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Sterling Rises Likely to Be Short-Lived: ING

0904 GMT - Despite a recent respite in sterling falls and reduced bets against the currency, any sterling rises will continue to be short-lived, says ING. EUR/GBP has ceased its decline, having failed to make a sustained move below the 0.9100 level, while the option market has also corrected, the bank says. Implied volatility--a measure of the cost of options to protect against big currency moves--in EUR/GBP have declined from their early-August highs. However, sterling will likely fall on any negative news from U.K. Prime Minister Boris Johnson's meeting with EU officials this week, given the British premier insistence on renegotiating the Irish backstop, it says. EUR/GBP is last at 0.9161, up 0.3% on the day.

Employee of U.K. Consulate in Hong Kong Detained in Mainland China

A member of the British consular staff in Hong Kong has been detained in mainland China after a trip to the neighboring city of Shenzhen.

BHP Annual Profit More than Doubles

BHP Group Ltd. (BHP.LN) said its annual net profit more than doubled because of strong iron-ore prices and large charges the year before that weren't repeated.

Argo Blockchain Shares Rise After Company Increases Cryptomining Capacity

Argo Blockchain PLC (ARB.LN) shares rose on Tuesday after the company said it has signed an agreement to more than quadruple its electricity supply, boosting its cryptomining capacity.

AstraZeneca: Farxiga Met Primary Endpoint in Landmark Phase 3 Trial

AstraZeneca PLC (AZN.LN) said Tuesday that Farxiga met the primary endpoint in a Phase 3 trial for the treatment of patients with heart failure.

Avesoro Resources Shares Rise as Majority-Holder Bids for Remaining Shares

Shares in Avesoro Resources Inc. (ASO.T) rose Tuesday after its controlling shareholder Avesoro Jersey Ltd. proposed to buy the shares it doesn't own in a deal valuing the company at around 81.6 million pounds ($98.6 million).

Cabot Energy Shares Fall as 2Q Production Declined; Mulling Financial Options

Shares of Cabot Energy PLC (CAB.LN) fell Tuesday after the company reported a decline in production and sales for the second quarter of 2019 and said it was considering its financial options for the rest of the year, including an equity funding.

Cellcast Agrees to Sale of Main Operating Unit to Management

Cellcast PLC (CLTV.LN) said Tuesday that it has conditionally agreed to the sale of its wholly owned operating subsidiary--Cellcast U.K. Ltd.--to Com & Tel Media Ltd. for 375,000 pounds ($453,262).

Empiric Student Property 1H Pretax Profit Rose 33%

Empiric Student Property PLC (ESP.LN) on Tuesday reported a 33% rise in first-half pretax profit and said that it was confident in its outlook.

H.C. Slingsby Shares Drop After 1H Swings Into Pretax Loss

Shares in H.C. Slingsby PLC (SLNG.LN) fell Tuesday after the company reported a swing to a pretax loss for the first half of 2019 after booking higher costs, and expressed caution for the rest of the year.

IMI to Buy PBM for $85 Mln

Specialist engineering company IMI PLC (IMI.LN) said Tuesday that it is buying U.S. industrial valves and flow control company PBM Inc. for $85 million.

John Wood Group Swings to 1H Pretax Profit; Backs 2019 Views

John Wood Group PLC (WG.LN) Tuesday reported a swing to pretax profit for the first half of 2019 after booking lower costs, and backed its guidance for the year.

Kin & Carta Sees FY 2019 Pretax Profit Below Market Views; Share Fall

Shares of Kin & Carta PLC (KCT.LN) fell 15% in early trade Tuesday after the company said pretax profit for fiscal 2019 will be below market expectations, which it attributed to investments in its transformation.

Kenmare Resources 1H Pretax Profit Down 21%; Declares Maiden Dividend

Kenmare Resources PLC (KMR.DB) Tuesday reported a 21% fall in pretax profit for the first half of 2019 on lower volumes, but declared a maiden dividend citing its balance-sheet strength, improving free-cash-flow profile and long-life resources.

Mysale to Raise GBP10 Mln Via Accelerated Bookbuild

Mysale Group PLC (MYSL.LN) on Tuesday said it plans to raise a minimum of 10 million pounds ($12.1 million) in an accelerated bookbuild to help fund its Australia and New Zealand-first strategy.

Non-Standard Finance 1H Pretax Loss Widened; Trading in Line With Views

Non-Standard Finance PLC (NSF.LN) on Tuesday reported a widened pretax loss for the first half of 2019 after booking higher charges and exceptional items, and said current trading was in line with market expectations.

Nostrum Oil & Gas 1H Revenue, Profit Falls on Lower Oil Price

Nostrum Oil & Gas PLC (NOG.LN) said Tuesday that revenue and profit fell in the first half of the year, which it attributed to a decline in the price of oil.

Persimmon 1H Pretax Profit Fell 1.4%

Persimmon PLC (PSN.LN) on Tuesday reported a 1.4% fall in first-half pretax profit as higher average house prices were offset by a fall in the number of homes sold.

Providence Resources, Lansdowne Oil & Gas Shares Trade Down on Another Loan Delay

Shares of Providence Resources PLC (PZQA.DB) and Lansdowne Oil & Gas PLC (LOGP.LN) fell slightly Tuesday after the companies said they have yet to receive funds from APEC Energy Enterprise Ltd.

Robinson PLC Appoints Helene Roberts as CEO

Robinson PLC (RBN.LN) said Tuesday that Helene Roberts has been appointed as chief executive effective Nov. 4, and that interim CEO Martin McGee will step down from the board on that date.

UK Oil & Gas Granted Two-Year Extensions to Licenses

UK Oil & Gas PLC (UKOG.LN) on Tuesday said that the UK Oil and Gas Authority has granted two-year extensions to its operated licenses in the Isle of Wight and the northern Weald.

Ofgem Launches Investigation Into Aug. 9 Power Cuts

U.K. energy regulator Ofgem said Tuesday that it has launched an investigation into the Aug. 9 power cuts that brought large parts of the U.K. to a standstill.

Persimmon 1H Cheers Investors Despite Higher Costs

0905 GMT - Persimmon's first-half results were good despite higher costs from customer-service improvements, says Canaccord Genuity. Margins modestly topped expectations and net cash was strong, though annual customer-care costs are set to increase by GBP15 million. "While there are the expected Brexit-related caveats, we believe current trading and outlook comments read reassuringly," Canaccord's Aynsley Lammin says. "We wouldn't expect any material changes to consensus on the back of these results and continue to believe management will successfully address its customer-care issues. Macro and political risks remain, but on a relative basis, we continue to see attractive value in the shares. We reiterate our buy rating." Shares rise 0.1%.

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-9319

(END) Dow Jones Newswires

August 20, 2019 05:22 ET (09:22 GMT)

DJ Podcast: A 25% Drop for PG&E, and Two More Numbers to Know -- Barrons.com

Three numbers to start your day:

181 Chief Executives Signed a Statement on Monday

-- saying that corporations shouldn't always put shareholder returns first. The group of CEOs are part of the influential Business Roundtable, which includes leaders from companies like Apple and JPMorgan Chase. And their new stated message is that companies should consider the needs of all stakeholders. Meaning, everyone from workers to customers to suppliers to communities.

The statement is a rhetorical shift away from the idea popularized in the late-1970's -- that companies should maximize profits to shareholders ahead of other concerns.

Shipments of RVs to Dealers Have Fallen 20%

-- so far this year. That's according to data from an industry association. Now, why does it matter, that consumers buy fewer vacation home-on-wheels? It's because recreational vehicles are considered luxury objects -- and they tend to be among the first things consumers cut back on when money is tight.

And the trend of declining sales is not new. Shipments fell about 4 percent last year. The Wall Street Journal notes that multi-year declines in RV sales have preceded the last three recessions. It could, in other words, be seen as an economic warning sign.

PG&E Stock Fell 25% on Monday

The utility's stock declined after a judge allowed a trial to determine if the company caused California's deadly 2017 wildfires -- also known as the Tubbs wildfire.

At the start of the year, investigators found that the utility's wires did not cause the Tubbs wildfire. However, lawyers for victims of the fire have disputed the finding. And now, they can proceed with a state civil case against PG&E.

The outcome of the civil case could add billions of dollars to the liabilities of PG&E. And those are already substantial. In January, the utility declared bankruptcy, citing more than 30 billion dollars in potential wildfire liabilities.

Numbers by Barron's is our daily podcast. Find out more here.

Write to host Ben Walsh at ben.walsh@barrons.com

(END) Dow Jones Newswires

August 20, 2019 05:09 ET (09:09 GMT)

DJ Global Stocks Waver Amid Uncertainty on Rates, Trade Talks
By Anna Isaac

-- European stocks edge up

-- Asian shares mixed

-- U.S. Treasury yields tick down

Global stocks paused on Tuesday as investors took a wait-and-see approach to trade developments and the Federal Reserve's next policy moves.

The Stoxx Europe 600 ticked up 0.1%, with rises in its health-care constituents mostly offset by losses in its basic-resources sector.

Gregory Perdon, co-chief investment officer at Arbuthnot Latham, said, "There's definitely selloff fatigue at the moment. I think we're really just in a sideways summer of trading activity."

Shares in the world's largest miner, BHP Group, dropped 1% after Chief Executive Andrew Mackenzie said the trade dispute between the world's two largest economies had clouded the company's outlook.

In Asia, major indexes were mostly positive or flat, though Hong Kong's Hang Seng slipped 0.2% as recent political protests put pressure on the city's government to enter talks. Japan's Nikkei gained 0.6% and the Korean Kospi jumped more than 1%.

On Monday, President Trump resumed his social-media criticism of the U.S. central bank, saying it had showed "horrendous lack of vision." He said the Fed should instigate a rate cut of 1%, a level of action normally associated with a severe downturn. He also called for a package of measures such as quantitative easing to stimulate the economy and efforts to address dollar strength.

Investors will pay close attention to the minutes from the Federal Reserve's latest meeting on Wednesday, as well as any statements from Chairman Jerome Powell ahead of the economic symposium in Jackson Hole, Wyo., starting on Friday.

The U.S. dollar was unchanged on Tuesday, holding on to its recent gains. It would likely stay strong ahead of the gathering, said Fritz Louw, currency analyst at MUFG bank.

"There's nothing ahead of the week that is going to weaken the dollar. If there isn't dovish capitulation from the Fed on Friday then we will see more dollar strength," he said.

In that case, "there would likely be some more pressure from Mr. Trump," he added.

White House officials also said Monday they were weighing a range of actions that could boost business and spending activity.

However, Arbuthnot Latham's Mr. Perdon said that sharp downturn fears and the need for rate cuts may have been overblown, adding that the response to the financial crisis from the Fed continued to distort bond-yield curves, he said.

"I would be surprised if members of the Fed would allow themselves to get overly intimidated by the rhetoric," he said.

Yields on U.S. 10-year Treasurys edged down to 1.581% Tuesday, from 1.603% on Monday when they saw their biggest gain since July 5. Bond yields fall as prices rise.

On the earnings front, results are due on Tuesday from Home Depot and Medtronic.

Write to Anna Isaac at anna.isaac@wsj.com

(END) Dow Jones Newswires

August 20, 2019 05:06 ET (09:06 GMT)

DJ Kuala Lumpur Kepong Malaysia 3rd-Quarter 2019 Earnings Summary Table >2445.KU
 
      Kuala Lumpur Kepong (2445.KU) - Malaysia 
      (3rd) quarter ended Jun 30: 
      Figures Are In Ringgit (MYR). 
 
 
                                   2019               2018 
 
Revenue                   3,704,403,000      4,331,214,000 
PreTax Profit                44,753,000        213,765,000 
Net Profit                   48,615,000        139,872,000 
Earnings Per Share             4.60 Sen          13.10 Sen 
Dividend                       0.00 Sen           0.00 Sen 
 
      9 months ended Jun 30: 
 
Revenue                  11,731,484,000     14,192,004,000 
PreTax Profit               577,190,000        783,645,000 
Net Profit                  442,486,000        481,378,000 
Earnings Per Share            41.50 Sen          45.20 Sen 
Dividend                      15.00 Sen          15.00 Sen 
 
 
 

(END) Dow Jones Newswires

August 20, 2019 05:06 ET (09:06 GMT)

DJ Kuala Lumpur Kepong Malaysia 3rd-Quarter 2019 Earnings Summary Table >2445.KU
 
      Kuala Lumpur Kepong (2445.KU) - Malaysia 
      (3rd) quarter ended Jun 30: 
      Figures Are In Ringgit (MYR). 
 
 
                                   2019               2018 
 
Revenue                   3,704,403,000      4,331,214,000 
PreTax Profit                44,753,000        213,765,000 
Net Profit                   48,615,000        139,872,000 
Earnings Per Share             4.60 Sen          13.10 Sen 
Dividend                       0.00 Sen           0.00 Sen 
 
      9 months ended Jun 30: 
 
Revenue                  11,731,484,000     14,192,004,000 
PreTax Profit               577,190,000        783,645,000 
Net Profit                  442,486,000        481,378,000 
Earnings Per Share            41.50 Sen          45.20 Sen 
Dividend                      15.00 Sen          15.00 Sen 
 
 
 

(END) Dow Jones Newswires

August 20, 2019 05:06 ET (09:06 GMT)

DJ Kuala Lumpur Kepong 3Q Net MYR48.6M

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 05:06 ET (09:06 GMT)

DJ Kuala Lumpur Kepong 3Q Rev MYR3.7B

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 05:06 ET (09:06 GMT)

DJ Kuala Lumpur Kepong 3Q EPS MYR0.0460

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 05:05 ET (09:05 GMT)

DJ Sterling Rises Likely to Be Short-Lived: ING -- Market Talk

0904 GMT - Despite a recent respite in sterling falls and reduced bets against the currency, any sterling rises will continue to be short-lived, says ING. EUR/GBP has ceased its decline, having failed to make a sustained move below the 0.9100 level, while the option market has also corrected, the bank says. Implied volatility--a measure of the cost of options to protect against big currency moves--in EUR/GBP have declined from their early-August highs. However, sterling will likely fall on any negative news from U.K. Prime Minister Boris Johnson's meeting with EU officials this week, given the British premier insistence on renegotiating the Irish backstop, it says. EUR/GBP is last at 0.9161, up 0.3% on the day.(lorena.ruibal@wsj.com; @lorena_rbal)

(END) Dow Jones Newswires

August 20, 2019 05:04 ET (09:04 GMT)

DJ News Highlights: Top Company News of the Day
BHP Pledges Record Payout as Profit Surges

States to Move Forward With Antitrust Probe of Big Tech Firms

Baidu, China's Private-Sector Bellwether, Reports 62% Profit Drop

McKinsey Dodges Lawsuit Targeting Its Bankruptcy Disclosures

Tesla to Rent Solar Panels to Homeowners

Viacom, CBS Executives to Earn Big From Merger

Mexican Telecom Company Maxcom Files for Bankruptcy in U.S.

Two Drugmakers Closing In on Opioid Settlements

Twitter, Facebook Act Against Disinformation on Hong Kong Protests

Beauty Stocks Look Pretty After Upbeat Estée Lauder Earnings

BHP Group said its annual net profit more than doubled because of strong iron-ore prices and large charges the year before that weren't repeated.

A group of state attorneys general is preparing to move forward with a joint antitrust investigation of big technology companies, according to people familiar with the situation, adding another layer of scrutiny to an industry already under a federal spotlight.

China's economic downturn helped drive search-engine giant Baidu to its weakest quarterly revenue growth in more than two years and a 62% profit drop, with the company warning its bread-and-butter advertising business will remain under pressure.

A federal judge dismissed a racketeering lawsuit brought against McKinsey & Co. by turnaround industry veteran Jay Alix, who claimed the consulting firm profited by failing to disclose conflicts of interest in bankruptcy cases.

Tesla is trying to inject new energy into its solar business by offering to rent panels in six states. Customers can cancel at anytime.

Bob Bakish, who will become president and CEO of ViacomCBS, has signed a contract worth about $31 million a year. Joe Ianniello, who will be chairman and CEO of CBS at the combined company, will get earn about $70 million when the deal closes.

Maxcom Telecomunicaciones, the Mexico City-based company that builds last-mile connections to businesses and consumers, filed for bankruptcy in the U.S. with a deal in hand for a debt swap with bondholders.

Drugmakers Endo International and Allergan are in talks to avoid going to a landmark trial set to begin in October over the opioid crisis, according to people familiar with the matter.

Twitter took down more than 900 accounts that it said were part of a Chinese government campaign to discredit protesters in Hong Kong by spreading misinformation.

Investors are still betting on cosmetic companies despite the retail sector's tariff woes.

(END) Dow Jones Newswires

August 20, 2019 05:00 ET (09:00 GMT)

DJ News Highlights: Top Global Markets News of the Day
Global Stocks Waver Amid Uncertainty on Rates, Trade Talks

Trump Calls for a Big Fed Rate Cut, Again Criticizes Powell

China's PBOC Sets New Benchmark Lending Rates Lower

Fed's Rosengren Still Doesn't See Need to Lower Rates

RBA in Wait-And-See Mode on Another Rate Cut

States to Move Forward With Antitrust Probe of Big Tech Firms

Investors Start to Cool on Utilities

U.S. Bank Regulator Pitches Low-Income Lending Rule Changes

Stocks, Bond Yields Rise to Start the Week

U.S. Government Bond Yields Rise as Treasury Again Explores Ultralong Bonds

Global stocks paused as investors took a wait-and-see approach to trade developments and the Federal Reserve's next policy moves.

President Trump called for the Fed to sharply cut interest rates and again criticized the central bank's chairman for a "horrendous lack of vision," while reiterating his belief that the U.S. economy is strong.

China's central bank has lowered its new benchmark lending rates in a bid to guide borrowing costs down as the economy expands at its slowest pace in decades.

Federal Reserve Bank of Boston President Eric Rosengren remains worried that central bank interest-rate cuts are unwarranted and could destabilize the financial sector-but signaled he's open to action if convinced the economy was taking a turn for the worse.

The Reserve Bank of Australia said it would wait a bit before deciding to cut rates further to support an economy navigating an escalation in the U.S.-China trade dispute and several domestic headwinds.

A group of state attorneys general is preparing to move forward with a joint antitrust investigation of big technology companies, according to people familiar with the situation, adding another layer of scrutiny to an industry already under a federal spotlight.

Utility stocks haven't been climbing in August as much as some analysts and investors might expect given the sharp drop in bond yields recently.

A Trump-appointed bank regulator is touring the country trying to sell his plans to modify lower-income lending requirements and overcome resistance from other regulators, banks and community advocates.

U.S. stocks kicked off the week with gains, buoyed by a rally among shares of banks and technology companies.

The Treasury Department's latest expression of interest in issuing bonds with 50-year and 100-year maturities weighed on demand for existing Treasurys on Monday.

(END) Dow Jones Newswires

August 20, 2019 05:00 ET (09:00 GMT)

DJ Hong Kong & China Gas 1H Net Profit Fell 19%

By Justina Lee

Hong Kong & China Gas Co. (0003.HK) said its first-half net profit fell 19% on lower gas sales and slower economic growth in Hong Kong.

Net profit for the period was 3.89 billion Hong Kong dollars (US$496.0 million), compared with HK$4.79 billion in the same period last year, the company said Tuesday.

Revenue rose to HK$20.35 billion from HK$19.24 billion a year ago, it said.

