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SGNL halt news pend. Silver off 5%. BDI -1.1%
SGNL had price pop pre halt.
Silver, gold lower London.
Baltic DI -1.1% to 516 points
US Empire Manufacturing (Feb) M/M 7.78 vs. Exp. 8.00 (Prev. 9.95)
- Employment Index (Jan) M/M 10.1 (Prev. 13.68).
- New Orders Index (Jan) M/M 1.2 (Prev. 6.09).
- Prices Paid Index (Jan) M/M 14.6 (Prev. 12.63); highest since September'14.
SGNL Signal Genetics pop, halt news pending
Their ihub board seems aware but not in advance other than price jump. Could be something big.
Old ROSG had some patent news, likely orphan drug thing.
sa: Premarket Gainers / Losers as of 9:10 am
Gainers: GENE +20%. BIOC +13%. KNDI +14%. ROSG +12%. VIPS +11%. CJJD +11%. CCG +8%. SRPT +8%. VDSI +7%. CYRN +7%. NAVB +7%. WGBS +7%. PSTI +6%.
Losers: CLTX -82%. WLT -10%. NBG -11%. VNR -7%. IHG -6%
NVAX CEO to be on Cramer
Philly Fed #s mixed. Did raise NFP
Always fun for a pop & drop NVAX though don't know it well.
10:01a ET
Novavax (NVAX) CEO is due to appear on Jim Cramer's Mad Money program
-----------
Philadelphia Fed forecasts : raise Q1/Q2 NFP
Feb. 13 at 10:04 AM
PHILLY FED SURVEY - US Q2 UNEMPLOYMENT RATE SEEN AT 5.5% VS PREVIOUS FORECAST 5.7%
PHILLY FED FORECASTERS SURVEY - US Q1 GDP GROWTH SEEN AT 2.7% VS PREVIOUS FORECAST 2.8%
09:01 Baltic Dry at 530 points, falls 1.9%
09:01 Spanish Economy Minister Luis De Guindos says Spain's economic growth stands at 2% Y/Y however he expects it to move higher on a yearly basis
06:00
By Carla Mozee , MarketWatch
Eurozone quarterly growth above expectations
LONDON (MarketWatch) -- European stocks rose Friday, finding support after a better-than-expected reading of economic growth in Germany , considered the powerhouse of the European economy.
The German DAX jumped above the 11,000 mark for the first time after Destatis data showed gross domestic product in Germany was 0.7% higher in the fourth quarter than in the third. That official reading outstripped the 0.3% projection from a FactSet poll of analysts. The index was most recently up 0.6% at 10,986.54.
Advancers on the DAX were led by Commerzbank AG and Deutsche Bank AG (DB). Shares in those German banks rose 3.4% and 2.1%, respectively.
The gains for the German benchmark helped push the Stoxx Europe 600 up by 0.6% to 376.88. The pan-European index added to gains after data showed the eurozone's GDP grew 0.3% in the fourth quarter, above expectations of 0.2% growth.
The euro (EURUSD) edged slightly lower after the eurozone GDP report, to $1.1425 compared with $1.1435 ahead of the data. But it was up from late Thursday's level of $1.404 .
France's CAC rose 0.7% to 4,759.42, pushed higher although the country's GDP figure was disappointing compared with Germany's figure. Growth in the eurozone's second-largest economy was just 0.1% in the fourth quarter.
Meanwhile, Greece's economy contracted 0.2% in the fourth quarter. The Athex Composite still held to an advance after the report, rising 5% to 888.86, topped by an 18% climb in shares of Attica Bank SA . Piraeus Bank SA rose 10% and National Bank of Greece SA jumped 11%. Bank stocks extended gains from Thursday when the European Central Bank raised the amount of emergency assistance that can be provided to Greek banks by 5 billion euros ( $5.7 billion ), to EUR65 billion .
Greek officials were slated to meet with representatives of the country's international creditors on Friday, ahead of Monday's meeting of eurozone finance ministers. Discussions aimed at resolving Greek's debt troubles ended in a deadlock between Greek officials and eurozone finance ministers earlier this week. Greece's current EUR240 billion bailout agreement is set to expire at the end of February.
The Stoxx 600 was on track for a weekly rise of 1%, largely stemming from Thursday's session that ended at a more than seven-year high after European leaders reached an agreement to revive a cease-fire in Ukraine , starting Sunday.
German Chancellor Angela Merkel said Thursday that if the cease-fire doesn't hold, the European Union may opt to introduce further sanctions, adding to those that have already been imposed on Russia and pro-separatists in eastern Ukraine and Crimea.
Russia's Micex was up 1.5% at 1,829.15.
In London , the FTSE 100 gained 0.7% to 6,879.32, moving toward a 0.3% rise for the week.
- Carla Mozee ; 415-439-6400; AskNewswires@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
02-13-15 0602ET
QTWW high spec play on $2.50 4M offer. $3.04 -.225
Either goes to 2 or 5
Quantum Fuel prices 4M-share offering at $2.50 - too cheap? • 12:42 PM
Carl Surran, SA News Editor
• Quantum Fuel (QTWW -4.6%) priced a 4M-share public offering at $2.50/share, with an underwriters option to purchase up to an additional 600K shares, but did the company give shares away too cheap, or is it just the cost of doing business in such a volatile speculative sector?
• Pricing a secondary is not easy for a very volatile stock; shares closed at $3.26 yesterday and recently surpassed $4, but the 52-week range is $1.75-$11.25.
• QTWW says it plans to use proceeds of the offering for general corporate and working capital purposes.
QTWW price at time of publication: $3.08.
hey mudman! been quiet
Just trying some new charting strategies at TDA's ToS platform.
Has changed my outlook a lot. Trading /CL /ES for example at 1minute & 3minute burns off excess energy so to speak. Found some really solid indicators for intraday scalp trades.
The Vs like VIX UVXY are dropping past 30mins for some reason.
Will try to stick around here. Have watched your nice calls lately and don't want to poison the well, lol.
14:58
MW UPDATE: One big fear with a strong dollar: a stock market bubble
By Anora Mahmudova , MarketWatch
Does a strong dollar make a good bubble?
NEW YORK (MarketWatch) -- The concerns that have kept U.S. stocks in check since the start of the year haven't dissipated. But that hasn't stopped the S&P 500 from marching to within shouting distance of an all-time high.
