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Edison - UK Sparks: WPP Sets Out Strategy For Growth


Advertising group WPP has announced its “strategy for growth” under Mark Read, who replaced Sir Martin Sorrell following the departure of the company’s founder and chief executive in April. WPP says it will spend £300m on restructuring the company over the next three years.

WPP expects to deliver estimated annual savings of £275m by the end of 2021 and has pledged to "maintain the dividend". It anticipates organic growth in line with its peers to return over the three-year period and says this year’s results will be in line with forecasts.

“We describe our approach as radical evolution," says Read. "Radical because we are taking decisive action and implementing major change; evolution because we will achieve this while respecting the things that make WPP the great company it is today."

Carpetright has reported a widening of interim pre-tax losses from £600,000 to £11.7m. Like-for-like sales fell by 12.7%, declining by 8.9% in the second quarter after dropping by 16.8% in the first three months of its financial year.

Equipment rental company Ashstead Group has announced interim results, showing pre-tax profits up 25% to £610m on revenues 19% higher at £2.25bn. The group says it expects full-year results to be ahead of its prior expectations, saying performance has been boosted by strong rental revenue growth in North America.

888 Holdings, the online gaming entertainment and solutions provider, has acquired the remaining 53% interest in the All American Poker Network for $28m. The stake is being bought from Avenue OLG Entertainment and other minority shareholders. The group says the acquisition is an “important strategic milestone” that will facilitate its future US growth strategy in the US and give it flexibility to deliver on “multiple potential growth opportunities”.

MySale Group, the online retailer, has warned that full-year profits will be "significantly below market expectations". The company says it has been adversely affected by greater than expected market disruption arising from changes to general sales tax in Australia.

Finally, outsourcing services company Serco Group has announced that it has won two UK contract extensions worth a combined £135m. The extensions with Peterborough City Council and Lincolnshire County Council will see Serco continue to provide a range of frontline and back office services.

Andrew Cave

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Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.  Visit www.edisoninvestmentresearch.com for more information.

Edison is authorised and regulated by the Financial Conduct Authority. Our research is a marketing communication as defined by the FCA, this communication only contains information that is an acceptable minor non-monetary benefit as defined under COBS2.3A19(5).

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Edison and is being posted with Edison’s permission. The views expressed in this material are solely those of the author and/or Edison and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


21917




Macro

GUOSEN Closing Bell (December 11)


MARKET

China equities market edged higher, amid positive news on China-US trade talk. A-share market’s trading volume shrunk to 217.7 billion. Telecom and Real Estate sectors led the gains, while Oil and Agriculture were the worst performers. Combined turnover for both markets was CNY 217.7 bn, down 8.84% dod.

 

 

Close

% Change

Vol (bn CNY)

%YTD

Shanghai

2594.09

0.37

85.40

-21.56

Shenzhen

7685.40

0.79

133.01

-30.39

CSI 300

3159.82

0.48

60.01

-21.61

ChiNext

1338.08

0.85

41.16

-23.65

 

Sector

Top 1

Led by

Top 2

Led by

Upward-leading

Telecom

002017

Real Estate

000007

Downward-leading

Oil

000856

Agriculture

002548

 

NEWS

*Canada Says It Informed Beijing on the Day of Huawei Executive’s Arrest. Contradicting claims from China’s foreign ministry, Canada said it informed Beijing of Huawei CFO Meng Wanzhou’s detention on the day of her arrest, SCMP reported today. (Caixin)

*China intends to announce this month the first batch of U.S. soybean purchases where most, if not all, will be destined for state reserves, according to government officials. (Bloomberg)

 

FUND FLOW

 

Click here for more information about Guosen.

This article is from Guosen Securities Co., Ltd. and is being posted with Guosen Securities Co., Ltd.’s permission. The views expressed in this article are solely those of the author and/or Guosen Securities Co., Ltd. and IB is not endorsing or recommending any investment or trading discussed in the article. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


21916




Macro

Eurex: China Picks Up The Phone


Morning Briefing December 11th 2018

The data worth noting on a quiet Tuesday are the France Q3 non-farm payrolls at 0630GMT, the October UK labour report at 0930GMT and the November ZEW in Germany at 1000GMT.