Write to Justina Lee at justina.lee@wsj.com

(END) Dow Jones Newswires

August 20, 2019 04:59 ET (08:59 GMT)

DJ Interbank Foreign Exchange Rates At 04:50 EST / 0850 GMT
 
                           Latest       Previous   %Chg    Daily    Daily   %Chg 
Dollar Rates                               Close            High      Low  12/31 
 
USD/JPY Japan           106.41-42      106.63-64  -0.21   106.69   106.40  -2.90 
EUR/USD Euro            1.1074-77      1.1079-82  -0.05   1.1090   1.1072  -3.44 
GBP/USD U.K.            1.2093-95      1.2127-29  -0.28   1.2139   1.2083  -5.21 
USD/CHF Switzerland    0.9797-801      0.9813-17  -0.16   0.9819   0.9795  -0.17 
USD/CAD Canada          1.3325-30      1.3322-27  +0.02   1.3333   1.3309  -2.29 
AUD/USD Australia       0.6775-79      0.6761-65  +0.21   0.6796   0.6754  -3.90 
NZD/USD New Zealand     0.6407-13      0.6406-12  +0.02   0.6430   0.6402  -4.61 
 
Euro Rates 
 
EUR/JPY Japan           117.83-87      118.13-17  -0.26   118.30   117.83  -6.25 
EUR/GBP U.K.            0.9156-59      0.9135-38  +0.23   0.9169   0.9132  +1.86 
EUR/CHF Switzerland     1.0853-56      1.0875-78  -0.20   1.0884   1.0851  -3.57 
EUR/CAD Canada          1.4756-66      1.4756-66   0.00   1.4779   1.4748  -5.62 
EUR/AUD Australia       1.6337-47      1.6373-83  -0.22   1.6408   1.6309  +0.48 
EUR/DKK Denmark         7.4557-64      7.4570-77  -0.02   7.4601   7.4559  -0.14 
EUR/NOK Norway          9.9528-78      9.9449-99  +0.08   9.9625   9.9424  +0.47 
EUR/SEK Sweden        10.7358-458    10.7260-360  +0.09  10.7420  10.7224  +5.79 
EUR/CZK Czech Rep.     25.778-808     25.780-810  -0.01   25.808   25.791  +0.32 
EUR/HUF Hungary         327.12-52      326.31-71  +0.25   327.48   326.08  +1.96 
EUR/PLN Poland          4.3654-72      4.3671-89  -0.04   4.3710   4.3603  +1.79 
 
Yen Rates 
 
AUD/JPY Australia        72.10-14       72.11-15  -0.01    72.37    71.96  -6.69 
GBP/JPY U.K.            128.66-72      129.29-35  -0.49   129.39   128.60  -8.01 
CAD/JPY Canada           79.83-86       80.01-05  -0.23    80.08    79.83  -0.64 
NZD/JPY New Zealand      68.17-25       68.30-38  -0.19    68.53    68.16  -7.37 
 
Other Dollar Rates 
 
USD/CZK Czech Rep.     23.262-312     23.260-310  +0.01   23.306   23.267  +3.87 
USD/HUF Hungary         295.32-72      294.55-95  +0.26   295.67   294.14  +5.55 
USD/DKK Denmark         6.7314-24      6.7314-24   0.00   6.7355   6.7250  +3.38 
USD/NOK Norway         8.9853-913     8.9754-814  +0.11   8.9930   8.9696  +4.01 
USD/PLN Poland          3.9413-18      3.9424-29  -0.03   3.9454   3.9356  +5.37 
USD/RUB Russia         66.689-759      66.929-99  -0.36   67.101   66.621  -3.64 
USD/SEK Sweden        9.6926-7016     9.6824-914  +0.11   9.6998   9.6767  +9.54 
USD/ZAR S. Africa    15.3797-4097    15.4548-848  -0.49  15.4719  15.3589  +7.20 
 
USD/CNY China           7.0627-47     7.0497-517  +0.18   7.0648   7.0502  +2.69 
USD/HKD Hong Kong       7.8437-42      7.8445-50  -0.01   7.8461   7.8430  +0.16 
USD/MYR Malaysia        4.1801-51      4.1712-62  +0.21   4.1850   4.1736  +1.21 
USD/INR India           71.740-50      71.650-70  +0.12   72.005   71.451  +3.13 
USD/IDR Indonesia        14258-72       14228-42  +0.21    14276    14234  -0.80 
USD/PHP Philippines     52.300-20      52.372-92  -0.14   52.445   52.300  -0.36 
USD/SGD Singapore       1.3858-68      1.3862-72  -0.03   1.3876   1.3847  +1.72 
USD/KRW S. Korea    1208.35-10.35   1211.62-3.62  -0.27  1213.50  1205.50  +8.53 
USD/TWD Taiwan         31.375-405      31.358-88  +0.05   31.408   31.246  +2.65 
USD/THB Thailand        30.810-30      30.850-70  -0.13   30.890   30.790  -4.64 
USD/VND Vietnam         23169-239      23171-241  -0.01    23210    23200  +0.04 
 
USD/BRL Brazil          4.0735-65      4.0734-64  +0.00   4.0755   4.0739  +4.99 
USD/MXN Mexico        19.8280-580    19.8472-772  -0.10  19.8810  19.8128  +0.99 
USD/ARS Argentina     54.8290-688    54.8320-420  +0.02  54.9594  54.8121 +45.69 
 
Source: Tullett Prebon 
 

(END) Dow Jones Newswires

August 20, 2019 04:50 ET (08:50 GMT)

DJ Oil Inches Up, Brent-WTI Spread Shrinks -- Market Talk

0846 GMT - Oil inches higher on one of its quietest days in several weeks. Brent crude is up 0.3% at $59.94 a barrel and WTI futures are up 0.3% at $56.32 a barrel as the market awaits the latest batch of American Petroleum Institute inventory data. With ING noting expectations for a fall in inventories--a scenario which could extend early week gains--strategists also say that the spread between WTI and Brent crude prices is at its narrowest since early last year. With U.S. export data already showing a slowdown, "the narrowing in this spread should result in lower crude oil export flows from the U.S. moving forward," ING strategists add. (david.hodari@wsj.com; @davidhodari)

(END) Dow Jones Newswires

August 20, 2019 04:46 ET (08:46 GMT)

DJ DME Oman Oct Crude Settles at $59.93/Bbl Aug 20, +$0.78

(END) Dow Jones Newswires

August 20, 2019 04:44 ET (08:44 GMT)

DJ Hong Kong & China Gas 1H Rev HK$20.35B vs. HK$19.24B >0003.HK

(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)

August 20, 2019 04:38 ET (08:38 GMT)

DJ Hong Kong & China Gas 1H Net HK$3.89B vs. Net HK$4.79B >0003.HK

(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)

August 20, 2019 04:37 ET (08:37 GMT)

DJ London Shares Rise; Persimmon Gains After Results
Market News: 
 
FTSE 100            7,207.38 +17.73 +0.25% 
FTSE 250           19,119.17 +21.20 +0.11% 
FTSE AIM All-Share    865.90  +1.49 +0.17%

Top News:

Companies News:

Other News:

Market Talk:

Persimmon Rises After 'Reassuring' 1H; BHP Falls

Shares in U.K. house builder Persimmon rise 1.7%, among the top FTSE 100 risers, after "reassuring" first-half results, according to Citi. Persimmon reported a 1.4% fall in first-half pretax profit as higher average house prices were offset by a falling number of homes sold. But Citi says underlying pretax profit was slightly above expectations and notes improving customer satisfaction. "Comments on the scale of customer spend increase are likely to be reassuring," Citi says, although it expects consensus estimates to fall 1% to 2%. Miner BHP is the biggest FTSE 100 faller, down 1.3%, despite a big dividend. Citi says FY earnings were "a modest miss." The FTSE 100 rises 0.4%.

Employee of U.K. Consulate in Hong Kong Detained in Mainland China

A member of the British consular staff in Hong Kong has been detained in mainland China after a trip to the neighboring city of Shenzhen.

BHP Annual Profit More than Doubles

BHP Group Ltd. (BHP.LN) said its annual net profit more than doubled because of strong iron-ore prices and large charges the year before that weren't repeated.

Argo Blockchain Shares Rise After Company Increases Cryptomining Capacity

Argo Blockchain PLC (ARB.LN) shares rose on Tuesday after the company said it has signed an agreement to more than quadruple its electricity supply, boosting its cryptomining capacity.

AstraZeneca: Farxiga Met Primary Endpoint in Landmark Phase 3 Trial

AstraZeneca PLC (AZN.LN) said Tuesday that Farxiga met the primary endpoint in a Phase 3 trial for the treatment of patients with heart failure.

Avesoro Resources Shares Rise as Majority-Holder Bids for Remaining Shares

Shares in Avesoro Resources Inc. (ASO.T) rose Tuesday after its controlling shareholder Avesoro Jersey Ltd. proposed to buy the shares it doesn't own in a deal valuing the company at around 81.6 million pounds ($98.6 million).

Cabot Energy Shares Fall as 2Q Production Declined; Mulling Financial Options

Shares of Cabot Energy PLC (CAB.LN) fell Tuesday after the company reported a decline in production and sales for the second quarter of 2019 and said it was considering its financial options for the rest of the year, including an equity funding.

Empiric Student Property 1H Pretax Profit Rose 33%

Empiric Student Property PLC (ESP.LN) on Tuesday reported a 33% rise in first-half pretax profit and said that it was confident in its outlook.

H.C. Slingsby Shares Drop After 1H Swings Into Pretax Loss

Shares in H.C. Slingsby PLC (SLNG.LN) fell Tuesday after the company reported a swing to a pretax loss for the first half of 2019 after booking higher costs, and expressed caution for the rest of the year.

IMI to Buy PBM for $85 Mln

Specialist engineering company IMI PLC (IMI.LN) said Tuesday that it is buying U.S. industrial valves and flow control company PBM Inc. for $85 million.

John Wood Group Swings to 1H Pretax Profit; Backs 2019 Views

John Wood Group PLC (WG.LN) Tuesday reported a swing to pretax profit for the first half of 2019 after booking lower costs, and backed its guidance for the year.

Kin & Carta Sees FY 2019 Pretax Profit Below Market Views; Share Fall

Shares of Kin & Carta PLC (KCT.LN) fell 15% in early trade Tuesday after the company said pretax profit for fiscal 2019 will be below market expectations, which it attributed to investments in its transformation.

Mysale to Raise GBP10 Mln Via Accelerated Bookbuild

Mysale Group PLC (MYSL.LN) on Tuesday said it plans to raise a minimum of 10 million pounds ($12.1 million) in an accelerated bookbuild to help fund its Australia and New Zealand-first strategy.

Non-Standard Finance 1H Pretax Loss Widened; Trading in Line With Views

Non-Standard Finance PLC (NSF.LN) on Tuesday reported a widened pretax loss for the first half of 2019 after booking higher charges and exceptional items, and said current trading was in line with market expectations.

Persimmon 1H Pretax Profit Fell 1.4%

Persimmon PLC (PSN.LN) on Tuesday reported a 1.4% fall in first-half pretax profit as higher average house prices were offset by a fall in the number of homes sold.

Providence Resources, Lansdowne Oil & Gas Shares Trade Down on Another Loan Delay

Shares of Providence Resources PLC (PZQA.DB) and Lansdowne Oil & Gas PLC (LOGP.LN) fell slightly Tuesday after the companies said they have yet to receive funds from APEC Energy Enterprise Ltd.

UK Oil & Gas Granted Two-Year Extensions to Licenses

UK Oil & Gas PLC (UKOG.LN) on Tuesday said that the UK Oil and Gas Authority has granted two-year extensions to its operated licenses in the Isle of Wight and the northern Weald.

Ofgem Launches Investigation Into Aug. 9 Power Cuts

U.K. energy regulator Ofgem said Tuesday that it has launched an investigation into the Aug. 9 power cuts that brought large parts of the U.K. to a standstill.

Shell's Exit from Mahanagar Gas to Remove Key Stock Overhang: Jefferies

0735 GMT - Mahanagar Gas shares hit a two-month high on news that an India unit of Royal Dutch Shell is selling its remaining 10% stake in the piped-and-compressed natural gas supplier. Shell's exit is not expected to have any "negative fundamental impact" on the growth trajectory of the firm which has been in the business for more than 20 years, Jefferies says. Rather, the exit of the shareholder will remove a key overhang, the investment bank says, as Shell has been cutting its stake since last year. Jefferies maintains its buy call and its INR1,030 target price. Shares are up 7.1% at INR843.

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-9319

(END) Dow Jones Newswires

August 20, 2019 04:31 ET (08:31 GMT)

DJ Basic Materials Roundup: Market Talk

The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0811 GMT - Shares in U.K. house builder Persimmon rise 1.7%, among the top FTSE 100 risers, after "reassuring" first-half results, according to Citi. Persimmon reported a 1.4% fall in first-half pretax profit as higher average house prices were offset by a falling number of homes sold. But Citi says underlying pretax profit was slightly above expectations and notes improving customer satisfaction. "Comments on the scale of customer spend increase are likely to be reassuring," Citi says, although it expects consensus estimates to fall 1% to 2%. Miner BHP is the biggest FTSE 100 faller, down 1.3%, despite a big dividend. Citi says FY earnings were "a modest miss." The FTSE 100 rises 0.4%. (jessica.fleetham@wsj.com)

0712 GMT - CNMC Goldmine's expansion plans allow it to boost production with lower operating costs, says Phillip Capital, raising its target on the company's shares to S$0.33 from S$0.31. The brokerage notes the gold miner posted an operating profit after reducing overheads, a trend that's likely to continue. With gold prices a 6-year high, Phillip Capital raises its estimate for the company's average selling price of gold by 3.8% to US$1,350/oz. Shares are down 1.7% at S$0.28, though they are about 33% higher this year. (venkat.pr@wsj.com)

0503 GMT - Saracen Mineral Holdings unveils its inaugural dividend policy, and Macquarie thinks the Australian gold miner will declare a first payout at the end of the fiscal year. Saracen says it aims to return 20%-40% of net profit to shareholders, as long as its cash reaches a minimum A$150 million. Macquarie estimates Saracen's free cash flow at A$36 million in FY20, resulting in a closing cash balance of A$154 million. As a result, the bank forecasts a maiden dividend of 2 Australian cents a share. (david.winning@wsj.com; @dwinningWSJ)

0242 GMT - China Shenhua Energy's stock is tipped to continue sliding as price trends show it is trading below both its 50- and 200-day moving averages, Phillip Securities says. The brokerage says the stock has been hitting a series of lower highs and lower lows, with a dark cloud cover candle stick formation--indicating bearish sentiment--below the 50-day moving average at HK$16.05. Phillip puts stop-loss at HK$16.70 and take-profit at HK$14.00. Shares in the Chinese energy group are up 0.4% at HK$15.60. (venkat.pr@wsj.com)

0211 GMT - Shares in Monadelphous trade near six-month lows after the Aussie engineering contractor reported weaker-than-expected cash flow in FY2019 and offered up a cautious outlook regarding revenue and margins. Citi says Monadelphous's underlying net profit of A$57.4 million missed consensus forecasts by around 9%, largely due to higher depreciation and interest expenses. Monadelphous didn't provide explicit guidance for FY2020, but pointed "to a delay in project awards and also noted that competition and customer focus on reducing costs will continue to challenge margins," Citi says. Consensus forecasts are for 17% revenue growth and a 40-basis-point expansion in margins in FY2020, it adds. Monadelphous shares are 4.6% lower at A$17.14 in midday trading. (david.winning@wsj.com; @dwinningWSJ)

0114 GMT - BHP's costs are expected to rise on year across the business going forward, except for Western Australia Iron Ore, RBC Capital Markets says, noting that it will be "important for BHP to manage the 'controllable factors' through the near term." BHP's softer-than-anticipated FY results appears mostly linked to higher costs in its Queensland Coal business and broad cost pressures across the petroleum and copper units, RBC says. Lower underlying earnings flowed through to affect dividends, which were below RBC's expectations. It had forecast a special dividend. BHP's shares are down 1.1% in Sydney. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2256 GMT [Dow Jones] BHP's likely to get a lackluster response from the market following FY19 earnings, which showed a rise in profits and pay outs, but still below the expectations of some analysts. For one, a special dividend forecast by a number of analysts didn't materialize. The miner's final ordinary dividend was a record and 25 cents above the minimum ratio promised in its policy--but Macquarie, for example, had estimated a special dividend valued at up to 70 U.S. cents. Underlying earnings were also higher on year--up 2%--but at US$9.12 billion, they missed the mark on consensus. Analysts were expecting an underlying profit of roughly US$9.78 billion, according to the median of nine analyst forecasts compiled by WSJ. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1621 GMT - European shares close firmly in positive territory as oil majors benefit from higher crude prices. The pan-European Stoxx Europe 600 is up 1.1% while the FTSE 100, DAX and CAC-40 are up 1%, 1.3% and 1.3% respectively. BP rises 2%, Royal Dutch Shell B-shares advance 1.7%, Lundin Petroleum increases 5.8% and Aker BP lifts 5.6% as the price of a barrel of Brent crude ticks up 1.2% to $59.34. Miners are also ahead, with Glencore and Antofagasta the sector's biggest beneficiaries as the price of copper gains 0.5%. (philip.waller@wsj.com)

1511 GMT - The Federal Reserve may have to make two more rate cuts this year for gold to stay above $1,500 a troy ounce, says Harry Tchilinguirian of BNP Paribas. The haven metal recently surged to a six-year high as stock markets turned volatile and bonds indicated pessimism about the world economy. Over the past month, the SPDR Gold Trust has taken in a net $2.03 billion in new funds. But today gold is down 1% at $1,507.90 a troy ounce as stocks rebound, which would be its biggest one-day percentage decline since early July. One force that will work against gold in the coming months, says Tchilinguirian, is the dollar, which has gained ground as the Fed's peers have moved to relax monetary policy.(joe.wallace@wsj.com)

1249 GMT - Greatland Gold's Havieron prospect in Australia, with which it has a farm-in agreement with Newcrest Mining, could serve as the main catalyst for its shares, Numis analysts say. The brokerage says that while the farm-in potentially cedes 70% of the Havieron prospect, it also limits the level of equity dilution, removes market risk and provides the support of a tier-one operator. Numis says the broad high-grade intersections at the prospect suggest the presence of an ore body that would meet Newcrest's requirements to build an underground mine, further benefiting Greatland Gold. Numis initiates coverage with a buy rating and a target price of 4 pence.(oliver.griffin@dowjones.com; @OliGGriffin)

(END) Dow Jones Newswires

August 20, 2019 04:20 ET (08:20 GMT)

DJ Auto & Transport Roundup: Market Talk

The latest Market Talks covering the Auto and Transport sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0400 GMT - The costs UMW is set to incur from the automotive-assembly plant it inaugurated in January prompts AmBank to trim the stock's fair-value estimate to MYR5.50 from MYR5.89. In addition to the anticipated extra depreciation expense, AmBank is concerned that sales at the industrial conglomerate's auto division will be hit next year if it fails to sustain this year's flurry of passenger-vehicle launches, which would hurt its ability to compete with rivals' new offerings. AmBank maintains a hold rating on UMW stock, which was last trading down 2.4% at MYR5.20. (yantoultra.ngui@wsj.com; @yantoultrangui)

0227 GMT - Nexteer Automotive Group is likely to see its valuations recover gradually as the recent share price pullback has captured most of the downside risks to FY19 earnings, says Citigroup raising the stock to neutral from sell. The U.S. bank now expects Nexteer's FY20 and FY21 earnings per share to grow by 5% and 10% year-on-year, respectively. Citi adds that if revenues from the company's advanced driver-assistance systems kick in effectively from 2H20, the company's earnings and valuation towards 2021-2023 could be re-rated further. Shares are down 3.1% at HK$6.28. (venkat.pr@wsj.com)

2102 GMT - DryShips surged in the regular session Monday on news that its board approved a move by its founder and chief executive George Economou to take the company private. The dry-bulk shipping operator, with a fleet of more than 20 ships, will be sold to Economou's private vehicle SPII Holdings, which will pay $5.25 for every share it does not own, 30% more than an initial offer made in June. Dryships has had a rough ride since its IPO in 2005, often trading as a penny stock, after repeatedly issuing debt or shares to stay afloat, while continuing to buy ships that were rarely employed. DryShips closed 35% higher to $5.18. (costas.paris@wsj.com)

1524 GMT - Tesla is trying to inject new energy into its solar cell business. The company, better known for making electric cars, now offers to rent the solar cells it previously only sold. Rental costs start at $65 a month for the smallest package that Tesla says can generate 15 kWh to 19 kWh per day in sunny California (or 9 kWh to 14 kWh on average in New York) and is aimed at a house sized around 1,000 sq. feet to 2,000 sq. feet. Tesla shares up 2.2% to $224.64. (robert.wall@wsj.com; @r_wall)

1517 GMT - Germany's Rheinmetall reported solid first-half results with operating earnings 11% ahead of consensus, thanks to a good defense performance which offset weaker automotive demand, Berenberg says. "These trends are expected to continue, which is reflected in new full-year guidance for lower automotive growth and margins, while defense is revised up (now 56% of sales and 66% of profit)," the brokerage says. Berenberg now expects Rheinmetall to report lower sales and margins in automotive for 2019 and higher margins in defense compared to its previous forecasts. (olivia.bugault@dowjones.com)

1042 GMT - Lufthansa is not a top pick among European airlines, with few upsides in the short-term and a challenging home market, Citi says as it downgrades the German airline to neutral from buy. Lufthansa should remain in the "penalty box" until the company clarify its position on free cash flow and mergers and acquisitions, the brokerage says. Lufthansa recently unveiled a new strategy to improve its free cash flow after generating EUR269 million of FCF during the first half of the year, down 73% compared with a year earlier. (olivia.bugault@dowjones.com)

0947 GMT - Air France-KLM has some of the brightest prospects among European airlines, Citi says, as it upgrades the Franco-Dutch carrier to buy from neutral. Air France "is on the cusp of a margin expansion journey, not yet witnessed in the company's history," the brokerage says. More broadly, Citi believes that for the first time in a year, there are reasons to be more optimistic about the sector partly due to signs of stabilization of passenger demand lately and loaded jet order books that "continue to facilitate a visible multi-year growth profile for the global airline industry," it says. (olivia.bugault@dowjones.com)

0916 GMT - The resignation of Cathay Pacific's CEO on Friday may singal further staff cuts ahead, Bocom International says. It expects the Hong Kong airline will move to show it is toeing the Chinese aviation regulator's line after the authority condemned any Cathay employees who support the city's protests. Cathay will now likely closely assess key staffers in a bid to avoid "catastrophic, possibly permanent, cutbacks" at its China business, Bocom says. If the regulator were to impose measures such as indefinite restrictions on Cathay's China-based operations, it would curtail as much as 50% of the carrier's global traffic, Bocom says. (yifan.wang@wsj.com)

0850 GMT - The outlook for European automotive suppliers remains gloomy. "We see risks to global production and margin expansion; and room to the downside on valuations as high consensus earnings expectations are likely to disappoint," Goldman Sachs says. The bank cuts its valuation for France's Valeo to sell from neutral, and German rival Continental to neutral from buy, citing an "incrementally bearish" view on suppliers. Goldman Sachs's analysts forecast European production in 2019 to decline 4%. With the absence of market growth, suppliers have little opportunity to improve their profitability, they say. The analysts expect that car makers will increase pressure on suppliers to lower their prices, while at the same time there is a need to continuously invest into new technologies, the bank says. (max.bernhard@dowjones.com; @mxbernhard)

(END) Dow Jones Newswires

August 20, 2019 04:20 ET (08:20 GMT)

DJ Global Stocks Waver Amid Uncertainty on Rates, Trade Talks

• European stocks edge up

• Asian shares mixed

• U.S. Treasury yields tick down

Global stocks paused on Tuesday as investors took a wait-and-see approach to trade developments and the Federal Reserve’s next policy moves.

