(2) *TECHNIP, FMC TO MERGE TO CREATE NEW CO WITH EQUITY VALUE $13B

*TECHNIP, FMC TO MERGE TO CREATE NEW CO WITH EQUITY VALUE $13B

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

Tickers
FTI US (FMC Technologies Inc)
TEC FP (Technip SA)

People
Aurelia Vignaud (Flexibras Tubos Flexiveis Ltda)
Douglas Pferdehirt (FMC Technologies Inc)
John Gremp (FMC Technologies Inc)
Thierry Pilenko (Technip SA)

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UUID: 7947283

HALISTER1: UST 10-Yr Yield May Eye 2.00% if Fed Speeches Hawkish: Charts

UST 10-Yr Yield May Eye 2.00% if Fed Speeches Hawkish: Charts

(Bloomberg) -- 10-year Treasury yield may rise toward 200-DMA around 2.00% near term if speeches from Fed’s Fischer and Dudley today back case for a rate hike as soon as June following hawkish FOMC minutes overnight, Bloomberg strategist Mark Cranfield writes.
  • 10-year yield breached 50-DMA at 1.822% yesterday; click here for chart
  • Momentum studies bullish:
    • MACD above signal line rising toward zero
    • Slow stochastics %K at 65, Williams %R at -5
  • 10-year yield up 2 bps to 1.877%, last touched 2.00% in late Jan.
  • Fed Funds futures pricing 32% chance of June rate hike vs 12% before FOMC minutes last night
  • NOTE: Mark Cranfield is an FX strategist who writes for First Word. 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

HALISTER1: INSIDE G-10: USD Bulls Eye Fed Speeches, AUD Slips on Jobs Data

INSIDE G-10: USD Bulls Eye Fed Speeches, AUD Slips on Jobs Data

(Bloomberg) -- Dollar bulls will be looking at speeches from Fed’s Fischer and Dudley that may back the case for a rate hike as soon as June following hawkish FOMC minutes overnight; AUD declines on worse-than-expected jobs data.
  • Money mkts haven’t fully priced in a full Fed hike as June meeting should be 50-55% priced compared to the current 35%, Steven Englander, Citigroup head of G-10 FX strategy writes in note received today.
  • WTI crude oil futures -1.4% to $47.54/bbl
  • AUD/USD -0.37% to 0.7202 vs 0.7200/0.7242 range
    • Muted reaction to worse-than-expected Australian jobs figure due to light positioning ahead of data, and leveraged accounts covering some shorts, traders say
    • RBA will cut cash rate to 1% or possibly below: Macquarie
    • Iron-ore futures -2.50%, gold -0.1% and copper -0.5%
  • USD/JPY -0.15% to 110.03 vs 109.93/110.27 range
    • Abe to make decision on tax hike after election: Kyodo
    • Any ’coherent’ G7 growth plan challenging though finance ministers agree on many of the risks, Canada’s Morneau says
  • NZD/USD -0.12% to 0.6732 vs 0.6726/0.6765 range
    • Momentum funds added to AUD/NZD short positions, says trader
    • N.Z. ANZ April job ads rise 1.7% m/m to 39,195
  • BBDXY +0.04% to 1,196.46
    • Treasury 10-year yield rises 2 bps to 1.871%
  • EUR/USD +0.01% to 1.1217 vs 1.1215/1.1229 range
    • ECB’s Jazbec and Smets speak today
  • GBP/USD -0.19% to 1.4571 vs 1.4571/1.4606 range
    • Options expiring today include strikes at 1.4500 for GBP589m and 1.4600 for GBP221m
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: INDIA RATINGS: Oriental Nagpur, SRS Cut; OPG Power Raised

INDIA RATINGS: Oriental Nagpur, SRS Cut; OPG Power Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
  • To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery
DOWNGRADES
  • Oriental Nagpur Betul Highway
    • Long-term bank facilities cut to BBB+ from A at Care
    • Cites higher-than-expected operating expense
  • Spartan Engineering
    • LT loan facilities cut to B from BB+ at Crisil
    • Cites deterioration in liquidity
  • SRS
    • LT fund-based limits cut to D from BBB at ICRA
    • Cites delays in debt servicing
UPGRADES
  • Bharathi Spintex
    • LT bank facilities raised to BB- from B+ at Care
    • Cites healthy growth in total operating income
  • OPG Power
    • LT bank facilities raised to A+ from A at Care
    • Cites satisfactory completion, stabilization of operational performance of power plant
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
SRSLT IN (SRS Ltd)
0490984D IN (OPG Power Generation Pvt Ltd)
819404Z IN (Oriental Structural Engineers Pvt Ltd)
6591228Z IN (Spartan Engineering Industries Pvt Ltd)