The S&P 500 (SPX) rose 0.8% to 2,085.23 on Thursday on news of a cease-fire agreement between Ukraine and Russia , and is third a percentage point away from a record close reached Dec. 29, 2014 .
It isn't the fundamentals that brought the markets to these lofty levels, as fourth-quarter earnings have been less than stellar. Moreover, 2015 earnings estimates have been dialed down.
But some experts believe that the climb higher, driven by the strengthening dollar, can create a bubble in U.S. stocks. The dollar (DXY) rose nearly 13% in 2014, and is up 4%, so far this year.
Conventional wisdom dictates that a stronger dollar hurts corporate profits of large companies, since 46.3% of revenues from S&P 500 listed companies are derived from overseas, according to Howard Silverblatt , senior analyst with S&P Dow Jones Indices.
But a beefy buck also makes assets priced in dollars more attractive to foreign investors, which could spark a run-up in stock valuations.
Wall Street strategists are forecasting that markets will rise between 5% to 9% by the end of the year. Most point to favorable conditions, such as economic growth, earnings growth, low interest rates, low inflation, share buybacks, and foreign demand as big market drivers.
Channing Smith , portfolio manager at Capital Advisors , is less optimistic.
"We are already at the level where stocks are simply expensive. If markets rise from this level significantly due to foreign demand or lack of alternatives - this will form a bubble," Smith said.
Ed Shill , chief investment officer of QCI, describes this situation as a 'melt-up'. He means stocks are approaching bubble territory.
"Market can rise on the back of money flows, but fundamentals will catch up. We all know that air comes out of the bubble faster than it goes in, so those who think they can ride this wave should take note," Shill warned.
While record levels vindicate bullish traders, long-terms investors might welcome a correction to stave off the dreaded bubble.
-Anora Mahmudova; 415-439-6400; AskNewswires@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
02-12-15 1456ET
OSUR if oil keeps up
Not a real fan of oil services (underwater in couple) but if /CL gets 50 to 60 then OSUR could do 9. O/S 50M small for price.
62% gross profit margin but -9.7 operating profit margin. Net profit margin -4.34 and good finan ratios & valuations.
Net income a neg by a medium amount.
Worth a small position to build or dump as moves. Apache got some am love, tailing flat as /CL goes into Nymex close.
TSO dinged.
(NY Post)
14:16 Apache (APA) CEO says forecasts 2015 CAPEX at approximately USD 3.8bln, down 60% from last year
Also JPM joined earlier GS in cutting GDP:
14:17 JPMorgan cuts its US Q1 GDP forecast from 3% to 2.5% following disappointing US retail sales
sources note takeover talk for BP (BP), with Exxon Mobil (XOM) a touted bidder - Unconfirmed
Link to article: http://www.wsj.com/articles/will-exxonmobil-turn-to-acquisition-1423763258
SIRI yes always those lone wolves
For sure there's gonna be those long flat ones that manage to poke up head now & then. At most this one didn't become a Pets.com kinda thing. Not saying much though, lol
NUS on move still. FSLR stalls at 50 header. AKAM bit life.
old pos SIRI tips up lately!? em
Goldman on Q4'14 & Q1'15
9:43am ET
Goldman Sachs boosts Q4 2014 GDP tracker to 1.8% and lowers Q1 2015 GDP to 3.1% following the lower-than-expected US Retail Sales
Nasdaq Gainers & Losers by percent
GAINERS
COMPANY SYMBOL LAST CHANGE PERCENT VOLUME
------- ------ ------ ------ ------- ------
CafePress PRSS 2.85 0.73 34.43 1,256,450
Anthera Pharmaceut ANTH 3.78 0.53 16.31 7,196,578
Euronet Worldwide EEFT 54.00 6.79 14.38 1,572,617
Approach Resources AREX 8.29 0.82 10.98 1,276,188
Westport Innovatio WPRT 5.51 0.50 9.98 2,111,766
Sangamo BioScience SGMO 13.93 1.26 9.94 2,096,068
Rentrak RENT 59.66 5.02 9.19 669,117
USA Truck USAK 29.97 2.30 8.31 136,973
Thoratec THOR 39.39 2.98 8.18 3,560,384
US Auto Parts Ntwk PRTS 2.81 0.21 8.08 38,136
LOSERS
COMPANY SYMBOL LAST CHANGE PERCENT VOLUME
------- ------ ------ ------ ------- ------
Marketo Inc. MKTO 28.52 -6.86 -19.39 3,245,661
PostRock Energy PSTR 5.04 -1.21 -19.36 147,270
Learning Tree Intl LTRE 1.72 -0.28 -14.00 85,322
Jive Software JIVE 5.29 -0.80 -13.14 3,643,748
Aware AWRE 4.44 -0.67 -13.11 144,826
Inovio Pharmaceuti INO 6.81 -0.85 -11.10 2,033,620
China Info Technol CNIT 3.16 -0.37 -10.48 84,632
Andersons ANDE 43.41 -4.80 -9.96 1,302,568
Calithera Bioscien CALA 16.40 -1.54 -8.58 68,932
EV Energy Partners EVEP 16.51 -1.43 -7.95 662,353
Only includes stocks with a prior day close of $2 a share
or higher and at least 2,000 shares traded today.
Data are delayed at least 15 minutes.
Source: WSJ Market Data Group
(END) Dow Jones Newswires
02-11-15 1736ET
Copyright (c) 2015 Dow Jones & Company, Inc.
IVAN gets another bridge loan from founder
5:31pm ET
Ivanhoe Energy Gets $2.37 Million Bridge Loan From Robert Friedland -- Update
Mining magnate Robert Friedland has provided Ivanhoe Energy , the oil exploration company that he founded, with a $2.37 million bridge loan, a move that comes as the troubled company struggles to make interest payments on its debts.
The company announced last December that it didn't expect to make an interest payment of around $1.8 million due on a convertible debenture on Dec. 31 . In late January the Vancouver -based firm said that it didn't expect to pay the interest charge by Jan. 30, 2015 , the date upon which the failure to make the payment will constitute an event of default under the term of the debt.
A spokeswoman for the company said it is in default on these debenture, and Mr. Friedland's loan will be used to pay "other current obligations."
Mr. Friedland's new loan is in addition to the $2.2 million secured bridge loan he provided in October 2014 , the company said.
"All of the loan will be used to satisfy current obligations, including significant statutory severance payments in Ecuador and to reduce the company's trade payables," it said in a statement.