The Stoxx Europe 600 ticked up 0.2%, with rises in its health care constituents mostly offset by losses in its basic resources sector.

Shares in the world’s largest miner, BHP Group PLC, dropped 1.2% despite posting a record payout off the back of strong profits, after Chief Executive Andrew Mackenzie said the trade dispute between the world’s two largest economies had clouded the company’s outlook.

In Asia, major indexes were mostly positive or flat, though Hong Kong’s Hang Seng slipped 0.1% as recent political protests put pressure on the city’s government to enter talks. Japan’s Nikkei gained 0.6% and the Korean Kospi jumped more than 1%.

On Monday afternoon, Mr. Trump resumed his social-media criticism of the U.S. central bank, saying it had showed “horrendous lack of vision.” He said the Fed should instigate a rate cut of 1%, a level of action normally associated with a severe downturn. He also called for a package of measures such as quantitative easing to stimulate the economy and efforts to address dollar strength.

White House officials also said Monday they were weighing a range of actions that could boost business and spending activity.

Investors will be paying close attention to minutes from the Federal Reserve’s latest meeting on Wednesday, as well as any statements from Fed Chairman Jerome Powell, as they gather in Jackson Hole, Wyo. starting on Friday.

Yields on U.S. 10-year Treasurys edged down to 1.587% Tuesday, from 1.603% on Monday when they saw their biggest gain since July 5. Bond yields fall as prices rise.

On the earnings front, results are due on Tuesday from Home Depot Inc. and Medtronic PLC.

Write to Anna Isaac at anna.isaac@wsj.com

(END) Dow Jones Newswires

August 20, 2019 04:20 ET (08:20 GMT)

DJ Argo Blockchain Shares Rise After Company Increases Cryptomining Capacity

By Oliver Griffin

Argo Blockchain PLC (ARB.LN) shares rose on Tuesday after the company said it has signed an agreement to more than quadruple its electricity supply, boosting its cryptomining capacity.

The UK-based provider of enterprise scale cryptocurrency-mining services said it has entered a new agreement to increase its electricity supply from 14 megawatts to 64 megawatts.

The agreement covers a three-year period from June 25 and be extended for an additional two years, Argo said.

The additional power supply will allow the company to run up to 15,000 more mining machines, taking its total Bitcoin mining capacity up to 1.36 exahash, which would make the company the largest publicly listed crypto miner.

Argo said the new agreement will be funded entirely out of cryptomining proceeds at its existing facilities in Quebec.

Shares at 0806 GMT were up 15% at 9.15 pence.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

(END) Dow Jones Newswires

August 20, 2019 04:19 ET (08:19 GMT)

DJ Global Stocks Waver Amid Uncertainty on Rates, Trade Talks
By Anna Isaac

-- European stocks edge up

-- Asian shares mixed

-- U.S. Treasury yields tick down

Global stocks paused on Tuesday as investors took a wait-and-see approach to trade developments and the Federal Reserve's next policy moves.

The Stoxx Europe 600 ticked up 0.2%, with rises in its health care constituents mostly offset by losses in its basic resources sector.

Shares in the world's largest miner, BHP Group PLC, dropped 1.2% despite posting a record payout off the back of strong profits, after Chief Executive Andrew Mackenzie said the trade dispute between the world's two largest economies had clouded the company's outlook.

In Asia, major indexes were mostly positive or flat, though Hong Kong's Hang Seng slipped 0.1% as recent political protests put pressure on the city's government to enter talks. Japan's Nikkei gained 0.6% and the Korean Kospi jumped more than 1%.

On Monday afternoon, Mr. Trump resumed his social-media criticism of the U.S. central bank, saying it had showed "horrendous lack of vision." He said the Fed should instigate a rate cut of 1%, a level of action normally associated with a severe downturn. He also called for a package of measures such as quantitative easing to stimulate the economy and efforts to address dollar strength.

White House officials also said Monday they were weighing a range of actions that could boost business and spending activity.

Investors will be paying close attention to minutes from the Federal Reserve's latest meeting on Wednesday, as well as any statements from Fed Chairman Jerome Powell, as they gather in Jackson Hole, Wyo. starting on Friday.

Yields on U.S. 10-year Treasurys edged down to 1.587% Tuesday, from 1.603% on Monday when they saw their biggest gain since July 5. Bond yields fall as prices rise.

On the earnings front, results are due on Tuesday from Home Depot Inc. and Medtronic PLC.

Write to Anna Isaac at anna.isaac@wsj.com

(END) Dow Jones Newswires

August 20, 2019 04:18 ET (08:18 GMT)

DJ Trading Central: Silver Rebound Expected -- Market Talk

0817 GMT Silver, as shown on the 30-minute chart, has broken above a bearish channel drawn from August 16, signaling a potential rebound. In fact, it has also breached above both the 20-period and 50-period moving averages, while the 14-period RSI has climbed above the neutrality level of 50, indicating a bullish bias. Also, the MACD stays above its signal line and is about is crossed above the 0-level, signaling continued upward momentum. Thus, as long as the key support level at $16.83 holds, silver is expected to rebound to $17.05 and $17.13 on the upside. Alternatively, a break below $16.83 would indicate that the rebound has failed and open a path to $16.77 on the downside. Spot silver is trading at $16.93 an ounce. [This piece contains the opinions of Trading Central and does not constitute personalized investment advice or form part of any invitation or inducement to buy or sell any security. The author has been prohibited by Trading Central from purchasing or otherwise directly or indirectly acquiring any direct or indirect beneficial ownership of any instruments or markets for which Trading Central or its affiliates issues recommendations. To read more, visit bit.ly/1MehCU9.] (analysts-europe@tradingcentral.com)

(END) Dow Jones Newswires

August 20, 2019 04:17 ET (08:17 GMT)

DJ EUR/USD Could Fall to 1.10 on Italy No-Confidence Vote -- Market Talk

0815 GMT - Italy's no-confidence vote against Prime Minister Giuseppe Conte on Tuesday could push EUR/USD close to or below the psychological 1.1000 level but not much lower, says ING. The most negative outcome for the single currency would be a new general election, though ING says EUR/USD is unlikely to "slip meaningfully and persistently below the 1.1000 level in response." This is because the euro's reaction to political uncertainty in Europe has been "somewhat limited" over the past year, it says. EUR/USD is last down 0.1% at 1.1073. The vote of no-confidence was brought by Matteo Salvini, leader of Italy's anti-migrant League party, which has expressed its intention to call for new elections after relations with its coalition partner League soured.(lorena.ruibal@wsj.com; @lorena_rbal)

(END) Dow Jones Newswires

August 20, 2019 04:15 ET (08:15 GMT)

DJ Global Equities Roundup: Market Talk

The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

0811 GMT - Shares in U.K. house builder Persimmon rise 1.7%, among the top FTSE 100 risers, after "reassuring" first-half results, according to Citi. Persimmon reported a 1.4% fall in first-half pretax profit as higher average house prices were offset by a falling number of homes sold. But Citi says underlying pretax profit was slightly above expectations and notes improving customer satisfaction. "Comments on the scale of customer spend increase are likely to be reassuring," Citi says, although it expects consensus estimates to fall 1% to 2%. Miner BHP is the biggest FTSE 100 faller, down 1.3%, despite a big dividend. Citi says FY earnings were "a modest miss." The FTSE 100 rises 0.4%. (jessica.fleetham@wsj.com)

0810 GMT - Swiss watch exports reversed a negative trend in July, positively surprising the market, but this isn't likely to allay investor concerns over the Swiss watch industry's growth prospects, Citi analyst Thomas Chauvet says. July's 4.3% increase in export value was helped by an easier basis of comparison and a favorable calendar effect, the bank says, noting that the broader environment is still marked by several unhelpful factors. Citi notes four such indicators: weak sales to distributors, muted retail-data, pressures in Hong Kong as protests continue, and macroeconomic uncertainty which hurts consumer sentiment.

(cristina.roca@dowjones.com)

0805 GMT - Chinese online travel platform Tongcheng-Elong's transportation ticketing take rate, a ratio that measures the percentage of visitors who make a purchase, will likely recover in 2H after dropping in the past quarter, says Citi. The U.S. bank maintains its buy call on the travel company's shares at a target price of HK$21. Tongcheng's management is reasonable in its expectations that consumers would prefer the platform for tickets during the peak season, which would lead to better sales in 2H, Citi says. It is also positive on the company's other value-added services such as seat selection and insurance, which can further support its share price. Shares are up 3.7% at HK$12.78. (yifan.wang@wsj.com)

0753 GMT - Accordia Golf Trust remains a deep-value stock with an attractive high-yield play, says Daiwa raising its target price to S$0.720 from S$0.690 to factor in higher distribution-per-unit for next year. The brokerage says that while the 1Q operating performance was in line with its expectations, the DPU of 2.57 Singapore cents was 22% higher than its estimates. Daiwa now expects FY20 DPU to rise to 5.75 Singapore cents, up 15% from its earlier estimate to factor in higher utilization rate of Accordia's golf courses. Units are flat at S$0.53. (venkat.pr@wsj.com)

0744 GMT - China Aoyuan Group's low-cost land bank offers it a distinct advantage over other midsize developers, CMB International says. Aoyuan's active M&A strategy has helped maintain its land cost at 23% of the average sale price, a competitive ratio among developers with annual contracted sales at around CNY100 billion, it says. Meanwhile, nearly one-third of Aoyuan's land is in the Greater Bay Area, where home prices are among the highest in China, the investment bank says. It raises its target price on the stock to HK$14.30 from HK$13.00, keeping its buy call. Shares are up 0.2% at HK$10.42, taking year-to-date gains to 110%. (martin.mou@wsj.com)

0739 GMT - Swiss watch exports rose 4.3% in July compared with the same month last year, recovering from a sharp downturn in June, newly released data by the Federation of the Swiss Watch Industry shows. Exports to Hong Kong were still negative year on year, but at -1.3% they showed improvement from June, when they posted a 27% decline amid turmoil in the region. Overall, while export value rose, 18% fewer wristwatch units were exported in July as a downward trend for export volumes worsened, the federation said. (cristina.roca@dowjones.com)

0739 GMT - Copper prices slip as a broad rally in riskier assets peters out. The metal, a bellwether for economic growth, has been trading at close to a two-year low for much of August, demonstrating investors' concerns about the trade conflict and industrial slowdown. BHP notes that copper prices "have been heavily influenced by swings in global trade uncertainty" in its annual results, but adds that "underlying fundamentals remain sound" and it predicts that "copper demand should grow steadily." The metal is down 0.3% at $5,752 a ton on the London Metal Exchange. Up ahead, traders will parse minutes of the Federal Reserve's most recent meeting on Wednesday before turning their eyes to the Jackson Hole central-bank gathering a day later. (joe.wallace@wsj.com)

0737 GMT - Thailand's Home Product Center will achieve double digit growth until the next decade before maturing, says Daiwa, keeping a buy on the stock and raising target price to THB23.00 from THB18.00. Daiwa expects earnings per share growth to average 17.1% per annum between 2019-2024, and 13.0% per annum from 2025-2030. Average home renovation costs in Thailand currently stand at THB10,000 a year compared with THB140,000 in the U.S., Daiwa says. Also with Thailand's low urbanization rate of 1% per annum, Home Product has strong growth opportunity as the only key home improvement player targeting middle-income clients, the brokerage says. The stock is up 0.6% at THB17.20. (yiwei.wong@wsj.com)

0735 GMT - Mahanagar Gas shares hit a two-month high on news that an India unit of Royal Dutch Shell is selling its remaining 10% stake in the piped-and-compressed natural gas supplier. Shell's exit is not expected to have any "negative fundamental impact" on the growth trajectory of the firm which has been in the business for more than 20 years, Jefferies says. Rather, the exit of the shareholder will remove a key overhang, the investment bank says, as Shell has been cutting its stake since last year. Jefferies maintains its buy call and its INR1,030 target price. Shares are up 7.1% at INR843. (saurabh.chaturvedi@wsj.com; @journosaurabh)

0732 GMT - Taiheiyo Cement's earnings may be pressured by weak sales in the near-term, Daiwa says while cutting its target price to Y3,200 from Y4,000. The Japanese cement manufacturer's earnings can be hit if poor weather continues to weaken sales, Daiwa says. Sluggish cement sales in the U.S. in 2Q may also weigh on Taiheiyo's earnings due to dented business sentiment. But the brokerage maintains an outperform rating on the stock, citing a limited risk of a pullback. Shares are up 1.6% at Y2,666. (justina.lee@wsj.com)

0730 GMT - The USD/SGD inches lower, giving up a part of its overnight gains against most Asian currencies that followed a jump in Treasury yields. "Upside momentum for the pair may be somewhat exhausted, and it may settle within the 1.3800 and 1.3900 range for now, pending further leads," OCBC says. The pair was last at 1.3857, from 1.3867 in late New York trade on Monday. (justina.lee@wsj.com)

0726 GMT - Brent crude oil is up 0.1% at $59.77 a barrel and WTI crude futures are flat at $56.22 a barrel, with both varieties pausing after climbing Monday amid an apparent revival of risk-appetite in equities markets and after a drone attack on Saudi oil facilities over the weekend. All of that followed a dismal few weeks for oil, capped off by OPEC on Friday following the IEA and EIA and cutting its demand growth forecast for 2019. Investors are looking out for American Petroleum Institute weekly inventory data to see if stocks have repeated the unseasonable builds detailed in last week's figures. (david.hodari@wsj.com ; @davidhodari)

(END) Dow Jones Newswires

August 20, 2019 04:11 ET (08:11 GMT)

DJ Global Energy Roundup: Market Talk

The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.

0811 GMT - Shares in U.K. house builder Persimmon rise 1.7%, among the top FTSE 100 risers, after "reassuring" first-half results, according to Citi. Persimmon reported a 1.4% fall in first-half pretax profit as higher average house prices were offset by a falling number of homes sold. But Citi says underlying pretax profit was slightly above expectations and notes improving customer satisfaction. "Comments on the scale of customer spend increase are likely to be reassuring," Citi says, although it expects consensus estimates to fall 1% to 2%. Miner BHP is the biggest FTSE 100 faller, down 1.3%, despite a big dividend. Citi says FY earnings were "a modest miss." The FTSE 100 rises 0.4%. (jessica.fleetham@wsj.com)

0751 GMT October Brent, as shown on the 30-minute chart, charged 1.9% higher yesterday. In fact, the rising trend line drawn from August 15 remains intact. And Brent is getting extra support from the 20-period moving average, which stands above the 50-period one. The relative strength index continues to stay above the neutrality level of 50, suggesting a lack of downward momentum for Brent. As intraday bullishness is well maintained, Brent should proceed toward $60.50 and $60.90 on the upside. Once again, the trailing key support has been lifted to $59.40. A return to this level would call for a further decline toward $59.05 on the downside. October Brent is trading at $59.77 a barrel. [This piece contains the opinions of Trading Central and does not constitute personalized investment advice or form part of any invitation or inducement to buy or sell any security. The author has been prohibited by Trading Central from purchasing or otherwise directly or indirectly acquiring any direct or indirect beneficial ownership of any instruments or markets for which Trading Central or its affiliates issues recommendations. To read more, visit bit.ly/1MehCU9.] (analysts-europe@tradingcentral.com)

0735 GMT - Mahanagar Gas shares hit a two-month high on news that an India unit of Royal Dutch Shell is selling its remaining 10% stake in the piped-and-compressed natural gas supplier. Shell's exit is not expected to have any "negative fundamental impact" on the growth trajectory of the firm which has been in the business for more than 20 years, Jefferies says. Rather, the exit of the shareholder will remove a key overhang, the investment bank says, as Shell has been cutting its stake since last year. Jefferies maintains its buy call and its INR1,030 target price. Shares are up 7.1% at INR843. (saurabh.chaturvedi@wsj.com; @journosaurabh)

0726 GMT - Brent crude oil is up 0.1% at $59.77 a barrel and WTI crude futures are flat at $56.22 a barrel, with both varieties pausing after climbing Monday amid an apparent revival of risk-appetite in equities markets and after a drone attack on Saudi oil facilities over the weekend. All of that followed a dismal few weeks for oil, capped off by OPEC on Friday following the IEA and EIA and cutting its demand growth forecast for 2019. Investors are looking out for American Petroleum Institute weekly inventory data to see if stocks have repeated the unseasonable builds detailed in last week's figures. (david.hodari@wsj.com ; @davidhodari)

0712 GMT - CNMC Goldmine's expansion plans allow it to boost production with lower operating costs, says Phillip Capital, raising its target on the company's shares to S$0.33 from S$0.31. The brokerage notes the gold miner posted an operating profit after reducing overheads, a trend that's likely to continue. With gold prices a 6-year high, Phillip Capital raises its estimate for the company's average selling price of gold by 3.8% to US$1,350/oz. Shares are down 1.7% at S$0.28, though they are about 33% higher this year. (venkat.pr@wsj.com)

0659 GMT - Oil Search remains confident an agreement can be reached with the new government in Papua New Guinea that is seeking to renegotiate a gas deal that is key to the energy company's expansion plans. The company's Managing Director Peter Botten tells the WSJ the Pacific island nation has a track record of providing a stable environment for investment. However, the company's shares have weakened amid the uncertainty. Botten notes an end-August deadline for negotiations, adding that investment dollars are drawn to confidence and stability. Analysts have cautioned that material changes to the gas deal could mean extended delays to projects in PNG. Oil Search is up 1.1% today but 8.2% lower in 2019. (robb.stewart@wsj.com; @RobbMStewart)

(END) Dow Jones Newswires

August 20, 2019 04:11 ET (08:11 GMT)

DJ UK Market Talk Roundup: Shares Losing
Stocks on the fall in the UK today. Compiled by Dow Jones Newswires Markets Desk, markets.eu@dowjones.com

Contact us in London. +44-20-7842-9288 Markettalk.eu@dowjones.com

0811 GMT - Shares in U.K. house builder Persimmon rise 1.7%, among the top FTSE 100 risers, after "reassuring" first-half results, according to Citi. Persimmon reported a 1.4% fall in first-half pretax profit as higher average house prices were offset by a falling number of homes sold. But Citi says underlying pretax profit was slightly above expectations and notes improving customer satisfaction. "Comments on the scale of customer spend increase are likely to be reassuring," Citi says, although it expects consensus estimates to fall 1% to 2%. Miner BHP is the biggest FTSE 100 faller, down 1.3%, despite a big dividend. Citi says FY earnings were "a modest miss." The FTSE 100 rises 0.4%. (jessica.fleetham@wsj.com)

(END) Dow Jones Newswires

August 20, 2019 04:11 ET (08:11 GMT)

DJ UK Market Talk Roundup: Shares Gaining
Stocks on the rise in the UK today. Compiled by Dow Jones Newswires Markets Desk, markets.eu@dowjones.com

Contact us in London. +44-20-7842-9288 Markettalk.eu@dowjones.com

0811 GMT - Shares in U.K. house builder Persimmon rise 1.7%, among the top FTSE 100 risers, after "reassuring" first-half results, according to Citi. Persimmon reported a 1.4% fall in first-half pretax profit as higher average house prices were offset by a falling number of homes sold. But Citi says underlying pretax profit was slightly above expectations and notes improving customer satisfaction. "Comments on the scale of customer spend increase are likely to be reassuring," Citi says, although it expects consensus estimates to fall 1% to 2%. Miner BHP is the biggest FTSE 100 faller, down 1.3%, despite a big dividend. Citi says FY earnings were "a modest miss." The FTSE 100 rises 0.4%. (jessica.fleetham@wsj.com)

(END) Dow Jones Newswires

August 20, 2019 04:11 ET (08:11 GMT)

DJ Persimmon Rises After 'Reassuring' 1H; BHP Falls -- Market Talk

0811 GMT - Shares in U.K. house builder Persimmon rise 1.7%, among the top FTSE 100 risers, after "reassuring" first-half results, according to Citi. Persimmon reported a 1.4% fall in first-half pretax profit as higher average house prices were offset by a falling number of homes sold. But Citi says underlying pretax profit was slightly above expectations and notes improving customer satisfaction. "Comments on the scale of customer spend increase are likely to be reassuring," Citi says, although it expects consensus estimates to fall 1% to 2%. Miner BHP is the biggest FTSE 100 faller, down 1.3%, despite a big dividend. Citi says FY earnings were "a modest miss." The FTSE 100 rises 0.4%. (jessica.fleetham@wsj.com)

(END) Dow Jones Newswires

August 20, 2019 04:11 ET (08:11 GMT)

DJ Axiata Likely to Swing to Profit in 2Q -- Earnings Preview

By Yantoultra Ngui

Malaysian mobile phone-network operator Axiata Group Bhd.'s (6888.KU) second-quarter earnings are due Aug. 29. Here's what you need to know:

EARNINGS FORECAST: Axiata is expected to post a net profit of 225 million ringgit ($53.91 million) in the April-to-June quarter, according to a consensus mean estimate compiled by FactSet. That compares with a net loss of MYR3.36 billion in the same period a year ago.

