Aug 17 ASIAN MACRO INITIAL THOUGHTS US Futures


19 Aug

Aug 17 ASIAN MACRO INITIAL THOUGHTS US Futures

Covid-19 Globally over 21.5m cases, 772k deaths
A number of research studies are showing people infected with COVID-19 have lost their immunity to the infection within a few months; meaning that vaccines will be of limited use.
US Futures Dow opened +48pts and have risen to +56pts since opening, S&P and NDX also pointing higher

JAPAN Expect Nikkei to open flat but key will be the GDP growth data out just pre market which is expected to be weak. Yen closed Friday 106.59
Data due 
pre market GDP Growth data (Rate, Annualised, Capital Expenditure, External Demand, Private Consumption and Price Index). Later we get Industrial Production and Capacity Utilisation.
Tokyo reported 260 covid cases on Sunday as the country total hit 1,021, Japan remains on alert during the summer holiday season.
Prime Minister Shinzo Abe, speaking on the 75th anniversary of Japan's World War Two surrender, pledged never to repeat the tragedy of war and Emperor Naruhito expressed "deep remorse" over the wartime past, which still haunts East Asia. PM Abe sent a ritual offering to Yasukuni Shrine for war dead but refrained from a personal visit that would anger Beijing and Seoul. +VE
A Chinese-set suspension of fishing in the East China Sea ended Sunday, sparking concern that Beijing may send an inordinate number of government and fishing vessels into or near the disputed Japanese-controlled Senkaku Islands. -VE
Toshiba Corp A major investor in has called for a third-party investigation into the conglomerate’s annual shareholders meeting, saying its vote was not fully recognized in a potential breach of governance. The demand from Singapore-based 3D Investment Partners is likely to sharpen scrutiny of the treatment of Toshiba’s foreign investors. It follows a contentious, but failed, attempt by foreign shareholders to elect some new independent directors to Toshiba’s board at the July 31 meeting. -VE
Ootoya Holdings announced a partnership with online grocery retailer Oisix Ra Daichi Inc on Friday, aiming to fend off a hostile bid by its rival and largest shareholder, Colowide Co. Ootoya, which operates a casual dining chain popular for its home-style cooking, has been under pressure to show investors that it has a better plan than the one by Colowide, which offered a 46% premium to the shares' value before the bid. -VE. But it is interesting to see more hostile takeovers as companies look for new ways to achieve growth in the sluggish economy.
Mazda Toyota Manufacturing, the new joint-venture between the two auto companies, has announced an additional $830 million investment in its new Alabama plant. The additional money will be used to incorporate cutting edge manufacturing technologies into production lines and training for the 4,000 workers the plant is projected to eventually employ +VE
SoftBank has agreed to lend $1.1bn to WeWork to help cover the disruptions caused by coronavirus, on top of the more than $10bn it has already invested in the lossmaking property group, according to a memo sent by WeWork’s chief financial officer to employees. Slight -VE


SOUTH KOREA Expect markets to open flat investors will be watching the Kospi to see if it can hold above 2,400. Increased covid cases -VE for sentiment.
No data due