The company, whose largest shareholder, as of October 2014 , is Mr. Friedland, said last month that it is talking to " various stakeholders" in a bid to recapitalize the company.
Write to Alistair MacDonald at alistair.macdonald@wsj.com
Access Investor Kit for Ivanhoe Energy, Inc.
Visit http://www.companyspotlight.com/partner?cp_code=P479?=CA4657905093
Access Investor Kit for Ivanhoe Energy, Inc.
Visit http://www.companyspotlight.com/partner?cp_code=P479?=CA4657905093
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
02-11-15 1731ET
Copyright (c) 2015 Dow Jones & Company, Inc.
thx stuffit for all the posts!! em
Thx BNB. Think guy had a strong #2 Twitter
Thought read something about a hacked Twitter account where user was saying he'd had a strong mixed 12 character password. Geez.
And needing 2 layers via cell, well how convenient is that!
I do check into StockTwits now & then for a specific runner but heck with 2 layer dealing.
fwiw TWTR up bit am.
US Yemen Embassy wants Americans out
11:30pm ET CNN
The U.S. Embassy in Yemen is asking Americans in the country to leave and has moved staffers out of the capital, citing a deteriorating security situation.
Get complete coverage of breaking news on CNN TV, CNN.com and CNN Mobile.
Yes sometimes takes bit more than 140
hmm VIX hits 17. Oh also story around Twitter CEO account also hacked today for like 8 mins w/ flood of goofy tweets.
12:08pm ET WSJ.com
Russia Says Twitter Not Complying With Requests For User Info
By Olga Razumovskaya and Sam Schechner
Russia’s communications watchdog accused Twitter Inc.TWTR -2.40% of not complying with Russian law by not fulfilling any of 108 requests for user information from the Russian government.
The tech company revealed the figure in a transparency report published Monday detailing user information requests from governments.
The watchdog, Roskomnadzor, expressed bewilderment at the figure, given that Twitter complied with several thousands of requests from the U.S. government, according to the report. “Roskomnadzor legitimately questions how acceptable such a position of a company that works on the territory of the Russian Federation is,” Alexander Zharov, head of the regulator, told reporters.
The vast majority of 108 requests sent out by Roskomnadzor aims to find out the number of daily page views of certain individuals as part of complying with the so-called blogger law, which requires bloggers with 3,000 or more daily readers to register with the government, Roskomnadzor’s spokesman said.
The regulator will be sending a request to Twitter to explain its position in the next few days, the spokesman said.
Twitter said in its posting on Monday that the company had gone from never receiving a request for user information in Russia to more than 100 requests – for which it provided no information. A Twitter spokesman declined to comment further.
Since Russia implemented its blogger law last summer, several U.S. tech firms – including Twitter — have received similar requests from Russian authorities, aiming to determine if individuals who post content have enough daily viewers in Russia to trigger the law, people familiar with the requests said.
In a meeting in Moscow in December, Twitter told authorities that it can’t turn over data on users to see if they meet that threshold because it doesn’t collect data in that format, some of those people added.
Other companies have made similar arguments in denying the Russian requests, relying on what one person familiar with the requests called “a technicality”: The law references visitors to “pages” controlled by individuals, while social-media postings are viewed by many people on many different pages – such as individual profiles, individualized feeds, and searches.
Gasoline Streak Points Toward US Stock Gains
by David Wilson
12:58p ET
(Bloomberg) -- Gasoline prices dropped for long enough to send U.S. stocks higher if history is any guide, according to Gina Martin Adams, a strategist at Wells Fargo Securities LLC.
The national average price for regular unleaded gas fell for 17 consecutive weeks before rising to $2.068 a gallon last week, according to data compiled by the U.S. Energy Department. This was the sixth streak of 13 weeks or more since 1990, when the department’s figures begin.
Standard & Poor’s 500 Index rose all but once in the three months after the previous series of gains ended. The exception occurred in December 2008 through March 2009, as the S&P 500’s biggest bear market since the Great Depression ended.
Energy stocks were among the index’s best performers in periods of “gasoline price fallouts,” Martin Adams wrote in a report yesterday. The New York-based strategist also cited raw-material and consumer-discretionary stocks. Retailers, media companies and automakers are in the latter category.
Phone companies and utilities did worst, according to data cited in the report. Their S&P 500 industry indexes were little changed after three months on average.
Streaks of 13 weeks or longer happened twice in the 1990s. In both cases, the S&P 500 increased more than 8 percent in the next three months. There was also a 5.5 percent advance in 2012 and a 2.8 percent gain in 2001-02.
----------
Sincerely,
David Wilson
Reporter-at-Large, Bloomberg News
Stocks Editor, Bloomberg Radio
Author, Visual Guide to Financial Markets
TNA bit like /ES action
Sort of trading alike today. /TF had strong move too. Mkt seems on hanging branch right now in NY lunch hour.
Mainly using pivots, fibs and cloud bands.
fwiw Bollies tightest of day now on /ES 2056 not that I follow BB.
2056 is Dr Brent Study pivot high so that # needs breakout.
01:05 PM EST, 02/10/2015 (MT Newswires) -- Like the bill auction on Monday, Tuesday's 4-week auction was met with strong investor demand. The security sold at a high yield of 0.015%, one and a half basis point richer than at last week's auction.
For the $40.0 billion offered, investors tendered $157.9 in bids, resulting in a bid-to-cover ratio of 3.95, the highest coverage ratio so far this year. This tops last week's 3.79, as well as the auction average of 3.81.
Dealers took 70% of the total offered, unchanged from last week.
http://www.mtnewswires.com Copyright © 2015 MTNewswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.
Nope but read Twitter, lol
EIA says US crude oil production to average 9.3mln bpd through 2015
12:10p ET
China Jan inflation may be bottom
Took to bottom of article but:
"Inflation fell to a five-year low in January, but we don't think this should spark concerns over impending deflation," Capital Economics said in a research note. "Indeed, January is likely to be the low point for inflation this year," it added.
By Mark Magnier in Beijing and Tom Wright in Hong Kong
Inflation in China fell to a five-year low in January, spurring calls from economists for more stimulus measures to counter deflationary pressure in the world's second-largest economy.
China's consumer-price index rose 0.8% on year in January, down from an already low 1.5% rise on year in December, according to data from the National Bureau of Statistics released on Tuesday. The pace fell slightly below market expectations of a 0.9% rise and marked the lowest rise since November 2009 , when the CPI was up 0.6%. Producer prices, which have been dropping for nearly three years, declined 4.3% in January on year, the sharpest fall since late 2009.
