(2) *UBER TO INTRODUCE SELF-DRIVING CARS IN PITTSBURGH THIS MONTH

*UBER TO INTRODUCE SELF-DRIVING CARS IN PITTSBURGH THIS MONTH

Alerts: HALISTER, HALISTER1
Source: BN (Bloomberg News)

Tickers
GOOG US (Alphabet Inc)
0084207D US (Uber Technologies Inc)
GM US (General Motors Co)
TSLA US (Tesla Motors Inc)
VOLVB SS (Volvo AB)

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UUID: 7947283

HALISTER1: U.K. July Retail Sales Ex-Fuel Due in 5 Mins; Est. M/m 0.3%

U.K. July Retail Sales Ex-Fuel Due in 5 Mins; Est. M/m 0.3%

(Bloomberg) -- U.K. July retail sales ex-auto fuel m/m est. 0.3% vs prev -0.9%.
  • U.K. July retail sales ex-auto fuel y/y est. 3.9% vs prev 3.9%
  • U.K. July retail sales incl-auto fuel m/m est. 0.1% vs prev -0.9%
  • U.K. July retail sales incl-auto fuel y/y est. 4.2% vs prev 4.3%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: USD/SGD More Likely to Fall Than Rise on 1% Moves This Year: UOB

USD/SGD More Likely to Fall Than Rise on 1% Moves This Year: UOB

(Bloomberg) -- Losses of over 1% in USD/SGD outweigh gains of similar amount on 7 out of 8 days this year and the trend could persist for a few more months in the absence of bullish USD catalysts near term, says Peter Chia, FX strategist at UOB.
  • Click here for a chart
  • Large USD/SGD down moves are typically driven by U.S. factors, with the only big up move this year triggered by Brexit: Chia
  • Distribution between declines and gains may become more balanced toward year-end with a likely Fed rate hike in Dec.
  • Sees USD/SGD at 1.3800 end-2016
  • Spot USD/SGD currently -0.2% to 1.3403, below 10-DMA at 1.3434
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Peter Chia (United Overseas Bank Ltd)

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UUID: 7947283

HALISTER1: EGB Index Extension in August Supportive for Bunds, OATs: Citi

EGB Index Extension in August Supportive for Bunds, OATs: Citi

(Bloomberg) -- EGB index duration expected to extend by 0.03 yrs at the end of August, the smallest month-end change in a year, Citi strategists including Aman Bansal in client note.
  • Index changes likely to be relatively muted for most issuers due to lack of supply in August
  • In terms of weighted duration changes, German index projected to post a sizable extension, driven by an increase in the weight in the index; this will be closely followed by France
  • Treasury Index is expected to extend by a large 0.11 yrs at the end of August, closely followed by the gilt index at 0.10 yrs; in contrast, projected extension in EGB index is 0.8 standard deviations smaller than the 5-yr average
  • NOTE: Weighted duration of a country is calculated as (market value of country) x (effective duration) / (market value of EGBI)
    • Very significant for EGBI portfolio managers as they attempt to keep it unchanged through month-end re- balancing: Citi
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Aman Bansal (Citigroup Inc)

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UUID: 7947283

HALISTER1: EU CREDIT DAILY: Steady After Fed Minutes; Nestle, Rabo, NKT

EU CREDIT DAILY: Steady After Fed Minutes; Nestle, Rabo, NKT

(Bloomberg) -- Europe credit markets little changed after Fed meeting minutes showed officials were divided over the urgency to raise U.S. interest rates, Bloomberg strategist Simon Ballard writes.
  • Synthetic indexes may come under some near-term widening pressure as fragility of macro and rates outlooks drive cautious, low risk investor bias
  • Corp earnings data highlights weak growth metrics, credit fundamentals; expectations being manipulated lower, suggests headline ’surprise’ numbers may be misleading
    • S&P500 2Q earnings surprise +4.06%, sales surprise +0.56%; but earnings growth -3.74%, sales growth -0.24%
  • CDX IG closed +1.0bps at 76.14 in overnight session; iTraxx Asia Ex Japan IG currently -0.6bps at 113.94 and iTraxx Australia quoted -1.2bps at 101.88
  • Risk Appetite Model camped in risk on territory as volatility fades
NEWS
  • Corporate News
  • Kingfisher 2Q U.K. B&Q Sales Beat Ests., France Misses
  • NKT 2Q Pretax In Line; Plans New Organizational Structure
  • Sixt 1H Revenue, Pretax Earnings Rise, Confirms FY Outlook
  • DFDS 2Q Ebit Beats Estimates; Outlook and Dividend Raised
  • BAM 1H Net Rises, Rev. in Line; Sees 2016 Adj. Result Above 2015
  • Swire Prop 1H Underlying Profit HK$3.56b vs HK$3.94b Yr Ago
  • DP World First-Half Profit Climbs 53%; Set to Meet Expectations
  • Nestle 1H Organic Sales Growth 3.5% vs Est. 3.7%, Keeps Outlook
  • Downer Lowers FY17 NPAT Target After Trains Contract Bid Fails
  • Evraz 1H Ebitda Falls 38% Y/y to $577m; Est. $598m
  • DNO Posts 2Q Profit as Operated Production Increases
  • Financial News
  • Rabobank Profit Falls 39% on Legal and Restructuring Costs
  • Raiffeisen 2Q Net Income Below Est.; Outlook Remains Unchanged
  • Standard Bank First-Half Profit Ex-Items Rises 5%
  • ANZ Says Among Banks Named U.S. Class Action Complaint
  • Credit Rating News
  • S&P Sees ‘Significant Concern’ for Japan Banks Under Minus Rates
  • Sharp Upgraded to B- From CCC+ at S&P, Outlook Positive
  • Brambles Rtg Unaffected By Changes In Snr Mgmt: S&PGR
  • Tasmania’s Credit Rating Cut One Level by Moody’s to Aa2
  • Other News
  • Hong Kong Stocks Rally to Nine-Month High on Earnings Optimism
  • Moody’s Sees Japan Economy Up by 0.7% in 2016, 0.9% in 2017
ANALYST VIEWS
  • Euro credit markets continue to bounce back strongly following a difficult start to the year, with high grade rallying on the back of ECB purchases and high yield picking up after Brexit: CreditSights
NEW ISSUES
  • ASB Finance GBP250m 9/2020 UKT +95
  • EIB EU300m 1% 3/2031 Tap MS -24
  • Kommunekredit $1b 3Y Reg S MS +14
  • Land NRW EU250m 0.625% 7/2031 Tap MS -1
  • European IG credit pipeline here and HY credit pipeline here
  • Issuers exposed to S-T rollover and interest-rate reset risk here
  • NOTE: Simon Ballard is a credit 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)

Tickers
NESN VX (Nestle SA)

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UUID: 7947283

HALISTER1: Philippine SEC Fines 6 Brokers for Breaking Securities Rules

Philippine SEC Fines 6 Brokers for Breaking Securities Rules

(Bloomberg) -- Six brokers failed to comply with requirements imposed under 2015 implementing rules of the Securities Regulation Code, Securities and Exchange Commission says in statement.
  • Heavier sanctions may be imposed if penalized brokers continue to violate regulatory requirements; fines range 30,000-60,000 pesos
  • Requirements seek to improve market structures, enhance investor protection, strengthen anti-money laundering framework
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283