HALISTER: Trucker J.B. Hunt Bucks Investor Call for LGBT Protections (1)

Trucker J.B. Hunt Bucks Investor Call for LGBT Protections (1)

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
JBHT US (JB Hunt Transport Services Inc)
0141536D US (Human Rights Campaign Inc)

People
Brianna Murphy (Trillium Asset Management LLC)
Sarah Warbelow (Human Rights Campaign Inc)

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UUID: 7947283

HALISTER1: Kuehne Jumps to Highest in 1Y as Jefferies, Vontobel Lift PT

Kuehne Jumps to Highest in 1Y as Jefferies, Vontobel Lift PT

(Bloomberg) -- Kuehne + Nagel trades at CHF141.50, highest since May 2015, after jumping as much as 4.1%
  • Shares earlier traded as high as CHF142.2; volume in line with avg.
  • Vontobel lifted its price target for the shares to CHF145 from CHF141 with a “hold” recommendation
    • Says co. continues to perform well in a difficult market environment with hardly any volume growth and high rate volatility; maintains best-in-class profitability levels with help from efficient IT systems and processes
    • Balance sheet and cash flow generation remain strong
  • Jefferies also lifts price target to CHF130 from CHF125 with a “hold” recommendation
    • Still, notes that co. remains most expensive European freight forwarder
  • Helvea-Baader maintains PT to CHF137
    • Says it’s a quality co. and “good to see that important Asia-Europe trade-lane is returning to growth”; however, environment remains difficult and valuation is “rather high”
  • NOTE: Kuehne + Nagel 1Q Ebit rises 14% to CHF217m; more here
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
KNIN VX (Kuehne + Nagel International AG)

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UUID: 7947283

HALISTER1: ECB Seen on Hold Tomorrow, on Auto-Pilot Through 3Q, Pimco Says

ECB Seen on Hold Tomorrow, on Auto-Pilot Through 3Q, Pimco Says

(Bloomberg) -- Draghi will likely focus on general macro/monetary outlook and will probably remind that rates and asset purchases remain key elements of toolkit at tomorrow’s meeting, Andrew Bosomworth, portfolio manager at Pimco, says in e-mailed comments.
  • Expects ECB to give details on CSPP in June
  • ECB unlikely to treat “helicopter money” as a serious policy alternative any time soon
    • A rate cut to -0.5%, expanded QE in terms of size, duration, composition of assets as well as changes to capital key-based distribution of QE purchases are more likely than helicopter money
  • See a “good 50:50 chance” of additional easing in late 2016 or early 2017
    • Eonia forwards priced down to -0.45% by 4Q 2016/1Q 2017, implying 10bp rate cut to -0.5% on deposit facility; this would likely be accompanied by an MRO rate cut to -0.1% and expanded QE; too early to say if this will happen
  • NOTE: Fidelity says Draghi Unlikely to Weaken EUR, Will Keep March Message
  • NOTE: Preview: Euro Impact Limited as Draghi May Defend Policies
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
2539Z GR (European Central Bank)
21429Z US (Pacific Investment Management Co LLC)

People
Andrew Bosomworth (PIMCO Deutschland GmbH)

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UUID: 7947283

HALISTER1: Brazil Temer Difficulties Concerning For Market: Analysts

Brazil Temer Difficulties Concerning For Market: Analysts

(Bloomberg) -- Reports showing VP Michel Temer, potential president if Brazil’s Senate confirms President Rousseff’s ouster, is struggling to form an economic team weighs on BRL, along with BCB reverse swaps auction, oil drop, analysts say.
  • Major newspapers report Fraga and Lisboa, two of the most prominent names cited as potential FinMins in a Temer govt, have declined joining his team
  • As impeachment in Senate is expected for May, VP Temer needs to have a plan set very soon to reassure the market that the govt shift is positive, Juliano Ferreira, strategist at Icap in Brazil says by phone
    • The new administration will demand political support
  • Uncertainty over Temer administration weighs on market along with BCB swaps and external backdrop, MCM, a Brazilian consultancy firm, wrote in a note sent ahead of opening
  • FX reverse swaps auctions negative for BRL as BCB tries to help exporters with a weaker currency, Reginaldo Galhardo, foreign exchange manager at Treviso Corretora says
    • BCB unlikely to hold further auctions today
  • NOTE: Former BCB President Meirelles, also seen as a pro- market name for potential Temer cabinet, would accept an invitation to become new FinMin, the blogger Kennedy Alencar reports
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Michel Temer (Federative Republic of Brazil)
Arminio Neto (Gavea Investimentos Ltda)
Dilma Rousseff (Federative Republic of Brazil)
Henrique Meirelles (J&F Investimentos SA)
Juliano Ferreira (ICAP PLC)

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UUID: 7947283

HALISTER1: EU Banks Could Diversify Sovereign Holdings Gradually, GS Says

EU Banks Could Diversify Sovereign Holdings Gradually, GS Says

(Bloomberg) -- Encouraging EMU banks to gradually converge toward a shared bond benchmark allocation is an option worth exploring in the absence of a common euro bond, Goldman Sachs analyst Francesco Garzarelli writes in client note ahead of this week’s ECOFIN meeting on the banking union.
  • Policy makers could consider a number of alternatives to the current zero-risk weighting, including asking for a greater disclosure of holdings, the introduction of non-zero RWAs, a cap on exposure to a single issuer and a system of penalties and incentives to encourage greater diversification
  • Suggests a mix of suasion and economic incentives to diversify govt bond holdings toward a capital key-weighted benchmark, would reduce “home bias” in both core and peripheral countries
    • A more regular and granular disclosure of sovereign holdings, particularly for institutions falling outside the EBA stress test, would also encourage market discipline
  • While the topic is up for discussion at this week’s ECOFIN meeting, doesn’t expect imminent changes
  • Using ECB data, says overall exposure to the sovereign is 18.3% of total assets for Italian banks and 13.4% for Spain’s vs 9.3% for the euro area as a whole
    • Lion’s share of the exposure is toward bonds issued by the domestic sovereign
  • NOTE: Bernstein analysts say Italy, Spain banks would be hit by a sovereign exposure cap; a Bank of Italy study shows the costs of reform could be sizable, while the benefits are uncertain
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Francesco Garzarelli (Goldman Sachs Group Inc/The)

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UUID: 7947283