MARKET CURRENTS
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MARKET CURRENTS
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Thursday, May 24
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4:10 PM Market recap: Stocks bounced off losses after Italian PM Monti said most leaders at the EU summit backed joint eurobonds and he'd push Germany to support them (good luck with that). Earlier, talk that China’s biggest banks may fall short of loan targets was driving stocks lower. The euro tumbled to a 22-month low near $1.25; crude oil eased back above $90. NYSE losers slightly outnumbered gainers. 3 Comments
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9:15 AM Market preview: EU shares and U.S. stocks are higher despite some awful eurozone and Chinese PMI data. S&P Benchmark +0.1%. It could be because the EU says it wants Greece to stay in the eurozone, although they are planning for a "Grexit." Following earnings, H-P is +7.6% and Pandora is +17%, but NetApp is -13% and Tiffany is -8.2%. Later: Kansas City Fed Mfg Survey, Fed's Dudley Comment!
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8:38 AM Moody's affirms France's AAA-rating and its negative outlook, saying it would raise its outlook if the country's debt metrics improve but would cut if its contingent liabilities increase. Moody's adds that France's plan for sustainable finances is positive. 1 Comment
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8:32 AM Initial Jobless Claims: 370K vs. 371K consensus (prior week revised to 372K from 370K). Continuing claims -29K to 3.26M. 1 Comment
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8:28 AM Talks between the P5+1 world powers and Iran have continued for a second day, although big differences still remain. Iran wants the West to cancel its impending oil sanctions for the negotiations to carry on; the EU and U.S. want the country to halt its production of higher-enriched uranium and reverse its current capabilities. Comment!
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4:33 AM UK Q1 GDP revised down to -0.3% Q/Q from -0.2% preliminary reading. GDP revised down to -0.1% Y/Y from 0.0% preliminary. Comment!
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4:04 AM Eurozone flash PMI composite index comes in at 45.9 in May, a 35-month low, vs. 46.6 expected and 46.7 previous. Manufacturing at 45.0 vs. 45.9 prior. Services at 46.5 vs. 46.9 prior. 4 Comments
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3:27 AM Shell (RDS.A) extends its $1.8B offer to acquire Cove Energy (CNVGF.PK) to June 13, after Thailand's PTT Exploration came in with a higher $1.9B bid yesterday, sending Cove shares +11.2% in London to 249p, above PTT's 240p/share bid. Some expect Shell to pony up as much as $2.5B; Shell plays coy - it's "considering its options and will make a further announcement if appropriate." (previously) Comment!
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