Euro Falls to Two-Year Low Amid Trade Concerns, Trump Ire By Bloomberg



(Bloomberg) — The euro sank below $1.10 for the first time since May 2017 amid low liquidity on a late-summer trading session.

The common currency lost as much as 0.7% against the U.S. dollar, getting as low as $1.0976. The selloff picked up dramatically around 11 a.m. in New York as London closed for the month and after currency options expired.

With U.S. markets shut Monday for Labor Day, traders may be hesitant to hold big positions going into the long weekend. And that’s especially true with new U.S. tariffs on Chinese imports poised to take effect Sunday as the trade war between the world’s two largest economies rages on.

“The direction of travel for world trade-industrial production is still heading south — which is a euro negative,” Chris Turner, a foreign-exchange strategist at ING Groep (AS:) NV, said in an email.

The euro remained weak in early afternoon trading, setting a fresh daily low of $1.0976 at 1:02 p.m. in New York.

The common currency tumbled even after U.S. President Donald Trump complained Friday, yet again, about the dollar’s strength and the euro’s weakness, which makes American exports less competitive. Meanwhile, Italian bonds fell as the country’s political crisis took another twist with officials clashing as they attempted to form a new ruling coalition.

This comes at a time when European Central Bank staff are working on a stimulus proposal for policy makers to consider at their Sept. 12 meeting, amid rising expectations the institution will cut interest rates further below zero and consider fresh asset purchases.

Traders also executed stop orders Friday to sell the euro as it weakened, helping to accelerate the move lower.

Brad Bechtel, a strategist at Jefferies, said there were stops through the prior August lows and then again through $1.1000. Traders execute stop orders at predetermined levels to curb losses.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Volkswagen overstated fuel economy on 98,000 U.S. vehicles, will repay consumers By Reuters


© Reuters. A Volkswagen logo is seen at Serramonte Volkswagen in Colma, California

By David Shepardson

WASHINGTON (Reuters) – Volkswagen AG (DE:) must forfeit greenhouse gas emissions credits and is lowering the fuel economy ratings on 98,000 vehicles after the U.S. Environmental Protection Agency said auto software overstated real-world performance.

Volkswagen said Friday it had agreed to a $96.5 million court settlement, with no fine, to reimburse affected customers.

The software was on roughly 1 million 2013-2017 model year Audi, Bentley, Porsche and Volkswagen vehicles, the agency said. It caused the transmission to shift gears in a manner that sometimes optimizes fuel economy and greenhouse gas emissions during the EPA-prescribed emissions test, but not under normal driving conditions, the agency said.

The vehicles getting lower ratings include versions of the Audi A8, Bentley Continental GT, Porsche Cayenne and VW Touareg. Not all of the five model years are covered by the settlement.

The EPA said Volkswagen has determined the software lowered the fuel economy rating on roughly 98,000 vehicles by about one mile per gallon.

The issue was discovered during an investigation by the EPA and California Air Resources Board into excess diesel emissions in hundreds of thousands of U.S. vehicles.

The German automaker admitted using illegal software to cheat U.S. pollution tests in 2015, triggering a global backlash against diesel vehicles that has so far cost it 30 billion euros ($33 billion) in fines, penalties and buyback costs. In May, it set aside an additional 5.5 billion euros in contingent liabilities.

The EPA said Volkswagen understated greenhouse gas emissions by about 220,000 metric tons and it will forfeit EPA credits and credits in the federal Corporate Average Fuel Economy program. The exact amount of credits will be subject to approval by EPA and the National Highway Traffic Safety Administration.

The issue reduced fuel economy by about 3.5% on impacted vehicles, VW said, adding customers will receive payments of $5.40 to $24.30 for each month the vehicle is owned or leased.

“Volkswagen is committed to providing customers with transparent fuel economy data for our vehicles, in line with U.S. labeling requirements,” said VW spokesman Pietro Zollino.

