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Breaking financial world news from 10 september, 2019.

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Global dividends reach record high

Global dividends hit USD 513.8 bn in Q2 2019, up from USD 508.1 bn in the year-earlier period, setting a new record for the second quarter, Janus Henderson Global said in a report. However, growth slowed to 1.1% y-o-y from 14.1% y-o-y in Q2 2018. According to experts, this slowdown reflected a weakening global economy and the strength of the dollar. Adjusted for FX gains and losses as well as other factors, global dividends increased 4.6% yo-y vs. 9.1% y-o-y a year earlier. Record-high Q2 dividends were reported for companies in Japan, Canada, France and Indonesia. Among developed countries, Japan emerged as the leader, taking dividends up 10.1% y-o-y. EM companies boosted dividends by 12.6% in total. The US corporate sector increased dividends by 3.9% y-o-y, showing the weakest gain in the last two years. Still, more than 80% of US companies increased their dividends, representing a larger proportion than in many other large countries. Janus Henderson tracks dividends in the global top 1,200 companies, representing 90% of all payouts worldwide. The firm expects global dividends to rise 4.2% in 2019. By comparison, the indicator climbed 9.4% to USD 1.4 tn in 2018 and 8.0% to USD 1.25 tn in 2017.

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German exports unexpectedly jump in July

German exports rose 0.7% m-o-m to EUR 115.2 bn in July, preliminary Destatis data show. Meanwhile, analysts on average forecast a 0.6% decrease. Exports grew 3.8% y-o-y. German economic data which have been recently released are raising concerns that the country is close to a recession. Specifically, German industrial output dropped 0.6% m-o-m in July and decreased 4.2% y-o-y. Furthermore, orders placed at German industrial enterprises declined 2.7% m-o-m in July, or the biggest monthly decrease since February. Experts believe that much stronger-than-expected data on German exports have brought some relief but have not yet confirmed any improvement in the country’s economic prospects.

Chinese inflation stays at 2.8%

Chinese consumer prices jumped 2.8% y-o-y in August after rising by the same amount in July, the National Bureau of Statistics of China (NBS) reported. Analysts on average expected inflation to decelerate to 2.6%. Chinese food prices climbed 10% y-o-y after rising 9.1% in July, pork prices climbed 46.7% after a 27% surge in July as swine fever continues to spread all across the country. Nonfood price growth moderated from 1.3% to 1.1%. Meanwhile, the country’s PPI dropped 0.8% in August after falling 0.3% in the previous month. The contraction was driven by weak domestic and external demand, falling raw material prices, especially for energy and metals. Experts think that these PPI numbers, which are viewed as a barometer of industrial demand, could fuel deflation worries and urge Chinese authorities to exploit more aggressive stimulus.

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Markets

US: equities start week on mixed note

US stocks saw mixed trading on Monday, September 9.

During the first half of the session, equities headed cautiously north amid a low-key news flow and expectations that the ECB will conduct monetary easing at its next meeting scheduled for September 12. However, most of the gains were erased later in the day.

Constructive news came in on the US-China trade dispute. Both countries have confirmed their intention to resume trade negotiations next month but the investment community, which has grown accustomed to the White House’s mercurial moods, remains skeptical about the outcome.

No market-driving macro data came out stateside yesterday. The external news flow for US trading was patchy, with European equities closing mostly lower and Asian stocks trading in positive territory.

To recap, the blue-chip barometer Dow Jones Industrial Average edged up 0.14% to 26,835.51, the S&P 500 ticked down 0.01% to 2,978.43, and the tech-focused Nasdaq Composite eased 0.19% to 8,087.44.

In commodities, October NYMEX WTI traded up 2.4% to USD 57.85/bbl, while December COMEX gold fell 0.3% to USD 1,511.10/oz.

In the blue-chip segment, slightly more than half of liquid names landed in the green, with J.P. Morgan, Goldman Sachs and Caterpillar adding over 2%, while Merck and Visa gave up more than 2%.

Among the top advancers, telecom giant AT&T added 1.5% to its market cap after its shareholder Elliott Management wrote in a letter to AT&T’s board of directors that it expects the company’s shares to experience considerable upside.

Aluminum supplier Alcoa spiked 6.2% after unveiling upcoming restructuring changes.

Air carrier JetBlue Airways added 2.2% on news that the company agreed to implement an accelerated share buyback program.

Biotechnology giant Amgen pulled back 2.6% as the first phase of clinical trials of its experimental drug designed to cure cancer showed disappointing results.

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S&P 500

The daily chart shows that the index has been trading higher, although a retreat is possible in the short term as stochastic lines are in overbought territory.

Breaking financial world news from 10 september, 2019.

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Europe: markets see trendless trading

Key European stock indices closed mixed on Monday, September 9 as investors were focused on political events in the UK, macro data as well as developments surrounding the US-China trade dispute. Moreover, traders took to the sidelines ahead of the ECB policy meeting scheduled for later this week.

On the political front, Britain’s Queen Elizabeth gave final approval to a piece of legislation which seeks to prevent Prime Minister Boris Johnson from taking the country out of the EU without a deal, unless the country signs an exit deal with Brussels before October 31, 2019.

Meanwhile, US Treasury Secretary Steven Mnuchin said in an interview that the US-China trade talks are moving ahead, with the White House seeking a good deal.

Recapping the benchmarks, the UK’s FTSE 100 retreated 0.64%, the French CAC 40 slipped 0.27%, while the German DAX firmed 0.28%. The regional barometer STXE 600 closed 0.28% lower at 386.06.