Declining commodity prices, unusually warm weather and continued weak demand fueled the consumer-price drop, according to economists.
Lower prices help an economy if consumers and companies use the savings to buy and invest. But protracted price declines may encourage them to delay spending in the belief that waiting will result in still-lower costs in the near future, dragging down growth. Tuesday's weak price data from China dovetails with others indications of low demand from consumers and companies across Asia , limp economic demand in Europe and Japan and sagging oil prices, which have added to deflationary pressure.
The anemic price rates are the latest in a number of data that depict a Chinese economy facing slowing growth, despite a rate cut and other measures by the central bank to recharge growth. January imports and exports fell, contrary to expectations, while a key measure of factory output sank to a 28-month low.
China's economy grew by 7.4% on year in 2014, its slowest pace in nearly a quarter century.
"Basically, domestic demand is still pretty weak," said HSBC economist Ma Xiaoping . "We still don't see any positive effects of the stimulus measures put through at the end of last year. Obviously, policy makers need to do more."
Softer prices for raw materials on world markets and a weak housing market, which dampens demand for steel, cement and other goods, act as a drag on inflation, economists said.
Economists say Chinese authorities are aware that without further action, the real cost of borrowing when inflation is taken into account will remain high, blunting expansion in the real economy.
Ms. Ma added that she expects the People's Bank of China to implement two interest rate cuts and two cuts in the amount of reserves that financial institutions must keep with the central bank this year.
Crédit Agricole economist Dariusz Kowalczyk said he thought an interest-rate cut is likely in March. "There are very strong arguments from all directions of a need for monetary easing," he added.
Falling prices can also make debt more difficult to repay, a big issue in China where local companies are saddled with huge liabilities assumed after the 2008 global economic crisis. Fitch, a global ratings agency, estimates that the stock of debt--mostly corporate--in China's economy had risen to 242% of gross domestic product by the end of 2014, up from 217% a year earlier.
Economists said January's rock-bottom inflation figure could be attributed partly to the Lunar New Year holiday, which in 2014 fell in January but this year lands in February, muddying year-ago comparisons. Business and industrial activity tends to slow in the weeks before the holiday as hundreds of millions of people return to their hometowns, smaller companies let migrant workers off, and the focus shifts to consumption, leading to higher food prices.
Warmer-than-usual weather also contributed to a slower seasonal rise of vegetable prices last month, they said, given that China saw its warmest January this year since 1961.
Premise Data Corp. , an online site that tracks global food prices, recorded declining prices in beverages, dairy, fish, grains, meat and oils sold in China during the past 30 days with increases in fruit and vegetables.
Shoppers out buying for the Lunar New Year holiday said they are seeing fewer price increases leading up to China's biggest holiday. "With the new year coming, many supermarkets are giving big discounts, so prices seem OK to me," said Ms. Yi, a 42-year old self-employed woman wearing a long purple down jacket who declined to give her first name. "Green vegetable prices go up a lot in winter, but meat prices haven't increased so much this year."
Economists said they expect food prices to decline this year once the holidays are over. Pork prices are likely to continue falling through 2015 given lower forecast feed prices, Capital Economics projected.
Falling oil prices are trickling down to consumers--the government lowered retail fuel prices twice in January-- although at a slower pace than in some other countries given China's price-control system.
Excess capacity in the property sector should keep housing inflation at bay, economists said, with little recovery in prices expected despite recent monetary easing.
Some said they expect the worst is over for deflationary pressure in China . "Inflation fell to a five-year low in January, but we don't think this should spark concerns over impending deflation," Capital Economics said in a research note. "Indeed, January is likely to be the low point for inflation this year," it added.
William Kazer and Richard Silk contributed to this article.
Write to Mark Magnier at mark.magnier@wsj.com and Tom Wright at tom.wright@wsj.com
(END) Dow Jones Newswires
02-10-15 0122ET
Copyright (c) 2015 Dow Jones & Company, Inc.
Cybercaliphate hacks Newsweek Twitter
11:26 et
NEWSWEEK TWITTER ACCOUNT APPEARS HACKED BY GROUP CALLING ITSELF CYBERCALIPHATE
HACKED NEWSWEEK TWITTER FEED POSTS THREAT TO U.S. PRESIDENT BARACK OBAMA'S FAMILY
BRITAIN'S FTSE 100 DOWN 0.2 PCT, GERMANY'S DAX UP 0.8 PCT
Crude dips NYMEX
metals also go to negs.
11:07 et
-- COMMODITIES: Crude Oil (electronic - NYMEX): -2 or -3.52% at US$51.09
IWM true 120 headbumper SRTY watch
SRTY is inverse RUT. Rose am but pausing $31 area last 30mins.
SEE YELP my am action.
Regeneron (RGEN) downgraded at Piper Jaffery to neutral from overweight
11:00 Fed's Williams says in a quote that the FOMC are getting 'closer and closer' to raising rates citing strong wage growth,
Fed's Lacker says June looks like attractive option for Fed rate hike
sources report takeover chatter for (MRVL) with Lenovo mentioned - Unconfirmed
Goldman Sachs cut Q4 GDP estimate to 1.7% from 1.9% following US Wholesale data
SEE YELP am watchers. GS cuts Q4 GDP est
Goldman Sachs cut Q4 GDP estimate to 1.7% from 1.9% following US Wholesale data
some am bits. German biz improves
London PM Gold Fix USD 1,234.50 (AM USD 1,237.50)
US Wholesale Inventories (Dec) M/M 0.1% vs Exp. 0.2% (Prev. 0.8%)
- US Wholesale Trade Sales (Dec) M/M -0.4% vs. Exp. -0.3% (Prev. -0.3%, Rev. -0.4%).
(BBG)
10:40 US IBD/TIPP Economic Optimism (Feb) M/M 47.5 vs. Exp. 51.9 (Prev. 51.5)
10:40 US JOLTS Job Openings (Dec) M/M 5028 vs. Exp. 4983 (Prev. 4972, Rev. 4847)
IMF'S LAGARDE SAYS RISK OF PERSISTENT LOW GROWTH, HIGH UNEMPLOYMENT MEAN URGENT TO IMPLEMENT G20 GROWTH COMMITMENTS
BRAZIL'S REAL WEAKENS 2 PCT AGAINST U.S. DOLLAR IN SPOT-MARKET TRADING
German business sentiment rose
By Monica Houston-Waesch and Brian Blackstone
FRANKFURT --German business sentiment rose for the third consecutive month in January, spurred by a weaker euro and low oil prices in the eurozone's biggest economy, according to the ZEW indicator gauging the business climate and current conditions.
