HomeContributorsFundamental AnalysisGasoline Rises Modestly Amid Cyberattack On US Pipeline

Gasoline Rises Modestly Amid Cyberattack On US Pipeline

General trend

  • US equity FUTS rose after flat open.
  • Miners supported by higher metals prices.
  • S&P ASX 200 is closer to the session highs [Resources index gains over 3%; Crown Resorts and Star Entertainment rise on M&A news; Woolworths rises on demerger plan].
  • Nikkei extended gains after the higher open [Topix Iron & Steel index outperforms after earnings from JFE and Nippon Steel, Chinese steel prices rise; Marine Transportation index lags amid earnings (Nippon Yusen, Kawasaki Kisen); Fast Retailing weighed on Retail Trade index].
  • Japanese cos. due to report earnings include Panasonic, Rohm, Tokai Carbon, Itochu, Shionogi.
  • Hang Seng lags after opening higher [TECH index reverses gain; Meituan declines by over 7%; Materials index rises].
  • Shanghai Composite ended the morning session near the opening level [Health Care index rises on news related to Fosun and Sinopharm; Financial, IT and Property indices lag].
  • Companies continue to suspend production in India amid COVID cases (Suzuki, Honda).
  • Taiwan cos. may report April sales [AUO, UMC, possibly TSMC].
  • Commodity currencies pared early gains.
  • GBP outperformed amid PM Johnson’s party taking away key traditional Labour party area in local elections and recent Scotland elections news.
  • Australia budget statement to be released on Tuesday at 9:30 GMT (May 11th).
  • MSCI May Semi-Annual Index Review announcement scheduled for May 11.
  • Companies due to report during the NY morning include Air Products, BioNTech, Coty, Diebold, Duke Energy, Energizer, The Geo Group, Jacobs Engineering, Kandi Technologies, Marriott, Magic Software, MagnaChip Semi, Party City, Radnet, Revlon, Scientific Games, TEGNA, Tyson Foods, Townsquare Media, The Trade Desk, US Foods, Weibo.

Headlines/Economic data

Australia/New Zealand

  • ASX 200 opened 0.0%.
  • CWN.AU Confirms improved Blackstone offer at A$12.35/shr cash (prior A$11.85/shr).
  • CWN.AU Confirms merger offer from Star Entertainment at a nil-premium share exchange ratio of 2.68 The Star shares per Crown share.
  • WOW.AU Determined demerger of EndeavourGroup should go ahead to enhance shareholder value, after demerger A$1.6-2.0B could be returned to shareholders.
  • (NZ) New Zealand Fin Min Robertson: Economic recovery provides us with more options, further scope to keep lid on debt – pre-budget speech.
  • (AU) ANZ bank forecasts the Australia end of 2021 Unemployment rate ~4.8% and end of 2022 unemployment rate at ~4.4%.
  • (AU) Australia Q1 Retail Sales Ex-Inflation Q/Q: -0.5% v -0.4%e.
  • (AU) Australia Apr NAB Business Confidence: 26 v 17 prior; Business Conditions: 32 v 24 prior.

Japan

  • Nikkei 225 opened +0.1%.
  • (JP) Japan PM Suga: To make all efforts to stage a safe Olympics: IOC has final say on Tokyo Olympic games, Govt role is to assist.
  • 4004.JP Raises FY21 Net +ÂĄ11.0B; Op ÂĄ68.0B; Rev ÂĄ1.35T (prior Net -ÂĄ14B; Op +ÂĄ45B; Rev ÂĄ1.28T).
  • (JP) Japan recorded more than 7,000 new COVID cases over the weekend with a record high of >1,100 severe cases – Japan press.
  • 6758.JP Said to note tight Playstation 5 (PS5) supply will extend into next year – US financial press.

Korea

  • Kospi opened +0.1%.
  • (KR) South Korea President Moon: South Korea to focus on recovering jobs and economic recovery, seeing end to coronavirus pandemic; South Korea to try to achieve >4.0% GDP growth during 2021.
  • (KR) According to Think Tank, Korea Development Institute (KDI): South Korea economy is on a modest recovery path despite increasing COVID cases; manufacturing sector has continued to improve on robust exports.

China/Hong Kong

  • Hang Seng opened +0.6%; Shanghai Composite opened +0.1%.
  • 2196.HK Subsidiary to set up JV with Germany’s Biontech on manufacturing and commercialization of COVID vaccine.
  • (CN) Early feedback from Shenzhen digital yuan (e-CNY) trial not that positive – press.
  • (CN) China Sec Journal: China Money Market Liquidity to remain stable in May.
  • (CN) China PBOC sets Yuan reference rate: 6.4425 v 6.4678 prior.
  • (CN) China PBOC Open Market Operation (OMO): Injects CNY10B in 7-day reverse repos v CNY10B in 7-day reverse repos prior; Net inject CNY10B v Net CNY0B prior.

Other

  • (TW) US and Taiwan to hold second round of supply chain talks by end of August – Press.
  • 2610.TW Said to reduce cargo flights due to increased coronavirus cases – Local press.

North America

  • (US) Colonial Pipeline: No time line for restart after cyber attack, main lines remains closed, smaller lateral times are operational; will bring system back online when safe.
  • (US) Commerce Sec Raimondo: US has a long way to go to recover from pandemic – press.
  • (US) President Biden to meet with Democrat and Republican Senate and House leaders on Wednesday (May 12).

Europe

  • (UK) Labour Party announces Shadow Cabinet reshuffle after poor local election results.
  • (UK) Scotland First Min Sturgeon: it appear beyond doubt that there will be a pro-independence majority in Scotland’s parliament; will move ahead with plans for a new independence referendum.
  • (EU) ECB Rehn (Finland) reiterated the central bank should follow the lead of the Federal Reserve by overshooting of its inflation target to counter sluggish price growth – FT.

Levels as of 01:15ET

  • Hang Seng -0.3%; Shanghai Composite +0.0%; Kospi +1.7%; Nikkei225 +0.5%; ASX 200 +0.9%.
  • Equity Futures: S&P500 +0.1%; Nasdaq100 +0.0%, Dax +0.1%; FTSE100 +0.2%.
  • EUR 1.2177-1.2151; JPY 108.92-108.47; AUD 0.7863-0.7838; NZD 0.7298-0.7271.
  • Commodity Futures: Gold +0.2% at $1,834/oz; Crude Oil +0.5% at $65.22/brl; Copper +1.5% at $4.82/lb.

 

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