France payrolls in Q2 were down to 0.2% after 0.4% in the prior quarter.

If the MNI median is anything to go by, the UK October labour report will be a data release that does not see much action as the unemployment rate is expected to remain at 4.1% and headline earnings and core earnings are scheduled to remain at 3.0% and 3.2% on a 3M Y/Y basis respectively.

The German ZEW Current Expectations Index is expected to worsen from -24.1 to -26.0.

There are no speeches of note on the calendar, with many central banks into quiet periods ahead of their December meetings.

Global Economic Trading Calendar

Markets

US TSYS: A limited session for T-Note futures thus far, generally ticking higher within a tight range, outside of a brief pullback on RTRS headlines noting that MOFCOM stated China Vice Premier Liu He spoke by phone with U.S. Tsy Sec Mnuchin & the U.S. Trade Rep. The report noted that the "two countries exchanged opinions on implementing consensus reached by two leader & also exchanged views on pushing forward timetable, roadmap for next stage of trade talks."

BUNDS: Another uneventful Asia-Pacific open for German fixed income futures, with a narrow range observed, and little in the way of notable headline catalysts to latch onto. Volumes are very low. - Bunds trade 19 ticks lower at 163.21, Bobls trade 4 ticks lower at 132.22 and Schatz trade 0.5 tick lower at 11.845. - Focus continues to fall on familiar matters, with Bunds turning bid Monday on confirmation that the UK parliament's vote: re: Brexit, scheduled for Tuesday, was delayed, before the bid faded as U.S. stocks erased their losses heading into the close. - Also worth noting that France rolled out tax breaks & wage increases in response to the recent social unrest, while the EU pointed to a winding down clock re: Italian budget matters.

JGBS: JGB futures trade a little softer in early afternoon dealing, in the wake of the latest 30-Year JGB auction. The auction saw the bid to cover ratio ease a touch, with the tail holding steady and the low price topping BBG poll exp. No sign of any underperformance in the long end in the wake of the supply.

AUSSIE BONDS: A very limited session for Aussie Bond futures, which have traded around SYCOM closing levels during the entirety of the session thus far. Little to no reaction in the space to the latest house price data & NAB biz. survey. - YM/XM last 50.25, with some modest long end outperformance noted, while the cash 3-/10-Year yield differential last trades at 51.2bp as a result. - 3-month BBSW fixed 0.3bp higher today at 1.9884%. RBA conducted 24-day reverse repo ops at 2.104%, 45-day reverse repo ops were conducted at 2.100%.

STOCKS: Modest divergence crept into the major Asia-Pacific equity indices Tuesday, with the CSI 300 finishing the morning session 0.3% higher after RTRS headlines noted that U.S. Tsy Sec Mnuchin & Trade Rep spoke on the phone with Chinese VP Liu & "exchanged views on pushing forward timetable & roadmap for next stage of trade talks." Elsewhere, the ASX 200 trades marginally higher, back from best levels, with the utilities sector weighing. - The Hang Seng trades ~0.1% lower, while the Nikkei sits 0.4% worse off, with a lower USD/JPY adding pressure to Japanese stocks. - U.S. index futures briefly pared losses on the back of the U.S.-China phone call headlines, but sagged again shortly after, with e-mini S&P 500 futures 10 points lower at writing.

OIL: WTI trades $0.10 higher at writing, with Brent dealing $0.20 better off. This comes in the wake of relatively sharp losses Monday, as doubts crept in re: the ability of OPEC+ to deliver its proposed production cuts.

GOLD: Gold stuck to a tight range overnight, sub-$1,250/oz, with bulls looking for a clean break above the figure to open up a challenge of the 200-DMA.

