HALISTER1: France, Germany, Eurozone Services PMIs Start in 5 Mins

France, Germany, Eurozone Services PMIs Start in 5 Mins

(Bloomberg) -- Preliminary services and composite PMI France are due at 8am (BST), with German and eurozone data due at 8:30am and 9am respectively.
  • France August services PMI est. 50.5 vs prev 50.5
  • France August composite PMI est. 50.4 vs prev 50.1
  • Germany August services PMI est. 54.4 vs prev 54.4
  • Germany August composite PMI est. 55.1 vs prev 55.3
  • Eurozone August services PMI est. 52.8 vs prev 52.9
  • Eurozone August composite PMI est. 53.1 vs prev 53.2
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: USD/PHP May Retest August Low If Imports Top Estimate: Analysis

USD/PHP May Retest August Low If Imports Top Estimate: Analysis

(Bloomberg) -- Another month of above-forecast growth for Philippines’ imports in June could potentially push USD/PHP down to this month’s low of 46.225 near term, Bloomberg strategist Andrew Robinson writes.
  • Imports probably rose 13.8% y/y after 39.3% gain in May, median est. in Bloomberg survey shows; ests. range from +10% to +17%; data due 9am local time tomorrow
    • Trade deficit likely held at about $2b, a separate survey shows
  • Strong imports have implied robust domestic demand, which posted highest y/y growth on record in 2Q, according to data going back to 1999
  • Imports saw biggest gain in more than six years in May, data released July 26 showed; USD/PHP fell 0.1% that day to close at 47.140
    • FX pair currently down 0.1% at 46.525 today; reached MTD low of 46.225 on Aug. 16
    • Bearish momentum signals for FX pair on 14-day RSI and Williams %R charts
  • NOTE: Andrew Robinson 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: TRANSLATION: Impeachment is hoping to unlock the flow exchange

TRANSLATION: Impeachment is hoping to unlock the flow exchange

Alert: HALISTER1
Source: BN (Bloomberg News)

People
Alfredo Barbutti (Liquidez Dtvm Ltda)
Dilma Rousseff (Federative Republic of Brazil)
Luis Fernandes Lima (Mapfre Investimentos e Participacoes SA)
Michel Temer (Federative Republic of Brazil)
Nathan Blanche (Tendencias Consultoria Integra)

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UUID: 7947283

HALISTER1: INSIDE ASIA: Kiwi Jumps as RBNZ Says No Need for Rapid Easing

INSIDE ASIA: Kiwi Jumps as RBNZ Says No Need for Rapid Easing

(Bloomberg) -- New Zealand dollar surges after RBNZ said there’s no need for a series of rapid rate cuts. The Korean won lead gains among regional currencies as the greenback retreats ahead of Fed Chair Yellen’s speech on Friday.
  • Kiwi gains as much as 0.8%, snapping a two-day loss after RBNZ Governor Wheeler said the outlook and balance of risks don’t warrant “a position of rapid easing” though he does intend to cut rates further to stoke inflation
    • N.Z. financial institutions face higher risks given strong growth in home prices and private-sector credit growth, according to S&P Global Ratings
  • Bloomberg dollar index slips, halting a two-day advance
  • USD/JPY was sold on bets Yellen will be noncommittal in speech, according to Asia-based FX traders
  • Yen gains for first time in three days, with BOJ Governor Kuroda scheduled to speak at a conference today
    • Nikkei manufacturing PMI for August came in at 49.6, highest reading since Feb., though a sixth month of contraction
    • Investors will be looking to see if Kuroda today gives more indication about easing, NAB writes in note
  • New Zealand 10-year govt. bond yield drops 3 bps to 2.295%, same tenor sovereign bond yield in Japan falls 2 bps to -0.075%; yield on 2.74% China govt bond due Aug. 2026 rises 1 bp to 2.7%
  • Won gains most in a week. BBH notes that global liquidity backdrop has turned supportive for EM in recent weeks
    • Won’t be surprised to see periodic FX intervention after Korean officials expressed concern about won strength: BBH
  • Yuan mildly firmer in both onshore and offshore markets
    • Chinese authorities may curb excessive move ahead of G-20 summit, Bank of East Asia FX strategist Kenix Lai says
  • Ringgit drops for third day as oil tumbled 3% last night, the most in 3 weeks
    • July CPI data due tomorrow, with est. at 1.1% y/y, lowest since March 2015
    • If CPI remains weak, CIMB maintains short-term target for 10-year MGS at 3.42%, according to note on Aug. 22
  • Rupiah continues a three-day losing streak
    • Bank Indonesia’s survey in third week of Aug. show consumer prices fell 0.06% m/m, Kompas reported yday, citing Governor Agus Martowardojo
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Agus Martowardojo (Bank Indonesia)
Kenix Lai (Bank of East Asia Ltd/The)

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UUID: 7947283

HALISTER1: INDIA RATINGS: NED Energy Cut; Samrakshana, K G Denim Raised

INDIA RATINGS: NED Energy Cut; Samrakshana, K G Denim Raised

(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
  • NED Energy
    • Long-term loan facilities cut to BBB- from BBB+ at Crisil
    • Expects sustained weakness in company’s operating performance due to slowdown in demand from telecommunications sector
UPGRADES
  • K G Denim
    • LT bank facilities raised to BBB- from BB at Care
    • Cites improved operational, financial performance
  • Samrakshana Electricals
    • LT loan facilities raised to B from B- at Crisil
    • Expects company to sustain improved profitability because of prudent procurement policy
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
KGD IN (KG Denim Ltd)
1434363D IN (Samrakshana Electricals Ltd)
TIME IN (Time Technoplast Ltd)

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UUID: 7947283

HALISTER1: Bank Mandiri Plans to Sell 5t Rupiah Bonds Due in 5, 7, 10 Years

Bank Mandiri Plans to Sell 5t Rupiah Bonds Due in 5, 7, 10 Years

(Bloomberg) -- Offer will be part of 14t rupiah bond program, co. says in statement published in Investor Daily Indonesia.
  • Co. appoints Mandiri, Bahana, Danareksa and Trimegah to arrange sale
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BMRI IJ (Bank Mandiri Persero Tbk PT)

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UUID: 7947283

HALISTER1: Odebrecht Engenharia Downgraded to B3 From B2 by Moody’s

Odebrecht Engenharia Downgraded to B3 From B2 by Moody’s

(Bloomberg) -- Downgrade reflects Moody’s perception of increased credit risk for Odebrecht Engenharia amid business uncertainties and the unfavorable environment for infrastructure investments in Latin America.
  • Co.’s competitive edge has been severely challenged by the ongoing corruption allegations, Moody’s says in statement
  • Rating is under review for further downgrade
  • Link to statement
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
1283696D BZ (Odebrecht Engenharia e Construcao SA)

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UUID: 7947283

HALISTER1: Royal Bank of Canada - DBRS Rating Report

Royal Bank of Canada - DBRS Rating Report

Alert: HALISTER1
Source: DBR (Dominion Bond Rating Service)

Tickers
RY CN (Royal Bank of Canada)

People
Michael Driscoll (DBRS Inc)
Russell Goldsmith (City National Bank/Los Angeles CA)

Topics
Fixed Income Research
Research-Preferreds
Deposits Research
Credit Analysis Research
Credit Research

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UUID: 7947283