In a separate report Tuesday, the European Central Bank said lending standards in the eurozone eased during the fourth quarter across all loan categories, suggesting credit conditions in the region are slowly recovering.
Taken together, the reports suggest that the eurozone entered 2015 on more solid footing after a lackluster performance in 2014. Still, the figures are unlikely to dampen expectations in financial markets that the ECB will dramatically step up its stimulus efforts Thursday by launching a large-scale program of government bond purchases.
The ZEW sentiment indicator rose to 48.4 points, the highest reading since February 2014 , exceeding expectations of 40.3 in a poll of 17 economists by The Wall Street Journal . The data follows a reading of 34.9 in December, after just 11.5 in November.
Economists typically play down the implications of the ZEW on Europe's biggest economy because the survey is based on financial analysts and investors and is thus highly sensitive to swings in financial market sentiment.
Still, the survey index for January helps to cement expectations that the German economy is on solid footing at the start of this year. Fourth-quarter growth came to about 0.25% on a quarterly basis and economic expansion for the full year was 1.5%, the statistics agency last week, offering some momentum for 2015.
"We expect other January surveys for Germany are likely to show sizable improvements, too, in line with our expectations of gradually strengthening quarterly GDP growth rates in 2015," said BNP Paribas economist Evelyn Herrmann , in a research note.
Capital market turmoil, elections in Greece , and the Swiss National Bank's decision to abandon the cap on its currency didn't seem to dent financial market experts' expectations for the German economy, ZEW President Clemens Fuest said.
"Instead, decreasing crude oil prices and a depreciating euro have contributed to a further gain of the indicator," he added.
Meanwhile, the ECB said European financial institutions made it easier for both households and companies to obtain credit last quarter, an indication that record-low interest rates and cheap bank loans made available from the ECB are starting to work their way through the economy.
The net share of banks reporting easier credit terms for business loans was -5% during the fourth quarter compared with -2% in the third quarter, meaning more banks were making it easier to borrow versus those tightening their standards. Demand for new credit also rose, particularly from firms and consumers.
"We view the latest survey as supportive of our view that actual lending to the real economy will begin to register positive growth rates in (the first quarter) after wallowing in negative territory for more than two years," said RBC Capital Markets economist Timo del Carpio , in a research note.
Write to Monica Houston-Waesch at nikki.houston@wsj.com and Brian Blackstone at brian.blackstone@wsj.com
(END) Dow Jones Newswires
01-20-15 0643ET
Industrial robots steal a march in Asia
FT.com had this header 5:31am Don't know the plays in this except probably the usual big boys.
----------
New research forecasts global sales will double by 2018
ARO Aeropostale WD suggests close to Bk
9:40AM ET
White Diamond negative on Aeropostale Inc (ARO), suggesting the company is very close to declaring bankruptcy
Falling prices in China are screaming economic slowdown
by Greg Mckenna on Feb 9, 2015, 9:55 PM Business Insider
Coming after the shock trade data over the weekend which showed a collapse in imports, the release of January CPI and PPI data from China this morning fairly screams slowing economic growth in the world’s second biggest economy.
China’s NBS said consumer prices rose just 0.3% in January against expectations of of rise of 0.4%. That’s not much of a miss but it dragged the year-on-year rate of growth in consumer prices down from 1.5% to just 0.8%. That is a big step down and lower than the 1% year-on-year rate the market had expected.
Also sharply lower were producer prices, which showed an acceleration in the pace of deflation. Chinese PPI year-on-year to January fell 4.3%, against 3.8% expected and 3.3% last.
Weak demand equals no price pressure and eventually, even factoring oil’s big drops, the spiral of lower prices.
Already gripping parts of Europe, deflation’s touch is spreading as falling producer prices and weak demand drag consumer prices through disinflation toward deflation.
China can now be firmly added to the list and expectations of more PBOC easing and liquidity injections will grow in the days and months ahead.
banksters really cleaning up
Big time gains behind all this. But China knows how to deal!
The U.S. Department of Justice is investigating whether Barclays (NYSE:BCS) and UBS (NYSE:OUBS) sold structured products without disclosing the profit they were making from currency trades used to generate the products' returns, FT reports. Five major banks, including UBS, were fined $3.4B in November to settle forex allegations, although the DOJ was not one of the agencies involved in the deal. Barclays also did not take part in the earlier settlement.
Meanwhile, HSBC has admitted to the failings of its Swiss subsidiary, which helped customers dodge taxes and conceal millions of dollars of assets. HSBC (NYSE:HSBC) said that its Swiss arm had not been fully integrated into the bank after its purchase in 1999, allowing "significantly lower" standards of compliance and due diligence to persist.
HSBC's admission that its Swiss-based private bank may have held accounts for tax-dodging clients, could prove highly damaging for the bank.
Secret files leaked to several news organisation link some of the clients to arms trafficking and blood diamonds, while others are closely connected to Syrian leader Bashar al-Assad and Tunisia's ousted president Ben Ali. The account holders also include former and current politicians from across the globe.
HSBC signed a five-year deferred prosecution agreement with US authorities in December 2012 after admitting that it processed drug trafficking proceeds through Mexico and transmitted funds from sanctioned countries including Iran. The agreement puts it at risk of a criminal conviction and potential loss of its crucial US banking licence if it commits another crime in that period. (ICIJ, The Guardian, FT)
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Buffett under fire Analysts want Berkshire Hathaway to provide more detail in its financial disclosures. They call the scant detail in quarterly filings "poor" and "terrible". But Mr Buffett says he's never once bought something on the basis of an analyst recommendation.(FT)
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Morgan Stanley joins hedge fund retreat The New York bank is looking to sell its 19 per cent stake in the $17.5bn London-based Lansdowne Partners LLP, according to people familiar with the matter. (WSJ)
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China executes mining tycoon Liu Han, former chairman of the Hanlong Group , had been sentenced to death in May for "leading mafia-style crime and murder". State media reported that his Sichuan-based conglomerate, which was involved in mining, telecommunications and chemicals, had "tyrannised local people and seriously harmed the local economic and social order". (BBC)
China royal mess: big 4 settle SEC complaint
4 Accounting Firms’ China Affiliates Agree to S.E.C. Settlement
By William Alden February 6, 2015 1:10 pm NY Times
The Chinese affiliates of the Big Four accounting firms have agreed to pay a combined $2 million as part of a settlement with the Securities and Exchange Commission over their failure to produce documents from their audits of Chinese companies under investigation by the agency.
