HALISTER1: Expect Limited Downside for Spain Assets After Vote: Barclays

Expect Limited Downside for Spain Assets After Vote: Barclays

(Bloomberg) -- The fact that the leftist grouping Unidos-Podemos came third, with no improvement relative to their December 2015 result, should cap downside for Spanish assets when the European markets open, Barclays analysts Apolline Menut and Antonio Garcia Pascual write in client note.
  • Spanish politics could appear benign compared to periphery economies, given the higher risk situations in Portugal, Greece and, more importantly, in Italy over coming months
  • The results will contribute to the uncertainty that the U.K. exit has brought to the European outlook
  • A new government is more likely than a third round of elections, with a minority govt the most likely option, led by either the PP party or by a PSOE alliance with Unidos Podemos
  • NOTE: PM Mariano Rajoy consolidated his position in Spain’s general election as voters backed away from insurgent political forces amid Brexit mayhem; analysts expected there would be no clear winner in the election re-run
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Antonio Garcia Pascual (Barclays PLC)
Apolline Menut (Barclays PLC)
Mariano Rajoy Brey (Kingdom of Spain)

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UUID: 7947283

HALISTER1: How TEACHERS' got caught up in BRAZIL SCANDAL fallout; Banking Golden Boy'S Troubles Put Pension Plan Investment At Risk

How TEACHERS' got caught up in BRAZIL SCANDAL fallout; Banking Golden Boy'S Troubles Put Pension Plan Investment At Risk

Alert: HALISTER1
Source: NPW (National Post)

Tickers
BBTG11 BZ (BTG Pactual Group)
PETR4 BZ (Petroleo Brasileiro SA)

People
Andre Esteves (Banco BTG Pactual SA)
Charles Rosier (Goldman Sachs International)
Deborah Allan (Ontario Teachers' Pension Plan Board)
Dilma Rousseff (Federative Republic of Brazil)
Gerald McCaughey (Canadian Imperial Bank of Commerce/Canada)

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UUID: 7947283

HALISTER1: How TEACHERS' got caught up in BRAZIL SCANDAL fallout; Banking Golden Boy's Troubles Put Pension Plan Investment At Risk

How TEACHERS' got caught up in BRAZIL SCANDAL fallout; Banking Golden Boy's Troubles Put Pension Plan Investment At Risk

Alert: HALISTER1
Source: NPW (National Post)

Tickers
BBTG11 BZ (BTG Pactual Group)
PETR4 BZ (Petroleo Brasileiro SA)

People
Andre Esteves (Banco BTG Pactual SA)
Charles Rosier (Goldman Sachs International)
Deborah Allan (Ontario Teachers' Pension Plan Board)
Dilma Rousseff (Federative Republic of Brazil)
Gerald McCaughey (Canadian Imperial Bank of Commerce/Canada)

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UUID: 7947283

HALISTER: Pimco, JPMorgan See Asian Bond Stability Appealing After Brexit

Pimco, JPMorgan See Asian Bond Stability Appealing After Brexit

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
JPM US (JPMorgan Chase & Co)
21429Z US (Pacific Investment Management Co LLC)

People
Ben Sy (JPMorgan Chase Bank NA)
Andrew Seaman (Stratton Street Capital LLP)
Desmond Soon (Western Asset Management Co)
Luke Spajic (Pacific Investment Management Co LLC)

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UUID: 7947283

HALISTER: Wall Street Looks to Williams for Answers After Defeat in Court

Wall Street Looks to Williams for Answers After Defeat in Court

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
WMB US (Williams Cos Inc/The)
ETE US (Energy Transfer Equity LP)

People
Alan Armstrong (Williams Cos Inc/The)
Brandon Blossman (Tudor Pickering Holt & Co LLC)
Eric Mandelblatt (Soroban Capital Partners LP)
Keith Bailey (Apco Argentina Inc)
Keith Meister (Corvex Management LP)

Topics
BGOV Energy

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UUID: 7947283

HALISTER1: INSIDE ASIA: Brexit-Driven FX Slide Continues; Weak Yuan Fixing

INSIDE ASIA: Brexit-Driven FX Slide Continues; Weak Yuan Fixing

(Bloomberg) -- Asian currencies extend declines following U.K. vote to leave EU; safe-haven yen and Indian rupee the only gainers; yuan falls as China weakens yuan reference rate most since Aug. 13.
  • Dollar Index continues to rise, adding 0.8% to Friday’s 2.1% advance
  • Trading in EM markets appears extremely thin, exacerbating price moves, says Tsutomu Soma, Tokyo-based general manager of fixed-income at SBI Securities; Brexit concerns continue to stoke risk-off sentiment
  • Deteriorating risk sentiment likely to dominate mkt in coming sessions, Scotiabank says in note today; watching for continued portfolio outflows that could further weaken regional currencies
  • Onshore yuan extends decline to third day; at lowest since Dec. 2010; PBOC weakens CNY reference rate 0.91%; offshore yuan also down for third day, at weakest since Jan. 11
    • In speech at World Economic Forum in Tianjin, Premier Li says China can keep yuan exchange rate stable
    • China has tools to cope with post-Brexit turbulence and should limit intervention, Asian Infrastructure Investment Bank head Jin Liqun said in interview Sunday
    • PBOC said Friday it has plans to cope with Brexit, without elaborating
    • PBOC likely to ease policy via more RRR cuts, Macquiarie says
    • Brexit poses considerable uncertainty for offshore RMB business in Europe, CICC says
    • May industrial co. profits +3.7% y/y vs +4.2% in April
  • Aussie falls 0.7% to 0.7414; could trade below 0.74 today on Brexit-inspired risk aversion, Wetspac said in note earlier; targets below 0.72 over 1-3 mos. as further RBA easing will be negative for currency
  • Kiwi down 0.8% following 1.7% drop Friday; New Zealand trade surplus unexpectedly widens to NZD$358m in May vs est. NZ$182m
  • Korean won at weakest since June 3; govt ready to take “bold measures” to stabilize mkts, Finance Minister Yoo says; BOK Governor Lee will hold high-level meeting to consider post-Brexit measures, according to statement
  • Malaysian ringgit slides as much as 1.9% as oil weakens; ringgit and won most heavily impacted of EM Asia currencies by Brexit: Macquarie; highly liquid Singapore dollar also impacted
  • Singapore dollar down 0.4% following 1.2% drop Friday
  • Taiwan dollar extends declines; Goldman Sachs now expects central bank to cut rate by 12.5b bps from 1.5% on June 30
  • Yen extends gains for second day following 3.9% rally Friday; fell vs dollar from 8-9am, but then strengthened again
    • Asia-based FX trader says leveraged funds selling dollar as weakening in yuan spurs risk-off in mkt
    • Finance Minister Aso says PM Abe asked for various measures to stabilize markets, issued instructions to ensure liquidity
    • Key USD/JPY support at 100 has already breifly given way, and more downside is in store, Macquarie says in note; wouldn’t chase bellow 100 though given risk of BOJ intervention and strong possibility of further easing on July 29; look for FX pair to settle at 100 for coming weeks
  • Rupee rises 0.2% after 1.1% drop on Friday; rebounds from early losses as state-run banks seen selling dollars, according to three Mumbai-based traders
    • “The early dollar selling by state-run banks on the central bank’s behalf is likely to prevent the rupee from falling sharply,” RBL Bank’s head of FX trading Rohan Lasrado says
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Rohan Lasrado
Tsutomu Soma (Softbank Corp)

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UUID: 7947283