HALISTER: Pratt & Whitney Will Deliver Fixed A320neo Engines Starting June

Pratt & Whitney Will Deliver Fixed A320neo Engines Starting June

Alert: HALISTER
Source: BN (Bloomberg News)

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UTX US (United Technologies Corp)
AIR FP (Airbus Group SE)
105701Z QD (Qatar Airways Ltd)

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Gregory Gernhardt (United Technologies Corp)
Akbar Baker (Qatar Airways Ltd)

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UUID: 7947283

HALISTER: Boeing Wins $1.3 Billion Order for 737s From China’s Okay Air

Boeing Wins $1.3 Billion Order for 737s From China’s Okay Air

(Bloomberg) -- Order is for 12 737s, with an option for 8 more, Co. says in statement at Singapore Airshow
  • Firm order 8 737Max-8, 3 737MAX-9, 1 NG900-ER:statement
  • Options for 8 737Max-8: statement
--With assistance from Clement Tan in Beijing.
Alert: HALISTER
Source: BFW (Bloomberg First Word)

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BA US (Boeing Co/The)
TIDAWZ CH (Tianjin Datian W Group Co Ltd)

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UUID: 7947283

HALISTER: Sumitomo Metal Puts Gold Top of List After Freeport Copper Deal

Sumitomo Metal Puts Gold Top of List After Freeport Copper Deal

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
FCX US (Freeport-McMoRan Inc)
5713 JP (Sumitomo Metal Mining Co Ltd)

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Keiju Kurosaka (Mitsubishi UFJ Financial Group Inc)
Yoshiaki Nakazato (Sumitomo Metal Mining Co Ltd)

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UUID: 7947283

HALISTER1: INDIA RATINGS: Allahabad Bank Cut; Emkay Global Raised

INDIA RATINGS: Allahabad Bank Cut; Emkay Global Raised

(Bloomberg) -- A roundup of debt rating changes of Indian cos. To get this story sent to your inbox in real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery. DOWNGRADES:
  • Allahabad Bank
    • Basel III Tier 2 bonds cut to AA from AA+ at Crisil
    • Cites higher-than-expected deterioration in asset quality and profitability during the first 9 mos. of FY16
  • BSR Diagnostic
    • Long-term bank facilities cut to D from BBB-(SO) at Care Ratings
    • Cites delays in servicing of debt obligation
  • Crystal Crop Protection
    • LT loan facilities cut to A- from A at Crisil
    • Cites significant decline in group’s operating margin
  • D C Metals
    • Fund based limits cut to D at ICRA
    • Cites delays in debt servicing due to stretched liquidity position
  • Earth Stahl
    • LT bank facilities cut to D from BB- at Care Ratings
    • Cites delays in debt servicing, classification of co’s account as NPA by Bank of India
  • Epitome Petrochemical
    • LT loan facilities cut to D from C at Crisil
    • Cites consistent delays in servicing debt
  • Jagatjit Industries
    • Fund based limits cut to B+ from BB at ICRA
    • Cites deterioration in financial profile due to cash losses
  • Kineta Global
    • LT loan facilities cut to D from B+ at Crisil
    • Cites instances of delay by the group in servicing debt
  • Mittal Pigments
    • LT loan facilities cut to B+ from BB+ at Crisil
    • Expects deterioration in group’s business risk profile due to steady decline in revenue
  • Ongole Arogya Hospitals
    • LT bank facilities cut to D from BB at Care Ratings
    • Cites delays in servicing of debt obligations
UPGRADES:
  • Bagmane Developers
    • Term loans raised to A from A- at ICRA
    • Cites continued growth and diversification in lease income portfolio
  • Creamline Dairy Products
    • LT loan facilities revised to A from BBB+ at Crisil
    • Expects strong operational, managerial, financial support from Godrej Agrovet
  • Emkay Global Financial
    • Short-term bank lines raised to A2+ from A2 at ICRA
    • Cites improvement in operational performance in FY15 and 9 mos. of FY16
  • Indo Schottle Auto Parts
    • LT loans raised to A from A- at ICRA
    • Cites steady improvement in capital structure
  • RDA Energy
    • LT bank facilities revised to BBB+ from BBB- at Crisil
    • Cites successful commencement of project as per the timeline
  • Rim Jhim Ispat
    • LT loan facilities revised to B from D at Crisil
    • Cites timely debt servicing over the past 90 days
  • Tarsons Products
    • LT bank facilities revised to BBB+ from BBB at Care Ratings
    • Cites consistent increase in scale of operation
  • Welspun Captive Power
    • LT bank facilities raised to AA-(SO) from BBB+ at Care Ratings
    • Revises considering corporate guarantee extended by Welspun India
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
EMKAY IN (Emkay Global Financial Services Ltd)
ALBK IN (Allahabad Bank)
0077937D IN (Crystal Crop Protection Pvt Ltd)
1018905D IN (Creamline Dairy Products Ltd)
614928Z IN (Indo Schottle Auto Parts Pvt Ltd)

