MORNING BID-The times they are a-changing
MORNING BID-The times they are a-changing
A look at the day ahead from Julien Ponthus.
Stock markets have found a kind of equilibrium these days, below record highs yet apparently content about the U.S. Federal Reserve's wait-and-watch policy stance.
They may also be getting accustomed to the taper talk that's
increasingly creeping into Fed speakers' lexicon. The bank's vice chair for supervision Randal Quarles was the latest to say he was prepared to open talks on reducing emergency support. (He did stress at the same time the need for patience).
And broader structural shifts are also underway.
Take yesterday's banking industry hearing at the U.S. Senate. Alongside receiving the usual grilling for perceived greed and malpractices, Wall Street's top bankers also found themselves under attack from some Republican Senators for supporting liberal causes, such as gun control or limiting fossil-fuel financing.
Actually, cutting off fossil-fuel companies makes perfect business sense. Shareholders have just rebuked the top two U.S. oil companies for dragging their feet on fighting climate change. And a Dutch court has told Royal Dutch Shell to move faster on cutting greenhouse gas emissions.
Another landmark moment yesterday was in the 'gig economy' where Uber recognised Britain's GMB union, allowing it to represent up to 70,000 drivers.
In the midst of all this, M&A continues apace, the latest mega-deal being Amazon's purchase of MGM, the fabled U.S. movie studio home to the James Bond franchise.
In the meantime, signs of an easing recovery came in with earnings at China's industrial firms growing at a slower pace in April and German consumer morale improving less than expected heading into June.
Key developments that should provide more direction to markets on Thursday:
-- ECB speakers: supervisory board’s Pentti Hakkarainen (0910 GMT), vice president Luis de Guindos (0945 GMT); board member Frank Elderson (1000), board member Isabel Schnabel (1300 GMT)
-- U.S. durable goods, GDP, weekly jobless
-- Auctions: US 4-week t-bills, 7-year notes; Japan 40 yr bonds
-- US earnings: Dollar general, Medtronic, Dollar Tree, Best Buy, Gap, Costco
-- European earning: Johnson Mathey, Tate and Lyle The same six bank CEOs will appear before the House Financial Services Committee on Thursday
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Big Oil's energy transition
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(Reporting by Julien Ponthus; editing by Sujata Rao)
((julien.ponthus@thomsonreuters.com@thomsonreuters.com
mailto:saikat.chatterjee@thomsonreuters.com)
朱利安·龐薩斯對未來一天的展望。這些天，股市已經找到了一種平衡，低於創紀錄高位，但顯然對美聯儲(Fed)的觀望政策立場感到滿意。他們可能也習慣了縮減的言論，那就是越來越多的人悄悄進入美聯儲發言人的詞典。世行負責監管的副主席蘭德爾·誇爾斯(Randal Quarles)是最新一位表示準備就減少緊急援助展開談判的人。(他同時強調了耐心的必要性)。更廣泛的結構性轉變也在進行中。以昨天在美國參議院舉行的銀行業聽證會為例。除了因被視為貪婪和不當行為而受到慣常的盤問外，華爾街的頂級銀行家還發現自己因為支持自由派事業(如槍支管制或限制化石燃料融資)而受到一些共和黨參議員的抨擊。實際上，切斷化石燃料公司在商業上是完全合理的。股東們剛剛指責美國最大的兩家石油公司在應對氣候變化方面行動遲緩。荷蘭一家法院要求荷蘭皇家殼牌加快減少温室氣體排放。昨天另一個里程碑式的時刻是“零工經濟”，優步承認了英國的GMB工會，允許其代表多達7萬名司機。在這一切之中，併購仍在快速進行，最新的一筆巨型交易是亞馬遜收購米高梅(MGM)，這家傳説中的美國電影製片廠擁有詹姆斯·邦德(James Bond)的特許經營權。與此同時，隨着中國工業企業4月份盈利增速放緩，以及進入6月份德國消費者士氣改善程度低於預期，出現了復甦放緩的跡象。週四應該會為市場提供更多方向的關鍵事態發展：-歐洲央行演講者：監事會成員Pentti Hakkarainen(格林威治時間0910)，副總裁路易斯·德金多斯(格林威治時間0945)；董事會成員弗蘭克·埃爾德森(1000)，董事會成員伊莎貝爾·施納貝爾(格林威治時間1300)--美國耐久財、GDP、一週初請失業金-拍賣：美國4週期國庫券，7年期公債；日本40年期公債--美國收益：Dollow General，美敦力，Dollar Tree，百思買，Gap，Costco--歐洲盈利：Johnson Mathee，Tate和Lyle這六位銀行首席執行官週四將出現在眾議院金融服務委員會(House Financial Services Committee)面前/>石油巨頭的能源轉型 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>(朱利安·龐薩斯報道；Sujata Rao編輯)((julien.ponthus@thomsonreuters.com@thomsonreuters.com郵箱：saikat.chat terjee@thomsonreurs.com)
譯文內容由第三人軟體翻譯。