HALISTER1: Fed Speak ‘Clears the Path for Carry Trades’: Credit Agricole

Fed Speak ‘Clears the Path for Carry Trades’: Credit Agricole

(Bloomberg) -- The Fed’s statement this week suggests “few event risks” before the Jackson Hole meeting in August that could cause an “aggressive market repricing towards higher yields,” Credit Agricole analysts write in July 28 note.
  • Statement “clears the path for carry trades over the coming weeks”
  • Expect bid for belly of curve with “attractive carry and rolldown”; maintain “bullish trades” in 10Y and continue to favor 5Y30Y steepeners
  • Next event risk for market is Jackson Hole; ECB President Draghi could discuss monetary policy
To contact the reporter on this story: Anna Windemuth in New York at awindemuth1@bloomberg.net To contact the editors responsible for this story: Boris Korby at bkorby1@bloomberg.net Mark Tannenbaum

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
2539Z GR (European Central Bank)

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UUID: 7947283

HALISTER: Tobacco Stocks Slide as FDA Seeks to Cut Cigarette Nicotine

Tobacco Stocks Slide as FDA Seeks to Cut Cigarette Nicotine

(Bloomberg) -- U.S. tobacco stocks fall, led by BTI -8%, MO -5%, SWMA -1.9%, PM -2%; FDA in a statement said it plans to purse lowering nicotine in cigarettes to non-addictive levels.
  • European tobacco stocks also fall: BATS LN - 8%, IMB LN -4%, SWMA SS -2%
  • Statement says the anticipated new enforcement policies will not affect any current requirements for cigarettes and smokeless tobacco, only the newly-regulated tobacco products such as cigars and e-cigarettes
  • Agency intends to extend timelines to submit tobacco product review applications for newly-regulated tobacco products that were on the market as of Aug. 8, 2016
Statement: Link To contact the reporter on this story: Tatiana Darie in New York at tdarie1@bloomberg.net To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net Courtney Dentch

Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
MO US (Altria Group Inc)
BATS LN (British American Tobacco PLC)
IMB LN (Imperial Brands PLC)
PM US (Philip Morris International Inc)
STG DC (Scandinavian Tobacco Group A/S)

Topics
First Word DC - Foreign Policy

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UUID: 7947283