On Sunday as there is a spike in new coronavirus cases in South Korea has prompted authorities to reimpose tighter social distancing curbs in Seoul, but that didn't stop thousands of demonstrators from protesting against President Moon Jae-in's policies.
President Moon said on Saturday, the 75th anniversary of Japan's surrender in World War Two, that his government was always ready to talk with Tokyo about disputes over history that continue to divide the two neighbours. +VE
South Korea reported 166 new coronavirus cases as of Friday (highest since March) of which 155 were domestic, prompting the reimposition of tighter social distancing curbs in Seoul area as authorities worried about the spectre of a fresh wave of the disease. -VE
SK Group, ranked first in first-half net profit, beating Samsung Group on equity gains from its affiliates, a local market data provider said Sunday. +VE
Seoul launches smart bus shelters to fight virus; Designed to combat summer heat, monsoon rain and the coronavirus. They have air-conditioning and ultraviolet light sterilisers to clean and cool the air, surveillance cameras and digital screens to warn when your bus approaches. It is equipped with hand sanitiser and you can charge a laptop or mobile phone while using the free Wi-Fi. Slight +VE
Doctors went on strike over training plan as virus cases spike meaning that more than a quarter of South Korea’s medical clinics closed on Friday for a one-day strike in protest at government plans to train new doctors -VE
Citibank and Standard Chartered Bank’s Korean subsidiaries posted mixed Q2 earnings as per their disclosures Friday. Slight -VE cross read for the local banks.
The United States is conducting anti-dumping, countervailing duties probe on South Korean steel pipe products, following complaints by a US company. The investigation on seamless carbon and alloy steel standard, line and pressure pipes was officially launched on July 28 by the U.S. Department of Commerce, the Korea International Trade Association (KITA) said. It said Texas-based steelmaker Vallourec Star, claiming unfair price cutting, requested a review of products imported from South Korea, Russia, Ukraine and the Czech Republic. -VE
Jin Air posted a Q2 operating loss of 59.6 billion ($50.3 million) won, nearly doubling the loss it suffered the same time last year, according to its regulatory filing on Friday.  The quarterly revenue stood at 23.2 billion won, -89% YoY. Its net loss was 59 billion won. The company said it had also tried to offset the damage by focusing on cargo business using its wide-body airliner Boeing 777 fleet. With the impact of the pandemic expected to prolong, the airline said it will pursue a discreet financial management policy and be prepared to proactively respond to various factors to survive the crisis. -VE
Hyundai Motor said Friday its electric compact sports utility vehicle Kona Electric succeeded in driving over 1,000 kilometers on a single battery charge, setting a new range record for electric vehicles. +VE
Samsung Electronics’ said Friday its overseas research centers on artificial intelligence are gaining global recognition, winning top prizes in multiple competitions. The company’s researchers in Poland and China have won a highly prestigious global AI competition, winning global attention in speech translation research. +VE


TAIWAN Expect market to open flat and drift lower after the US/China trade talks were postponed and with the US stimulus package still floundering. GDP growth rates better than expected and the longer term outlook improved slightly.
No data due but after Market Friday

GDP Growth Rate Final Q2 -0.58% YoY vs +2.2% Q1 revised (F/cast was -0.73%)
Taiwan has entered into an agreement to secure F-16 jets from the U.S., which will finish delivery by 2026, Bloomberg reported. Likely to annoy China
Taiwan’s main opposition party the Kuomintang (KMT), which traditionally favours close ties with China, lost heavily in a key mayoral by-election on Saturday, a vote overshadowed by turmoil in Hong Kong and tensions with Beijing.
The Directorate-General of Budget, Accounting and Statistics (DGBAS) Friday trimmed its forecast for GDP growth for a third time this year, to 1.56%, from 1.67% it predicted in May, after private consumption fared worse than expected. It is expected to drop another 0.04% this quarter before picking up 0.71% next quarter, the agency’s report showed. The DGBAS did not factor in the potential impact from the government-issued Triple Stimulus Vouchers, although economic officials said they might spur NT$100 billion (US$3.39 billion) in consumer activity. Slight -VE
HTC Corp Friday posted a NT$1.83 billion (US$62 million) loss for last quarter, 
its 10th consecutive quarterly loss, as its expansion into virtual-reality headsets has yet to bear fruit, it said in a filing with the Taiwan Stock Exchange. -VE
Pou Chen Corp on Friday reported a net loss in the second quarter
due largely to declining sales and operating losses.The company’s second-quarter financial results came in lower than expected, affected by weak order visibility for its shoe OEM business and slowing China retail business sales amid tanking consumption demand and promotional discounts. It said its OEM business in the second half of the year would remain troubled, expecting it to drop up to 30 percent annually this quarter due to low order visibility, while brand clients’ inventory adjustment is likely to drag on fourth-quarter order demand. -VE
Egis Technology Friday reported Q2 net profit -35% YoY due to sluggish smartphone demand amid fallout from the COVID-19 pandemic and foreign-exchange losses. But
“We are seeing strong customer orders coming in for the third quarter, but wafer supply has become an issue. Because of a wafer shortage, we cannot 100 percent fulfill customers’ [demand],” he said. In a worst-case scenario, this could lead to delays in shipments, but orders would be secure, Chang said. Rising demand would help lift this quarter’s revenue pass last quarter’s NT$1.52 billion (US$51.5 million), Chang said. Egis’ confidence about revenue growth is also built on customers’ lower inventory, prompting them to rebuild inventory in preparation for the peak in the second half of the year, he said. Overall +VE
The nation’s housing price index reached 104.69 in the first quarter, +0.52% from three months earlier, suggesting low home affordability
for the general public, the Ministry of Interior said yesterday. Housing prices picked up in the five special municipalities of New Taipei City, Taoyuan, Taichung, Tainan and Kaohsiung, but declined slightly in Taipei, the ministry’s latest report showed. Slight -VE
Domestic gasoline prices are this week to increase NT$0.1 per liter, but diesel prices are to remain unchanged, CPC Corp, Taiwan and Formosa Petrochemical Corp said separately yesterday.