Notably, 13 out of the 19 key sectors ended in the red. The list of outperformers included O&G names that rebounded on the back of higher oil prices and ahead of the meeting of the OPEC’s Monitoring Committee. Specifically, Total, Repsol, Royal Dutch Shell, BP and Eni advanced 1.2%, 2.0%, 1.0%, 0.8% and 1.1%, respectively.

Media company Prosiebensat1 surged 5% as equity analysts at UBS upgraded the stock to Buy from Neutral.

Among the notable laggards, International Consolidated Airlines Group (IAG) shed 1.53% as British Airways canceled flights on account of a pilot strike.

Air France-KLM also took a hit, sinking 9.8% after saying that “close-in bookings in the peak travel period are weaker than foreseen in view of softening macro-economic environment.”

European bourses have been in decline during the first half of trading on Tuesday, September 10 as investors look ahead to the outcome of the ECB’s policy meeting scheduled for Thursday.

Moreover, political developments in the UK remain in the spotlight. Yesterday, Queen Elizabeth put her stamp of approval on a law that postpones Brexit, whereas Prime Minister Boris Johnson said he would request a 3-month delay, until January 31, 2020, unless Parliament approves an exit deal by October 19. Meanwhile, the British government decided on Monday night to prorogue Parliament until October 14.

By 9:01 GMT, the UK’s FTSE 100 retreated 0.28%, the German DAX eased 0.25%, and the French CAC 40 pulled back 0.43%. The regional indicator STXE 600 was off 0.45% at 384.34.

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DAX

On the daily chart, the German DAX has bounced off the upper line of Bollinger bands, while the Slow Stochastic Oscillator has long been in overbought territory. As a result, the benchmark holds limited upside potential in the short term.

Breaking financial world news from 10 september, 2019.

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Asia: Nikkei 225 hits 6-week high

Asian stock indices turned in mixed performance again on Tuesday, September 10. On the one hand, regional markets drew support from US Treasury Secretary Steven Mnuchin’s comments that he does not think the global economy faces a recession. On the other hand, most investors took to the sidelines ahead of the ECB’s policy meeting scheduled for Thursday.

On the macro data front, China’s CPI rose 0.7% m-o-m in August vs. 0.5% m-o-m expected. In y-o-y terms, the indicator increased 2.8% compared to 2.6% projected. Meanwhile, the PPI came in at -0.8% y-o-y vs. -0.9% y-o-y.

In Australia, the NAB Business Conditions Index and the NAB Business Confidence Index for August were released. The former and the latter came in at 1, down from 2 and 4 in the previous month, respectively.

The Japanese Nikkei 225 added 0.35%, the Chinese Shanghai Composite eased 0.12%, Hong Kong’s Hang Seng ticked up 0.01%, the South Korean KOSPI advanced 0.62%, while the Australian S&P/ASX 200 closed 0.51% lower.

On the S&P/ASX 200, Whitehaven Coal and CYBG outperformed the broader market, surging 5.0% and 3.94%, respectively. Wisetech Global and Appen were among the session’s worst performers, sinking 7.18% and 6.56%.

The Nikkei 225 gainers were led by NSK and Mitsui Engineering & Shipbuilding, which soared 7.21% and 5.94%, respectively. Among the notable laggards, Daiichi Sankyo and Tokyo Tatemono pulled back 7.16% and 5.67%.

Japanese exporters were bolstered by yen weakness. In particular, Toyota Motor, Honda Motor and Subaru gained over 0.8%.

Nissan Motor surged 3.5% on reports that CEO Hiroto Saikawa will be stepping down next week.

Japanese financial names enjoyed demand, with Mitsubishi UFJ Financial Group and Mizuho Financial Group advancing over 2.4%.

Mitsubishi Estate Co and Central Japan Railway underperformed, retreating 1.5% and 1.4%, respectively.

In Australia, mining giant Rio Tinto closed 0.55% lower, while oil company Beach Energy picked up 1.85%.

In the Australian banking sector, Westpac, National Bank of Australia, Australia & New Zealand Banking ended in the green, while Commonwealth Bank closed lower 0.11%.

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Hang Seng

From a technical standpoint, the Hang Seng is consolidating near the 26,650-26,700 range, while still looking set to reach the resistance level at 27,000.

Breaking financial world news from 10 september, 2019.

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Commodity markets

Crude oil has extended gains on Tuesday, with Brent hitting a six-week high. Investors greeted enthusiastically a statement by the new Saudi Arabian energy minister Abdulaziz bin Salman who unexpectedly replaced Khalid Al-Falih over the weekend. The new energy minister confirmed that the kingdom will remain committed to its oil market policy. Some experts believe that he will take more active measures to seek higher oil prices which Riyadh needs to balance its budget and help state-run oil producer Saudi Aramco hold a successful IPO. The market drew additional support from statements by Secretary of Treasury Steven Mnunich about major progress in the trade talks with Beijing. According to him, the Chinese delegation’s visit to Washington next month will become a goodwill gesture.

Stateside, Baker Hughes data showed that the number of global operating oil and gas drilling rigs declined for the first time in four months. In August, 2,206 rigs were on average in operation vs. 2,238 in July. The August figure was below the year-earlier period by 72 units. The US rig count contracted against July by 29 units to 926, or the lowest level since November 2017.

Non-ferrous metals are in decline on the LME, while gold headed further south to USD 1,500/oz

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Breaking financial world news from 10 september, 2019.

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