The company added the settlement “removes the uncertainty of protracted litigation and does not include any admission of liability or wrongdoing by Volkswagen.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Airbus pulls out of Canada fighter jet race, boosts Lockheed Martin’s chances By Reuters


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© Reuters. The logo of Airbus is pictured at their facility in Montoir-de-Bretagne near Saint-Nazaire

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By David Ljunggren

OTTAWA (Reuters) – Airbus SE (PA:) on Friday pulled out of a multibillion-dollar competition to supply Canada with 88 new fighter jets, a decision that boosts the chances of rival Lockheed Martin Corp (N:).

The defense arm of Airbus, which indicated last month it might withdraw, cited onerous security requirements and a late decision by Ottawa to loosen the rules for how much bidders would have to invest in Canada.

Airbus and other contenders had already complained the government appeared to be tilting the race in favor of Lockheed Martin’s F-35 plane, which the Royal Canadian Air Force wants. Canada is part of the consortium that developed the plane.

Canada launched the long-delayed competition last month and said it was confident no favoritism had been shown. Ottawa says the contract is worth between C$15 billion ($11.30 billion) and C$19 billion.

Canada’s official opposition Conservative Party, which is seeking to defeat Liberal Prime Minister Justin Trudeau in an October election, accused the government of gross mismanagement.

Reuters revealed in July that Airbus and Boeing Co (N:) had written to Ottawa to say they might pull out.

The firms are unhappy that in late May, the government dropped a demand that bidders must guarantee to give Canadian businesses 100% of the value of the deal in economic benefits.

Such legally watertight commitments, which Boeing, Airbus and Sweden’s Saab AB (ST:) had already agreed to, contradict rules of the F-35 consortium. Ottawa’s move allowed Lockheed Martin to stay in the competition.

“One of the strongest points of our bid was the fact we were willing to make binding commitments,” said an Airbus source, who requested anonymity given the sensitivity of the situation.

“Once this was loosened up to a point where these commitments were no longer valued in the same way”, the firm decided “that’s just too much”, added the source, who also cited security challenges.

European jets must show they can meet stringent standards required by the United States, which with Canada operates the North American Aerospace Defense Command.

“NORAD security requirements continue to place too significant of a cost on platforms whose manufacture and repair chains sit outside the United States (and) Canada,” Airbus said in a statement.

Canada has been trying unsuccessfully for almost a decade to buy replacements for its aging F-18 fighters. The former Conservative administration said in 2010 it would buy 65 F-35 jets but later scrapped the decision, triggering years of delays and reviews.

Trudeau’s Liberals took power in 2015 vowing not to buy the F-35 on the grounds that it was too costly, but have since softened their line.

“Justin Trudeau has spent the past four years delaying and dithering on new fighter jets for Canada only to completely mismanage the competition process,” said Conservative defense spokesman James Bezan.

No one was immediately available for comment at the Canadian procurement ministry and defense ministry, which are running the jet competition. Lockheed Martin declined to comment while Boeing and Saab did not respond to requests for comment.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



U.S. consumer confidence falls but only slightly despite trade fight By Reuters


© Reuters. FILE PHOTO: People shop at an H&M store during the grand opening of the The Hudson Yards development in New York

By Lucia Mutikani

WASHINGTON (Reuters) – U.S. consumer confidence fell less than expected in August, with households still upbeat about the labor market despite an escalation in trade tensions, which has cast a shadow over the longest economic expansion in history.

While the survey from the Conference Board on Tuesday did not change expectations that the Federal Reserve will cut interest rates again next month, it further reduced the chances of an aggressive easing to counter the effects of the U.S.-China trade war, including tighter financial conditions.

Fed Chair Jerome Powell told a conference of central bankers last week that the economy was in a “favorable place,” but reiterated that the U.S. central bank would “act as appropriate” to keep the economic expansion, now in its 11th year, on track.

The Fed lowered its short-term interest rate by 25 basis points last month for the first time since 2008, citing trade tensions and slowing global growth. Financial markets have fully priced in another quarter-percentage-point cut at the Fed’s Sept. 17-18 policy meeting.

“The consumer remains confident despite the ongoing trade war between the U.S. and China and this bodes well for the economic outlook in the second half of the year,” said Chris Rupkey, chief economist at MUFG in New York. “Consumers may have even seen July’s rate cut as good medicine for the economy which will help keep the economy on the sustainable growth path.”