CHINA expect market to open lower on news that the trade talks due to take place over the weekend have been delayed.
No data due
Trade Talks delayed due to a related conference of senior Communist Party leaders 
at the seaside town of Beidaihe on China’s northeast coast. The postponement did not reflect any substantive problem with the trade deal, the source said, adding: “The new date has not been finalized yet.” It is reported that the promised Chinese purchases are far behind the agreed schedule -VE
China reported on Saturday 22 new confirmed coronavirus patients in the mainland, including 14 imported patients and eight locally infected. Among the local patients, seven were reported in Xinjiang and one in Guangdong province, the National Health Commission said in its daily report.
China’s Marxist political economy will continue to adapt to the ever-changing domestic and international environment, but must remain the bedrock on which the nation builds its future, Chinese President Xi Jinping said. “The foundation of China’s political economy can only be a Marxist political economy, and not be based on other economic theories,” he said in an article published on Saturday in the political theory periodical Qiushi.
US crude oil shipments to China will rise sharply in coming weeks, US traders and shipbrokers and Chinese importers said, as the world’s top economies gear up to review a January deal after a prolonged trade war. +VE for sentiment and Shipping stocks.
Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, wrote that China must guard against any rebound in off-balance sheet lending in the so-called shadow banking sector, and must dispose of non-performing assets as soon as possible. He is the head of the country’s banking and insurance regulator said on Sunday in an article published in the Communist Party journal Qiushi.
Consumer loans are granted when the individual signs a letter promising not to invest in property or stocks. Interesting media article. But with the aid of some merchants facilitating ‘fake purchases’ the money often ends up in the stock market. It highlights how difficult it is for authorities to monitor such loans. It also adds to the risk in the stock market where much of the money ends up. The CSI 300 has seen daily T/O exceed 1tr Yuan for 17 days and the outstanding margin debt on exchanges has risen at the fastest pace since 2015, to more than 1.4 trillion yuan. The potential downside represents a significant downside risk for the markets and the wider Chinese economy.
China's landlords, rent-to-riches dreams fade in red flag for fragile economy Reuters article Makes the point that many Chinese citizens have joined the property ladder and bought apartments to let but with covid jobless tenants leaving town and a rent falloff. The rental woes underline China’s economic fragility, with the landlord legions already cutting back on spending amid their gloom; which would partially explain the weak Chinese retail sales numbers yesterday. Many of these new landlords are also seeing their own salaries cut by their employers. Whilst the prospect of widespread mortgage defaults is low as Property prices continue to rise the curtailment of spending could be a big problem for the economy. -VE for sentiment
China’s Foreign Minister Wang Yi made a rare visit to Tibet on Friday, including a trip to the disputed border with India, as the three-month military stand-off between the two countries continued to drag on with little sign of resolution. Slight -VE
China’s diesel demand is likely to hit a record this year powered by trucking activity, as Beijing’s aggressive stimulus fuels a construction and delivery boom and a speedy recovery in heavy machinery sales, analysts say. Reuters report +VE Petrochems and Heavy Machinery and Truck Names.
US President Trump has issued an executive order, under which ByteDance shall dispose of or spin off its US TikTok business within 90 days and destroy all copies of TikTok data obtained from US users, foreign media reported.
India is delaying entry approvals on Chinese imports amid her border clashes with China, Reuters citing industry sources. XIAOMI-W (1810.HK) and OPPO are among the impacted.
Tesla refused to deliver Model 3 sedans to group buyers on the Pinduoduo platform, according to Chinese reports. The EV maker claimed such kind of team purchase did not conform to the group's delivery policy.