The Chinese accounting firms — affiliates of Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers — agreed to pay $500,000 each and take certain steps to satisfy future document requests by the S.E.C., the agency said on Friday.
But the S.E.C. stopped short of suspending the firms from auditing Chinese companies listed in the United States. Last year, an S.E.C. administrative law judge called for a six-month suspension from such work.
The four firms on Friday did not admit or deny the S.E.C.’s contention that they violated securities laws. But they acknowledged that they did not hand over the documents before the S.E.C. brought charges against them in 2012.
“As we repeatedly have stated throughout this litigation, obtaining an audit firm’s work papers is critical to enforcement staff’s ability adequately to protect investors from the dangers of accounting fraud,” Andrew Ceresney, the director of the S.E.C’s enforcement division, said in a statement.
In a joint statement, the four Chinese firms said they were “pleased” to have reached the settlement and added that their “ability to continue to serve all their respective clients is not affected by this settlement.”
In a separate statement, Ernst & Young said it was “pleased this matter has been resolved given the potential for significant harm to investors and the global capital markets of further proceedings.”
The settlement resolved a yearslong dispute that stemmed from the S.E.C.’s investigating possible fraud at Chinese companies that had gone public in the United States. The S.E.C. said in late 2012 that the companies’ auditors had refused to hand over relevant paperwork and that they could face sanctions.
The firms countered that handing over the documents could violate Chinese secrecy laws.
But in early 2014, the administrative law judge, who is independent of the S.E.C., censured the Chinese affiliates of the four firms and called for the six-month suspension. Accounting experts have since said that such a suspension could have broad consequences and complicate the audits of American firms that do business in China.
As part of the deal announced on Friday, the S.E.C. gained a few important levers it can pull if the Chinese firms fail to meet future requests for documents. Among these are the ability to impose a six-month bar on certain audit work and the right to restart the administrative proceedings.
“The settlement is an important milestone in the S.E.C.’s ability to obtain documents from China,” Antonia Chion, associate director of the S.E.C.’s enforcement division, said in a statement. “Of course, we hope that it is an enduring milestone.”
SPY 5yr rising wedge, & Baltic DI
Given how many dry bulks are Greek based & Greek money flowing to Germany (bank to bank that is) and put under the tiles, no wonder such a decline.
SPY looks tricky below:
----------------
http://www.stocktiming.com/Monday-DailyMarketUpdate.htm
What has been the SPY's pattern during the past 5 years?
This chart shows the SPY's action since 1995.
What can be seen on this chart?
First, is that the SPY has made a higher/high.
Second, is that the current move since 2009 has been a "rising wedge pattern". Note what happens on a rising wedge pattern ... the resistance and support lines converge on each other while putting a squeeze on the underlying equity. The ticks have a smaller range of travel until the underlying equity has a break out which is typically to the downside, so be very careful.
SA on China trade numbers, in question
See a couple charts at link.
http://seekingalpha.com/article/2897486-chinas-imports-drop-20-percent-explaining-pboc-action-china-watchers-clueless?ifp=0
China's Imports Drop 20% Explaining PBoC Action; China Watchers Clueless
Feb. 9, 2015 5:51 AM ET | 1 comment | Includes: CHXF, CN, FCA, FXI, FXP, GXC, MCHI, PGJ, XPP, YANG, YAO, YINN, YXI
China's trade report this weekend was dismal. Exports dropped 3.3% vs. economists' consensus of a 6.3% increase from last year. That is a 10% miss, demonstrating that the global community of professional China watchers does not have a clue about the nation's trade dynamics. This is quite unsettling, given the importance of China to global growth.
A great deal of this weakness in exports was due to softer demand from the eurozone and especially from Asia.
Reuters: - ... the data showed that while exports to the United States rose by 4.8 percent year-on-year to $35 billion, exports to the European Union slid 4.6 percent to $33 billion in the same period.
Exports to Hong Kong, South Korea and Japan were also down, with exports to Japan slumping over 20 percent.
But the real shocker came from the nation's import figures. Imports dropped by 20% from last year as the nation bought less (or paid less for) coal, oil and other commodities. Economists missed this measure by a whopping 17%!
As a result of the huge decrease in imports, China's monthly trade surplus spiked to a record of $60bn.
China's industrial demand has clearly suffered a decline in recent months - which explains the reason why the PBoC chose to cut reserve requirements for banks (RRR - see chart/quote). However, it is far from certain that this action will end up having the desired effect.
Fitch: - ... uncertainty remains as to whether the recent easing measures by the PBOC (including the earlier rate cuts in November 2014) will actually result in increasing credit to targeted sectors, such as small and micro enterprises. If banks utilise the monetary loosening to continue expanding credit in sectors which are already highly leveraged, it would exacerbate vulnerabilities in the system and be credit negative.
The question remains, however, if China watchers, both domestic and international, can develop a better insight into the nation's economic trajectory or if the projected figures continue to wildly deviate from reality.
some detail on China Jan ex-import drop
8pm ET
Asian equities were mixed early Monday, as a negative finish in the U.S. last week and surprisingly weak trade data in China over the weekend weighed on sentiment. http://www.cnbc.com/id/102407455
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BEIJING -- China's exports posted a surprising drop in January, suggesting that factories were grappling with sluggish demand from abroad as well as at home, as the world's second-largest economy struggles to gain traction.
Imports also fell sharply during the month, partly due to weak demand from local industry as well as much lower oil and raw material prices, and giving the nation another big trade surplus for the month.
" China's manufacturing sector is under great pressure as both external and domestic demand remains sluggish," ANZ economists Li-Gang Liu and Hao Zhou said in a note to clients.
Exports fell 3.3% in January from a year earlier, data from the General Administration of Customs showed Sunday. This was a sharp deterioration from December's 9.7% rise and short of an expected 4.0% increase by economists polled by The Wall Street Journal .
The export weakness adds to the already disappointing domestic picture where a government survey of factory activity in January slipped to its weakest level since September 2012 .
China's economy grew 7.4% last year, a pace that many countries would envy but was this nation's worst showing in 24 years. The government is widely expected to lower its growth target to about 7% this year as the global economy continues to make a slow recovery and domestic demand remains weak.