The Conference Board said its consumer confidence index slipped to a reading of 135.1 this month from a slightly upwardly revised 135.8 in July. The index was previously reported at 135.7 in July. Economists polled by Reuters had forecast it dropping to 129.5 in August.

The survey’s present situation measure rose to 177.2, the highest reading since November 2000, from 170.9 in July.

The Conference Board, however, cautioned that if the trade conflict persists, “it could potentially dampen consumers’ optimism regarding the short-term economic outlook.” Consumers’ expectations, based on their short-term outlook for income, business and labor market conditions, slipped to a reading of 107.0 this month from 112.4 in July.

President Donald Trump on Friday announced a new round of tariffs on Chinese imports, hours after Beijing unveiled retaliatory tariffs on $75 billion worth of U.S. goods. On Monday, the two economic powerhouses sought to ease tensions, with Beijing calling for calm and Trump predicting a deal.

The Conference Board survey’s findings are in stark contrast with a University of Michigan survey, which showed consumer sentiment dropping to a seven-month low in early August and a measure of current conditions hitting its lowest level since late 2016. According to the University of Michigan, monetary and trade policies had heightened consumers’ uncertainty about their future financial prospects.

The Conference Board survey places more emphasis on the labor market, while the stock market has a huge influence on the University of Michigan survey.

The dollar was little changed against a basket of currencies, while U.S. Treasury prices rose. Stocks on Wall Street were lower.

SOLID LABOR MARKET

The Conference Board survey’s so-called labor market differential, derived from data on respondents’ views on whether jobs are plentiful or hard to get, jumped to 39.4 in August from 33.1 in July. That measure closely correlates to the unemployment rate in the Labor Department’s employment report.

“This could signal a drop in the unemployment rate in August,” said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. “So, despite growing worries, businesses don’t appear to be cutting staff or even slowing the pace of hiring all that much.”

The unemployment rate is at 3.7%. Other data on Tuesday showed house price inflation continuing to slow, which together with lower borrowing costs could provide a jolt to the housing market, which has been mired in weakness since last year.

The S&P CoreLogic Case-Shiller house price index for 20 metro areas increased 2.1% from a year ago in June, the smallest gain since August 2012, after a 2.4% rise in May.

The moderation in house price appreciation was also corroborated by another report from the Federal Housing Finance Agency (FHFA) showing its house price index increased a seasonally adjusted 4.8% in June from a year ago, the smallest rise since January 2015, after rising 5.2% in May.

House prices increased 1.0% in the second quarter. The FHFA’s index is calculated by using purchase prices of houses financed with mortgages sold to or guaranteed by mortgage finance companies Fannie Mae and Freddie Mac.

“The increase in housing demand coming from lower mortgage rates doesn’t seem to have been enough to prevent house price appreciation from slowing,” said Daniel Silver, an economist at JPMorgan (NYSE:) in New York.



How to invest during turmoil By Reuters



By David Randall

NEW YORK (Reuters) – The start-and-stop progress of negotiations between the United States and China aimed at ending the trade war between the world’s two largest economies is souring Wall Street playbooks and increasing market volatility as investors seek to profit during the uncertainty.

Investors are now focused on Sept. 1, when the first stage of U.S. tariffs on $300 billion worth of Chinese goods is scheduled to go into effect. In response, China unveiled tariffs on U.S. products ranging from soybeans to autoparts to small aircraft that are set to go into effect the same day.

Global stock markets rallied Monday after President Donald Trump said he expects to see a trade deal, then fell Tuesday after China’s foreign ministry said it had not received any recent phone calls from the United States on trade.

Here are how some on Wall Street are navigating the trade dispute:

1) Phil Orlando, portfolio manager and chief equity market strategist at Federated Investors in New York, said the prospects of drawn-out trade discussions prompted him to lower his equity overweight from 8% to 3% in July.