REVENUE FORECAST: Revenue is projected at MYR6.19 billion, according to a consensus mean estimate from FactSet, versus MYR5.87 billion a year earlier.

WHAT TO WATCH:

--MERGER PROGRESS? Investors will looking for any update on the talks Axiata said it was holding with Norwegian telecom provider Telenor ASA (TEL.OS) in May over a possible non-cash merger of their Asian telecom and infrastructure assets. But there have since been reports that the tie-up may have hit a snag as the companies haven't been able to hammer out a win-win deal. If the discussions have gone smoothly, Axiata and Telenor would need to have finalized agreements by September.

--TOWER DEAL: Focus will also be on the possible confirmation of a report that the Malaysian company has received preliminary expressions of interest in recent months about taking over its 63%-owned telco-tower company, edotco. The approaches wouldn't be surprising as Axiata had been planning to monetize edotco, including by possibly holding an IPO. But investors will want to know if there is any substance to the report and how such a deal would fit into the broader Telenor one.

--PROFITABILITY: Axiata returned to the black in the first quarter, mainly on disposal gains, though earnings momentum at most of its operational units did improve. It is worth looking at Axiata has maintained the momentum and can stay in the black going forward.

Write to Yantoultra Ngui at yantoultra.ngui@wsj.com

(END) Dow Jones Newswires

August 20, 2019 04:10 ET (08:10 GMT)

DJ News Highlights: Top Energy News of the Day
BHP Pledges Record Payout as Profit Surges

Oil Rises on Trade Hopes

Investors Start to Cool on Utilities

Navajo Nation to Buy Cloud Peak Coal Mines Out of Bankruptcy

PG&E Plunges After Judge Allows Trial

Legal Tussle Prevents $2.5 Billion Gas Pipeline to Mexico From Opening

Russian Nuclear Monitoring Stations Went Silent After Missile Blast

Energy & Utilities Roundup: Market Talk

Iran-Aligned Houthis Strike Major Saudi Oil Field

PG&E Stays in Charge of Mega-Billion-Dollar Bankruptcy Exit Plan

BHP Group said its annual net profit more than doubled because of strong iron-ore prices and large charges the year before that weren't repeated.

Oil prices rose, fueled by hopes of progress in trade relations between China and the U.S.

Utility stocks haven't been climbing in August as much as some analysts and investors might expect given the sharp drop in bond yields recently.

A bankruptcy judge has approved the sale of Cloud Peak Energy Inc. coal mines to a business subsidiary of the Navajo Nation, expanding the tribe's operations into the busy Powder River Basin coal-mining region.

The bankrupt utility faces billions in additional liabilities if a jury finds its equipment sparked the 2017 Tubbs fire.

Mexico's state-owned power utility is seeking nearly $900 million from delays in construction of a $2.5 billion natural-gas pipeline from Texas, preventing the finished project from opening despite energy shortages in some parts of the country.

Two Russian monitoring stations designed to detect nuclear radiation went silent soon after the explosion at a missile test site this month, spurring concerns among observers that the Russian government is trying to restrict evidence of the accident.

The latest Market Talks covering Energy and Utilities

Yemen's Houthi rebels struck Saudi Arabia's Shaybah oil field, one of the kingdom's largest, according to the Iran-aligned rebels and people familiar with the matter, deepening tensions between Iran and its rivals that have engulfed the region's energy facilities.

PG&E Corp. scored a crucial win Friday, when the judge overseeing its massive bankruptcy allowed it to hold on to sole rights to fashion a chapter 11 exit plan.

(END) Dow Jones Newswires

August 20, 2019 04:00 ET (08:00 GMT)

DJ Global Forex and Fixed Income Roundup: Market Talk

The latest Market Talks covering FX and Fixed Income. Published exclusively on Dow Jones Newswires throughout the day.

0754 GMT - The gold price falls, putting it on course to decline for a third consecutive day. A strong dollar--the greenback has risen 0.6% over the past week--is weighing on commodities that trade in the U.S. currency on international markets. Meanwhile, traders are already betting on further rate cuts by the Federal Reserve, leaving gold vulnerable if the central bank does not deliver them. The precious metal benefits from lower rates, since it does not pay any yield itself. On Wednesday, traders will digest minutes of the Fed's most recent meeting before turning their attention to the gathering of central-bank chiefs at Jackson Hole the following day. (joe.wallace@wsj.com)

0749 GMT Currently trading at $0.6788, the Aussie dollar is on the upside, standing above its 50-period moving average at $0.6772. As a consequence, as long as $0.6765 remains support, further rise toward strong horizontal resistance at $0.6795 at first is expected. A second target is set at horizontal resistance at $0.6805 and a third one is set at Aug. 13 top at $0.6820 in extension. Alternative scenario, a downside breakout of $0.6765 would invalidate this bullish scenario and trigger a weakness toward Aug. 20 bottom at $0.6750 and even toward $0.6735 in extension. [This piece contains the opinions of Trading Central and does not constitute personalized investment advice or form part of any invitation or inducement to buy or sell any security. The author has been prohibited by Trading Central from purchasing or otherwise directly or indirectly acquiring any direct or indirect beneficial ownership of any instruments or markets for which Trading Central or its affiliates issues recommendations. To read more, visit bit.ly/1MehCU9.] (analysts-europe@tradingcentral.com)

0730 GMT - The USD/SGD inches lower, giving up a part of its overnight gains against most Asian currencies that followed a jump in Treasury yields. "Upside momentum for the pair may be somewhat exhausted, and it may settle within the 1.3800 and 1.3900 range for now, pending further leads," OCBC says. The pair was last at 1.3857, from 1.3867 in late New York trade on Monday. (justina.lee@wsj.com)

0709 GMT - Chinese banks will likely keep new mortgage rates steady, analysts say, after financial regulators said mortgage rates won't go down despite being linked to a new, lower benchmark lending rate. The expected action by lenders would effectively counter a small decline in the new five-year loan prime rate to 4.85% from the corresponding benchmark loan rate of 4.90% set by the central bank. Chinese mortgage borrowers won't be benefiting from Beijing's easing measures like they did in previous cycles of interest-rate cuts, says Nomura economist Lu Ting. "The PBOC is making banks not really adjust down rates...in line with ongoing policy for the property sector." (chao.deng@wsj.com)

0700 GMT - The Italian government bond market remains "sketchy and thin," say Mizuho's rates strategists, who reckon that Italy's political risks are "far less significant" than they were a year ago, due to the "dramatically weaker" global growth outlook. Strong economies have stumbled, tightening the differential to the weaker economies, such as Italy's, say rates strategists Peter Chatwell and Peter McCallum. They add that this means a lower refinancing rate achievable for Italy, even with an uncertain political backdrop. The 10-year Italian BTP yield last trades 3 basis points higher at 1.471%, according to Tradeweb. (emese.bartha@wsj.com)

0700 GMT - This week will be crucial for Italy, where political uncertainty has grown after Deputy Prime Minister Matteo Salvini called for snap elections, Citi says. "Italy is entering a key week potentially framing the country risks for years to come," it says. There are a number of possible outcomes, it notes, including a new majority which may have to approve new taxes and spending cuts. "A year into the 'Italians Come First' argument, Italians might eventually realize that there is no free lunch left (and no alternatives to Europe)--further lowering the country risks," it says.(pietro.lombardi@dowjones.com; @pietrolombard10)

0700 GMT - The political turmoil sparked in Italy by deputy prime minister Matteo Salvini's call for snap elections may lead to a more pro-European government and a lower Italian risk, Citi says. This week will be crucial for the country, and there are a number of possible outcomes of the current crisis, it notes. "The 'Matteo Salvini summer saga' might have seeded a more pro-Europe government. And markets might soon celebrate lower Italian risk (at least in the short term)," it says. (pietro.lombardi@dowjones.com; @pietrolombard10)

0641 GMT - Eurozone government bond yields trade lower but Italian BTP yields buck the trend as Prime Minister Giuseppe Conte is set to testify in the Senate later Tuesday. The Five Star Movement, one of the governing parties, has indicated that it will try to prevent PM Conte from losing a no-confidence vote, while several members of the opposition Democrats said their party should join Five Star in a new government, says Deutsche Bank. "With the odds for imminent snap elections having evaporated and markets rather looking for a more EU-friendly M5S-PD coalition, BTP widening risks seem contained," says Michael Leister, head of interest rates strategy at Commerzbank. The 10-year Bund yield trade at -0.658%, down 1.4 bps, while the 10-year BTP yield is up near 2 bps at 1.461%, according to Tradeweb. (emese.bartha@wsj.com)

0624 GMT - Japanese stocks close higher, supported hopes that central banks will respond to economic weakness amid the U.S.-China trade dispute. All 33 Topix subindexes, except utility and airline sectors, ended the day higher. Gains were led by the so-called domestic demand stocks that are resilient to ups and downs of economic cycles. Market participants are waiting for commentary from the Federal Reserve's Jackson Hole gathering later this week. The Nikkei ended 0.6% higher at 20677.22. The USD/JPY is at 106.47, compared with 106.64 late Monday in New York. The 10-year Japanese government bond yield falls half a basis point to -0.240%. (kosaku.narioka@wsj.com; @kosakunarioka)

0616 GMT - Risk sentiment keeps improving as optimism over potential stimulus packages in major economies around the world grows, Jasper Lawler of London Capital Group says. "The prospect of policy makers being willing to offer additional support to their economies is music to the ears of traders," he says. "This is the sugar high that is cushioning the market from continued uncertainty." (pietro.lombardi@dowjones.com; @pietrolombard10)

0551 GMT - Vietnam's economy should expand 6.7% this year on strong domestic demand and potentially record FDI, much of it from manufacturers relocating facilities amid the U.S.-China trade war, says UOB Group. China has been Vietnam's top contributer to FDI in 2019, accounting for nearly 25% of the total and ending the recent domination of Japan and South Korea, UOB notes. In a departure from past years, nearly 75% of FDI has been in manufacturing as foreign businesses diversify amid threats of trade-war tariffs and capitalize on Vietnam's low wages and robust free-trade networks, UOB says. With a strong economy, UOB expects the central bank to maintain its policy rate at 6.25% the rest of the year. (ben.otto@wsj.com; @benottoWSJ)

(END) Dow Jones Newswires

August 20, 2019 03:55 ET (07:55 GMT)

DJ Gold Set for Third Straight Day of Decline on Strong Dollar -- Market Talk

0754 GMT - The gold price falls, putting it on course to decline for a third consecutive day. A strong dollar--the greenback has risen 0.6% over the past week--is weighing on commodities that trade in the U.S. currency on international markets. Meanwhile, traders are already betting on further rate cuts by the Federal Reserve, leaving gold vulnerable if the central bank does not deliver them. The precious metal benefits from lower rates, since it does not pay any yield itself. On Wednesday, traders will digest minutes of the Fed's most recent meeting before turning their attention to the gathering of central-bank chiefs at Jackson Hole the following day. (joe.wallace@wsj.com)

(END) Dow Jones Newswires

August 20, 2019 03:55 ET (07:55 GMT)

DJ Interbank Foreign Exchange Rates At 03:50 EST / 0750 GMT
 
                           Latest       Previous   %Chg    Daily    Daily   %Chg 
Dollar Rates                               Close            High      Low  12/31 
 
USD/JPY Japan           106.44-45      106.63-64  -0.17   106.69   106.40  -2.87 
EUR/USD Euro            1.1076-79      1.1079-82  -0.03   1.1090   1.1075  -3.42 
GBP/USD U.K.            1.2088-90      1.2127-29  -0.32   1.2139   1.2083  -5.25 
USD/CHF Switzerland    0.9799-803      0.9813-17  -0.14   0.9819   0.9795  -0.15 
USD/CAD Canada          1.3314-19      1.3322-27  -0.06   1.3333   1.3309  -2.38 
AUD/USD Australia       0.6779-83      0.6761-65  +0.27   0.6796   0.6754  -3.84 
NZD/USD New Zealand     0.6408-14      0.6406-12  +0.03   0.6430   0.6402  -4.60 
 
Euro Rates 
 
EUR/JPY Japan           117.89-93      118.13-17  -0.21   118.30   117.86  -6.20 
EUR/GBP U.K.            0.9160-63      0.9135-38  +0.27   0.9169   0.9132  +1.90 
EUR/CHF Switzerland     1.0856-59      1.0875-78  -0.17   1.0884   1.0853  -3.54 
EUR/CAD Canada          1.4745-55      1.4756-66  -0.07   1.4779   1.4748  -5.69 
EUR/AUD Australia       1.6329-39      1.6373-83  -0.27   1.6408   1.6309  +0.43 
EUR/DKK Denmark         7.4566-73      7.4570-77  -0.01   7.4601   7.4567  -0.13 
EUR/NOK Norway         9.9491-541      9.9449-99  +0.04   9.9625   9.9424  +0.43 
EUR/SEK Sweden        10.7235-335    10.7260-360  -0.02  10.7380  10.7224  +5.67 
EUR/CZK Czech Rep.     25.783-813     25.780-810  +0.01   25.808   25.791  +0.34 
EUR/HUF Hungary       326.71-7.11      326.31-71  +0.12   327.08   326.08  +1.83 
EUR/PLN Poland          4.3655-73      4.3671-89  -0.04   4.3710   4.3614  +1.79 
 
Yen Rates 
 
AUD/JPY Australia        72.16-20       72.11-15  +0.07    72.37    71.96  -6.61 
GBP/JPY U.K.            128.65-71      129.29-35  -0.49   129.39   128.60  -8.01 
CAD/JPY Canada           79.90-94       80.01-05  -0.13    80.08    79.83  -0.55 
NZD/JPY New Zealand      68.21-28       68.30-38  -0.14    68.53    68.16  -7.33 
 
Other Dollar Rates 
 
USD/CZK Czech Rep.     23.264-314     23.260-310  +0.02   23.298   23.267  +3.88 
USD/HUF Hungary       294.92-5.32      294.55-95  +0.13   295.24   294.14  +5.40 
USD/DKK Denmark         6.7309-19      6.7314-24  -0.01   6.7336   6.7250  +3.38 
USD/NOK Norway          8.9807-67     8.9754-814  +0.06   8.9915   8.9696  +3.96 
USD/PLN Poland          3.9406-11      3.9424-29  -0.05   3.9438   3.9356  +5.35 
USD/RUB Russia          66.619-89      66.929-99  -0.46   67.101   66.621  -3.74 
USD/SEK Sweden          9.6803-93     9.6824-914  -0.02   9.6931   9.6767  +9.40 
USD/ZAR S. Africa     15.3518-818    15.4548-848  -0.67  15.4719  15.3589  +7.00 
 
USD/CNY China          7.0588-608     7.0497-517  +0.13   7.0609   7.0502  +2.64 
USD/HKD Hong Kong       7.8442-47      7.8445-50   0.00   7.8461   7.8430  +0.16 
USD/MYR Malaysia       4.1799-849      4.1712-62  +0.21   4.1835   4.1736  +1.21 
USD/INR India           71.648-58      71.650-70  -0.01   72.005   71.451  +2.99 
USD/IDR Indonesia        14260-74       14228-42  +0.22    14275    14234  -0.79 
USD/PHP Philippines    52.290-320      52.372-92  -0.15   52.445   52.300  -0.37 
USD/SGD Singapore       1.3851-61      1.3862-72  -0.08   1.3876   1.3847  +1.67 
USD/KRW S. Korea     1206.78-8.78   1211.62-3.62  -0.40  1213.50  1205.50  +8.39 
USD/TWD Taiwan          31.352-82      31.358-88  -0.02   31.408   31.246  +2.57 
USD/THB Thailand        30.800-20      30.850-70  -0.16   30.890   30.790  -4.67 
USD/VND Vietnam         23169-239      23171-241  -0.01    23210    23200  +0.04 
 
USD/BRL Brazil          4.0735-65      4.0734-64  +0.00   4.0755   4.0739  +4.99 
USD/MXN Mexico        19.8011-311    19.8472-772  -0.23  19.8810  19.8128  +0.85 
USD/ARS Argentina     54.8260-657    54.8320-420  +0.02  54.9594  54.8121 +45.69 
 
Source: Tullett Prebon 
 

(END) Dow Jones Newswires

August 20, 2019 03:50 ET (07:50 GMT)

DJ Trading Central: AUD/USD Rising -- Market Talk

0749 GMT Currently trading at $0.6788, the Aussie dollar is on the upside, standing above its 50-period moving average at $0.6772. As a consequence, as long as $0.6765 remains support, further rise toward strong horizontal resistance at $0.6795 at first is expected. A second target is set at horizontal resistance at $0.6805 and a third one is set at Aug. 13 top at $0.6820 in extension. Alternative scenario, a downside breakout of $0.6765 would invalidate this bullish scenario and trigger a weakness toward Aug. 20 bottom at $0.6750 and even toward $0.6735 in extension. [This piece contains the opinions of Trading Central and does not constitute personalized investment advice or form part of any invitation or inducement to buy or sell any security. The author has been prohibited by Trading Central from purchasing or otherwise directly or indirectly acquiring any direct or indirect beneficial ownership of any instruments or markets for which Trading Central or its affiliates issues recommendations. To read more, visit bit.ly/1MehCU9.] (analysts-europe@tradingcentral.com)

(END) Dow Jones Newswires

August 20, 2019 03:49 ET (07:49 GMT)

DJ Table: China Life Insurance 2Q Net Profit NT$4.64 Bln Vs NT$2.58 Bln
 
   China Life Insurance Co. Ltd. - Taiwan 
   2nd Quarter ended June 30: 
   Figures in New Taiwan dollars. 
                                2019                 2018 
Revenue            NT$84,621,355,000    NT$82,876,859,000 
Pretax Profit       NT$5,138,425,000     NT$2,980,003,000 
Net Profit          NT$4,644,062,000     NT$2,580,694,000 
Earnings Per Share 
   Basic                        1.15                 0.64 
   Diluted                       N/A                  N/A 
 
Source: Taiwan Stock Exchange 
 

(END) Dow Jones Newswires

August 20, 2019 03:49 ET (07:49 GMT)

DJ China Life Insurance 2Q Net Profit NT$4.64 Billion Vs NT$2.58 Billion

(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)

August 20, 2019 03:42 ET (07:42 GMT)

DJ Copper Falls, Underlining Concerns About Trade -- Market Talk

0739 GMT - Copper prices slip as a broad rally in riskier assets peters out. The metal, a bellwether for economic growth, has been trading at close to a two-year low for much of August, demonstrating investors' concerns about the trade conflict and industrial slowdown. BHP notes that copper prices "have been heavily influenced by swings in global trade uncertainty" in its annual results, but adds that "underlying fundamentals remain sound" and it predicts that "copper demand should grow steadily." The metal is down 0.3% at $5,752 a ton on the London Metal Exchange. Up ahead, traders will parse minutes of the Federal Reserve's most recent meeting on Wednesday before turning their eyes to the Jackson Hole central-bank gathering a day later. (joe.wallace@wsj.com)

(END) Dow Jones Newswires

August 20, 2019 03:39 ET (07:39 GMT)

DJ Global Equities Roundup: Market Talk

The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

0730 GMT - The USD/SGD inches lower, giving up a part of its overnight gains against most Asian currencies that followed a jump in Treasury yields. "Upside momentum for the pair may be somewhat exhausted, and it may settle within the 1.3800 and 1.3900 range for now, pending further leads," OCBC says. The pair was last at 1.3857, from 1.3867 in late New York trade on Monday. (justina.lee@wsj.com)

