OIL: WAF Sep. Cargo Overhang Clears: Reuters
Sep-13 16:18
Nigeria’s overhang of September crude cargoes has now cleared, but October differentials remain under pressure, Reuters said.
- Consequently, Nigeria’s September loading programme has now cleared.
- Bonny Light October cargoes are still on offer at around Dated Brent plus $2/b, unchanged on the day, but down from a $2.50/b surplus at the start of the week.
- Meanwhile, Angola Sonangol sold its last October cargo to Unipec, Reuters added.
- Around 11 Angolan cargoes now remain unsold on the October schedule.
- Traders await the November Angolan loading programme early next week.
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PIPELINE: Corporate Debt Issuance Resumes
Aug-14 16:14
- Date $MM Issuer (Priced *, Launch #)
- 08/14 $3.65B #US LiquidsCo $700M 3Y +120, $1B 5Y +140, $1.25B 10Y +175, $700M 30Y +210
- 08/14 $1.1B #South Bow $450M 30.5NC5.25 7.625%, $650M 30.5NC10.25 7.5%
- 08/14 $500M OneMain Finance 7.25NC3
US: Democrat Enthusiasm Surges Under Harris
Aug-14 16:00
A new survey from the Monmouth University Polling Institute has shown that enthusiasm for the Democrat candidate has surged under Vice President Kamala Harris, outstripping Republican enthusiasm for former President Donald Trump, who had a consistent enthusiasm edge over President Biden.
- Monmouth reports, noting that the majority of enthusiasm is derived from an uptick of support for Harris amongst Democrats: "While the number of voters who were at least somewhat enthusiastic about the Trump versus Biden rematch had been increasing throughout the year, it never topped 50%. Now that the contest is Trump versus Harris, voter enthusiasm has risen to 68%."
- Patrick Murray, director of Monmouth, notes: “This is clearly a different ballgame. The nominee change has raised the ceiling for potential Democratic support in the presidential contest by a small but crucial amount, at least for now.”
- The survey also found: "Just under half of registered voters say they will either definitely (38%) or probably (10%) vote for Harris," with, "just over 4 in 10 will definitely (33%) or probably (10%) support Trump," numbers that appear to track closely with the vote share won by President Biden in 2020.
Figure 1: Enthusiasm About Presidential Race
Source: Monmouth University Polling
US STOCKS: Equities Roundup: IT, Insurance Lift Indexes to Post-CPI Highs
Aug-14 15:54
- Stocks are gaining traction following early post-CPI related volatility this morning, climbing to the highest levels since the beginning of the month with Financials and Information Technology sectors outperforming.
- Currently, the DJIA trades up 193.81 points (0.49%) at 39956.56, S&P E-Minis up 19 points (0.35%) at 5477.75, Nasdaq up 29.6 points (0.2%) at 17216.79.
- Information Technology and Financials sectors lead gainers in late morning trade, semiconductor and software makers and up for the third consecutive session: Micron +3.13%, Crowdstrike Holdings +2.97%, Fortinet +2.74%. Insurance names outpaced banks: Allstate +5.12%, Progressive +4.65%, and Charles Schwab +3.06%.
- Conversely, Communication Services and Consumer Discretionary sectors lagged in the first half, interactive media & entertainment weighed on the former: Google -3.41%, Warner Bro's -2.27%, Match Group -2.27%. Autos and Broadline retailers weighed on the Consumer Discretionary sector: Starbucks -4.04% after surging more than 20% yesterday after acquiring Chipotle's CEO, Tesla -2.63%, Etsy -2.25%.
- Note, late earnings announcements expected this week: Brinker Int, Samsonite and Cisco late Wednesday; Walmart, Applied Materials and Deere & Co on Thursday.