FOREX: Today's Asia-Pacific session was quite sedate & saw JPY sit atop the G10 pile, aided by the Nikkei 225 & U.S. equity index futures edging lower. USD/JPY registered lows just a pip above the key Y113.00 level, as the greenback struggled . - The Antipodeans found support in a MOFCOM statement noting that U.S. Tsy Sec Mnuchin, U.S. Trade Rep Lighthizer & China's VP Liu spoke by phone and "exchanged views on pushing forward timetable & the roadmap for next stage of trade talks." - Sterling consolidated after yesterday's slump on the back of PM May's decision to postpone parliament's vote on her Brexit deal, originally scheduled for today. - INR generated some attention, following the resignation of RBI Gov. Patel after hours on Monday, with rumoured intervention to stem the INR's fall noted.

Technical Analysis

BUND TECHS: (Z18) DOUBLE TOP POTENTIAL

Bund futures were unable to consolidate gains above last Thursday's highs yesterday with losses extending down through 163.00 at one point before recovering some losses. Bears now look for a close below 163.00 to trigger a double top formation which would target a move down towards the Dec 3 low at 161.88. Bulls look to close above 163.63 to extend the bullish trend and reignite upside momentum and open the Aug 17 highs on the continuation chart.

EUROSTOXX50: EXTENDING LOSSES

Eurostoxx extended its losses yesterday as the 3000 level now comes into focus. Below here opens the Dec 2016 lows at 2984.48. Bulls need to reclaim the 3100 level to gain some breathing room and allow a challenge of down trendline resistance to target the Nov 8 highs at 3263.72. Above here would suggest a bottom has been established.

Eurex Futures Market Close

 

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MNI

MNI subscribers make critical decisions with deeper insight and greater confidence. Pinpoint information and market-moving interviews let them react instantly to market changes and more importantly, anticipate future market moves. MNI reporters are market professionals in the news business. They work like journalists but think like traders. When interviewing Fed officials, our reporters ask the same questions you would ask. They cover the angles you would cover. Write the way you read.

MNI’s news services are now available via the IB Trader platform. Please click here to view our provider page or contact MNI directly on sales@mni-news.com or +1 212 669 6400 for our Americas sales team and +44 207 862 7408 for our EMEA sales team.

This article is from Eurex Exchange and is being posted with Eurex Exchange’s permission. The views expressed in this article are solely those of the author and/or Eurex Exchange and IB is not endorsing or recommending any investment or trading discussed in the article. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


21915




Futures

FX Rundown


Euro (December)

Session close: Settled at 1.13585, down 71 ticks

Fundamentals: In the U.K, Prime Minister May’s Brexit deal was pulled from a Parliamentary vote scheduled for tomorrow. Pressure is building for the U.K to solidify framework to exit the EU as the March deadline nears. The outlook right now looks as uncertain as ever and the Pound lost 2 cents today to trade at the lowest level since April 2017. While this is weighing on the Euro, the currency is finding additional pressures as the clock is running near midnight for Italy to respond with the appropriate changes to its budget in order to avoid disciplinary action. Now, France is also in the European Commission’s crosshairs after French President promised to cut taxes and raise the minimum wage at the turn of the year in response to rioting. Although weaker than expected jobs and wage data from the U.S weakened the Dollar Friday, uncertainty in Europe and on international trade has reinvigorated its safe-haven winds. Tomorrow, we look to the closely watched German ZEW Sentiment due at 4:00 am CT along with the Eurozone read and Current Conditions. From the U.S PPI data is due at 7:30 am CT but it’s the CPI read on Wednesday that will be much more noteworthy. The ECB holds their policy meeting on Thursday and the sentiment data could have a greater impact in anticipation of such. For the Fed, they entered their quiet period ahead of next week’s policy meeting. Since last Monday, the probability of a hike has fallen from 84% to 73%.