0726 GMT - Brent crude oil is up 0.1% at $59.77 a barrel and WTI crude futures are flat at $56.22 a barrel, with both varieties pausing after climbing Monday amid an apparent revival of risk-appetite in equities markets and after a drone attack on Saudi oil facilities over the weekend. All of that followed a dismal few weeks for oil, capped off by OPEC on Friday following the IEA and EIA and cutting its demand growth forecast for 2019. Investors are looking out for American Petroleum Institute weekly inventory data to see if stocks have repeated the unseasonable builds detailed in last week's figures. (david.hodari@wsj.com ; @davidhodari)

0712 GMT - CNMC Goldmine's expansion plans allow it to boost production with lower operating costs, says Phillip Capital, raising its target on the company's shares to S$0.33 from S$0.31. The brokerage notes the gold miner posted an operating profit after reducing overheads, a trend that's likely to continue. With gold prices a 6-year high, Phillip Capital raises its estimate for the company's average selling price of gold by 3.8% to US$1,350/oz. Shares are down 1.7% at S$0.28, though they are about 33% higher this year. (venkat.pr@wsj.com)

0705 GMT - Aussie stocks extended Monday's strong gains into a second day, with energy stocks again taking the lead to help make the S&P/ASX 200 one of Asia Pacific's best-performing indexes. The benchmark index ended up 1.2% at the day's high of 6545.0--its strongest one-day rise in two months. With crude prices again climbing overnight, the energy subindex gained 2.4%. Major banks were mixed after the prudential regulator confirmed coming changes to how capital is assigned to related businesses. Commonwealth Bank climbed 1.1% as ANZ fell 0.2%, while miner BHP edged up 0.1% after FY earnings missed expectations. (robb.stewart@wsj.com; @RobbMStewart)

0700 GMT - The political turmoil sparked in Italy by deputy prime minister Matteo Salvini's call for snap elections may lead to a more pro-European government and a lower Italian risk, Citi says. This week will be crucial for the country, and there are a number of possible outcomes of the current crisis, it notes. "The 'Matteo Salvini summer saga' might have seeded a more pro-Europe government. And markets might soon celebrate lower Italian risk (at least in the short term)," it says. (pietro.lombardi@dowjones.com; @pietrolombard10)

0659 GMT - Oil Search remains confident an agreement can be reached with the new government in Papua New Guinea that is seeking to renegotiate a gas deal that is key to the energy company's expansion plans. The company's Managing Director Peter Botten tells the WSJ the Pacific island nation has a track record of providing a stable environment for investment. However, the company's shares have weakened amid the uncertainty. Botten notes an end-August deadline for negotiations, adding that investment dollars are drawn to confidence and stability. Analysts have cautioned that material changes to the gas deal could mean extended delays to projects in PNG. Oil Search is up 1.1% today but 8.2% lower in 2019. (robb.stewart@wsj.com; @RobbMStewart)

0658 GMT - South Korea's benchmark Kospi closed up 1.1% at 1960.25, rising for a second-straight session. The rally was led by tech and chemicals stocks as risk appetite grew. Sentiment was buoyed by hopes that global trade tensions would ease thanks to the U.S.'s reprieve of Huawei sanctions and the possibility of more stimulus in China and Germany, Seoul-based NH Investment & Securities analyst Noh Dong-kil said, noting that investors are still cautious ahead of the Fed's Jackson Hole conference. Tech-giant Samsung Electronics and chip-maker SK Hynix rose 2.0% and 1.7% respectively. LG Chem was 0.9% higher. (kwanwoo.jun@wsj.com)

0655 GMT - The popularity of Sina Corp.'s microblogging site Weibo looks likely to boost its earnings through 2020, Bocom International says, raising the stock to buy from neutral and its target price to $50 from $48. Sina, whose monthly active Weibo users increased 13% on year to 486 million in 2Q, could tap into the growing user base to drive advertising revenue, the brokerage says. The U.S.-listed stock closed 15% higher at $43.45 on Monday after its 2Q results beat expectation. (martin.mou@wsj.com)

0646 GMT - Zurich Insurance offers relative security at a time of volatile markets, Jefferies says as it upgrades the stock to buy from hold and raises the target price to CHF380 from CHF323. More than a quarter of the Swiss insurer's earnings come from its stable and not fully appreciated farmers business, while its property and casualty segment--which has seen exceptional margins and rising prices--accounts for almost half of the earnings, it says. "At a time when 10-Year US Treasuries yield [less than] 2%, yields curves are inverting and markets are volatile, Zurich stands out to us as one of the best positioned insurers," it says. (pietro.lombardi@dowjones.com; @pietrolombard10)

0645 GMT - The FTSE 100 is expected to open 3 points higher at 7192, according to London Capital Group as bond yields recover and traders gradually edge back into equities. They do so cautiously, however, due to concerns about the risk of recession in Germany and skepticism about recent thawing in U.S.-China trade tensions. A slightly weaker pound may help U.K. equities, while traders will watch the outcome of talks between U.K. Prime Minister Boris Johnson and leaders of Germany and France. Miner BHP will be in focus after it said it would pay a record dividend to shareholders, though analysts say its FY results were below expectations. Housebuilder Persimmon will also be watched after announcing a fall in 1H pretax profit. (jessica.fleetham@wsj.com)

0643 GMT - City Developments has a strong medium-term outlook, amid plans to develop more land plots in Singapore and purchase the remaining stake in Millennium & Copthorne Hotels, Jefferies says. The U.S. bank notes that while the company's 2Q results were disappointing, its stock remains inexpensive. The earnings miss was primarily due to the timing of profit recognition for the property development segment, Jefferies says, and maintains a buy rating with a target price of S$12.00. Shares are trading 0.5% higher at S$9.24. (yiwei.wong@wsj.com)

0641 GMT - China Resources Beer's three-year restructuring will start paying off in 2020 as the brewer cements its move into the higher-end market, Nomura says. The broker raises its target price on China Resources to HK$47.70 from HK$39.40, expecting premium-beer sales to rise 20% this year on the back of new brand and product launches. The restructuring, due to be completed this year, will also boost China Resources' margins through efficiency-improvement measures such as plant closures and staff cuts, Nomura says. Shares are up 2.4% at HK$42.00. (yifan.wang@wsj.com)

(END) Dow Jones Newswires

August 20, 2019 03:30 ET (07:30 GMT)

DJ USD/SGD Inches Lower; Likely to Settle Within 1.3800-1.3900 Range -- Market Talk

0730 GMT - The USD/SGD inches lower, giving up a part of its overnight gains against most Asian currencies that followed a jump in Treasury yields. "Upside momentum for the pair may be somewhat exhausted, and it may settle within the 1.3800 and 1.3900 range for now, pending further leads," OCBC says. The pair was last at 1.3857, from 1.3867 in late New York trade on Monday. (justina.lee@wsj.com)

(END) Dow Jones Newswires

August 20, 2019 03:30 ET (07:30 GMT)

DJ Oil Ticks Higher as Market Awaits API Data -- Market Talk

0726 GMT - Brent crude oil is up 0.1% at $59.77 a barrel and WTI crude futures are flat at $56.22 a barrel, with both varieties pausing after climbing Monday amid an apparent revival of risk-appetite in equities markets and after a drone attack on Saudi oil facilities over the weekend. All of that followed a dismal few weeks for oil, capped off by OPEC on Friday following the IEA and EIA and cutting its demand growth forecast for 2019. Investors are looking out for American Petroleum Institute weekly inventory data to see if stocks have repeated the unseasonable builds detailed in last week's figures. (david.hodari@wsj.com ; @davidhodari)

(END) Dow Jones Newswires

August 20, 2019 03:26 ET (07:26 GMT)

DJ Global Commodities Roundup: Market Talk

The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.

0712 GMT - CNMC Goldmine's expansion plans allow it to boost production with lower operating costs, says Phillip Capital, raising its target on the company's shares to S$0.33 from S$0.31. The brokerage notes the gold miner posted an operating profit after reducing overheads, a trend that's likely to continue. With gold prices a 6-year high, Phillip Capital raises its estimate for the company's average selling price of gold by 3.8% to US$1,350/oz. Shares are down 1.7% at S$0.28, though they are about 33% higher this year. (venkat.pr@wsj.com)

0503 GMT - Saracen Mineral Holdings unveils its inaugural dividend policy, and Macquarie thinks the Australian gold miner will declare a first payout at the end of the fiscal year. Saracen says it aims to return 20%-40% of net profit to shareholders, as long as its cash reaches a minimum A$150 million. Macquarie estimates Saracen's free cash flow at A$36 million in FY20, resulting in a closing cash balance of A$154 million. As a result, the bank forecasts a maiden dividend of 2 Australian cents a share. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

August 20, 2019 03:12 ET (07:12 GMT)

DJ CNMC Goldmine Could See Production Boost on Lower Operating Costs -- Market Talk

0712 GMT - CNMC Goldmine's expansion plans allow it to boost production with lower operating costs, says Phillip Capital, raising its target on the company's shares to S$0.33 from S$0.31. The brokerage notes the gold miner posted an operating profit after reducing overheads, a trend that's likely to continue. With gold prices a 6-year high, Phillip Capital raises its estimate for the company's average selling price of gold by 3.8% to US$1,350/oz. Shares are down 1.7% at S$0.28, though they are about 33% higher this year. (venkat.pr@wsj.com)

(END) Dow Jones Newswires

August 20, 2019 03:12 ET (07:12 GMT)

DJ BHP Group London-Shares Drop 1.9% to 1748.40p on Earnings

(END) Dow Jones Newswires

August 20, 2019 03:03 ET (07:03 GMT)

DJ Harmony Gold Mining Shares Down 0.6% at ZAR45 after Earnings

(END) Dow Jones Newswires

August 20, 2019 03:02 ET (07:02 GMT)

DJ News Highlights: Top Company News of the Day
BHP Pledges Record Payout as Profit Surges

States to Move Forward With Antitrust Probe of Big Tech Firms

Baidu, China's Private-Sector Bellwether, Reports 62% Profit Drop

McKinsey Dodges Lawsuit Targeting Its Bankruptcy Disclosures

Tesla to Rent Solar Panels to Homeowners

Viacom, CBS Executives to Earn Big From Merger

Mexican Telecom Company Maxcom Files for Bankruptcy in U.S.

Two Drugmakers Closing In on Opioid Settlements

Twitter, Facebook Act Against Disinformation on Hong Kong Protests

Beauty Stocks Look Pretty After Upbeat Estée Lauder Earnings

BHP Group said its annual net profit more than doubled because of strong iron-ore prices and large charges the year before that weren't repeated.

A group of state attorneys general is preparing to move forward with a joint antitrust investigation of big technology companies, according to people familiar with the situation, adding another layer of scrutiny to an industry already under a federal spotlight.

China's economic downturn helped drive search-engine giant Baidu to its weakest quarterly revenue growth in more than two years and a 62% profit drop, with the company warning its bread-and-butter advertising business will remain under pressure.

A federal judge dismissed a racketeering lawsuit brought against McKinsey & Co. by turnaround industry veteran Jay Alix, who claimed the consulting firm profited by failing to disclose conflicts of interest in bankruptcy cases.

Tesla is trying to inject new energy into its solar business by offering to rent panels in six states. Customers can cancel at anytime.

Bob Bakish, who will become president and CEO of ViacomCBS, has signed a contract worth about $31 million a year. Joe Ianniello, who will be chairman and CEO of CBS at the combined company, will get earn about $70 million when the deal closes.

Maxcom Telecomunicaciones, the Mexico City-based company that builds last-mile connections to businesses and consumers, filed for bankruptcy in the U.S. with a deal in hand for a debt swap with bondholders.

Drugmakers Endo International and Allergan are in talks to avoid going to a landmark trial set to begin in October over the opioid crisis, according to people familiar with the matter.

Twitter took down more than 900 accounts that it said were part of a Chinese government campaign to discredit protesters in Hong Kong by spreading misinformation.

Investors are still betting on cosmetic companies despite the retail sector's tariff woes.

(END) Dow Jones Newswires

August 20, 2019 03:00 ET (07:00 GMT)

DJ News Highlights: Top Global Markets News of the Day
Trump Calls for a Big Fed Rate Cut, Again Criticizes Powell

China's PBOC Sets New Benchmark Lending Rates Lower

Fed's Rosengren Still Doesn't See Need to Lower Rates

RBA in Wait-And-See Mode on Another Rate Cut

States to Move Forward With Antitrust Probe of Big Tech Firms

Further Central Bank Rate Cuts 'Futile,' says Saxo Bank

Investors Start to Cool on Utilities

U.S. Bank Regulator Pitches Low-Income Lending Rule Changes

Stocks, Bond Yields Rise to Start the Week

U.S. Government Bond Yields Rise as Treasury Again Explores Ultralong Bonds

President Trump called for the Fed to sharply cut interest rates and again criticized the central bank's chairman for a "horrendous lack of vision," while reiterating his belief that the U.S. economy is strong.

China's central bank has lowered its new benchmark lending rates in a bid to guide borrowing costs down as the economy expands at its slowest pace in decades.

Federal Reserve Bank of Boston President Eric Rosengren remains worried that central bank interest-rate cuts are unwarranted and could destabilize the financial sector-but signaled he's open to action if convinced the economy was taking a turn for the worse.

The Reserve Bank of Australia said it would wait a bit before deciding to cut rates further to support an economy navigating an escalation in the U.S.-China trade dispute and several domestic headwinds.

A group of state attorneys general is preparing to move forward with a joint antitrust investigation of big technology companies, according to people familiar with the situation, adding another layer of scrutiny to an industry already under a federal spotlight.

Cutting interest rates will be "futile" and only result in more government bonds trading with negative yields, Steen Jakobsen, chief economist and chief investment officer at Saxo Bank tells Dow Jones Newswires in an interview.

Utility stocks haven't been climbing in August as much as some analysts and investors might expect given the sharp drop in bond yields recently.

A Trump-appointed bank regulator is touring the country trying to sell his plans to modify lower-income lending requirements and overcome resistance from other regulators, banks and community advocates.

U.S. stocks kicked off the week with gains, buoyed by a rally among shares of banks and technology companies.

The Treasury Department's latest expression of interest in issuing bonds with 50-year and 100-year maturities weighed on demand for existing Treasurys on Monday.

(END) Dow Jones Newswires

August 20, 2019 03:00 ET (07:00 GMT)

DJ Global Equities Roundup: Market Talk

The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

0659 GMT - Oil Search remains confident an agreement can be reached with the new government in Papua New Guinea that is seeking to renegotiate a gas deal that is key to the energy company's expansion plans. The company's Managing Director Peter Botten tells the WSJ the Pacific island nation has a track record of providing a stable environment for investment. However, the company's shares have weakened amid the uncertainty. Botten notes an end-August deadline for negotiations, adding that investment dollars are drawn to confidence and stability. Analysts have cautioned that material changes to the gas deal could mean extended delays to projects in PNG. Oil Search is up 1.1% today but 8.2% lower in 2019. (robb.stewart@wsj.com; @RobbMStewart)

0658 GMT - South Korea's benchmark Kospi closed up 1.1% at 1960.25, rising for a second-straight session. The rally was led by tech and chemicals stocks as risk appetite grew. Sentiment was buoyed by hopes that global trade tensions would ease thanks to the U.S.'s reprieve of Huawei sanctions and the possibility of more stimulus in China and Germany, Seoul-based NH Investment & Securities analyst Noh Dong-kil said, noting that investors are still cautious ahead of the Fed's Jackson Hole conference. Tech-giant Samsung Electronics and chip-maker SK Hynix rose 2.0% and 1.7% respectively. LG Chem was 0.9% higher. (kwanwoo.jun@wsj.com)

0655 GMT - The popularity of Sina Corp.'s microblogging site Weibo looks likely to boost its earnings through 2020, Bocom International says, raising the stock to buy from neutral and its target price to $50 from $48. Sina, whose monthly active Weibo users increased 13% on year to 486 million in 2Q, could tap into the growing user base to drive advertising revenue, the brokerage says. The U.S.-listed stock closed 15% higher at $43.45 on Monday after its 2Q results beat expectation. (martin.mou@wsj.com)

0646 GMT - Zurich Insurance offers relative security at a time of volatile markets, Jefferies says as it upgrades the stock to buy from hold and raises the target price to CHF380 from CHF323. More than a quarter of the Swiss insurer's earnings come from its stable and not fully appreciated farmers business, while its property and casualty segment--which has seen exceptional margins and rising prices--accounts for almost half of the earnings, it says. "At a time when 10-Year US Treasuries yield [less than] 2%, yields curves are inverting and markets are volatile, Zurich stands out to us as one of the best positioned insurers," it says. (pietro.lombardi@dowjones.com; @pietrolombard10)

0645 GMT - The FTSE 100 is expected to open 3 points higher at 7192, according to London Capital Group as bond yields recover and traders gradually edge back into equities. They do so cautiously, however, due to concerns about the risk of recession in Germany and skepticism about recent thawing in U.S.-China trade tensions. A slightly weaker pound may help U.K. equities, while traders will watch the outcome of talks between U.K. Prime Minister Boris Johnson and leaders of Germany and France. Miner BHP will be in focus after it said it would pay a record dividend to shareholders, though analysts say its FY results were below expectations. Housebuilder Persimmon will also be watched after announcing a fall in 1H pretax profit. (jessica.fleetham@wsj.com)

0643 GMT - City Developments has a strong medium-term outlook, amid plans to develop more land plots in Singapore and purchase the remaining stake in Millennium & Copthorne Hotels, Jefferies says. The U.S. bank notes that while the company's 2Q results were disappointing, its stock remains inexpensive. The earnings miss was primarily due to the timing of profit recognition for the property development segment, Jefferies says, and maintains a buy rating with a target price of S$12.00. Shares are trading 0.5% higher at S$9.24. (yiwei.wong@wsj.com)

0641 GMT - China Resources Beer's three-year restructuring will start paying off in 2020 as the brewer cements its move into the higher-end market, Nomura says. The broker raises its target price on China Resources to HK$47.70 from HK$39.40, expecting premium-beer sales to rise 20% this year on the back of new brand and product launches. The restructuring, due to be completed this year, will also boost China Resources' margins through efficiency-improvement measures such as plant closures and staff cuts, Nomura says. Shares are up 2.4% at HK$42.00. (yifan.wang@wsj.com)

0638 GMT - Nordic markets are seen opening slightly higher Tuesday, with IG calling the OMXS30 up 0.2% at around 1542. U.S. equities continued to rebound from last week's selloff as markets took comfort from some positive signals in the ongoing trade conflict as well as rising hopes for more stimulus policies, SEB says. "U.S. authorities yesterday decided to extend licenses for some sales to Huawei for another 90 days but at the same time added 46 more Huawei entities to the banned list - thus dampening the positive impact on trade talks." Asian markets are mixed today. OMXS30 closed at 1538.97, OMXN40 at 1509.18 and OBX at 771.84. (dominic.chopping@wsj.com)

0631 GMT - Singapore's 2Q earnings season has yielded more disappointments than triumphs, DBS says, pointing to banking and REITs as among the few sectors offering good yields. The investment bank lowers its full-year earnings estimates for oil-and-gas, consumer-goods and technology companies, citing fewer order wins, weak crude palm oil prices and poor earnings visibility due to U.S.-China trade war. DBS now expects the FTSE Straits Times Index at 3,380 at year-end, down from its previous estimate of 3,450, anticipating fallout from further U.S. tariffs and the Hong Kong civil protests. (venkat.pr@wsj.com)

0616 GMT - Risk sentiment keeps improving as optimism over potential stimulus packages in major economies around the world grows, Jasper Lawler of London Capital Group says. "The prospect of policy makers being willing to offer additional support to their economies is music to the ears of traders," he says. "This is the sugar high that is cushioning the market from continued uncertainty." (pietro.lombardi@dowjones.com; @pietrolombard10)

0554 GMT - Bourses in Europe are set for a flat open Tuesday, Michael Hewson of CMC Markets UK says. "U.S. markets managed to close higher for the third day in a row after the U.S. government delayed restrictions on Huawei for another 90 days, however they closed off their highs as some late caution set in and this is likely to translate into a flat open for European markets this morning, after markets in Asia also traded cautiously as China's new floating loan rate changes came into effect," he says. (pietro.lombardi@dowjones.com; @pietrolombard10)

0526 GMT - China Merchants Land's earnings are expected to pick up in 2H after a flattish 1H, as it makes a transition to asset management business, Citigroup says. The U.S. investment bank, which maintains a buy call on the stock with a target price of HK$1.47, says China Merchants Land's current valuation is undemanding as it trades at a 63% discount to its net asset value. The company's healthy gearing ratio of 45% gives it room for future investments, Citi says. Shares are down 2.8% at HK$1.06. (venkat.pr@wsj.com)

(END) Dow Jones Newswires

August 20, 2019 02:59 ET (06:59 GMT)

DJ Global Energy Roundup: Market Talk

The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.