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UUID: 7947283

HALISTER1: AUSTRALIAN JOBS PREVIEW: Watch Out for ABS Rotation in Data

AUSTRALIAN JOBS PREVIEW: Watch Out for ABS Rotation in Data

(Bloomberg) -- Should AUD/USD find support from tomorrow’s jobs data beating estimates it may not last too long as investors consider base effects, Bloomberg strategist Michael G. Wilson writes.
  • Australian Bureau of Statistics website notes changes to rotation group in the January 2016 estimates, with a relatively low employment to population ratio vs December
  • Employers probably added 13k jobs in January after losing 1k in Dec., according to median est. of economists in Bloomberg survey; range: -30k to +40k, data due tomorrow at 11:30am Sydney; unemployment rate seen holding at 5.8%
  • The positive jobs input will need to be seen in context of PBOC’s yuan fixing, which was lowered today and performance of commodities ahead of the jobs report
  • AUD/USD steady at 0.7112
  • NOTE: Michael G. Wilson is an FX strategist who writes for First Word. The observations he makes are his own.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: INSIDE ASIA: Ringgit Down; Singapore Exports Drop More Than Seen

INSIDE ASIA: Ringgit Down; Singapore Exports Drop More Than Seen

(Bloomberg) -- Malaysia’s ringgit and Indonesia’s rupiah lead most Asian currencies lower as the Dollar Index advances; sovereign bonds rise in Australia, while interest-rate swaps climb in Singapore.
  • Singapore dollar weakens for fourth day; city-state’s non- oil domestic exports decreased 9.9% in January from year earlier, more than median estimate for 7.6% decline; shipments to China slid 25.2%, most since Jan. 2009
  • Yen steady versus dollar; Japan’s core machine orders gained 4.2% in December from month earlier, missing forecast for 4.4% increase; falling interest rates mean financial institutions can sell government bonds to Bank of Japan at higher prices, former Deputy Governor Kazumasa Iwata tells Yomiuri
  • Won drops; South Korea’s jobless rate comes in at 3.5% for January, more than estimated 3.4%
  • China weakens yuan’s daily fixing by most since Jan. 7; yuan depreciation expectations will likely cause cross-border outflows to accelerate, Shanghai Securities News reports; nation’s trade is under “big downward” pressure, Xinhua reports, citing Vice Premier Wang Yang
  • U.S. Treasuries rise, with yield on 10-year bonds falling 2 bps to 1.759% in Asian trading; data today may show industrial production in the world’s largest economy rose 0.4% in January after declining 0.4% in December: Bloomberg survey
  • Taiwan dollar gains; island’s economy probably contracted 0.3% in the fourth quarter versus preliminary reading that showed it shrank -0.28%, according to Bloomberg survey before data today
CURRENCY TECHNICALS:
  • Click here to see pivot point and multiple support as well as resistance points for majors/Asian currencies
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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8301 JP (Bank of Japan)

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HALISTER1: Indonesia Rating Upgrade May Be Delayed by Coal-Price Slump: S&P

Indonesia Rating Upgrade May Be Delayed by Coal-Price Slump: S&P

(Bloomberg) -- Coal price slump has affected Indonesia’s economic growth over the past year and may delay a rating upgrade, Kim Eng Tan, head of Asia-Pacific sovereign ratings at Standard and Poor’s, says in interview.
  • Indonesia’s fuel subsidy reform has greatly helped to bring stability to economy, so even if oil prices rise there won’t be too much negative impact on the fiscal or trade deficits, Singapore-based Tan says
  • If the govt can carry out reforms in areas that increase growth potential that will help; even without these reforms, if deficits continue to narrow, that will aid rating
  • A positive outlook means an upgrade in the following 1-2 yrs is likely, says Tan
  • NOTE: S&P rates Indonesia at its top junk level, while Fitch and Moody’s assess it at lowest investment grade; S&P changed Indonesia’s outlook to positive from stable in May 2015
  • NOTE: Asia-Pacific benchmark coal prices fell 14% in 2015 and have more than halved since end of 2011; Indonesia’s economy grew 4.79% in 2015, least since 2009
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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Tan Kim Eng (Standard & Poor's International Ratings)

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HALISTER1: INDONESIA RATE PREVIEW: BI Likely to Ease Amid Rupiah Strength

INDONESIA RATE PREVIEW: BI Likely to Ease Amid Rupiah Strength

(Bloomberg) -- Bank Indonesia is likely to ease its monetary policy to help stimulate the economy as a stronger rupiah, coupled with improving trade balance and falling core inflation, provide room to manoeuvre, Bloomberg strategist David Finnerty writes.
  • NOTE: Deputy Governor Perry Warjiyo said last week any monetary easing can be in form of rate cut or minimum reserve requirement cut
  • Bank Indonesia is forecast to cut its reference rate by 25 bps to 7.00%, according to 17 economists in Bloomberg survey with 11 predicting no change; decision due tomorrow
  • BI cut its benchmark rate by 25 bps at its Jan. meeting saying “further easing will take place after rigorous assessments of the domestic and global economy, while maintaining macroeconomic and financial system stability”
  • Rupiah has strengthened by 3.3% against USD since that last meeting, making it the second-best performing Asian currency
  • That provides room for further easing, as global funds have increased purchases Indonesian government bonds and President Widodo has announced plans to open certain sectors of economy up further to foreign direct investment
  • Jan. trade balance was $51m compared to revised deficit of $161m in Dec. reducing worries of flight of capital should rates be cut
  • While headline CPI rose in Jan. to 4.14% y/y from 3.35% the core CPI actually fell to to 3.62% y/y in Jan. from 3.95% in Dec., extending its downtrend, signaling that underlying inflation elements are stable
  • 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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Perry Warjiyo (Bank Indonesia)

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