“To some degree Trump is using Chinese trade issues as a means of trying to extract additional cuts from the Fed to bring interest rates down, believing that at some point in the future he has the ability to sit down with the Chinese and pull a deal together,” he said.

If that were to occur, Orlando would move into an overweight into sectors like auto parts and agricultural that have been the focus on Chinese tariffs.

2) Jack Ablin, chief investment officer at Cresset Capital Management in Chicago, said his firm reduced risk earlier this year.

“We are feeling pretty good about our reduced-risk position, obviously the risk is we have some sort of a market melt-up. But the likelihood of a market melt-up seems small given where valuations are, where yields are and where expectations are.”

3) Mark Haefele, global chief investment officer, global wealth management, at UBS AG, wrote in a research note this week: “Downside risks are increasing for both the global economy and markets. As a result, we are reducing risk in our portfolios by moving to an underweight in equities to lower our exposure to political uncertainty.”

4) Strategists at JP Morgan say they are “nearing the time to add back risk” as they see a chance that the latest tariffs will not be implemented.

“While we have been advocating a consolidation call during August, we continue to expect that the pullback will not extend for longer than the May one did, and still believe that the market will advance into year-end, starting with a September upmove, as originally envisaged.”

Among the positives expected are “with respect to tariffs, with a chance of the latest ones not being implemented after all.”

5) Derivatives strategists at JP Morgan suggested using equity options as a way to benefit from either an improvement or further deterioration in trade tensions.

“Current weak positioning and sentiment could turn around quickly on positive trade developments, and drive significant market upside,” strategist Bram Kaplan said in a note on Tuesday.

Kaplan recommended buying S&P 500 options that make money in the event of a market rebound. He also recommended buying call options on stocks and sector exchange traded funds (ETFs) hardest hit by trade escalation to benefit from a possible rebound.

For companies that have so far largely escaped a hit from tariffs but remain vulnerable to a fresh round of tariffs in December, the strategists recommended buying December put options. These companies include Nike (N:), Estee Lauder (N:) and Illinois Tool Works (N:), according to JP Morgan.



As bond e-trading takes off, debt sales business may be ripe for automation


LONDON (Reuters) – With banks’ bond trading desks increasingly going electronic, another of the last bastions of old-school banking – the business of helping companies and countries raise capital – may be about to succumb to the tide of technology.

FILE PHOTO: People walk through the Canary Wharf financial district of London, Britain, December 7, 2018. REUTERS/Simon Dawson

A clutch of start-ups want to disrupt the cosy world of syndicated debt sales, where borrowers enlist banks’ help to raise capital from investors, by using new technology to shake up the sector.

“There is a lot of money spent on mundane work like data entry, which tends to be done at a very high cost, by highly paid people in highly expensive office space,” said Richard Cohen, legal counsel at London-based Nivaura, which is pitching its digital capital markets platform to banks.

Such start-ups are touting a one-stop-shop digital platform that will automate the generation and tracking of deal-related data. It will end manual processing through artificial intelligence, blockchain and “smart tech”. Some even hope to use their technology to connect smaller borrowers with investors directly, eventually cutting out middlemen banks altogether.

Up against them is the world of primary syndicated debt sales, which has been slow to adopt new technology and is virtually unchanged in 25 years.

By contrast, equity and currency markets embraced the shift to electronic systems more than a decade ago and bond trading has gone the same way in recent years.

The resistance to the march of the machines comes down to the relationship-driven nature of bond sales. Successful pitches can hinge on person-to-person ties forged over lunches in City restaurants, while bankers leave a long paper-trail of documentation on deals that can take months of back-and-forth.

The sheer volume of analysis and the number of parties involved – from banks to law firms to investors – also make it harder to reduce primary dealership business to spreadsheets. Planning deals can take months of delicate negotiations between bank, borrower and end investor.

FALLING PROFITS

Banks’ resistance to change may be overcome by the squeeze on profitability, however.

Tighter regulation, competition and lower fees from primary bond issuance were behind a 7% fall last year in debt capital market revenues at banks tracked by analytics firm Coalition.

At troubled Deutsche Bank, debt origination revenues fell 19% for the 2018 full year, from a year earlier, its annual report shows.

