HALISTER: Deutsche Bank Names Simon to Supervisory Board, Replacing Thoma

Deutsche Bank Names Simon to Supervisory Board, Replacing Thoma

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
DBK GR (Deutsche Bank AG)
1441L US (Shearman & Sterling LLP)

People
Alfred Herling (Deutsche Bank AG)
Paul Achleitner (Deutsche Bank AG)

Topics
Who's News - People
Management Changes

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UUID: 7947283

HALISTER: Deutsche Bank Names Stefan Simon to Supervisory Board

Deutsche Bank Names Stefan Simon to Supervisory Board

(Bloomberg) -- Deutsche Bank says Simon will stand for election as a member of the Supervisory Board at AGM next year, will be appointed by court order until then.
  • Deutsche Bank comments in e-mailed statement
  • Says application for appointment was submitted to local court in Frankfurt today
  • Simon is a partner at law firm Flick Gocke Schaumburg in Bonn, honorary professor at University of Cologne
  • Was recommended for job following suggestion from long-term investors Paramount Services Holdings and Supreme Universal Holdings
  • Supervisory Board Chairman Paul Achleitner says pleased Qatari shareholders are banking on success of Deutsche Bank
  • Welcomes Stefan Simon, a highly qualified attorney, to the Supervisory Board
  • Says U.S. attorney Louise Parent succeeding Georg Thoma as chair of Supervisory Board’s Integrity Committee
  • Says there will also be a change on employee representatives’ side of Supervisory Board as Rudolf Stockem has resigned his position for health reasons, effective July 31
  • Employee representatives will appoint a successor for Stockem in due course
  • Statement
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
DBK GR (Deutsche Bank AG)

People
Paul Achleitner (Deutsche Bank AG)

Topics
Who's News - People
Management Changes

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UUID: 7947283

HALISTER: Time Short for Goldman, Morgan Stanley to Exit Billions in Funds

Time Short for Goldman, Morgan Stanley to Exit Billions in Funds

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
GS US (Goldman Sachs Group Inc/The)

People
Jon Tester (United States Senate)
Kevin Petrasic (Paul Hastings LLP)
Marianne Lake (JPMorgan Chase & Co)
Mark Warner (United States Senate)

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UUID: 7947283

HALISTER1: China to Cut Policy Rate, RRR on Uncertain Growth Outlook: HSBC

China to Cut Policy Rate, RRR on Uncertain Growth Outlook: HSBC

(Bloomberg) -- Policy makers are expected to keep both monetary and fiscal policies expansionary in 2H, given the cooling housing market and slowing private investment, HSBC economists Jing Li and Julia Wang write in note today.
  • Better-than-expected money supply data in June is reflection of stronger policy effort to stabilize economic growth
    • Sharp increase in mid-to-long term corporate loans likely financed infrastructure investment
    • Taking into account municipal bond issuance, actual degree of policy support is even bigger
  • Accommodative monetary conditions supported fiscal expansion, contributing to today’s upside surprise for 2Q GDP and June activity data
  • Further easing is necessary as property sales continue to soften, private sector investment may extend decline in near term, and the external outlook remains uncertain
  • Forecasts another 50 bps policy rate cut and 350 bps of reserve ratio cuts in 2H
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Jing Li (HSBC Holdings PLC)
Julia Wang (Hongkong & Shanghai Banking Corp Ltd/The)

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UUID: 7947283

HALISTER: Ericsson Wilts Awaiting 5G’s Promised Mobile-Network Sales Boost

Ericsson Wilts Awaiting 5G’s Promised Mobile-Network Sales Boost

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
ERICB SS (Telefonaktiebolaget LM Ericsson)
40978Z CH (Huawei Technologies Co Ltd)
NOKIA FH (Nokia OYJ)
STM IM (STMicroelectronics NV)
5718Z US (Telcordia Technologies Inc)

People
Hans Vestberg (Telefonaktiebolaget LM Ericsson)
Lena Osterberg (D Carnegie & Co AB/Old)
Sebastien Sztabowicz (Kepler Capital Markets/Zurich)