HONG KONG ADR’s -59pts to open at 25,124 but with news that the US/China trade talks have been delayed I would expect a lower open. Earnings remain in focus this week. HSI new additions largely expected but the current US tensions could limit their upside as Trump said Saturday he could act against companies such as Alibaba in the US. That after TikTok they were looking at other things -VE for sentiment.
HK reported 74 new covid cases Sunday; with 34 linked to the Kwai Tsing Container Terminal. But Restaurant Groups +VE as the nighttime Dine In ban is expected to be lifted shortly
No data due

After market Friday
GDP Growth Rate Final Q2 -0.1% QoQ vs -5.3% Q1 (F/cast was -0.1%)
GDP Growth Rate Final Q2 -9% YoY vs -9.1% Q1 (F/cast was -9%)

EARNINGS due today include HK & China Gas (3), China Overseas Grand Oceans (81), Shougang Concord (103), Geely Auto (175), RREEF China Commercial (625), Sany Heavy (631), Prosperity Int (803), China Resources Power (836), Modern Land (1107), Times China (1233), Q Tech (1478), 3SBio (1530), Minsheng Educations (1569), Weimob (2013), Wuxi biologics (2269), Sunny Optical (2382), Beijing Capital Land (2868), Sino-Ocean (3377), CICC (3908),

Short Selling HSI Friday 20.5% vs 18.9% Thursday
Top Shorts 
HK & China Gas (3) 49%, Shenzhou (2313) 47%, Power Assets (6) 42%, Hengan (1044) 42%, Mengniu Dairy (2319) 38%, Petrochina (857) 38%, Sino Land (83) 37%, China Res Land (1109) 35%, MTRC (66) 34%, Hang Lung PPTY (101) 34%, CCB (939) 33%, Ping An (2318) 31%, CKI (1038) 30%, Sunny Optical (2382) 30%, CLP (2) 29%, Galaxy (27) 28%, NWD (17) 27%, Sinopec (386) 27%, China Mobile (941) 26%.

Hang Seng Index Review All changes take effect on 7 September 2020 (Monday).
Link to full details
https://www.hsi.com.hk/static/uploads/contents/en/news/pressRelease/20200814T000000.pdf
The HSI Adds XIAOMI-W (1810.HK) weighting 2.59%, WUXI BIO (2269.HK) weighting 1.75% and BABA-SW (9988.HK) weighting 5% Deletes SINO LAND (83.HK), WANT WANT CHINA (151.HK) and CHINA SHENHUA (01088.HK). The total number of constituents remains unchanged at 50.
HSCEI Adds BABA-SW, MEITUAN-W, XIAOMI-W; Deletes SINOPHARM, BYD COMPANY, CITIC SEC

PROFIT WARNINGS 
MAOYE INT'L (848.HK) PROFIT WARNING -VE expected consolidated net profit for six months ended 30 June 2020 of RMB100-150 million, representing a significant decrease as compared to the same for the corresponding period in 2019.
China Evergrande (3333) PROFIT WARNING -VE expects first-half net profit to plummet by 46% to 14.7 billion yuan (HK$16.39 billion) from a year ago, as the mainland developer provided aggressive discounts to boost sales amid the Covid-19 pandemic, with losses in new energy vehicles business.
PAK FAH YEOW (239.HK) PROFIT WARNING -VE Group is expected to record a consolidated net loss for the six months ended 30 June 2020 of aprox HK$48 million, as compared to the consolidated net profit of HK$21.3 million for the same period in 2019.
FUJIKON IND (927.HK) PROFIT WARNING -VE expected loss for the six months ending 30 September 2020, as compared to a profit attributable to the equity holders of the Company of approx HK$33.9 million for the six months ended 30 September 2019, mainly attributable to the fact that the customers have been taking conservative approach in placing orders with the Group as a result of the struggling global economy due to the outbreak of the Epidemic.