Global bond issuance fell by 4% in the first half of 2019 to $3.63 trillion, according to data from analytics provider Dealogic. A total of $11.7 billion was earned by investment banks in H1 for bond sales, the data showed.

Daniel Fletcher, partner in the International Capital Markets team of Allen & Overy said the primary dealing process could be automated from end-to-end for greater efficiency.

“Systems and parties are still disjointed; there are a lot of silos and you can to some degree automate or connect every part of that process,” Fletcher said.

Electronification may boost banks’ debt capital market (DCM) earnings by cutting costs and increasing deal volumes. Nivaura says its technology can reduce transaction times and costs by 55% and allow personnel to be redeployed into higher value work.

These start-ups say their technology will also help smaller companies for whom bond markets can be prohibitively expensive, by reducing the costs of raising capital.

Improving the process may also prove crucial at a time when developed governments are preparing to issue more debt to fund infrastructure in a bid to boost growth.

Charlie Berman, a former Citi and Barclays banker who co-founded Agora, a start-up looking to streamline bond deals, described the documentation needed for a governments to raise infrastructure financing as “nightmarish”.

ART NOT SCIENCE

However, many bankers say the advisory nature of debt origination and syndication, which practitioners describe as an art not a science, cannot be replaced by data-churning machines.

And there are concerns that the technology will accelerate job cuts across the banking sector if automated platforms see borrowers connecting directly with investors.

Jean-Marc Mercier, global co-head of DCM at HSBC, said newer technology would help bankers better understand the investor base – for instance how they might trade the bonds or how “green” their credentials are – using live analytics and a vast database to track the profile, previous orders and trading behavior of the buyside.

But the choice of when to launch a deal or at what size needs the human input, he said.

“We have seen some of the startups trying to allocate wealth to funds automatically and it is fine at a low level, but do you trust a machine?” Mercer said.

“As soon as you have a bit more money involved, you want to see the white of someone’s eye, and trust they are doing the right thing.”

Indeed, initiatives to connect issuers directly with investors are yet to take off.

Europe is still consulting on a new issuance platform — European Distribution of Debt Instruments (EDDI) — which banks would use for book-building, pricing and settlement of bonds.

In the United States, Project MARS, a platform for corporate bond issuance backed by a consortium of banks is trying to connect investors directly to issuers but is making slow progress, according to people familiar with the product.

Agora’s Berman says it is premature to expect bond-issuing companies and governments to ditch bank intermediaries and go to market directly.

Slideshow (2 Images)

Instead, Agora aims to use distributed ledger technology — a confidential permissioned blockchain — to replace the paper-trail and manual processes involved in bond deals.

“It is fashionable to say we don’t see a future for banks but that does not acknowledge the huge complexities involved such as managing counterparty risk, complying with know-your client and anti-money laundering (regulations)” Berman said.

“I don’t see issuers and investors wanting to face off against each other anytime soon.”

Reporting by Virginia Furness; Editing by Sujata Rao, Tommy Wilkes and Alison Williams



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Philip Morris and Altria in merger talks as Marlboro fades and e-cigs light up


(Reuters) – Marlboro maker Philip Morris International Inc (PM.N) said on Tuesday it was in talks to reunite in a merger with Altria Group Inc (MO.N) following its 2008 spin-off, as the tobacco giants seek to pool resources in the fast growing e-cigarette market.

The merger between the two companies, the biggest ever in the consumer sector and the fourth-largest deal of all time, would create a tobacco giant with a market capitalization of approximately $200 billion.

It would come two years after British American Tobacco Plc (BATS.L) bought out Reynolds American Inc for $49 billion, underscoring how the decline in cigarette smoking globally is pushing tobacco companies to seek scale and pool resources in their development of alternative products.

Under the terms of the all-stock merger being discussed, Altria shareholders would receive no premium and own between 41% to 42% of the combined company, with Philip Morris shareholders owning the remainder, according to a source familiar with the matter who was not authorized to discuss the details publicly.

