U.S. stock future indexes pointed to a higher opening after ADP report tops estimates this morning (SPY +0.2%). Investors, however, remained cautious before the summit meeting between Trump and Chinese leader Xi Jinping tomorrow.
Here is the current market situation from CNN Money
European markets are mixed today. The FTSE 100 is up 0.24% while the CAC 40 gains 0.11%. The DAX is off 0.21%.
Looking at the last three columns (below), the first one (Actual), is what was reported this morning. The second column (Forecast) is what analysts had forecast and the third column is the previous report. Full calendar HERE.
LONDON (Reuters) - Caution prevailed across major markets on Wednesday before a potentially tense meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping this week, although metals and oil prices firmed on hope of better global demand.
BRUSSELS (Reuters) - ChemChina [CNNCC.UL] won EU antitrust approval on Wednesday for its $43 billion bid for Swiss pesticides and seeds group Syngenta , a crucial deal that could help China boost its domestic agricultural output.
(Reuters) - U.S. seeds and agrochemicals company Monsanto Co , which is in the process of being bought by Germany's Bayer AG for $66 billion, reported a 28.7 percent rise in quarterly profit, helped by strong demand for soybean and corn seeds.
(Reuters) - Wells Fargo & Co has restructured its credit card processing business after an internal probe found some employees had falsely reported customer sales numbers, the Wall Street Journal reported on Wednesday.
TOKYO (Reuters) - Westinghouse Electric Co LLC fired its chairman two days before the U.S. nuclear engineering unit of Toshiba Corp filed for bankruptcy last week, as the Japanese firm tries to draw a line under the travails of a business that has cost it billions.
(Reuters) - Credit Suisse Securities (USA), a unit of Credit Suisse AG , and a former investment adviser have agreed to pay about $8 million in fines to settle charges relating to improper investments, the U.S. Securities and Exchange Commission said.
WASHINGTON (Reuters) - Richmond Federal Reserve President Jeffrey Lacker abruptly left the U.S. central bank on Tuesday after admitting that a conversation he had with a Wall Street analyst in 2012 may have disclosed confidential information about Fed policy options.
(Reuters) - JAB Holdings, the owner of Caribou Coffee and Peet's Coffee & Tea, said on Wednesday it would buy U.S. bakery chain Panera Bread Co in a deal valued at about $7.5 billion, including debt, as it expands its coffee and breakfast empire.
CHIBA, Japan (Reuters) - Producers of liquefied natural gas (LNG) have shot themselves in the foot with oversupply, and face calls for flexibility and greater competition from other fuels that may force them to take more risks and start trading just like other commodity dealers.
Luxembourg-based JAB Holdings, the acquisitive owner of Caribou Coffee, Peet's Coffee & Tea and Krispy Kreme, confirmed swirling speculation this morning when it announced it would acquire U.S. bakery chain Panera Bread for $315/share - a 20% premium - in a deal valued at about $7.5 billion. If completed, the transaction would mark the largest M&A deal for a US restaurant company, and the second-largest in North America after the 2014 acquisition of Tim Horton's.
The deal represents a whopping 18x LTM EBITDA, and includes the assumption of about $340 million of net debt, JAB Holdings and Panera said in a joint statement. Panera founder and Chief Executive Ron Shaich and entities affiliated have agreed to vote shares representing about 15.5 percent of the company's voting power in favor of the deal.
Panera has 2,000 bakery cafes throughout the United States and its fresh offerings appeal to "health-conscious" consumers. The St. Louis-based company has reported better-than-expected earnings per share for the last six quarters.
The deal, meant to compliment and expand JAB's coffee and breakfast assets, had been leaked in recent days, with Panera shares rising 5% from March 31 through Tuesday's close of $274. The stock jumped nearly another 13% to $309.49 in premarket trading on Wednesday. The purchase by JAB, the investment vehicle of Germany's billionaire Reimann family, has recently been on a restaurant buying spree, snapping up several popular U.S.-based breakfast and coffee companies, including Krispy Kreme Doughnuts and K-cup coffee pod-maker Keurig Green Mountain Inc. JAB Holding also has controlling stakes in cosmetics company Coty Inc and luxury goods maker Jimmy Choo among many other companies.
According to Reuters, JAB became the world's largest pure-play coffee maker by volume in 2015, when its created Jacobs Douwe Egberts in Europe, a joint venture that combined its D.E. Master Blenders 1753 business with the coffee b ...
For the first time since his election, president Trump is set for a direct collision course with Vladimir Putin after Russia said on Wednesday it stands by Syrian President Bashar al-Assad despite widespread popular outrage over a chemical weapons attack which the media was quick to pin on the Syrian president, in a carbon-copy of events from 2013 which nearly launched a US invasion of the middle-eastern nation, when a YouTube clip - subsequently shown to be a hoax - served as proof that Assad had used sarin gas on rebels in a Damascus neighborhood.
As reported yesterday, Western countries including the US accused Assad's armed forces for the chemical attack, which choked scores of people to death in the town of Khan Sheikhoun in a rebel-held area of northern Syria hit by government air strikes. While Washington said it believed the deaths were caused by sarin nerve gas dropped by Syrian aircraft, Moscow offered an alternative explanation, claiming the poison gas had leaked from a rebel chemical weapons depot struck by Syrian bombs.
The strike, which was launched midday Tuesday, targeted a major rebel ammunition depot east of the town of Khan Sheikhoun, Russian Defense Ministry spokesman Major-General Igor Konashenkov said in a statement. The warehouse was used to both produce and store shells containing toxic gas, Konashenkov said. The shells were delivered to Iraq and repeatedly used there, he added, pointing out that both Iraq and international organizations have confirmed the use of such weapons by militants.
The same chemical munitions were used by militants in Aleppo, where Russian military experts took samples in late 2016, Konashenkov said. The Defense Ministry has confirmed this information as "fully objective and verified," Konashenkov added.
European stocks rebounded after a downbeat start, aided by a return to the post-Euro open momentum ignition in the USDJPY while Asian stocks rose after China shares surged 1.5%, the most since August. For now S&P futures are fractionally in the red, although we expect them to turn progressively higher as US traders get to their desks to frontrun the now traditional "post open" ramp.
Treasuries steadied ahead of today's Fed Minutes release and tomorrow's key weekly political event, the first meeting between Trump and China's president. Elsewhere, oil continued its rise while gold declined from a multi-week high.
In an otherwise quiet session, China was the outlier as the Shanghai Composite Index rose 1.48%, the most since August, while Taiwan's Taiex advanced 1.4 percent as both markets reopened after a holiday. China announced Saturday it would develop an economic zone in Xiongan, Hebei province, prompting prospective buyers to throng to the region, snapping up local construction companies many of which soared by the daily 10% limit, while commodities such as coking coal, iron ore and steel rebar soaring.
For once it was not the US but France that grabbed the political spotlight, where last night we had the second of three live televised presidential debates. As DB's Jim Reid recounts, much like the first it tested viewers' stamina again with the clock running close to 4 hours in the end. In terms of the key takeaways the general feeling was that it was the six less popular candidates which largely stole the show, frequently questioning and attacking the front runners. Of the candidates in contention, Macron was largely on the defensive for most of t ...
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