In January, exports to Southeast Asia and the U.S. were stronger, while shipments to the European Union , Japan and Hong Kong , a key transshipment market, were all weaker in dollar terms.
The yuan lost more than 2% against the dollar last year but the sharper rise of the U.S. unit against other currencies has generally carried the Chinese currency higher, increasing the prices of China's exports in other markets and making already-difficult market conditions even tougher.
In a statement accompanying the trade data, China's customs authorities said that a survey showed weaker confidence among exporters for the fourth consecutive month.
"This shows that exports will be facing downward pressure in the first quarter as well as the beginning of the second quarter," the statement said.
Economists cautioned, however, that year-ago data for January may have been inflated by over-invoicing by exporters who were trying to get around currency regulations and bring more foreign exchange onshore. Last year there were market expectations of a rise in the yuan's value against other currencies though sentiment has shifted somewhat since then. Exports climbed nearly 11% year over year in January last year, according to previously reported data.
Economists also said that comparisons could be distorted by the timing of the Lunar New Year holiday, which starts in mid-February this year and fell in late January last year. Factories often shut down ahead of the holiday as migrant workers go home for the most important festival of the year.
"I think we should look at January and February as a whole to get the real picture," said Larry Hu , economist at Macquarie Group , adding that a steady recovery in the U.S. economy this year could mean that China's exports will finish the year with about a 7% gain.
Meanwhile, imports in January slumped 19.9% from a year earlier, worsening from the 2.4% fall in December and falling far short of expectations of only a 3.3% decrease.
"The domestic industrial sector is definitely under pressure and I don't see much improvement this year," said Guo Jinsong, deputy general manager at Beijing Stone Automation Corp Ltd , which imports automation equipment for the steel, power, machinery and petrochemical sectors.
Heavy industry, particularly the steel sector, has seen widespread problems with overcapacity amid slumping demand.
China's trade surplus widened in January to $60 billion from $49.6 billion in December, and topped a forecast of a $48.4 billion surplus.
Analysts said that even if exports rebound in the months ahead, imports will remain weak. That will mean more big trade surpluses and could lead to renewed trade friction. Last year China had a record trade surplus of $382.46 billion , up from $259.75 billion in 2013.
Liyan Qi contributed to this article.
Write to William Kazer at william.kazer@wsj.com
(END) Dow Jones Newswires
02-08-15 0201ET
Yes China is serious. And Wall St gets Fed Prosecutor
As to China export decline, in past such an event has lead to sharp drop in market. Perhaps this time it is already baked in somewhat since been falling for a while, though not like -3.3%.
Federal Prosecutor Who Fought Wall Street Is Joining Paul Weiss Law Firm
By Ben Protess February 4, 2015 3:26 pm NY Times
In the course of 18 months, the federal prosecutor Richard Tarlowe racked up six insider trading convictions, helping secure some signature moments in a long-running investigation.
Next month, Mr. Tarlowe will leave that prosecutorial career behind.
Paul, Weiss, Rifkind, Wharton & Garrison has hired Mr. Tarlowe as counsel in its litigation department, he said in an interview on Wednesday. Mr. Tarlowe, currently head of the complex frauds and cybercrime unit at the United States attorney’s office in Manhattan, will focus on white-collar criminal defense, online security and foreign corrupt practices cases.
Mr. Tarlowe, who worked at Goldman Sachs after graduating from Harvard Law School, is the latest white-collar prosecutor in Manhattan to decamp to the private sector. Last month, three longtime federal prosecutors in Manhattan landed at Boies, Schiller & Flexner.
Mr. Tarlowe, who will most likely make multiples of his government salary, said in the interview that he chose Paul Weiss because of its track record for litigation, a reputation he knew firsthand as a prosecutor. Many of the firm’s Wall Street clients, including the hedge fund SAC Capital, were targets of federal investigations.
“I feel very honored about the opportunity,” said Mr. Tarlowe, 39, adding that he believed “there’s no firm in the world that has a stronger litigation or white-collar defense practice.”
While many of Paul Weiss’s cases are of the Wall Street variety, Mr. Tarlowe said he was also drawn to the eclectic nature of its clients. Paul Weiss, for example, is handling the investigation into so-called Deflategate, in which the New England Patriots used game balls that turned out to be underinflated.
The move to Paul Weiss will also reunite Mr. Tarlowe with his old supervisor, Lorin L. Reisner. Mr. Reisner led the office’s criminal division until he joined Paul Weiss in the summer.
The recent hires signal that Paul Weiss — home to the famed litigator Theodore V. Wells Jr., whose clients have included I. Lewis Libby, known as Scooter, and Eliot Spitzer — is building its next generation of litigators.
“It is critical that Paul Weiss continues to recruit star talent for the white-collar group in order to support our pre-eminent platform in this area,” Mr. Wells said in an interview. “We are very conscious about issues of succession.”
He added that while Mr. Tarlowe had most recently focused on digital crime and other complex frauds, “this is not a niche hire.”
The hiring coincides with a wave of federal investigations into Wall Street. As clients encounter such scrutiny, every white-shoe law firm in New York has scrambled to add prosecutors to its roster.
“Given the unprecedented scrutiny of Wall Street and other industries, we are thrilled to add someone of Rich’s talents to our firm,” said Brad S. Karp, the chairman of Paul Weiss.
At the United States attorney’s office, which he joined in 2007, Mr. Tarlowe prosecuted several big Wall Street cases. The six insider trading cases he helped win from June 2011 to December 2012 included the conviction of Rajat K. Gupta, the former Goldman Sachs director accused of leaking boardroom secrets.
Mr. Tarlowe, a native of Roslyn, N.Y., was also part of the trial team that convicted Anthony Chiasson and Todd Newman. A federal appeals court recently overturned those convictions, a victory for Paul Weiss, which helped handle Mr. Chiasson’s appeal.
China Jan. Exports Decline 3.3% on Year, Missing Estimate for 5.9% Gain
Bloomberg headline 9:49pm ET
A Top Rival of Dark Pools Concedes They Do Have a Purpose
Traders Magazine Online News, February 6, 2015
Annabelle Ju
(Bloomberg) -- One of the biggest backers of transparent financial markets concedes that dark pools, the often-criticized private trading platforms, have a purpose.