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UUID: 7947283

HALISTER1: EU CREDIT DAILY: Muted Concerns; EU Car Sales Slow, SHBASS Beats

EU CREDIT DAILY: Muted Concerns; EU Car Sales Slow, SHBASS Beats

(Bloomberg) -- Corporate credit market seems to have taken BOE’s decision yesterday to leave rates on hold in its stride, though concerns about imbalance between global credit valuations and macro fundamentals persist, Bloomberg strategist Simon Ballard writes.
  • Market sentiment likely damped this morning by terror attack in Nice overnight, a reminder of persistently elevated geopolitical risk
    • But cash bond spreads may maintain tightening bias overall, buoyed by a dovish outlook for U.K., ECB rates/corporate-sector purchase plan for bonds through the summer
    • Investor focus may remain on defensive asset-allocation strategies; there is concern over imbalance between risk valuations, sluggish global economic growth and Brexit impact
  • Q2 corp earnings may beat median forecast, providing a fillip for risk appetite; but beware differential between earnings and revenues, could dent sentiment, trigger profit- taking
  • Risk Appetite Model strengthens post MPC and on robust Q2 earnings numbers
  • CDX IG closed +0.1bps at 76.50 in overnight session; iTraxx Asia Ex Japan IG currently -3.0bps at 117.63
NEWS
  • Corporate News
  • European June Car Sales Slow as Brexit Vote Reduces Confidence
  • Swatch Says First-Half Profit Slumped as Much as 60 Percent
  • Infosys Lowers Full-Year USD Revenue Growth Outlook, Shares Drop
  • Husqvarna 2Q Operating Profit Beats Estimates, Sales Miss
  • Firstgroup 1Q Rev Fell 1.4% in Constant FX; No Change to Yr View
  • Samsung in Talks With BYD to Buy Stake in Electric-Car Maker
  • Volkswagen ordered to provide emissions results to Federal Court
  • Financial News
  • Handelsbanken Profit Beats Estimates as Card Sale Boosts Income
  • JPMorgan’s 2Q Is Good Read-Across for European IBs, HSBC Says
  • Credit Rating News
  • Hungary’s debt dynamics “benign” in 2016-17 - Moody’s
  • Fitch Affirms ENN at ’BBB’; Outlook Stable
  • S&PGR Downgrades Province of Manitoba To ’AA-’ From ’AA’
  • Other News
  • France in Convulsions as Third Big Terror Attack Upends Hollande
  • Ericsson Chief Faces Pressure as Wireless Market Awaits 5G Boost
ANALYST VIEWS
  • Beta dominates as macro themes drive spreads, but credit metrics remain key for limiting downside at times of negative yields and tiny return prospects: Commerzbank
NEW ISSUES
  • State of Berlin EU600m 1% 5/2032 Tap MS +4
  • L-Bank $1.75b Reg S 5Y MS +37
  • Sisal EU325m 6NC1 FRN E +662.5, EU400m 7NC3 Fxd 7%
  • Macedonia EUR Benchmark 7Y 5.50% Area
  • 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
VOW GR (Volkswagen AG)

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UUID: 7947283

HALISTER1: USD/SGD May Test Moving Avg Resistance if Exports Weak: Analysis

USD/SGD May Test Moving Avg Resistance if Exports Weak: Analysis

(Bloomberg) -- A larger-than-expected drop in Singapore’s June non-oil domestic exports may provide the catalyst for USD/SGD to rally to 1.3594-1.3604 area near term, Bloomberg strategist Andrew Robinson writes.
  • Level represents convergence of 50- and 100-DMAs, respectively
  • Island’s exports probably fell 2.3% y/y following a surprise 11.6% gain in May, median est. in Bloomberg survey shows
    • Ests. range from -4.7% to -1.2%; data due 8:30am local time on July 18
  • May non-oil exports beat even the most optimistic forecast in survey due to a surge in non-monetary gold exports
    • May’s performance unlikely to be repeated, ANZ writes in note today; sees normalization in June as tech exports may not benefit from regional upswing that boosted both Korea and Taiwan exports; forecasts a 3.7% y/y decline in June
  • USD/SGD up 0.2% at 1.3446 today, down 5.2% YTD
    • FX pair has not closed above 100-DMA since Feb. 2
  • 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