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UUID: 7947283

HALISTER1: INSIDE ASIA: Currencies Drop to Multi-Month Lows on Hawkish Fed

INSIDE ASIA: Currencies Drop to Multi-Month Lows on Hawkish Fed

(Bloomberg) -- Asian currencies fall to lowest in 2-3 months on broad dollar rally after hawkish FOMC minutes boost pricing of June rate hike nearly 3 fold. Rupiah, ringgit and won lead losses while China’s yuan is fixed at weakest since Feb. Malaysia and Indonesia 5-yr CDS premiums rise most in 3 weeks.
  • Fed minutes fuel speculation of June rate hike, contributing to increases in U.S. interest rates and the dollar and putting riskier assets under downward pressure, FPG Securities CEO Koji Fukaya says in interview
  • Emerging mkts and negative yielding currencies are most at risk in the short-term, Steven Englander, Citigroup head of G-10 FX strategy says in note received today; expect second round of reaction in mkts today if speeches from Fed’s Fischer and Dudley confirm June hike is seriously on the calendar
  • Dollar Index rises 0.1%, following 0.6% gains yesterday on hawkish FOMC minutes
    • Fed Funds futures price 32% chance of June rate hike vs 12% yday and 4% on Monday
  • MSCI Asia Pacific Index falls 0.8%; WTI drops 1.3%
  • China’s onshore yuan declines for third day while offshore counterpart bucks trend to rise for 3rd session this week
    • PBOC weakens yuan fixing to 6.5531, lowest in three months
    • Moody’s says China economy will slow gradually to ~6.3% in 2016
    • Chinese economy has potential and conditions to maintain mid-to-high-paced growth, Xinhua reports
    • China CFETS is testing standardized yuan option contracts, which may start as early as June, Shanghai Securities News reports
    • Introduction of standardized yuan options will help improve liquidity and boost trading volume, Commerzbank says
  • Indonesia rupiah tumbles 1% to 3-mo. low ahead of BI rate decision
    • BI may keep reference rate unchanged at 6.75% today, according to all 19 economists surveyed by Bloomberg
  • Malaysia ringgit hit lowest since March 17 ahead of BNM rate decision where no change is expected, according to Bloomberg survey
    • CIMB clears Nazir Razak, its chairman and brother of PM Najib, of wrongdoing over political funds
  • Thai 10-yr bonds climb 8bps to 2.070%, highest since Feb. 29 amid rising U.S. rates and stronger than expected Thai data
  • Philippine peso falls to weakest since May 10
    • Philippines 1Q GDP rises 6.9% y/y in line with est.
    • BSP Governor Tetangco says no need for further stimulus to the economy for now
  • S. Korean won declines to lowest level in two months
    • S. Korea recovery momentum not steady, Finance Minister Yoo says
  • Yen drops lowest level since April 28
    • Prime Minister Abe to make decision on tax hike after election, Kyodo reports
    • March core machine orders rise 5.5% m/m vs est. -2%
    • Japanese bought net 1.1t yen overseas debt last week, according to MOF
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Koji Fukaya (FPG Securities Co Ltd)
Nazir Razak (Bank CIMB Niaga Tbk PT)

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UUID: 7947283

HALISTER: Monsanto Says Received Non-Binding Proposal from Bayer

Monsanto Says Received Non-Binding Proposal from Bayer

(Bloomberg) -- Unsolicited, non-binding proposal received from Bayer AG for a potential acquisition of Monsanto, subject to due diligence, regulatory approvals and other conditions, Monsanto says in filing.
  • No assurance that any transaction will be entered into or consummated, or on what terms
  • Morgan Stanley & Co. and Ducera Partners are financial advisors to Monsanto
Link to Statement
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
BAYN GR (Bayer AG)
MON US (Monsanto Co)

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UUID: 7947283