WATCH
BABA-SW (9988.HK)'s Ant Group has accepted pre-listing tutoring under Sci-Tech Innovation Board, 
Chinese media citing China Securities Regulatory Commission's website. CICC is among its tutoring institutes. +VE
ZTE (763.HK) to repurchase its A shares by way of centralised price bidding. 
The total amount of the Repurchase shall be no less than RMB100 million and not more than RMB120 million. +VE
QINQIN FOODS (1583.HK) results for the six months ended June 2020. 
Net profit amounted to RMB50.255 million, up 57% yearly. EPS equaled 7.4 fen. No interim dividend was declared.
BINHAI INV (2886.HK) results for the six months ended June 2020. Net profit amounted to $144 million, up 117% yearly. EPS equaled 12.25 cents. No interim dividend was declared.
AOYUAN HEALTHY (3662.HK) results for the six months ended June 2020. Net profit amounted to RMB111 million, up 23.5% yearly. EPS equaled 15.29 fen. No interim dividend was declared.
YUEYUN TRANS (3399.HK) results for the six months ended June 2020. Loss was RMB111 million, against RMB206 million of net profit a year ago. LPS equaled 14 fen. No interim dividend was declared.
WANDA HOTEL DEV (169.HK) results for the six months ended June 2020. Loss was $36.19 million, against $39.69 million of net profit a year ago. LPS equaled 0.8 cents. No interim dividend was declared.
QIANHAI HEALTH (911.HK) results for the six months ended June 2020. Net profit amounted to $6.9 million, down 14.8% yearly. EPS equaled 0.41 cents. No interim dividend was declared.
DONGFENG GROUP (489.HK) production volume totalled 264,901 vehicles in July 2020, +15.1% YoY; sales volume was 247,661 vehicles, +12.1%. +VE
SANDS CHINA LTD (1928.HK) results for the six months ended June 2020. Total net revenues were US$848 million, -81% YoY Loss amounted to US$716 million, against US$1.07 billion in profit a year ago. LPS equaled US8.85 cents. No interim dividend was declared. During the period, adjusted property EBITDA loss was US$243 million, against adjusted property EBITDA of US$1.63 billion a year ago. Expected focus on easing travel restrictions
WYNN MACAU (1128.HK) results for the six months ended June 2020. Loss was $3.918 billion, against $2.816 billion of net profit a year ago. LPS equaled 76 cents. No interim dividend was declared. Expected focus on easing travel restrictions
Sinopharm CNBG announced that the Journal of the American Medical Association had yesterday (13 August) published the phase 1 and 2 clinical trial medium results of a novel coronavirus vaccine jointly developed by Sinopharm and Chinese Academy of Sciences. The vaccine has been proven successful in facilitating the development of neutralizing antibodies in the 320 voluntary patients aged 18-59, said the article.
GOLDLION HOLD (533.HK) interim results for the period ended June 2020. The turnover -27.6% YoY to HK$539 million. The net profit amounted to HK$55.792 million, -65.8% YoY. EPS was HK5.68 cents. An interim dividend of HK3 cents was declared against a dividend of HK5.5 cents in the corresponding period of the previous year.
CHINA TAIPING (966.HK) its life insurance division posted a gross premium income of RMB97.546 billion for the first seven months of 2020, +1.18% YoY. The property and casualty insurance division +5.3% yearly gross premium income growth to RMB16.465 billion while the pension unit saw gross premiums +16.27% year-on-year to RMB3.459 billion.
Airport Authority Hong Kong released the traffic figures for July 2020. During the month, Hong Kong International Airport handled 96,000 passengers -98.6% YoY and 9,870 flight movements,-73.2% YoY. Cargo throughput -7.3% YoY to 372,000 tonnes.
The Hong Kong Monetary Authority (HKMA) released today (August 14) the key analytical accounts of the Exchange Fund at the end of July 2020. Foreign assets, added HK$34.8 billion to HK$3.68 trillion.
The Hong Kong Monetary Authority announced that total card receivables edged up by 0.2% in Q2 to $124.2 billion at end-June 2020, after a decrease of 10% in the previous quarter.
Secondary Home Sales +43% WoW to 20 transactions a 14 week high for Centraline.
HK Retail investors -VE as Topshop to close its Hong Kong store -VE for sentiment
Centa-City Leading Index (CCL) last printed at 180.57, -0.1% weekly. 
The index slid 0.66% in aggregate in three weeks. Centaline Property, said the second-hand market registered more vibrant sentiment with the support of rigid demand in wake of moderated epidemic. It’s forecast housing price trend to become clearer in September.
CCL Mass added 0.35% weekly to 184.16;
CCL (small-and-medium units) inched up 0.11% weekly to 181.24;
CCL (large units) cratered 1.17% weekly to 177.13.