0659 GMT - Oil Search remains confident an agreement can be reached with the new government in Papua New Guinea that is seeking to renegotiate a gas deal that is key to the energy company's expansion plans. The company's Managing Director Peter Botten tells the WSJ the Pacific island nation has a track record of providing a stable environment for investment. However, the company's shares have weakened amid the uncertainty. Botten notes an end-August deadline for negotiations, adding that investment dollars are drawn to confidence and stability. Analysts have cautioned that material changes to the gas deal could mean extended delays to projects in PNG. Oil Search is up 1.1% today but 8.2% lower in 2019. (robb.stewart@wsj.com; @RobbMStewart)

(END) Dow Jones Newswires

August 20, 2019 02:59 ET (06:59 GMT)

DJ Oil Search Confident of PNG Gas Deal -- Market Talk

0659 GMT - Oil Search remains confident an agreement can be reached with the new government in Papua New Guinea that is seeking to renegotiate a gas deal that is key to the energy company's expansion plans. The company's Managing Director Peter Botten tells the WSJ the Pacific island nation has a track record of providing a stable environment for investment. However, the company's shares have weakened amid the uncertainty. Botten notes an end-August deadline for negotiations, adding that investment dollars are drawn to confidence and stability. Analysts have cautioned that material changes to the gas deal could mean extended delays to projects in PNG. Oil Search is up 1.1% today but 8.2% lower in 2019. (robb.stewart@wsj.com; @RobbMStewart)

(END) Dow Jones Newswires

August 20, 2019 02:59 ET (06:59 GMT)

DJ FTSE Set for Flat Open as Caution on Growth, Trade Lingers
Market News: 
 
FTSE 100            7189.65  +72.50 +1.02% 
FTSE 250           19097.97 +276.12 +1.47% 
FTSE AIM All-Share   864.41   +4.43 +0.52%

Top News:

Companies News:

Other News:

The FTSE 100 is expected to open 3 points higher at 7192, according to London Capital Group as bond yields recover and traders gradually edge back into equities. They do so cautiously, however, due to concerns about the risk of recession in Germany and skepticism about recent thawing in U.S.-China trade tensions. A slightly weaker pound may help U.K. equities, while traders will watch the outcome of talks between U.K. Prime Minister Boris Johnson and leaders of Germany and France. Miner BHP will be in focus after it said it would pay a record dividend to shareholders, though analysts say its FY results were below expectations. Housebuilder Persimmon will also be watched after announcing a fall in 1H pretax profit.

Employee of U.K. Consulate in Hong Kong Detained in Mainland China

A member of the British consular staff in Hong Kong has been detained in mainland China after a trip to the neighboring city of Shenzhen.

BHP Annual Profit More than Doubles

BHP Group Ltd. (BHP.LN) said its annual net profit more than doubled because of strong iron-ore prices and large charges the year before that weren't repeated.

AstraZeneca: Farxiga Met Primary Endpoint in Landmark Phase 3 Trial

AstraZeneca PLC (AZN.LN) said Tuesday that Farxiga met the primary endpoint in a Phase 3 trial for the treatment of patients with heart failure.

IMI to Buy PBM for $85 Mln

Specialist engineering company IMI PLC (IMI.LN) said Tuesday that it is buying U.S. industrial valves and flow control company PBM Inc. for $85 million.

John Wood Group Swings to 1H Pretax Profit; Backs 2019 Views

John Wood Group PLC (WG.LN) Tuesday reported a swing to pretax profit for the first half of 2019 after booking lower costs, and backed its guidance for the year.

Persimmon 1H Pretax Profit Fell 1.4%

Persimmon PLC (PSN.LN) on Tuesday reported a 1.4% fall in first-half pretax profit as higher average house prices were offset by a fall in the number of homes sold.

UK Oil & Gas Granted Two-Year Extensions to Licenses

UK Oil & Gas PLC (UKOG.LN) on Tuesday said that the UK Oil and Gas Authority has granted two-year extensions to its operated licenses in the Isle of Wight and the northern Weald.

Ofgem Launches Investigation Into Aug. 9 Power Cuts

U.K. energy regulator Ofgem said Tuesday that it has launched an investigation into the Aug. 9 power cuts that brought large parts of the U.K. to a standstill.

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-9319

(END) Dow Jones Newswires

August 20, 2019 02:50 ET (06:50 GMT)

DJ Interbank Foreign Exchange Rates At 02:50 EST / 0650 GMT
 
                           Latest       Previous   %Chg    Daily    Daily   %Chg 
Dollar Rates                               Close            High      Low  12/31 
 
USD/JPY Japan           106.50-51      106.63-64  -0.12   106.69   106.44  -2.82 
EUR/USD Euro            1.1076-79      1.1079-82  -0.03   1.1090   1.1077  -3.42 
GBP/USD U.K.            1.2110-12      1.2127-29  -0.14   1.2139   1.2110  -5.08 
USD/CHF Switzerland     0.9803-07      0.9813-17  -0.10   0.9819   0.9800  -0.11 
USD/CAD Canada          1.3318-23      1.3322-27  -0.03   1.3333   1.3309  -2.35 
AUD/USD Australia       0.6782-86      0.6761-65  +0.31   0.6796   0.6754  -3.80 
NZD/USD New Zealand     0.6412-18      0.6406-12  +0.09   0.6430   0.6402  -4.54 
 
Euro Rates 
 
EUR/JPY Japan         117.96-8.00      118.13-17  -0.15   118.30   117.95  -6.14 
EUR/GBP U.K.            0.9146-49      0.9135-38  +0.12   0.9150   0.9132  +1.75 
EUR/CHF Switzerland     1.0862-65      1.0875-78  -0.12   1.0884   1.0861  -3.49 
EUR/CAD Canada          1.4751-61      1.4756-66  -0.03   1.4779   1.4749  -5.65 
EUR/AUD Australia       1.6327-37      1.6373-83  -0.28   1.6408   1.6309  +0.42 
EUR/DKK Denmark         7.4570-77      7.4570-77   0.00   7.4601   7.4567  -0.12 
EUR/NOK Norway         9.9468-518      9.9449-99  +0.02   9.9597   9.9424  +0.41 
EUR/SEK Sweden        10.7304-404    10.7260-360  +0.04  10.7380  10.7280  +5.74 
EUR/CZK Czech Rep.     25.789-819     25.780-810  +0.03   25.808   25.791  +0.36 
EUR/HUF Hungary         326.39-79      326.31-71  +0.02   326.86   326.08  +1.73 
EUR/PLN Poland          4.3625-43      4.3671-89  -0.11   4.3710   4.3614  +1.72 
 
Yen Rates 
 
AUD/JPY Australia        72.22-26       72.11-15  +0.15    72.37    71.96  -6.53 
GBP/JPY U.K.          128.95-9.01      129.29-35  -0.26   129.39   128.97  -7.80 
CAD/JPY Canada           79.94-97       80.01-05  -0.09    80.08    79.89  -0.50 
NZD/JPY New Zealand      68.29-36       68.30-38  -0.03    68.53    68.21  -7.22 
 
Other Dollar Rates 
 
USD/CZK Czech Rep.     23.267-317     23.260-310  +0.03   23.297   23.267  +3.89 
USD/HUF Hungary         294.57-97      294.55-95  +0.01   295.04   294.14  +5.28 
USD/DKK Denmark         6.7308-18      6.7314-24  -0.01   6.7327   6.7250  +3.38 
USD/NOK Norway         8.9778-838     8.9754-814  +0.03   8.9852   8.9696  +3.93 
USD/PLN Poland          3.9384-89      3.9424-29  -0.10   3.9438   3.9356  +5.30 
USD/RUB Russia         66.852-922      66.929-99  -0.12   67.048   66.797  -3.40 
USD/SEK Sweden         9.6858-948     9.6824-914  +0.04   9.6931   9.6767  +9.46 
USD/ZAR S. Africa     15.4009-309    15.4548-848  -0.35  15.4719  15.3914  +7.34 
 
USD/CNY China           7.0514-34     7.0497-517  +0.02   7.0526   7.0502  +2.53 
USD/HKD Hong Kong       7.8448-53      7.8445-50  +0.00   7.8461   7.8430  +0.17 
USD/MYR Malaysia       4.1790-840      4.1712-62  +0.19   4.1835   4.1736  +1.19 
USD/INR India           71.660-70      71.650-70  +0.01   72.005   71.451  +3.01 
USD/IDR Indonesia        14259-73       14228-42  +0.22    14275    14234  -0.79 
USD/PHP Philippines     52.330-50      52.372-92  -0.08   52.445   52.321  -0.30 
USD/SGD Singapore       1.3847-57      1.3862-72  -0.11   1.3876   1.3847  +1.64 
USD/KRW S. Korea     1206.81-8.81   1211.62-3.62  -0.40  1213.50  1205.50  +8.39 
USD/TWD Taiwan          31.365-95      31.358-88  +0.02   31.408   31.246  +2.61 
USD/THB Thailand        30.820-40      30.850-70  -0.10   30.890   30.790  -4.61 
USD/VND Vietnam         23169-239      23171-241  -0.01    23210    23200  +0.04 
 
USD/BRL Brazil          4.0735-65      4.0734-64  +0.00   4.0755   4.0739  +4.99 
USD/MXN Mexico        19.8390-690    19.8472-772  -0.04  19.8810  19.8375  +1.04 
USD/ARS Argentina     54.8211-609    54.8320-420  +0.01  54.9594  54.8121 +45.67 
 
Source: Tullett Prebon 
 

(END) Dow Jones Newswires

August 20, 2019 02:50 ET (06:50 GMT)

DJ China Resources Beer to Reap Restructuring Gains in 2020: Nomura -- Market Talk

0641 GMT - China Resources Beer's three-year restructuring will start paying off in 2020 as the brewer cements its move into the higher-end market, Nomura says. The broker raises its target price on China Resources to HK$47.70 from HK$39.40, expecting premium-beer sales to rise 20% this year on the back of new brand and product launches. The restructuring, due to be completed this year, will also boost China Resources' margins through efficiency-improvement measures such as plant closures and staff cuts, Nomura says. Shares are up 2.4% at HK$42.00. (yifan.wang@wsj.com)

(END) Dow Jones Newswires

August 20, 2019 02:42 ET (06:42 GMT)

DJ Ofgem Launches Investigation Into Aug. 9 Power Cuts
By Ian Walker

U.K. energy regulator Ofgem said Tuesday that it has launched an investigation into the Aug. 9 power cuts that brought large parts of the U.K. to a standstill.

The regulator said that it will investigate whether the parties involved breached their license conditions. It added that while the investigation doesn't indicate that any noncompliance issues have been found, enforcement action could follow if any are discovered.

Parties involved include National Grid ESO, National Grid Electricity Transmission, 12 distribution network operators in England and Wales, as well as generators RWE Generation (Little Barford Power station) and Orsted (Hornsea).

Ofgem said it is also liaising with the rail regulator and will be engaging with rail authorities to understand better why the drop in frequency on the energy network led to disruption for passengers.

"The power cuts of Friday Aug. 9 caused interruptions to consumers' energy and significant disruption to commuters. It's important that the industry takes all possible steps to prevent this happening again," Ofgem's Executive Director of Systems and Networks Jonathan Brearley said.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

August 20, 2019 02:40 ET (06:40 GMT)

DJ Rosneft First-Half Hydrocarbon Production Rose 1.8%
By Oliver Griffin

Rosneft Oil Co. (ROSN.MZ) on Tuesday reported that total first-half hydrocarbon production rose 1.8%, despite declining gas output in the second quarter.

The Russian oil and gas giant, in which BP PLC (BP.LN) owns a 19.7% stake, said total average production in the first half of the year rose to 5.8 million barrels of oil equivalent a day, from 5.7 million barrels in the year-earlier period.

Second-quarter production rose just 0.1% on year as a slightly higher liquids output was offset by a decline in gas production. In the second quarter of the year, gas production fell to 16.31 billion cubic meters, from 16.46 billion cubic meters in the year-earlier period.

During the first half of the year, oil refining fell 6.9% to 51.8 million tons, Rosneft said, with refining outside of Russia falling 25% to 4.5 million tons.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

(END) Dow Jones Newswires

August 20, 2019 02:30 ET (06:30 GMT)

DJ Casino Identifies EUR2B More French Assets to Sell
By Nathan Allen

Casino Guichard-Perrachon SA (CO.FR) said Tuesday that it has identified around 2 billion euros ($2.22 billion) of assets in France that it intends to sell as part of a two-phase disposal program.

Under the first phase, which should be completed by the first quarter of 2020, Casino plans to sell EUR2.5 billion in assets, of which EUR2.1 billion has already been signed.

The latest group of assets identified will form the second phase of the disposal program and Casino expects to complete the sales by the end of the first quarter of 2021, it said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

August 20, 2019 02:11 ET (06:11 GMT)

DJ AstraZeneca: Farxiga Met Primary Endpoint in Landmark Phase 3 Trial
By Ian Walker

AstraZeneca PLC (AZN.LN) said Tuesday that Farxiga met the primary endpoint in a Phase 3 trial for the treatment of patients with heart failure.

The pharmaceutical giant said Farxiga significantly reduced the risk of cardiovascular death or worsening of heart failure when added to standard of care.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

August 20, 2019 02:10 ET (06:10 GMT)

DJ AirAsia 2Q Net Profit Likely Increased -- Earnings Preview

By Yantoultra Ngui

Malaysia's AirAsia Group Bhd. (5099.KU), one of Asia's largest budget airlines by passenger volume, is scheduled to announce its second-quarter earnings on Aug. 28. Here's what you need to know:

EARNINGS FORECAST: Net profit for the April-June period is likely to come in at 387.96 million ringgit ($93 million), according to the consensus estimate by S&P Global Market Intelligence. That would be higher than the MYR361.81 million profit recorded in the same period of last year.

REVENUE FORECAST: Revenue in the quarter is expected to have increased to MYR2.77 billion, according to S&P Global, up from MYR2.62 billion in the second quarter of last year.

WHAT TO WATCH:

--DEPARTURE LEVY: Malaysia's new departure levy for travelers is expected to take effect on Sept. 1. It is worth looking at what AirAsia says about this levy, especially how it will affect the airline's earnings as its customers are more sensitive to price.

--PROVISIONS: A court recently ruled that AirAsia has to pay millions in uncollected passenger service charges to Malaysia Airports. AirAsia is appealing against the decision but its auditor would likely ask the airline to provide for the charges in its income statement.

--REVENUE: AirAsia's cost structure has been set higher as most of its planes are now leased, versus owned. It is worth looking at how AirAsia plans to grow its topline to mitigate the higher costs.

Write to Yantoultra Ngui at yantoultra.ngui@wsj.com

(END) Dow Jones Newswires

August 20, 2019 02:08 ET (06:08 GMT)

DJ Oil Search Managing Director Peter Botten Comments in Interview

(END) Dow Jones Newswires

August 20, 2019 02:03 ET (06:03 GMT)

DJ Oil Search: Active Discussions with PNG Government Over Papua LNG Gas Deal

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 02:03 ET (06:03 GMT)

DJ Casino Identifies EUR2B of French Assets to Sell

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 02:03 ET (06:03 GMT)

DJ Oil Search Managing Director Expects to Contribute to Company Over Next Year

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 02:02 ET (06:02 GMT)

DJ Oil Search Managing Director: Uncertainty in PNG Hasn't Altered Succession Planning

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August 20, 2019 02:02 ET (06:02 GMT)

DJ Oil Search: Final Investment Decision in Alaska Due by Mid-2020

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August 20, 2019 02:02 ET (06:02 GMT)

DJ Oil Search: Further Alaska Exploration Acreage Bought in Recent Months

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 02:02 ET (06:02 GMT)

DJ Oil Search: Confident Alaska to Become a Major Production Center

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 02:02 ET (06:02 GMT)

DJ Oil Search Expects Gap Between Spot, Contract LNG Prices to Narrow

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 02:02 ET (06:02 GMT)

DJ Oil Search: Dislocation Between Spot, Contract LNG Pricing a Challenge

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 02:02 ET (06:02 GMT)

DJ Interbank Foreign Exchange Rates At 01:50 EST / 0550 GMT
 
                           Latest       Previous   %Chg    Daily    Daily   %Chg 
Dollar Rates                               Close            High      Low  12/31 
 
USD/JPY Japan           106.55-56      106.63-64  -0.07   106.69   106.51  -2.77 
EUR/USD Euro            1.1081-84      1.1079-82  +0.02   1.1090   1.1078  -3.37 
GBP/USD U.K.            1.2119-21      1.2127-29  -0.07   1.2139   1.2118  -5.01 
USD/CHF Switzerland     0.9809-13      0.9813-17  -0.04   0.9819   0.9805  -0.05 
USD/CAD Canada          1.3312-17      1.3322-27  -0.08   1.3333   1.3313  -2.39 
AUD/USD Australia       0.6786-90      0.6761-65  +0.37   0.6790   0.6754  -3.74 
NZD/USD New Zealand     0.6420-26      0.6406-12  +0.22   0.6430   0.6402  -4.42 
 
Euro Rates 
 
EUR/JPY Japan           118.06-10      118.13-17  -0.06   118.30   118.06  -6.06 
EUR/GBP U.K.            0.9141-44      0.9135-38  +0.07   0.9148   0.9132  +1.69 
EUR/CHF Switzerland     1.0873-76      1.0875-78  -0.02   1.0884   1.0870  -3.39 
EUR/CAD Canada          1.4751-61      1.4756-66  -0.03   1.4779   1.4753  -5.65 
EUR/AUD Australia       1.6323-33      1.6373-83  -0.31   1.6408   1.6321  +0.39 
EUR/DKK Denmark         7.4569-76      7.4570-77   0.00   7.4601   7.4567  -0.12 
EUR/NOK Norway          9.9442-92      9.9449-99  -0.01   9.9597   9.9432  +0.39 
EUR/SEK Sweden        10.7246-346    10.7260-360  -0.01  10.7380  10.7280  +5.68 
EUR/CZK Czech Rep.     25.784-814     25.780-810  +0.02   25.808   25.791  +0.35 
EUR/HUF Hungary         326.27-67      326.31-71  -0.01   326.69   326.22  +1.69 
EUR/PLN Poland          4.3648-66      4.3671-89  -0.05   4.3710   4.3614  +1.78 
 
Yen Rates 
 
AUD/JPY Australia        72.29-33       72.11-15  +0.25    72.37    71.96  -6.44 
GBP/JPY U.K.            129.12-18      129.29-35  -0.13   129.39   129.13  -7.68 
CAD/JPY Canada           80.00-04       80.01-05  -0.01    80.08    79.89  -0.42 
NZD/JPY New Zealand      68.43-47       68.30-38  +0.16    68.53    68.21  -7.05 
 
Other Dollar Rates 
 
USD/CZK Czech Rep.     23.256-306     23.260-310  -0.02   23.291   23.267  +3.84 
USD/HUF Hungary         294.45-85      294.55-95  -0.03   294.85   294.39  +5.24 
USD/DKK Denmark         6.7283-93      6.7314-24  -0.05   6.7318   6.7250  +3.34 
USD/NOK Norway          8.9721-81     8.9754-814  -0.04   8.9852   8.9711  +3.86 
USD/PLN Poland          3.9384-89      3.9424-29  -0.10   3.9438   3.9358  +5.30 
USD/RUB Russia       66.952-7.022      66.929-99  +0.03   67.048   66.916  -3.26 
USD/SEK Sweden         9.6771-861     9.6824-914  -0.05   9.6931   9.6772  +9.36 
USD/ZAR S. Africa     15.4163-463    15.4548-848  -0.25  15.4719  15.4091  +7.45 
 
USD/CNY China           7.0505-25     7.0497-517  +0.01   7.0516   7.0502  +2.52 
USD/HKD Hong Kong       7.8449-54      7.8445-50  +0.01   7.8461   7.8430  +0.17 
USD/MYR Malaysia       4.1776-826      4.1712-62  +0.15   4.1835   4.1736  +1.15 
USD/INR India           71.560-70      71.650-70  -0.13   72.005   71.451  +2.87 
USD/IDR Indonesia        14258-72       14228-42  +0.21    14275    14234  -0.80 
USD/PHP Philippines     52.405-10      52.372-92  +0.05   52.445   52.321  -0.18 
USD/SGD Singapore       1.3847-57      1.3862-72  -0.11   1.3876   1.3849  +1.64 
USD/KRW S. Korea     1207.01-9.01   1211.62-3.62  -0.38  1213.50  1207.23  +8.41 
USD/TWD Taiwan          31.350-80      31.358-88  -0.03   31.399   31.246  +2.56 
USD/THB Thailand        30.810-30      30.850-70  -0.13   30.890   30.790  -4.64 
USD/VND Vietnam         23169-239      23171-241  -0.01    23210    23200  +0.04 
 
USD/BRL Brazil          4.0739-69      4.0734-64  +0.01   4.0754   4.0739  +5.00 
USD/MXN Mexico        19.8369-669    19.8472-772  -0.05  19.8810  19.8442  +1.03 
USD/ARS Argentina     54.8270-668    54.8320-420  +0.02  54.9594  54.8121 +45.69 
 
Source: Tullett Prebon 
 

(END) Dow Jones Newswires

August 20, 2019 01:50 ET (05:50 GMT)

DJ Casino Improves Offer for GPA
By Pietro Lombardi

Casino Guichard-Perrachon SA (CO.FR) said late Monday that it has raised its offer for the stake in Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PCAR4.BR) that Exito owns through French company Segisor.