The board of the combined company would be split evenly between Philip Morris and Altria directors, the source said. If the deal negotiations prove successful, an agreement could be reached by the end of September, the source added.

The two U.S.-headquartered companies separated 11 years ago to focus on different geographic markets, at a time when tobacco stocks generated steady yields. Since then, the industry has been disrupted by a move away from traditional smoking into e-cigarettes and vaping.

The two have responded with new offerings. Philip Morris, which operates outside the United States, has developed a heated tobacco product called iQOS. Altria, which operates in the United States and still sells Marlboro in the country, acquired a 35% stake in vaping company Juul Labs Inc last year for $12.8 billion.

Some analysts and investors fretted that the lack of geographic overlap between the two companies could limit the value of operational synergies. Philip Morris and Altria shares ended trading on Tuesday down 7.8% and 4%, respectively, giving the companies market capitalizations of $112 billion and $84.5 billion.

“There currently is no overlap in operations of both companies other than the IQOS licensing agreement in the U.S. As such there would be little in the way of cost synergies other than corporate overheads and better leafbuying power,” Jefferies analysts said in a research note.

Philip Morris and Altria see scope in consolidating their manufacturing operations to generate annual synergies of more than $800 million, according to the source.

FILE PHOTO: Philip Morris International’s research and development headquarters are pictured next to the company’s cigarette factory in Neuchatel, Switzerland, March 17, 2017. REUTERS/Paritosh Bansal

Industry-wide cigarette sales volumes tumbled 4.5% on an adjusted basis in 2018, according to analysts at Cowen. Global sales of cigarettes were estimated at $714 billion last year, according to Euromonitor International.

GRAPHIC: Market Shares of Tobacco Companies Worldwide – here

In contrast, the e-cigarette market was worth about $11 billion in 2018 and is expected to grow at more than 8% annually over the next five years, according to research firm Mordor Intelligence.

In April, Philip Morris won approval from the U.S. Food and Drug Administration to sell iQOS in the United States.

“With disruption facing the world of tobacco, we can see some merit in a re-merger,” Bernstein analyst Callum Elliott said in a note. “The combined entity – Philip Morris 2.0 – could present a united front” on next-generation products such as iQOS, and “go about a coordinated global brand-building exercise the same way Philip Morris originally built Marlboro.”

SIMPLIFYING PARTNERSHIP

Unlike combustible cigarettes, iQOS devices heat tobacco-filled sticks wrapped in paper, generating an aerosol that contains nicotine. They are different from e-cigarettes such as the popular Juul device, which vaporizes a nicotine-filled liquid.

Altria already can market iQOS in the United States under a licensing agreement, which includes royalty payments to Philip Morris. A merger between the two companies would simplify that agreement. The source close to the deal talks said the merger negotiations started as an extension of this partnership.

At the same time, Altria could tap into Philip Morris’ global sales force to aid in Juul’s international expansion.

FILE PHOTO: A woman tries Philip Morris’ IQOS 3 MULTI device after its launching event in Tokyo, Japan, October 23, 2018. REUTERS/Kim Kyung-Hoon/File Photo

In a note to clients on Tuesday, Wells Fargo analyst Bonnie Herzog said a deal would create the leading global nicotine company by improving cash flow and accelerating the worldwide rollout of Juul and iQOS.

Philip Morris has annual revenue of nearly $30 billion, while Altria generated about $20 billion last year. Both companies said there could be no assurance a deal would be reached.

Any deal would need to be approved by the companies’ respective boards and shareholders.

Reporting by Uday Sampath in Bengaluru and Greg Roumeliotis in New York; Additional reporting by Vanessa O’Connell in New York and Chris Kirkham in San Francisco; Editing by Dan Grebler and Rosalba O’Brien



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Cardano Dips Below 0.048798 Level, Down 2% By Investing.com


Cardano Dips Below 0.048798 Level, Down 2%

Investing.com – fell bellow the $0.048798 level on Tuesday. Cardano was trading at 0.048798 by 18:13 (22:13 GMT) on the Investing.com Index, down 2.40% on the day. It was the largest one-day percentage loss since August 21.

