SPAIN: PM Offers Mea Culpa On Cerdan Scandal, Rules Out Early Election
Jun-12 15:56
PM Pedro Sanchez, speaking to the media following the resignation of senior lawmaker Santos Cerdan amid a corruption scandal (see 'SPAIN: PM To Address Media @ 17:15CET After PSOE Secretary Resigns In Scandal', 15:38BST). Sanchez: "I want to apologise to the public. The PSOE and I, as secretary general, shouldn't have trusted him. Unfortunately, in this world, there is no such thing as zero corruption, but there must be zero tolerance."
- Sanchez: "There won't be an election until 2027 because this isn't about me, the Socialist Party, or the PSOE deputies. It's about a political project that is doing good things for our country. I believe this government is quite clearly under siege from the opposition on a multitude of issues that have nothing to do with reality."
- PM says that "I appear here to apologize to the citizens and supporters of the PSOE. Until this morning, I was convinced of Santos Cerdan's integrity,". Sanchez: "I knew absolutely nothing about the report. It may be surprising, but this is a government that respects the work of the State Security Forces. I learned about it this morning."
- PM says that he asked Cerdan to quit, and that the centre-left Spanish Socialist Workers' Party (PSOE), for whom Cerdan served as organisational secretary for four years, "should not have trusted him".
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US STOCKS: Midday Equities Roundup: Chips Soar While Health Care Falls Ill
May-13 15:52
- Stocks are trading mixed ahead midday Tuesday, the DJIA weaker vs. continued gains in SPX eminis and Nasdaq indexes. Currently, the DJIA trades down 123.23 points (-0.29%) at 42288.24, S&P E-Minis up 49 points (0.84%) at 5913, Nasdaq up 293.9 points (1.6%) at 19000.8.
- Information Technology and Communication Services sectors buoyed the tech heavy Nasdaq and SPX eminis in the first half while health care and pharmaceutical stocks weighed heavily on the Dow after UnitedHealth suspended its 2025 guidance and it's CEO stepped down, UNH shares falling over 15.75% in the first half.
- First the positive news as chip stocks soared as the Trump administration "is considering a deal to allow the UAE to import over 1 million advanced Nvidia chips, exceeding limits under Biden-era AI chip regulations" Bbg reported: First Solar +22.75%, Super Micro Computer +12.89%, Palantir Technologies +6.37%, NVIDIA +5.61% and Broadcom +4.36%.
- Interactive media and entertainment shares supported the Communications services sector in the first half: Fox Corp +4.39%, Meta Platforms +3.24%, TKO Group Holdings +2.69% and Netflix +2.69%.
- As noted, health care and pharmaceuticals underperformed in the first half: UnitedHealth Group -16.16%, Elevance Health -7.86%, Humana -7.75%, Centene -4.91%, CVS Health -4.81% and Merck & Co -3.99%. Meanwhile, the Consumer Staples sector weighed by Hershey -2.70%, Mondelez International -2.58%, McCormick -2.48% and Kimberly-Clark -2.26%.
OPTIONS: Larger FX Option Pipeline
May-13 15:45
- EUR/USD: May15 $1.1000(E1.0bln), $1.1090-00(E3.5bln), $1.1385-90(E1.2bln), $1.1410(E1.0bln); May16 $1.1075-85(E1.1bln), $1.1200(E2.4bln)
- USD/JPY: May15 Y145.00($2.0bln), Y146.95-05($1.3bln); May16 Y145.00-20($1.2bln), Y146.85-00($1.4bln), Y147.75($985mln)
- AUD/USD: May15 $0.6475(A$1.2bln)
- NZD/USD: May15 $0.5880(N$1.0bln)
- USD/CAD: May16 C$1.3975-85($1.2bln), C$1.4000($1.0bln)
- USD/CNY: May15 Cny7.3000($1.2bln)
US: Trump Begins Remarks At Saudi-US Investment Forum
May-13 15:40
US President Donald Trump is delivering remarks at the Saudi-US Investment Forum in Riyadh, Saudi Arabia, on the first day of his multi-country Middle East tour. LIVESTREAM
- Trump begins the remarks with comments on the US domestic situation, including immigration and the economy inherited from former US President Joe Biden - similar to recent speeches he has made in the United States.
- According to prepared remarks cited by Reuters, Trump intends to say that he wants to offer Iran “a new and better path toward a more hopeful future”.
- Trump is also expected to say the US stands “ready to help Lebanon create a future of economic development and peace with neighbours.”