The deal is part of the French retailer's plan to simplify the structure of its Latin America operations, a plan it presented in June. Segisor holds 99.9% of the voting rights and 37.3% of the economic rights of GPA. Under the plan, Casino would eventually own 41.4% of GPA, which would itself control Exito and its subsidiaries in Uruguay and Argentina.

The amended offer includes a higher price for each GPA share, with the French company now offering 113 Brazilian reais($28.05) instead of BRL109. It also includes "a partial purchase price matching clause (equal to 80% of the price difference) on the 49.8 million GPA shares that Casino would indirectly acquire from Exito in case of disposal of all or part of such shares above 113 BRL per share within 15 months," it said.

The new offer is valid until August 27.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

August 20, 2019 01:45 ET (05:45 GMT)

DJ Statoil: Equinor's share saving plan allocates shares

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August 20, 2019 01:45 ET (05:45 GMT)

DJ Harmony Gold Mining FY19 Net Loss Narrowed 42%

By Oliver Griffin

Harmony Gold Mining Co. Ltd. (HAR.JO) on Tuesday reported that its net loss in fiscal 2019 narrowed by 42% on lower impairments and the company benefited from full-year contributions at its Moab Khotsong and Hidden Valley operations.

The South African gold miner recorded a loss of 2.61 billion South African rand ($169.6 million) for the full-year ended June 30 compared with a loss of ZAR4.47 billion in the previous financial year.

Revenue for the year rose 32% to ZAR26.91 billion, Harmony Gold said. The rise in production followed a 17% increase in gold production, which came in at 1.44 million ounces.

As well as rising revenue, the company's impairments for the period fell 27% to ZAR3.9 billion.

Headline earnings--a metric which strips out certain items--for the fiscal year rose to ZAR1.07 billion from ZAR763 million in the previous year.

With full-year production contributions from Moab Khotsong and Hidden Valley, the company's operating cash flow for the year grew to ZAR4.68 billion from ZAR3.88 billion in fiscal 2018.

Harmony Gold said it expects to produce approximately 1.46 million ounces of gold in fiscal 2020.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

(END) Dow Jones Newswires

August 20, 2019 01:28 ET (05:28 GMT)

DJ Harmony Gold Sees FY20 Production at 1.46M Ounces of Gold

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 01:10 ET (05:10 GMT)

DJ Harmony Gold FY19 Headline Earnings ZAR1.07B

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 01:09 ET (05:09 GMT)

DJ Harmony Gold FY19 Net Loss ZAR2.61B

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 01:08 ET (05:08 GMT)

DJ Harmony Gold FY19 Pretax Loss ZAR2.75B

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 01:07 ET (05:07 GMT)

DJ Harmony Gold FY19 Oper Loss ZAR2.54B

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 01:07 ET (05:07 GMT)

DJ Harmony Gold FY19 Rev ZAR26.91B

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 01:07 ET (05:07 GMT)

DJ Baidu, China's Private-Sector Bellwether, Reports 62% Profit Drop -- 2nd Update
By Shan Li and Maria Armental

BEIJING--China's economic downturn helped drive search-engine giant Baidu Inc. to its weakest quarterly revenue growth in more than two years and a 62% profit drop, with the company warning its bread-and-butter advertising business will remain under pressure.

The Beijing-based company, once called the Google of China, has struggled to keep pace in recent years as internet users have migrated to smartphones. Last week, Baidu was knocked out of top five most valuable publicly traded Chinese internet companies after its market capitalization fell below videogames and e-commerce firm NetEase Inc.

Baidu late Monday reported its second-quarter profit dropped 62% to 2.41 billion yuan ($342 million) compared with a year ago. Revenue rose 1.4% to 26.33 billion yuan, surpassing the 25.8 billion yuan forecast by analysts polled by FactSet.

Company shares jumped as much as 9.4% in after-hours trading Monday after Baidu released its better-than-expected results.

Baidu's business, which relies on ads from Chinese retail, health-care and other companies, is considered a gauge for the health of China's private sector. In the first quarter, Baidu reported its first quarterly loss since going public in 2005 as companies cut back on advertising in the face of a broader slowdown in the Chinese economy. Online advertising overall fell 9% in the second quarter to 19.2 billion yuan.

Herman Yu, Baidu's chief financial officer, said advertising revenue will continue to face pressure as sectors such as online games and financial services rein in ad spending. A drive to ensure the accuracy of medical information has also caused advertising revenue relating to health care to drop by double-digits, he said.

"With the current macro situation, it's hard to predict what is going to happen in two quarters," Mr. Yu said during a call with analysts.

Baidu has tried to evolve beyond its search business by pushing into new areas related to artificial intelligence, including autonomous driving and smart speakers.

Its video-streaming platform iQiyi reported revenue growth of 15% to 7.1 billion yuan. That was bolstered by a 38% increase in paying subscribers, while advertising on the platform fell 16% compared with a year earlier. A segment called "other"--which includes its cloud and smart device business--climbed 44% to 7.1 billion yuan.

"The company continues to work on developing new lines of business in the face of an increasingly mature search market," said Mark Natkin, managing director of research company Marbridge Consulting. "But those other lines of business are still minor contributors and are likely to remain so for some time."

Baidu said it expects continued pressure in its current quarter, and forecast that revenue could drop.

Write to Shan Li at shan.li@wsj.com and Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

August 20, 2019 01:01 ET (05:01 GMT)

DJ News Highlights: Top Global Markets News of the Day
States to Move Forward With Antitrust Probe of Big Tech Firms

Fed's Rosengren Still Doesn't See Need to Lower Rates

Trump Calls for a Big Fed Rate Cut, Again Criticizes Powell

China's PBOC Sets New Benchmark Lending Rates Lower

RBA in Wait-And-See Mode on Another Rate Cut

Investors Start to Cool on Utilities

U.S. Bank Regulator Pitches Low-Income Lending Rule Changes

Stocks, Bond Yields Rise to Start the Week

U.S. Government Bond Yields Rise as Treasury Again Explores Ultralong Bonds

Trump Administration Delays Ban on Huawei Working With U.S. Firms

A group of state attorneys general is preparing to move forward with a joint antitrust investigation of big technology companies, according to people familiar with the situation, adding another layer of scrutiny to an industry already under a federal spotlight.

Federal Reserve Bank of Boston President Eric Rosengren remains worried that central bank interest-rate cuts are unwarranted and could destabilize the financial sector-but signaled he's open to action if convinced the economy was taking a turn for the worse.

President Trump called for the Fed to sharply cut interest rates and again criticized the central bank's chairman for a "horrendous lack of vision," while reiterating his belief that the U.S. economy is strong.

China's central bank has lowered its new benchmark lending rates in a bid to guide borrowing costs down as the economy expands at its slowest pace in decades.

The Reserve Bank of Australia said it would wait a bit before deciding to cut rates further to support an economy navigating an escalation in the U.S.-China trade dispute and several domestic headwinds.

Utility stocks haven't been climbing in August as much as some analysts and investors might expect given the sharp drop in bond yields recently.

A Trump-appointed bank regulator is touring the country trying to sell his plans to modify lower-income lending requirements and overcome resistance from other regulators, banks and community advocates.

U.S. stocks kicked off the week with gains, buoyed by a rally among shares of banks and technology companies.

The Treasury Department's latest expression of interest in issuing bonds with 50-year and 100-year maturities weighed on demand for existing Treasurys on Monday.

The Trump administration extended the length of a license that has enabled China's Huawei Technologies to continue working with U.S. customers despite national-security concerns.

(END) Dow Jones Newswires

August 20, 2019 01:00 ET (05:00 GMT)

DJ News Highlights: Top Company News of the Day
States to Move Forward With Antitrust Probe of Big Tech Firms

BHP Pledges Record Payout as Profit Surges

McKinsey Dodges Lawsuit Targeting Its Bankruptcy Disclosures

Tesla to Rent Solar Panels to Homeowners

Baidu Reports 62% Profit Drop

Viacom, CBS Executives to Earn Big From Merger

Mexican Telecom Company Maxcom Files for Bankruptcy in U.S.

Two Drugmakers Closing In on Opioid Settlements

Twitter, Facebook Act Against Disinformation on Hong Kong Protests

Beauty Stocks Look Pretty After Upbeat Estée Lauder Earnings

A group of state attorneys general is preparing to move forward with a joint antitrust investigation of big technology companies, according to people familiar with the situation, adding another layer of scrutiny to an industry already under a federal spotlight.

BHP Group said its annual net profit more than doubled because of strong iron-ore prices and large charges the year before that weren't repeated.

A federal judge dismissed a racketeering lawsuit brought against McKinsey & Co. by turnaround industry veteran Jay Alix, who claimed the consulting firm profited by failing to disclose conflicts of interest in bankruptcy cases.

Tesla is trying to inject new energy into its solar business by offering to rent panels in six states. Customers can cancel at anytime.

China's economic downturn and tighter control over internet content drove search-engine giant Baidu Inc.'s weakest quarterly revenue growth in more than two years and a 62% profit drop.

Bob Bakish, who will become president and CEO of ViacomCBS, has signed a contract worth about $31 million a year. Joe Ianniello, who will be chairman and CEO of CBS at the combined company, will get earn about $70 million when the deal closes.

Maxcom Telecomunicaciones, the Mexico City-based company that builds last-mile connections to businesses and consumers, filed for bankruptcy in the U.S. with a deal in hand for a debt swap with bondholders.

Drugmakers Endo International and Allergan are in talks to avoid going to a landmark trial set to begin in October over the opioid crisis, according to people familiar with the matter.

Twitter took down more than 900 accounts that it said were part of a Chinese government campaign to discredit protesters in Hong Kong by spreading misinformation.

Investors are still betting on cosmetic companies despite the retail sector's tariff woes.

(END) Dow Jones Newswires

August 20, 2019 01:00 ET (05:00 GMT)

DJ China Resources Land 1H Net Profit Jumps 44% on Higher Revenues

By Yifan Wang

China Resources Land Ltd. (1109.HK) said its net profit rose 44% for the first half of the year due to higher revenues and revaluation gains from its investment properties such as shopping malls and office buildings.

Net profit for the January-to-June period came in at 12.73 billion China yuan ($1.81 billion), compared with CNY8.85 billion for the same period last year, the company said on Tuesday.

Revenues for the first half were 4.7% higher than a year earlier at CNY45.85 billion while contracted sales grew 26% on year to CNY118.8 billion, it said.

The company declared an interim dividend of CNY0.129 per share, up 17% from a year earlier.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

August 20, 2019 00:59 ET (04:59 GMT)

DJ Interbank Foreign Exchange Rates At 00:50 EST / 0450 GMT
 
                           Latest       Previous   %Chg    Daily    Daily   %Chg 
Dollar Rates                               Close            High      Low  12/31 
 
USD/JPY Japan           106.56-57      106.63-64  -0.06   106.69   106.51  -2.76 
EUR/USD Euro            1.1086-89      1.1079-82  +0.06   1.1090   1.1078  -3.33 
GBP/USD U.K.            1.2129-31      1.2127-29  +0.02   1.2139   1.2122  -4.93 
USD/CHF Switzerland     0.9808-12      0.9813-17  -0.05   0.9819   0.9805  -0.06 
USD/CAD Canada          1.3315-20      1.3322-27  -0.05   1.3333   1.3313  -2.37 
AUD/USD Australia       0.6782-86      0.6761-65  +0.31   0.6785   0.6754  -3.80 
NZD/USD New Zealand     0.6420-26      0.6406-12  +0.22   0.6424   0.6402  -4.42 
 
Euro Rates 
 
EUR/JPY Japan           118.13-18      118.13-17  +0.00   118.30   118.06  -6.00 
EUR/GBP U.K.            0.9139-42      0.9135-38  +0.04   0.9145   0.9132  +1.67 
EUR/CHF Switzerland     1.0874-77      1.0875-78  -0.01   1.0884   1.0873  -3.38 
EUR/CAD Canada          1.4759-69      1.4756-66  +0.02   1.4779   1.4758  -5.60 
EUR/AUD Australia       1.6339-49      1.6373-83  -0.21   1.6408   1.6342  +0.49 
EUR/DKK Denmark         7.4570-77      7.4570-77   0.00   7.4601   7.4567  -0.12 
EUR/NOK Norway         9.9463-513      9.9449-99  +0.01   9.9597   9.9432  +0.41 
EUR/SEK Sweden        10.7272-372    10.7260-360  +0.01  10.7380  10.7293  +5.71 
EUR/CZK Czech Rep.     25.786-816     25.780-810  +0.02   25.808   25.791  +0.35 
EUR/HUF Hungary         326.37-77      326.31-71  +0.02   326.69   326.22  +1.72 
EUR/PLN Poland          4.3647-65      4.3671-89  -0.05   4.3710   4.3614  +1.77 
 
Yen Rates 
 
AUD/JPY Australia        72.27-31       72.11-15  +0.22    72.30    71.96  -6.47 
GBP/JPY U.K.            129.25-31      129.29-35  -0.03   129.39   129.20  -7.58 
CAD/JPY Canada           80.00-04       80.01-05  -0.01    80.08    79.89  -0.42 
NZD/JPY New Zealand      68.41-48       68.30-38  +0.16    68.46    68.21  -7.05 
 
Other Dollar Rates 
 
USD/CZK Czech Rep.      23.249-99     23.260-310  -0.05   23.291   23.267  +3.81 
USD/HUF Hungary         294.37-77      294.55-95  -0.06   294.85   294.39  +5.21 
USD/DKK Denmark         6.7263-73      6.7314-24  -0.08   6.7318   6.7250  +3.31 
USD/NOK Norway          8.9713-73     8.9754-814  -0.05   8.9852   8.9711  +3.85 
USD/PLN Poland          3.9371-76      3.9424-29  -0.13   3.9438   3.9358  +5.26 
USD/RUB Russia       66.948-7.018      66.929-99  +0.03   67.048   66.916  -3.26 
USD/SEK Sweden         9.6765-855     9.6824-914  -0.06   9.6931   9.6782  +9.36 
USD/ZAR S. Africa     15.4053-353    15.4548-848  -0.32  15.4719  15.4091  +7.37 
 
USD/CNY China          7.0497-517     7.0497-517   0.00   7.0514   7.0502  +2.50 
USD/HKD Hong Kong       7.8450-55      7.8445-50  +0.01   7.8461   7.8430  +0.17 
USD/MYR Malaysia       4.1791-841      4.1712-62  +0.19   4.1835   4.1736  +1.19 
USD/INR India           71.615-25      71.650-70  -0.06   72.005   71.451  +2.95 
USD/IDR Indonesia        14261-75       14228-42  +0.23    14275    14234  -0.78 
USD/PHP Philippines     52.405-10      52.372-92  +0.05   52.445   52.321  -0.18 
USD/SGD Singapore       1.3848-58      1.3862-72  -0.10   1.3876   1.3849  +1.64 
USD/KRW S. Korea    1209.50-11.50   1211.62-3.62  -0.17  1213.50  1209.51  +8.63 
USD/TWD Taiwan          31.355-85      31.358-88  -0.01   31.399   31.246  +2.58 
USD/THB Thailand        30.810-30      30.850-70  -0.13   30.890   30.790  -4.64 
USD/VND Vietnam         23168-238      23171-241  -0.01    23210    23200  +0.03 
 
USD/BRL Brazil          4.0734-64      4.0734-64   0.00   4.0752   4.0739  +4.99 
USD/MXN Mexico        19.8424-724    19.8472-772  -0.02  19.8810  19.8465  +1.06 
USD/ARS Argentina     54.8300-400    54.8320-420   0.00  54.9594  54.8121 +45.66 
 
Source: Tullett Prebon 
 

(END) Dow Jones Newswires

August 20, 2019 00:50 ET (04:50 GMT)

DJ Aussie Current Account Surplus Shortlived: Capital Economics -- Market Talk

0419 GMT - Australia may have recorded its first current account surplus since 1975 in 2Q on the back of high export prices, but Capital Economics thinks it won't last long. Tailwinds, including a lower cost of funding via foreign liabilities, a higher return on overseas assets and falling capital goods imports should support Australia's current account over the next couple of years. "However, we think that those tailwinds will all be overwhelmed by a renewed slump in the terms of trade," Capital Economics says. "Our forecast is that the current account will fall from around 0.2% of GDP this year to -0.5% in 2020 and deteriorate further to -1% in 2021." (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

August 20, 2019 00:19 ET (04:19 GMT)

DJ Nordic Morning Briefing: Italian Politics in Focus Amid Slow Data Day
TODAY'S CALENDAR - All times GMT 
 
Nordic Macro 
0500 Finland July Unemployment 
0730 Sweden 2Q Housing Starts 
Other Macro 
 Italy's Prime Minister Conte 
 Addresses the Senate 
Nordic Equities 
 Jyske Bank 1H 
 Pandora 2Q 
Other Equities 
 BHP Group Plc FY19 
 Kohl's Corp 2Q 
 Home Depot 2Q 
 
GLOBAL NEWS:

GLOBAL MARKETS: EuroSTOXX50 3365.91 -1.50 -0.04% DAX 30 11712.00 -6.90 -0.06% FTSE 100 7185.50 -9.00 -0.13% Dow 26139.90 6.50 0.02% S&P 500 2923.99 0.75 0.03% Nasdaq 100 7723.50 5.20 0.07% Futures at 0333 GMT

IN FOCUS:

FOREX: EUR/NOK 0350 GMT 9.9480-530 Previous 9.9449-99 %Chg +0.03 EUR/SEK 0350 GMT 10.7296-396 Previous 10.7260-360 %Chg +0.03 USD/NOK 0350 GMT 8.9722-82 Previous 8.9754-814 %Chg -0.04 USD/SEK 0350 GMT 9.6777-867 Previous 9.6824-914 %Chg -0.05 STOCK INDEXES: OMXN40 1509.18 +11.61 +0.78% OMXS30 1538.97 +19.56 +1.29% OBX 771.84 +9.97 +1.31% OMXC20 1017.23 -1.15 -0.11% OMXH25 3866.54 +56.76 +1.49% Brent crude: $59.72 NORDIC MARKETS:

ENERGY:

NEWS ROUNDUP:

OTHER NEWS:

Trump Calls for a Big Fed Rate Cut, Again Criticizes Central Bank Chairman:

President Trump called for the Federal Reserve to sharply cut interest rates and again criticized the central bank's chairman for a "horrendous lack of vision," while reiterating his belief that the U.S. economy is strong.

The president said in a pair of tweets that the Fed should cut its benchmark interest rate by at least a full percentage point and resume its crisis-era program of buying bonds to lower long-term borrowing costs. Such moves would typically be considered only when the economy faces serious peril, which Fed officials don't believe to be the case.

White House officials have said in recent days that they don't believe the U.S. is headed toward a slowdown.

White House aides said Monday they are examining other proposals to bolster the economy. Among the ideas being discussed is a cut in the payroll tax, but two people familiar with the matter said they didn't expect such a proposal to be pursued.

---

BHP Pledges Record Payout as Profit Surges:

BHP Group said it would pay a record dividend to shareholders, making it the latest global miner to lift returns even as data point to a global slowdown in economic growth.

BHP benefited from a sharp rise in iron-ore prices as China increased infrastructure spending and as supply was held back by production cuts in Brazil following a second deadly spill of mining waste in the past four years.

On Tuesday, BHP said it would pay a dividend of US$1.33 a share for the full year, above its own policy of returning 50% of earnings to shareholders. The miner reported a US$8.31 billion net profit for the 12 months through June-its highest in five years-reflecting the higher iron-ore price and one-off charges much lower than a year earlier.

Underlying profit rose by 2% to US$9.12 billion, the company said.

---

China's Central Bank Sets New Benchmark Lending Rates Lower:

China's central bank has lowered its new benchmark lending rates in a bid to guide borrowing costs down as the economy expands at its slowest pace in decades.

The People's Bank of China set the one-year Loan Prime Rate-the new reference rate replacing the previous benchmark interest rates-at 4.25% on Tuesday, down from 4.31% before. The LPR is also below the one-year benchmark lending rate that now stands at 4.35%.

European futures were little changed Tuesday, mirroring a quiet session of early trading in Asia.

Most Asian indexes made only minor moves. The exception was Australia's ASX 200 which rose after minutes of the Reserve Bank of Australia's July meeting revealed central bankers would consider further monetary easing if necessary.

Despite the quiet start to the day the overall mood was positive, said Stephen Innes, managing partner at Valour Markets.

"Risk sentiment continues to thrive coat-tailing the positive backdrop of risk supportive trade headlines and the prospect of a deluge of monetary and fiscal stimulus," he said.

"However, since the litmus test for risk sentiment will be the outcome of the U.S.-China trade talks, investors probably don't want to race too far ahead of the current economic realities, which could temper bullish opinions."