Technicals: The Euro traded to a high of 1.1449 before failing, this was the top-end of a channel formation. Price action now faces the bottom-end, first minor support tomorrow at ... Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

 

Yen (December)

Session close: Settled at .88375, down 45.5 ticks

Fundamentals: The Yen spiked out of the gate last night with turmoil hitting equity markets, Friday’s U.S jobs miss and bad data over the weekend from China. The high reached at 8:00 pm CT was all she wrote though. The Yen finished nearly a point from the session high and saw pressure with the Dollar gaining safe-haven strength and U.S benchmarks finishing more than 2% from their session lows. Last night, GDP data from Japan missed. Tonight, we look to BSI Large Manufacturing data at 5:50 pm CT, given the international trade conflict, this is a closely watched number. Also, there is a 30-year JGB auction at 9:35 pm CT.

Technicals: The path of least resistance is again lower for the Yen after it failed for the third time at first key resistance at ... Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

 

Aussie (December)

Session close: Settled at .7187, down 23 ticks

Fundamentals: After spiking higher on the open last Sunday, the Aussie has traded directly lower just as equity markets, however, today’s second half recovery in equities was failed to be seen in the Aussie. The recovery in stocks was also failed to be seen in commodities as energies and metals all finished much lower on the session. The global risk appetite is one of uncertainty and the Aussie finds itself right in the middle with it acting as a pulse to the U.S and China tensions. A miss on Chinese inflation and Trade data sent the currency to one-month lows last night. Tonight, we look to House Price Index and NAB Business Confidence from Australia at 6:30 pm CT.

Technicals: Price action has slipped by 2.7% from its highs one week ago. Although the trade has been directionally lower, the Aussie is testing major three-star support head-on at ... Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

 

Canadian (December)

Session close: Settled at .7457, down 72.5 ticks

Fundamentals: A massive gain in jobs (94,100 versus 10,300 expected) and a lower Unemployment Rate ripped the Canadian on Friday more than a penny from its low last week, but the excitement dissipated almost as quickly as it came; all of the gains from jobs and more are now gone. Even a strong read on Housing Starts this morning could not get the ball rolling. Furthermore, with Crude Oil losing 1.5% on the session and the products getting crushed, the Canadian did not participate in the bounce that equity markets had in the second half of the day. Overall, international trade and the Brexit have brought continued uncertainty to the Canadian while reinvigorating the U.S Dollar’s safe-have winds.

Technicals: The Canadian is at the lowest level since last June and the tape looks bleak. A continued close below .7485-.7500 will encourage a path of least resistance to .... Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

 

Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Visit our website at www.bluelinefutures.com to open an account and stay up to date with our research.

Bill Baruch is President and founder of Blue Line Futures. Bill has more than a decade of trading experience. Working with clients he focuses on developing trading strategies that present a clear objective for both long and short-term trading approaches. He believes that in order to properly execute a trading strategy, there must be a well-balanced approach to risk and reward.

Prior to Blue Line, Bill was the Chief Market Strategist at iiTRADER which followed running a trade desk at Lind Waldock and MF Global.

Bill is a featured expert on CNBC, Bloomberg and the Wall Street Journal as well as other top tier publications. 

Blue Line Futures is a leading futures and commodities brokerage firm located at the Chicago Board of Trade. We work with clients that range from institutional to professional to novice and from self-directed to broker-assisted. No matter what type of trader you are, our mission is simple; to put the client first. This means bringing YOU strong customer service, consistent and reliable research and state of the art technology. 

This article is from Blue Line Futures and is being posted with iBlue Line Futures’ permission. The views expressed in this article are solely those of the author and/or Blue Line Futures and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


21914




Fixed Income

Interactive Brokers - US Fixed Income Calendar: The Week Ahead (Dec 10 -14)


Interactive Brokers senior market analyst Steven Levine provides some highlights for what to look for in the U.S. in the week beginning December 10. Experience the IBKR Platform! Use our powerful trading platform to begin trading a simulated account for free and without commitment.

Click here to start your free trial today:

https://www.interactivebrokers.com/mkt/?src=youtube7&url=%2Fen%2Findex.php%3Ff%3D1286

 

Produced on December 7, 2018

The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

 


21906




1 2 3 4 5 2 1795

Informative

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