The move downwards pushed Cardano’s market cap down to $1.26732B, or 0.47% of the total cryptocurrency market cap. At its highest, Cardano’s market cap was $23.91700B.

Cardano had traded in a range of $0.048164 to $0.049680 in the previous twenty-four hours.

Over the past seven days, Cardano has seen a stagnation in value, as it only moved 0.44%. The volume of Cardano traded in the twenty-four hours to time of writing was $34.63559M or 0.07% of the total volume of all cryptocurrencies. It has traded in a range of $0.0461 to $0.0526 in the past 7 days.

At its current price, Cardano is still down 96.39% from its all-time high of $1.35 set on January 4, 2018.

Elsewhere in cryptocurrency trading

was last at $10,154.2 on the Investing.com Index, down 1.32% on the day.

was trading at $185.47 on the Investing.com Index, a loss of 0.71%.

Bitcoin’s market cap was last at $181.65338B or 67.95% of the total cryptocurrency market cap, while Ethereum’s market cap totaled $20.03909B or 7.50% of the total cryptocurrency market value.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



U.S. Dollar Down Slightly as Trade in Focus  By Investing.com


© Reuters.

Investing.com – The U.S. dollar was slightly lower on Tuesday, while the safe-haven yen pulled back from earlier highs as traders paused to evaluate the possibility of the U.S. and China restarting trade talks.

The , which measures the greenback’s strength against a basket of six major currencies, was down 0.1% to 97.917 as of 11:04 AM ET (15:04 GMT).

Signals from both sides were mixed, as U.S. President Donald Trump claimed that China had called to ask to restart negotiations. Beijing has failed to confirm the calls, casting doubt on Trump’s assertion. Still, both countries seem willing to think about resolving their differences.

Tensions escalated on Friday after both the U.S. and China announced new tariff measures and Trump appeared to threaten to use emergency powers to force U.S. companies to stop making goods in China.

The Japanese yen, which is seen as a safe-haven in times of market turmoil, rose with falling 0.2% to 105.94. China’s was still at a fresh 11-and-a-half year low, as traders worried the economy could slow down due to trade disputes.

Elsewhere, was flat at 1.1101. rose 0.5% to 0.2269 after falling 0.5% on Monday amid concerns on whether British Prime Minister Boris Johnson has made any progress in convincing the European Union to renegotiate the Brexit agreement.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Crude Oil Prices Shrug off Trade Jitters Amid Deeper OPEC Output Cuts By Investing.com


© Reuters.

Investing.com – Crude oil climbed higher on Tuesday, clawing back losses from a day earlier following a bullish report pointing to deeper OPEC production cuts.

On the New York Mercantile Exchange rose 1.57% to $54.40 a barrel, while on London’s Intercontinental Exchange, added 0.79% to $58.58 a barrel.

The Joint Ministerial Monitoring Committee of OPEC and non-cartel oil producers (OPEC+) reported that OPEC+ production limits, in place since the end of last year, have reached 159% compliance in July 2019, up 22 percentage points from a month earlier.

The committee also said it expected “significant” crude inventory declines in the second half of the year.

The deeper cuts come as many traders grow concerned that a slowing global economy, mainly driven by the U.S.-China trade war, will dent oil demand growth, pressuring prices.

The outlook on trade remains uncertain as Beijing hit back at claims by President Donald Trump, who recently said that China wants to make a deal “very badly.”

“China’s economy is increasingly driven internally, it’s more and more difficult for the U.S. to press China to make concessions,” said Hu Xijin, the editor of China Global Times and an unofficial voice of China’s government.

Oil prices were also propped up by expectations for a second-straight weekly draw in U.S. , with the Energy Information Administration (EIA) set to release its latest petroleum data on Wednesday.

The EIA is expected to report that crude stockpiles fell by 2.1 million barrels for the week ended Aug. 23.

“Oil could see some support from tomorrow’s crude energy report,” said Edward Moya, a market analyst at Oanda.

“After hitting consistent record-high production levels earlier in the year, the pace of U.S. output has steadily slowed down and oil could start to see more support as energy markets continue to tighten,” he added.

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