Large investors want havens where they can buy and sell big blocks of shares without tipping off traders poised to drive prices up or down against them, according to Jeff Sprecher, the chief executive officer of New York Stock Exchange owner Intercontinental Exchange Inc. Dark pools provide that secrecy, though some have faced allegations, including from the Securities and Exchange Commission, that they’ve treated customers unfairly.
“It’s good that the market is trying to solve for a highly meritorious dark pool solution,” Sprecher said during a conference call with analysts Thursday. “We’re making real progress, I think, in trying to forge consensus around what might be a better structure for everybody. And a part of that is the ability for large institutional investors to be able to match trades and not move the market.”
The NYSE has promoted limits on dark pools, lobbying regulators to enact a “trade-at rule” that would keep more U.S. stock dealing on public exchanges run by ICE, Nasdaq OMX Group Inc. and Bats Global Markets Inc. Dark pools morphed out of block-trading systems pitched to big institutions with large orders and in recent years have come to handle smaller, more routine transactions.
Lost Business
Before regulations opened competition among U.S. market operators, the NYSE handled nearly all trading for the companies it listed. Now, the three U.S. stock markets in the NYSE family account for about one-fifth of American equity volume. The company competes for business against Nasdaq and Bats, as well as off-exchange platforms including dark pools. (Bloomberg News owner Bloomberg LP owns a stake in Bids Trading LP, which operates a dark pool.)
“It’d be great if I could own the entire market,” Sprecher said. “We can’t. We won’t. We never will. And what we do try to do is come up with solutions for our customers for the parts of the market where we do things well.”
Scrutiny of the private venues has increased amid concern secrecy encourages predatory behavior. In June, New York Attorney General Eric Schneiderman accused Barclays of lying to its customers when it claimed to protect them from aggressive or toxic traders. SEC Chair Mary Jo White said last year she is getting the agency to look at ways to increase transparency around alternative trading systems.
New Auction
Last week, NYSE announced plans to begin midday auctions for some stocks in an effort to attract trading away from private venues. Off-exchange platforms including dark pools have handled a daily average of 34 percent of U.S. stock trading in 2015, according to data compiled by Bloomberg.
“Most in the industry, including myself, believe that there is a place for dark pools,” Rich Repetto, an analyst at Sandler O’Neill Partners LP, said during an interview. “When they’re actually executing block trades and not moving the price, that’s something the exchange can’t do and I think he recognizes that,” Repetto added, referring to Sprecher.
The ICE chief spoke Thursday after his company reported fourth-quarter revenue of $800 million, beating the average analyst estimate of $785.8 million. Earnings excluding some items amounted to $2.59 a share, also topping the projection of $2.54 a share, according to data compiled by Bloomberg.
Shares of ICE rose 5.1 percent to $225.85 following the results, the biggest one-day rally since June 2012. The stock is nearing the record closing high of $227.82 set 13 months ago.
shippers, NMM nice. DCIX, SBLK
Those two are possibles. Mergers ahead so wouldn't expect much bump for any <$1 as big bulks don't need them. Scrap isn't very attractive at present. Big ones will just let tiny ones rot on vine the way big oil is doing.
Used to think the small shippers might get bounce returns but the gap, and flat periods suggest longer timeframe needed. Possible when deeper canals, and ports come about there may be an activity burst. Could take higher oil to start them up now.
That return to $0 chart rate for part of voyage is like airlines with empty seats or negative interest rates for bank to hold deposits just for safety.
Let it shake out another quarter to see what happens. Oil price at $75 vs $40 might be a key signal along with labor conditions.
Not smelling the roar usually found just before Big Biz goes into overdrive on hiring, wages, thus shipping. Bit too early. Think after 2 Fed rate hikes then the gin mill gets going, being a real signal of growth demand. Oh also would need signs of global pickup along with Feddy for dry bulks to gain.
fwiw did see YRCW with some positive earns for a change -- domestic shipping signal since it is such a pos usually. And that's with the Calif dock shippers conditions/slowness.
WWAG would be 3rd R/S
This would make three (largest) R/S if same company name over the years. Third name. Been a while, never know, might be building toward a 1:1K next time.
Market Value1 $43,412 a/o Feb 06, 2015
Shares Outstanding 144,708,209 a/o May 01, 2014
Float Not Available
Authorized Shares Not Available
Shareholders of Record 885 a/o Apr 15, 2011
Security Notes
•Capital Change=shs decreased by 1 for 14 split. Ex-date=09/11/1997. Rec date=09/11/1997. Pay date=09/11/1997.
•Capital Change=shs decreased by 1 for 50 split. Pay date=05/07/2002.
Company Notes
•Formerly=NovaMed, Inc. until 10-03
•Formerly=Conceptual Technologies Inc. until 6-98
Dry Bulk Idex ya & $0 charter!
Some had headlines like below, small write up:
Dry Bulk Shipping Hits All Time Low
by Belisarius • February 6, 2012
http://wallstreetexaminer.com/2012/02/dry-bulk-shipping-hits-all-time-low/
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http://shipbrokernews.blogspot.com/2015/02/baltic-dry-index-bdi-dipping-worst-in.html
Baltic Dry Index (BDI) dipping worst in history 564 points
Baltic Dry Index (BDI) fell today to a level that was within 10 points of a record low for the benchmark bulker market indicator. Baltic Dry Index (BDI) dipped by five points to reach 564, the lowest level since its predecessor Baltic Freight Index (BFI) hit 558 on August 11, 1986.
Baltic Freight Index (BFI) was created in 1985. All of those days where in the dismal market of July and August 1986, including the all-time low of 554 on 6 August of that year.
Simply put, too many vessels have been ordered the past few years and it has certainly caught up with the market, and that’s just the nature of dry-bulk shipping.
Further decline in the Baltic Dry Index (BDI) is possible.
This week’s descent of the index below 600 followed last week’s re-emergence of the $0 charter, as the 83,000-dwt kamsarmax bulker MV Star Angelina (built 2006) took a positioning trip gratis for the first 60 days of the journey, with a $2,000 daily rate after.
Wells Fargo Securities analyst Michael Webber said: "a shift in Chinese iron ore imports have helped dampen bulker rates. Australia has become a bigger incremental supplier of iron ore with a modest degree of prying market share away from Brazil. While primarily impacting capesize tonnage, the effects have been felt across all dry bulk segments, given the disproportionate size of the capesize fleet ... oversupplying trade lanes.Accelerating fleet growth this year means supply-side pressure will continue amid modest demand, keeping dry-bulk rates in check this year"