HALISTER1: U.S. ECO PREVIEW: Personal Income/Spending Due in 5 Minutes

U.S. ECO PREVIEW: Personal Income/Spending Due in 5 Minutes

(Bloomberg) -- Personal income seen rising 0.3% in May after increasing 0.4% in April (forecast range +0.1% to +0.4%); tracks wages and salaries, investment and rental income, transfer payments.
  • Personal spending seen rising 0.4% in May after rising 1% in April (forecast range +0.2% to +0.5%); tracks spending on goods and services, is used to calculate GDP
  • April’s spending increase largest since Aug. 2009; “Broader consumer-spending trend appears to be accelerating,” running 4.1% over year-ago levels: Bloomberg Intelligence
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER: Qatar Air Said to Explore Raising Stake in British Airways Owner

Qatar Air Said to Explore Raising Stake in British Airways Owner

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
IAG LN (International Consolidated Airlines Group SA)
105701Z QD (Qatar Airways Ltd)
SL/ LN (Standard Life PLC)

People
Akbar Baker (Qatar Airways Ltd)
Fabrice Bregier (Airbus SAS)
William Walsh (International Consolidated Airlines Group SA)

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UUID: 7947283

HALISTER1: UST MORNING CALL: Long Positioning, Global Forces Dominate

UST MORNING CALL: Long Positioning, Global Forces Dominate

(Bloomberg) -- Analysts highlight the long positioning in the market, focus on recent curve moves driven by external forces.
  • JPMorgan strategists comment on the extent of long positioning in client note; client survey shows highest percentage of net longs since 2010, CFTC spec positioning, CTA beta show increase in long duration positions over past month
    • Unwinds of longs could pressure yields higher, but unlikely to be driver of yields until geopolitical outlook stabilizes: JPM
  • Expect underlying bid to persist, buying on dips down to support is the preferred strategy as geopolitical risks persist, Fed unable to move, writes independent strategist Marty Mitchell in a client note
  • Better real money buying in long end Treasuries, continued real money receiving in long end swaps, see yesterday, though much less than Monday and Friday, writes Morgan Stanley in a client note
  • Global forces continue to dominate Fed outlook, U.S. bond market; ~85% of JGB curve now negative, current flattening of the European core curves, has dragged U.S. long yields are dragged ever lower, writes RBS in a client note
  • Month-end flows may begin to drive price action in coming sessions; Barclays U.S. Aggregate to extend by 0.08 years
  • Technicals:
    • Resistance: 133-18 (June 28 high), 134-07 (June 24 high);
    • Support: 132-22+ (June 27 low), 132-14+ (50% of June 24 range)
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Marty Mitchell (The Mitchell Market Report LLC)

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UUID: 7947283

(2) *QATAR AIR SAID TO WEIGH RAISING STAKE IN BRITISH AIRWAYS OWNER

*QATAR AIR SAID TO WEIGH RAISING STAKE IN BRITISH AIRWAYS OWNER

--AARON KIRCHFELD
Alerts: HALISTER, HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
IAG LN (International Consolidated Airlines Group SA)
105701Z QD (Qatar Airways Ltd)
SL/ LN (Standard Life PLC)

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UUID: 7947283

HALISTER1: Greece’s Opap Rallies on New Gaming Commission Head Appointment

Greece’s Opap Rallies on New Gaming Commission Head Appointment

(Bloomberg) -- OPAP SA shares rise as much as 8% Wednesday in Athens, the most this yr, after Greek parliament approves appointment of Evangelos Karagrigoriou as chairman of gaming regulator HGC to succeed Antonios Stergiotis.
  • Greek betting firm’s shares up 5% at 3 pm in Athens, most since Feb. on a closing basis, extending gaining streak to three days
  • “New Gaming Commission chairman will seek common ground for outstanding regulatory issues, including OPAP’s stalled VLT project,” Paris Mantzavras and George Grigoriou, analysts at Athens-based Pantelakis Securities wrote in a note to clients Wednesday
    • Restarting VLTs project, which the market does not appear to discount at all, could add ~EU2/share to stock price, even with rather cautious assumptions for the games achieved traction, the analysts write
  • “New chairman highlighted the clampdown on illegal gambling and the resolution of the VLT deadlock as the HGC’s priorities, reinforcing our view that dialog between the govt and OPAP will soon be resumed and that a compromise on the VLT front will be found,” analysts at Eurobank Equities led by Nikos Koskoletos wrote in a note to clients Wednesday
    • “We reiterate OPAP as our top pick among Greek non financials”
  • NOTE, Nov. 2015: OPAP filed request for arbitration under the 2011 VLT License Agreement with the London Court of International Arbitration claiming damages in excess of EU1b from the Greek state
    • Hellenic Gaming Commission’s decisions resulted in major change of regulatory framework for VLTs, led OPAP to the actual suspension of the VLTs business activity, the company had claimed
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
George Grigoriou (Pantelakis Securities SA)
Nick Koskoletos (Eurobank Ergasias SA)
Paris Mantzavras (HSBC Pantelakis Securities SA)

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UUID: 7947283