U.S. Pre-Market | Major European and U.S. Indices Rise Across the Board; Moody's Says Global Economy Will Not Enter Recession in Next Two Years

Luis de Guindos, Vice President of the European Central Bank (ECB), stated on Thursday (November 14) that the risk of recession facing Europe is very low; however, he urged governments across the eurozone to help revitalize the regional economy. As the European economy continues to languish, expectations remain for further monetary easing by the ECB. On Thursday, the euro fell to a new low against the U.S. dollar—1.0989—its weakest since October 10; however, unexpectedly positive German and eurozone economic data, coupled with remarks from New York Fed President John Williams that revived market expectations of Federal Reserve rate cuts, drove a rebound in the euro-dollar exchange rate. De Guindos noted that data indicate Germany narrowly avoided recession in Q3, yet overall eurozone growth remains below expectations, requiring close monitoring by the ECB. Without stimulus measures, authorities would need to confront the risk of ‘Japanification’—prolonged low growth and low inflation. Bank of America warned in a report that the Federal Reserve’s latest bond-buying program may entail substantial risks—and could even trigger the next financial crisis. In particular, the Fed’s use of quantitative easing (QE) while explicitly telling investors that “this is not QE” raises serious concerns. JD.com reported adjusted earnings per American Depositary Share (ADS) of RMB 2.08 for Q3, significantly surpassing the market expectation of RMB 1.22. Eurozone CPI rose 0.1% month-on-month in October, below the expected 0.2% and unchanged from the prior month’s reading of 0.2%. Year-on-year, eurozone CPI rose 0.7% in October, matching expectations. Analysts commented that although prices for services, food, and tobacco/alcohol surged 1.5%, energy prices fell 3.1%, causing the October monthly CPI print to miss expectations. IEA Monthly Report: With a surge in new supply, global oil markets are expected to stabilize in 2020. Crude oil demand in 2019 is projected to decline by 90,000 barrels per day—the first annual drop since 2009. Key upcoming events: 21:30 — U.S. Core Retail Sales MoM for October; 22:15 — U.S. Industrial Production MoM for October; 23:00 — U.S. Retail Inventories Excluding Autos for September; Earnings to watch: Xunlei (XNET), Hewlett Packard Enterprise (HPE);

U.S. Stock Mover | Mortgage REIT American Capital Agency Corp. (AGNC.US) Drops Nearly 8% Amid Widening Mortgage-Backed Bond Spreads; RBC Cuts Target Price to $10

Guron Finance, October 5 — Mortgage REIT American Capital Agency Corp. (AGNC.US) fell nearly 8%, trading at $8.382. Kenneth Lee, analyst at Royal Bank of Canada (RBC), lowered the company’s target price from $13 to $10, maintaining a “Outperform” rating. Lee explained that the downward revision reflects a lower valuation of the company’s book value per share due to widening mortgage-backed bond spreads, as well as a reduction in the company’s price-to-earnings multiple amid the current macroeconomic environment.

RBC keeps USD 13.00 target for Rayonier Advanced Materials stock

1 day ago

RBC Capital maintains a Buy rating for Rayonier Advanced Materials with a $13.00 price target. Q2 revenue reached $376.14 million, reflecting a 10.61% year-over-year increase.

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