On Monday, U.S. stocks closed higher, buoyed by a rally among shares of banks and technology companies. Companies that have reeled on escalating trade tensions jumped after positive messages from U.S. officials on the next round of trade talks with Beijing.

Today should be quiet, with no major releases expected. Housing starts in Sweden are expected to have continued to edge lower, though most of the decline is behind us now, SEB analysts say.

In Italy, following Matteo Salvini's push to bring down the government, Prime Minister Giuseppe Conte will appear before the Senate today, which could lead to a confidence vote this week, Nordea Bank analysts say. If Conte is voted down and the Italian president decides a new government can't be created, elections would be called, most likely in October, the bank says. Italian political risk poses another headwind on the euro area's banking sector, Nordea says.

Most Nordic stocks were up on Monday, following global equities higher on hopes of progress on the U.S.-China trade talk front, as well as expectations of central-bank stimulus measures across major economies.

Markets are optimistic ahead of Friday's Jackson Hall meeting, where U.S. Federal Reserve Chairman Jerome Powell is expected to give a dovish speech, said SEB chief equity strategist Esbjorn Lundevall.

Denmark's Copenhagen 20 index bucked the trend, dragged down by heavyweights Carlsberg and Novo Nordisk. Both have performed strongly month-to-date as investors flocked to defensive stocks amid gloomy global markets, so on Monday, as markets reversed course, so did Carlsberg and Novo Nordisk, the SEB analyst explained.

Oil prices were largely flat in Asian trading following sharp gains on Monday.

As fears of a recession ebb, investors' interest is moving to crude oil, TD Securities said. While concerns about slowing demand have weighed on prices, the investment bank said the oil market has likely tightened in recent months due to firm Chinese demand.

Prices rose in the previous session, with WTI settling 2.4% higher, as U.S. stock prices recovered from steep declines last week, which boosted risk appetite across asset classes.

"Crude prices this week are dependent on external factors, led specifically by stock markets and bond markets," said Peter Cardillo, chief market economist at Spartan Capital. "To the extent that it appears we're not immediately headed for a recession, oil prices suddenly look cheap."

Norwegian Air Shuttle to Sell Stake in Norwegian Finans Holding for NOK2.22 Bln

Norwegian Air Shuttle ASA (NAS.OS) said Monday it will sell its entire shareholding in Norwegian Finans Holding ASA (NOFI.OS) for 2.22 billion Norwegian kroner ($246.1 million) to Cidron Xingu Ltd., a company controlled by Nordic Capital Fund IX and Sampo PLC. Shares climb as high as EUR36 from Friday's closing price of EUR31.58.

Hong Kong Leader Faces Pressure to Start Talks After Peaceful March

By holding a massive peaceful march after two months of tear-gas-soaked demonstrations, Hong Kong's pro-democracy movement has stepped up pressure on the city's Beijing-backed leader Carrie Lam to enter into dialogue to resolve the crisis.

---

Fed's Rosengren Still Doesn't See Need to Lower Rates

Federal Reserve Bank of Boston President Eric Rosengren remains worried that central bank interest-rate cuts are unwarranted and could destabilize the financial sector-but signaled he's open to action if convinced the economy was taking a turn for the worse.

---

Twitter, Facebook Act Against Disinformation on Hong Kong Protests

Twitter took down more than 900 accounts that it said were part of a Chinese government campaign to discredit protesters in Hong Kong by spreading misinformation.

---

Trump Urges Restraint by India and Pakistan in Kashmir Conflict

President Trump urged restraint on both sides of the Kashmir conflict in calls with the leaders of India and Pakistan, as tensions over the disputed region have escalated between the two nations this month.

---

RBA in Wait-And-See Mode on Another Rate Cut

The Reserve Bank of Australia said it would wait a bit before deciding to cut rates further to support an economy navigating an escalation in the U.S.-China trade dispute and several domestic headwinds.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

(END) Dow Jones Newswires

August 20, 2019 00:12 ET (04:12 GMT)

DJ China Resources Land 1H Rev CNY45.85B >1109.HK

(END) Dow Jones Newswires (212-416-2800)

August 20, 2019 00:11 ET (04:11 GMT)

DJ China Resources Land 1H Net CNY12.73B >1109.HK

(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)

August 20, 2019 00:11 ET (04:11 GMT)

DJ European Morning Briefing: Stocks Set for Quiet Open; Trump Renews Attack on Powell
Snapshot: 
========

Headline News: =============

Stocks: ====== EuroSTOXX50 3365.91 -1.50 -0.04% DAX 30 11712.00 -6.90 -0.06% FTSE 100 7185.50 -9.00 -0.13% Dow 26139.90 6.50 0.02% S&P 500 2923.99 0.75 0.03% Nasdaq 100 7723.50 5.20 0.07% Futures at 0333 GMT Nikkei 20642.72 79.56 0.39% Hang Seng 26267.45 -24.39 -0.09% S&P/ASX 200 6519.40 52.00 0.80% Shanghai 2886.43 3.34 0.12% Shenzhen A 1653.27 9.21 0.56% Prices at 0325 GMT Dow 26135.79 249.78 0.96% Nasdaq 8002.81 106.82 1.35% S&P 500 2923.65 34.97 1.21% FTSE 100 7189.65 72.50 1.02% FTSE 250 19097.97 276.12 1.47% Xetra DAX 11715.37 152.63 1.32% CAC40 5371.56 70.77 1.34% STOXX 600 373.86 4.23 1.14% EuroSTOXX50 3369.19 40.11 1.20% Closing prices

Forex: ===== USD/JPY 106.58-59 -0.05% EUR/USD 1.1085-88 0.05% GBP/USD 1.2134-36 0.06% USD/CNY 7.0502-22 0.01% U.S. Dollar Index 98.31 -0.04% Rates at 0350 GMT

Bonds: ===== U.S. 10 Year 1.591% U.S. 30 Year 2.076% German 10 Year -0.648% Yields at 0343 GMT

Energy: ====== Nymex $56.15 -0.11% Brent $59.72 -0.03% Futures at 0343 GMT

Metals: ====== Spot gold $1495.66 -0.02% Gold futures $1506.00 -0.37% At 0344 GMT

Other News: ==========

Stocks seen flat; EUR/USD 1.1085-88; bund yield -0.648%; 10-year Treasury 1.591%; Brent $59.72; spot gold $1495.66

Watch For: Eurozone construction output; Germany PPI; no major earnings

Trump Calls for a Big Fed Rate Cut, Again Criticizes Central Bank Chairman:

President Trump called for the Federal Reserve to sharply cut interest rates and again criticized the central bank's chairman for a "horrendous lack of vision," while reiterating his belief that the U.S. economy is strong.

The president said in a pair of tweets that the Fed should cut its benchmark interest rate by at least a full percentage point and resume its crisis-era program of buying bonds to lower long-term borrowing costs. Such moves would typically be considered only when the economy faces serious peril, which Fed officials don't believe to be the case.

White House officials have said in recent days that they don't believe the U.S. is headed toward a slowdown.

White House aides said Monday they are examining other proposals to bolster the economy. Among the ideas being discussed is a cut in the payroll tax, but two people familiar with the matter said they didn't expect such a proposal to be pursued.

---

BHP Pledges Record Payout as Profit Surges:

BHP Group said it would pay a record dividend to shareholders, making it the latest global miner to lift returns even as data point to a global slowdown in economic growth.

BHP benefited from a sharp rise in iron-ore prices as China increased infrastructure spending and as supply was held back by production cuts in Brazil following a second deadly spill of mining waste in the past four years.

On Tuesday, BHP said it would pay a dividend of US$1.33 a share for the full year, above its own policy of returning 50% of earnings to shareholders. The miner reported a US$8.31 billion net profit for the 12 months through June-its highest in five years-reflecting the higher iron-ore price and one-off charges much lower than a year earlier.

Underlying profit rose by 2% to US$9.12 billion, the company said.

---

China's Central Bank Sets New Benchmark Lending Rates Lower:

China's central bank has lowered its new benchmark lending rates in a bid to guide borrowing costs down as the economy expands at its slowest pace in decades.

The People's Bank of China set the one-year Loan Prime Rate-the new reference rate replacing the previous benchmark interest rates-at 4.25% on Tuesday, down from 4.31% before. The LPR is also below the one-year benchmark lending rate that now stands at 4.35%.

European futures were little changed Tuesday, mirroring a quiet session of early trading in Asia.

Most Asian indexes made only minor moves. The exception was Australia's ASX 200 which rose after minutes of the Reserve Bank of Australia's July meeting revealed central bankers would consider further monetary easing if necessary.

Despite the quiet start to the day the overall mood was positive, said Stephen Innes, managing partner at Valour Markets.

"Risk sentiment continues to thrive coat-tailing the positive backdrop of risk supportive trade headlines and the prospect of a deluge of monetary and fiscal stimulus," he said.

"However, since the litmus test for risk sentiment will be the outcome of the U.S.-China trade talks, investors probably don't want to race too far ahead of the current economic realities, which could temper bullish opinions."

On Monday, U.S. stocks closed higher, buoyed by a rally among shares of banks and technology companies. Companies that have reeled on escalating trade tensions jumped after positive messages from U.S. officials on the next round of trade talks with Beijing.

The U.S. dollar weakened against a broad range of currencies Tuesday. It was down 0.1% against the euro and the pound and against the safe-haven yen and Swiss franc.

The U.S. Treasury Department's latest expression of interest in issuing bonds with 50-year and 100-year maturities weighed on demand for existing Treasurys on Monday, providing a lift to the 30-year yield after it fell to a record low last week.

The yield on the benchmark 30-year U.S. government bond settled at 2.090% and the yield on the 10-year note also rose to 1.603%. Yields on both bonds pulled back slightly in Asian trading Tuesday.

In Europe, J.P. Morgan's rate strategists said U.K. gilt valuations have become "very stretched", with the 10-year government bond now 45 basis points "too rich" against U.K. and global money market rates.

This is more than after the 2016 Brexit referendum and subsequent central bank interest-rate cut, they said. However, the bank sees risks tilted at some point to "markets pricing increased Brexit no-deal expectations until the exact path to blocking no-deal on Oct. 31 becomes clearer".

The ongoing rally in global yields over the past week has pushed 10-year gilt yields to their all-time lows, pushing gilt prices up, as Brexit worries took the back seat, it added.

Oil prices were largely flat in Asian trading following sharp gains on Monday.

As fears of a recession ebb, investors' interest is moving to crude oil, TD Securities said. While concerns about slowing demand have weighed on prices, the investment bank said the oil market has likely tightened in recent months due to firm Chinese demand.

Prices rose in the previous session, with WTI settling 2.4% higher, as U.S. stock prices recovered from steep declines last week, which boosted risk appetite across asset classes.

"Crude prices this week are dependent on external factors, led specifically by stock markets and bond markets," said Peter Cardillo, chief market economist at Spartan Capital. "To the extent that it appears we're not immediately headed for a recession, oil prices suddenly look cheap."

Base metals' prices diverged in Asian trading. The three-month copper contract was flat at $5,774 per ton and tin futures were down 0.2% at $16,445 per ton, while aluminum futures were up 0.1% at $1,796 per ton.

Tin has recovered from a three-year low hit last week, but Commerzbank said a sharp increase in tin stocks in the LME's warehouses recently indicates weak tin demand.

The demand is partly depressed by the trade dispute between the world's two major tin consumers--South Korea and Japan--since many electronic products which require tin are manufactured in the two countries, it said.

Spot gold prices meanwhile were little changed while gold futures fell.

Hong Kong Leader Faces Pressure to Start Talks After Peaceful March

By holding a massive peaceful march after two months of tear-gas-soaked demonstrations, Hong Kong's pro-democracy movement has stepped up pressure on the city's Beijing-backed leader Carrie Lam to enter into dialogue to resolve the crisis.

---

Fed's Rosengren Still Doesn't See Need to Lower Rates

Federal Reserve Bank of Boston President Eric Rosengren remains worried that central bank interest-rate cuts are unwarranted and could destabilize the financial sector-but signaled he's open to action if convinced the economy was taking a turn for the worse.

---

Twitter, Facebook Act Against Disinformation on Hong Kong Protests

Twitter took down more than 900 accounts that it said were part of a Chinese government campaign to discredit protesters in Hong Kong by spreading misinformation.

---

Trump Urges Restraint by India and Pakistan in Kashmir Conflict

President Trump urged restraint on both sides of the Kashmir conflict in calls with the leaders of India and Pakistan, as tensions over the disputed region have escalated between the two nations this month.

---

RBA in Wait-And-See Mode on Another Rate Cut

The Reserve Bank of Australia said it would wait a bit before deciding to cut rates further to support an economy navigating an escalation in the U.S.-China trade dispute and several domestic headwinds.

Write to william.horner@wsj.com

(END) Dow Jones Newswires

August 20, 2019 00:03 ET (04:03 GMT)

DJ UMW Faces Auto-Related Headwinds: AmBank -- Market Talk

0400 GMT - The costs UMW is set to incur from the automotive-assembly plant it inaugurated in January prompts AmBank to trim the stock's fair-value estimate to MYR5.50 from MYR5.89. In addition to the anticipated extra depreciation expense, AmBank is concerned that sales at the industrial conglomerate's auto division will be hit next year if it fails to sustain this year's flurry of passenger-vehicle launches, which would hurt its ability to compete with rivals' new offerings. AmBank maintains a hold rating on UMW stock, which was last trading down 2.4% at MYR5.20. (yantoultra.ngui@wsj.com; @yantoultrangui)

(END) Dow Jones Newswires

August 20, 2019 00:00 ET (04:00 GMT)

DJ News Highlights: Top Energy News of the Day
BHP Pledges Record Payout as Profit Surges

Oil Rises on Trade Hopes

Investors Start to Cool on Utilities

Navajo Nation to Buy Cloud Peak Coal Mines Out of Bankruptcy

PG&E Plunges After Judge Allows Trial

Legal Tussle Prevents $2.5 Billion Gas Pipeline to Mexico From Opening

Russian Nuclear Monitoring Stations Went Silent After Missile Blast

Energy & Utilities Roundup: Market Talk

Iran-Aligned Houthis Strike Major Saudi Oil Field

PG&E Stays in Charge of Mega-Billion-Dollar Bankruptcy Exit Plan

BHP Group said its annual net profit more than doubled because of strong iron-ore prices and large charges the year before that weren't repeated.

Oil prices rose, fueled by hopes of progress in trade relations between China and the U.S.

Utility stocks haven't been climbing in August as much as some analysts and investors might expect given the sharp drop in bond yields recently.

A bankruptcy judge has approved the sale of Cloud Peak Energy Inc. coal mines to a business subsidiary of the Navajo Nation, expanding the tribe's operations into the busy Powder River Basin coal-mining region.

The bankrupt utility faces billions in additional liabilities if a jury finds its equipment sparked the 2017 Tubbs fire.

Mexico's state-owned power utility is seeking nearly $900 million from delays in construction of a $2.5 billion natural-gas pipeline from Texas, preventing the finished project from opening despite energy shortages in some parts of the country.

Two Russian monitoring stations designed to detect nuclear radiation went silent soon after the explosion at a missile test site this month, spurring concerns among observers that the Russian government is trying to restrict evidence of the accident.

The latest Market Talks covering Energy and Utilities

Yemen's Houthi rebels struck Saudi Arabia's Shaybah oil field, one of the kingdom's largest, according to the Iran-aligned rebels and people familiar with the matter, deepening tensions between Iran and its rivals that have engulfed the region's energy facilities.

PG&E Corp. scored a crucial win Friday, when the judge overseeing its massive bankruptcy allowed it to hold on to sole rights to fashion a chapter 11 exit plan.

(END) Dow Jones Newswires

August 20, 2019 00:00 ET (04:00 GMT)

DJ Interbank Foreign Exchange Rates At 23:50 EST / 0350 GMT
 
                           Latest       Previous   %Chg    Daily    Daily   %Chg 
Dollar Rates                               Close            High      Low  12/31 
 
USD/JPY Japan           106.58-59      106.63-64  -0.05   106.69   106.51  -2.75 
EUR/USD Euro            1.1085-88      1.1079-82  +0.05   1.1090   1.1078  -3.34 
GBP/USD U.K.            1.2134-36      1.2127-29  +0.06   1.2139   1.2122  -4.89 
USD/CHF Switzerland     0.9806-10      0.9813-17  -0.07   0.9819   0.9805  -0.08 
USD/CAD Canada          1.3317-22      1.3322-27  -0.04   1.3333   1.3313  -2.35 
AUD/USD Australia       0.6774-78      0.6761-65  +0.19   0.6785   0.6754  -3.91 
NZD/USD New Zealand     0.6415-21      0.6406-12  +0.14   0.6424   0.6402  -4.49 
 
Euro Rates 
 
EUR/JPY Japan           118.14-18      118.13-17  +0.01   118.30   118.06  -6.00 
EUR/GBP U.K.            0.9138-41      0.9135-38  +0.03   0.9145   0.9132  +1.66 
EUR/CHF Switzerland     1.0873-76      1.0875-78  -0.02   1.0884   1.0873  -3.39 
EUR/CAD Canada          1.4763-73      1.4756-66  +0.05   1.4779   1.4758  -5.58 
EUR/AUD Australia       1.6356-66      1.6373-83  -0.10   1.6408   1.6344  +0.60 
EUR/DKK Denmark         7.4569-76      7.4570-77   0.00   7.4601   7.4567  -0.12 
EUR/NOK Norway         9.9480-530      9.9449-99  +0.03   9.9597   9.9432  +0.42 
EUR/SEK Sweden        10.7296-396    10.7260-360  +0.03  10.7380  10.7293  +5.73 
EUR/CZK Czech Rep.     25.786-816     25.780-810  +0.02   25.808   25.791  +0.35 
EUR/HUF Hungary         326.38-78      326.31-71  +0.02   326.69   326.22  +1.73 
EUR/PLN Poland          4.3647-65      4.3671-89  -0.05   4.3710   4.3614  +1.77 
 
Yen Rates 
 
AUD/JPY Australia        72.22-26       72.11-15  +0.15    72.30    71.96  -6.53 
GBP/JPY U.K.            129.29-35      129.29-35   0.00   129.39   129.20  -7.56 
CAD/JPY Canada           80.00-04       80.01-05  -0.01    80.08    79.89  -0.43 
NZD/JPY New Zealand      68.37-44       68.30-38  +0.09    68.46    68.21  -7.11 
 
Other Dollar Rates 
 
USD/CZK Czech Rep.      23.248-98     23.260-310  -0.05   23.291   23.267  +3.80 
USD/HUF Hungary         294.36-76      294.55-95  -0.06   294.85   294.39  +5.20 
USD/DKK Denmark         6.7258-68      6.7314-24  -0.08   6.7318   6.7250  +3.30 
USD/NOK Norway          8.9722-82     8.9754-814  -0.04   8.9852   8.9711  +3.86 
USD/PLN Poland          3.9372-77      3.9424-29  -0.13   3.9438   3.9358  +5.26 
USD/RUB Russia       66.949-7.019      66.929-99  +0.03   67.048   66.916  -3.26 
USD/SEK Sweden         9.6777-867     9.6824-914  -0.05   9.6931   9.6782  +9.37 
USD/ZAR S. Africa     15.4059-359    15.4548-848  -0.32  15.4719  15.4091  +7.38 
 
USD/CNY China           7.0502-22     7.0497-517  +0.01   7.0512   7.0502  +2.51 
USD/HKD Hong Kong       7.8446-51      7.8445-50  +0.00   7.8461   7.8430  +0.17 
USD/MYR Malaysia       4.1791-841      4.1712-62  +0.19   4.1835   4.1736  +1.19 
USD/INR India           71.620-30      71.650-70  -0.05   72.005   71.451  +2.95 
USD/IDR Indonesia        14261-75       14228-42  +0.23    14270    14234  -0.78 
USD/PHP Philippines     52.400-20      52.372-92  +0.05   52.445   52.321  -0.17 
USD/SGD Singapore       1.3848-58      1.3862-72  -0.10   1.3876   1.3849  +1.64 
USD/KRW S. Korea    1209.32-11.32   1211.62-3.62  -0.19  1213.50  1209.51  +8.62 
USD/TWD Taiwan          31.362-92      31.358-88  +0.01   31.397   31.246  +2.60 
USD/THB Thailand        30.810-30      30.850-70  -0.13   30.890   30.790  -4.64 
USD/VND Vietnam         23171-241      23171-241   0.00    23210    23203  +0.05 
 
USD/BRL Brazil          4.0732-62      4.0734-64   0.00   4.0752   4.0739  +4.98 
USD/MXN Mexico        19.8452-752    19.8472-772  -0.01  19.8810  19.8465  +1.07 
USD/ARS Argentina     54.8222-619    54.8320-420  +0.01  54.9594  54.8121 +45.68 
 
Source: Tullett Prebon 
 

(END) Dow Jones Newswires

August 19, 2019 23:50 ET (03:50 GMT)