HALISTER1: U.S. ECO PREVIEW: Wholesale Inventories Due in 5 Minutes

U.S. ECO PREVIEW: Wholesale Inventories Due in 5 Minutes

(Bloomberg) -- Following are forecasts for today’s U.S. economic releases as compiled by Bloomberg News:
  • Wholesale Inv. -0.1% m/m; range -0.2% to 0.3% (11 estimates)
  • Wholesale Sales 0.5% m/m; range -1.5% to 0.8% (3 estimates)
    • Initial January report showed 0.1 percent m/m decline, first loss since October; durable goods unchanged, non-durable goods fell 0.3 percent

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: Europe’s TRIM Internal Model Review Is Credit Positive: Moody’s

Europe’s TRIM Internal Model Review Is Credit Positive: Moody’s

(Bloomberg) -- ECB’s Targeted Review of Internal Models may result in higher capital requirements, Moody’s says.
  • That could be outcome “even if the ECB says that increasing RWAs is not a goal” and would be credit positive, ratings company says in statement
  • Review could help to reduce variability in RWAs; restore confidence in models, which are sometimes seen as underestimating risk; lead to some of the 7,000 models being discontinued when review’s completed in 2019
  • “For models that do not meet minimum criteria, the ECB may decide to impose extra capital requirements to account for these deficiencies or even impose the adoption of the standardized approach. This may result in additional capital charges”
  • Convincing stakeholders that review is credible will require “a great deal of transparency” given market skepticism and may be complicated by fact that supervisors including U.K., Sweden, U.S. are “less supportive” of models
  • Regarding proposed Basel floor, if committee sets it close to 90% of standardized approach, markets will view decision as relatively conservative, while a floor closer to 60% would indicate recognition of models’ usefulness
LINK to press release: NSN OMHT6K3V7U9S

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
2539Z GR (European Central Bank)

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UUID: 7947283

HALISTER1: U.S. ECO PREVIEW: Productivity Due in 5 Minutes

U.S. ECO PREVIEW: Productivity Due in 5 Minutes

(Bloomberg) -- Following are forecasts for today’s U.S. economic releases as compiled by Bloomberg News:
  • Productivity 1.5% q/q; range 0.8% to 1.9% (49 estimates)
  • Unit Labor Costs 1.6% q/q; range 1.4% to 2.6% (44 estimates)
    • Initial report showed fourth-quarter productivity growth slowed to 1.3 percent annual rate from third quarter’s 3.5 percent pace; third quarter’s gain ended longest streak of productivity declines since 1979

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: U.S. ECO PREVIEW: ADP Employment Due in 5 Minutes

U.S. ECO PREVIEW: ADP Employment Due in 5 Minutes

(Bloomberg) -- Following are forecasts for today’s U.S. economic releases as compiled by Bloomberg News:
  • ADP 187k; range 140k to 255k (41 estimates)
    • Prior month’s gain of 246k was largest since June; factory employment strongest since December 2014
    • "By most measures, the labor market appears to be strong. All of the employment components of the regional Fed surveys, including the ISM manufacturing and non-manufacturing reports, are in positive territory and signal favorable job creation": Bloomberg Intelligence

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: Large Canadian Banks 1Q17 Earnings Round-Up: Strong Earnings Growth; Underlying Performance Resilient

Large Canadian Banks 1Q17 Earnings Round-Up: Strong Earnings Growth; Underlying Performance Resilient

Alert: HALISTER1
Source: DBR (Dominion Bond Rating Service)

Tickers
BMO CN (Bank of Montreal)
BNS CN (Bank of Nova Scotia/The)
CM CN (Canadian Imperial Bank of Commerce)
NA CN (National Bank of Canada)
RY CN (Royal Bank of Canada)

Topics
Credit Analysis Research
Credit Research
Earnings Review Research
Fixed Income Research
Fundamental Research

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UUID: 7947283