HALISTER1: ANZ Raised, NAB Cut at CLSA; Staying Underweight Australia Banks

ANZ Raised, NAB Cut at CLSA; Staying Underweight Australia Banks

(Bloomberg) -- ANZ raised ‘reluctantly’ amid cost cuts to a ‘lukewarm’ outperform, analysts led by Brian Johnson write in report dated May 26.
  • National Australia Bank cut to underperform from outperform as sale of overseas units creates near-term earnings gap
  • CLSA maintains Commonwealth Bank sell, Westpac underperform
  • Remains underweight Australian banks on concerns of slowing EPS, risk of capital raising and dividend cut; Sees big 4 banks A$33b short of common equity tier 1 capital
  • NOTE: CBA, ANZ, NAB, Westpac raised a record A$20b in 2015 to meet new regulations
  • Fears of an Australian property bubble resurfacing, CLSA says
    • NOTE: Two-thirds of major bank lending is mortgages
  • Bloomberg analyst rating data:
    • CBA: 7 buys, 6 holds, 3 sells; avg PT A$79.57
    • WBC: 9 buys, 6 holds, 1 sells; avg PT A$32.25
    • ANZ: 8 buys, 6 holds, 2 sells; avg PT A$26.96
    • NAB: 7 buys, 7 holds, 2 sells; avg PT A$28.84
  • NOTE: May 25: Westpac raised on minimal mining exposure; CBA cut: Macquarie
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
ANZ AU (Australia & New Zealand Banking Group Ltd)
CBA AU (Commonwealth Bank of Australia)
NAB AU (National Australia Bank Ltd)
WBC AU (Westpac Banking Corp)

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UUID: 7947283

HALISTER1: USD/JPY May Eye 100-DMA If CPI Adds to Chance of QQE: Analysis

USD/JPY May Eye 100-DMA If CPI Adds to Chance of QQE: Analysis

(Bloomberg) -- USD/JPY may decisively breach 50-DMA resistance and move toward 100-DMA short-term if low Japan CPI raises expectations of additional QQE, Bloomberg strategist David Finnerty writes.
  • USD/JPY down 0.6% today at 109.53; 50-DMA at 109.84, 100-DMA at 112.61
  • April CPI seen -0.4% y/y vs -0.1% in March, according to median est. of economists in Bloomberg survey; core CPI ex- food and energy forecast steady at +0.7%; data due tomorrow 8:30am local time
  • Continued low inflation increases probability of additional QQE if BOJ is to meet its 2% goal without moving timeline again
  • BOJ refrained from additional easing in April as it gauged impact of its negative rate, indicating it may wait to July so it had enough time to measure policy’s effectiveness
  • FX pair being supported by market repricing of Fed hike following several hawkish comments by FOMC members; increased expectations of additional QQE should further support FX pair
  • MACD has bullishly risen above zero, already above signal line
  • NOTE: David Finnerty 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

HALISTER: The Man Who Revived Renault and Nissan Wants to Save Mitsubishi

The Man Who Revived Renault and Nissan Wants to Save Mitsubishi

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
RNO FP (Renault SA)
7211 JP (Mitsubishi Motors Corp)
7201 JP (Nissan Motor Co Ltd)

People
Carlos Ghosn (Nissan Motor Co Ltd)
Edwin Merner (Atlantis Investment Research)
Koji Endo (Advanced Research Japan)
Kota Yuzawa (Goldman Sachs Group Inc/The)
Masahiro Akita (Credit Suisse Group AG)

Topics
Manufactured Goods
Who's News - People

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UUID: 7947283

HALISTER1: Nuclear Deal Promised New Investment. Iran’s Still Waiting. (2)

Nuclear Deal Promised New Investment. Iran’s Still Waiting. (2)

Alert: HALISTER1
Source: BN (Bloomberg News)

People
Adam Szubin (Office of Foreign Assets Control)
Bashar Al-Assad (Syrian Arab Republic)
Daniel Glaser (United States Department of the Treasury)
Elizabeth Rosenberg (Center for a New American Security Inc)
Elizabeth Warren (United States Senate)

Topics
BGOV Defense
BGOV Legislation
Bloomberg Politics

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UUID: 7947283

HALISTER: Sanofi Wins FDA Panel’s Backing for Once-Daily Diabetes Combo

Sanofi Wins FDA Panel’s Backing for Once-Daily Diabetes Combo

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
3400398Z US (HHS Food & Drug Administration)
SAN FP (Sanofi)
NOVOB DC (Novo Nordisk A/S)

People
Christopher Kaplan (Sanofi)
Pascale Witz (Sanofi)
Robert Ratner (American Diabetes Association)

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UUID: 7947283