) -- Asian currencies decline, led by Korean won, as dollar strengthens after ECB’s Draghi remains guarded on QE, signaling it won’t come to abrupt end.
  • Yuan tumbles, with CNH passing Jan. 7 low to hit weakest since Sept. 2010, at 6.7666; CNY also weakest since that month, down 0.2% at 6.759 per USD
    • Chinese central bank weakened fixing by most since Aug. 29
  • Asian currencies are under pressure today, with dollar strengthening particularly against EUR and GBP, CBA foreign- exchange strategist Andy Ji says; yuan fixing is line with expectations, reflecting stable basket
    • Fed hike path and U.S. presidential election remain key issues
  • Typhoon Haima approaches H.K.; market trading delayed, schools shut, airlines warn of disruptions
  • China capital outflow pressure eased in Jan.-Sept., SAFE says
    • Chinese banks sold net 179.3b yuan of forex for clients in Sept.: SAFE; regulator will step up crackdown on forex violations
    • Yuan weakness may spill into other Asian currencies, says Commerzbank senior economist Zhou Hao; USD/CNH could move toward 6.78 today if no intervention, which would further dent Asian currency sentiment
    • Yuan weakening today has more to do with external factors than domestic policies, ABN Amro senior currency strategist Roy Teo says; yuan stable vs basket of currencies; deleveraging could put downward pressure on growth, in turn pressuring yuan
    • Prices of new homes rose in 63 Chinese cities last month vs 64 in August
  • Yen drops for second day, still heading to first weekly gain in three
    • Timing of 2% inflation target may be delayed, BOJ board member says
    • BOJ Governor Kuroda says setting range for long-term yields isn’t appropriate; no immediate need to back away from 80t yen bond-buying target
    • Strong dollar trend resumed as U.S. presidential debate and ECB meet finished, uptrend for USD/JPY may continue to 105 next week: Nomura
  • Aussie drops, heading for second weekly decline; kiwi also falls
    • Goldman Sachs sees RBA beginning tightening cycle early 2018
    • Case for correction toward 0.74 by year end if Fed tightens in December: Westpac
    • New Zealand proposes changes to rules governing dairy market, Fonterra
  • Won leads declines, falling as much as 0.8%
  • Thai baht also one of hardest hit today, falling 0.5%
  • KRW, MYR and SGD most vulnerable to Fed rate hike in December, Scotiabank writes in note today; recommends buying USD against basket of KRW, MYR and SGD with equal weight, targeting 2.5% gain in coming weeks
    • Korea 10-year govt. bond yield drops 2 bps to 1.605%, same tenor govt. bond yield in Malaysia rises 2 bps to 3.649%;
  • Ringgit falls, though still heading for first weekly gain in four
    • Malaysia’s 2017 budget scheduled for release at 4pm local time; foreign reserves and Sept. CPI also due today
  • Thai weekly foreign reserves data through Oct. 14 also due at 2:30pm local time; prior week saw biggest increase since February
    • Headline exports could surprise as oil-related products will improve with crude prices advancing, according to Maybank Kim Eng; NOTE: Sept. trade data due Oct. 31
  • Peso falls 0.4%, set to end 3-day rally vs dollar
    • Duterte declared “separation from the U.S.” late Thursday during visit to China; U.S. says it is baffled by the comment
    • Philippines to see $13.5b in economic and finance deals from visit to China, Trade Secretary Lopez said yesterday
    • Central bank to release 3Q inflation assessment
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
2539Z GR (European Central Bank)

People
Andy Ji (Commonwealth Bank of Australia)
Roy Teo (ABN AMRO Group NV)

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UUID: 7947283

HALISTER1: Singapore Dollar Slips Into Lower Half of Band Ahead of CPI Data

Singapore Dollar Slips Into Lower Half of Band Ahead of CPI Data

(Bloomberg) -- One week after Singapore’s central bank left monetary policy unchanged, SGD is moving into a range ~0.5%-0.8% below midpoint of its undisclosed NEER basket, Bloomberg strategist Mark Cranfield writes.
  • Since one day before MAS decision on Oct. 14, USD/SGD is up 0.9% to 1.3937; SGD/MYR is down 1.1% at 3.0091
  • Sept. CPI is seen at -0.3% y/y, unchanged from August, according to median est. in Bloomberg survey; data due 1pm local time Monday
  • Spread between SGD and USD 2-year interest-rate swaps tightening to 30 bps from 38.5 bps on Oct. 13; chart here
  • NOTE: Mark Cranfield is an FX strategist who writes for First Word. The observations he makes are his own and are not intended as investment advice.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283