FRIDAY US closed at DOW +0.12%, NDX -0.21%, S&P -0.02%, Russel 2K -0.12% markets opened slightly lower and traded around flat all day with a slight uptick into the close.S&P continues to face resistance after failing again to make a new high despite the good jobs data. Some say it shows signs of exhaustion with the rally. The next US stimulus package, which is being seen as essential for the recovery, is floundering from a lack of compromise. Return to work stocks +VE; United Airlines +1%, Delta +09%, Southwest +0.6%. Carnival +1.6%, Norwegian Cruise Line +2.6%, Nordstrom +2.1%, Simon Property +3.3%, GAP +1.7%BUT Tech under pressure with Amazon -0.4%, Alphabet -0.8% other names were trading around flat.Apple -0.8% as Epic Games behind the game Fortnite has launched a legal challenge to its practice of taking a 30% cut of app revenues. Comes as the game was taken off the App Store for trying to get around the policy. Epic alleges the group “imposes unreasonable restraints and unlawfully maintains a total monopoly” over the distribution of apps used on Apple devices. Google also ejected Fortnite from its Play store on the same grounds but android users can still download the game via alternative meansCureVac closed at US$55.9, up 2.5 times against its offer price US$16.BANK weak as Berkshire Hathaway significantly cut its stakes Wells Fargo, JPMorgan Chase and other financial institutions.
DATA
Retail Sales Jul +1.2% MoM vs +8.4% Jun revised (F/cast was +2%)
Retail Sales Ex Auto Jul +1.9% MoM vs +8.3% Jun revised (F/cast was +1.5%)
Unit Labour Costs Prelim Q2 +12.2% QoQ vs +9.8% Q1 revised (F/cast was +5.9%)
Non Farm Productivity Prelim Q2 +7.3% QoQ vs -0.3% Q1 revised (F/cast was +1.2%)
Industrial Production Jul -8.2% YoY vs -11% Jun revised [Jul +3% MoM vs +5.7% Jun revised (F/cast was +2.8%)]
Manufacturing Production Jul -7.7% YoY vs -11.1% Jun revised [Jul +3.4% MoM vs +7.4% Jun revised (F/cast was +3.2%)]
Capacity Utilisation Jul 70.6% vs 68.5% Jun revised (F/cast was 70%)
Business Inventories Jun -1.1% vs -2.3% May (F/cast was -1.4%)
University of Michigan Aug Data Prelim
Current Conditions Aug 82.5 vs 82.8 Jul (Consensus was 81.8)
Inflation Expectations Aug 3% vs 3% Jul
5 year Inflation Expectations Aug 2.7% vs 2.6% Jul
Consumer Sentiment Aug 72.8 vs 72.5 Jul (F/cast was 71.1)
Consumer Expectations Aug 66.5 vs 65.9 Jul (Consensus was 66.7)
Baker Hughes Total Oil Rig Count 244 vs 247 prior
USD was slightly weaker vs Yen & Euro. Bitcoin +0.9% @11,901.04 , VIX -0.4% @ 22.05, US T10 0.709%
OIL Brent +0.33%, WTI -0.02% concerns regarding demand persist
Gold -0.84%, Silver -4.23%, Copper +2.01%
AHEAD 
NY Empire State Manufacturing Index, NAHB Housing Market Index, Foreign Bind Investment, Newt Long Term TIC flows, Overall Net Capital Flows.

DAX -0.71%, CAC -1.58%, FTSE -1.55% markets opened lower and saw initial selling until around mid morning after the weak China data, new quarantine rules for arrivals from France & the Netherlands into the UK; with travel names weak. News that Trump was linking US Postal service funding to the new stimulus package was a worry. EUROZONE GDP contracted 12.1% as expected and unemployment was -2.9% worse than forecast but the trade balance was better at Euro 21.2b (vs 11b F/cast)
After 10am for the FTSE and 11am for the CAC and DAX; after the US data was out markets started to work higher in choppy trading.
Easyjet -6.6% and Tui -8.4%, British Airways parent IAG -4.8%.
German reseller Cancom -7% after Thursday’s half-year results.
Sinch +5.5% and Qiagen +3% in Europe after Thermo Fisher’s takeover of the Dutch diagnostics company collapsed due to an investor revolt.
Rovio Entertainment +1.6% but off intraday high after posting Q2 operating profit +160%
DATA
EUROZONE
GDP Growth Rate 2nd Est Q2 -12.1% QoQ vs -3.6% Q1 (F/cast was -12.1%)
GDP Growth Rate 2nd Est Q2 -15% YoY vs -3.1% Q1 (F/cast was -15%)
Balance of Trade Jun Euro 21.2b vs 9.4b May (F/cast was 11b)
Employment Change Prelim Q2 -2.9% YoY vs +0.4% Q1 (F/cast was -1.8%)
Employment Change Prelim Q2 -2.8% QoQ vs -0.2% Q1 (F/cast was -2%)
FRANCE
Inflation Rate Final Jul +0.8% YoY vs +0.2% Jun (F/cast was +0.8%)
Inflation Rate Final Jul +0.4% MoM vs +0.1% Jun (F/cast was +0.4%)
AHEAD
EUROZONE No data due
GERMANY Bundesbank Monthly Report
FRANCE No data due UK No data due
UK No data due

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