Reuters Insider - Inside the News: Dollar Firms Ahead of U.S. Jobs Report

China Holdings

13/06/2016 11:06

Click the following link to watch video:                              
 https://insider.thomsonreuters.com/link.html?cn=share&cid=178258&shareToken=Mzo4NjI0OTBlYy02ZjIzLTRkMmMtOTYwNi01NTBkMmEzN2MxZTI%3D&playerName=ReutersNews 
                                                                       
 Source:             Thomson Reuters                                   
                                                                       
 Description:        The dollar hits a five-week high, ahead of key    
                     U.S. jobs data - expected to provide more evidence 
                     of a stronger economic recovery.                  
 
 
(To access all exclusive Reuters Insider programming visit: http://insider.thomsonreuters.com) 
 
 Short Link:  http://reut.rs/1AkujWh  
 
 
Transcript (May be auto-generated)

                 Inside the News at one o'clock Hong Kong, Friday, January 7. The Dollar hits a 
five-week high ahead of key US jobs data. Expected to provide more evidence of a
stronger economic recovery. Stronger than expected private jobs data earlier in 
the week fueled expectations for a strong monthly figure. Market players also 
await testimony by Fed Chairman Ben Bernanke on any update on the Fed's 
bond-buying program. Sovereign debt worries drive the Euro lower in Asia. The 
single currency trading well below the 200-day moving average after breaching 
1.30. Next week sees around EUR24 billion in new European government debt supply
hitting the market, including bond issues from Italy, Portugal, and Spain. 

JP Morgan and Morgan Stanley get their approval to underwrite deals in China's 
securities market. JP Morgan will link up with Shenzhen-based First Capital 
Securities and hold 33% of the venture. For Morgan Stanley, the green light 
allows it to move on with its new Chinese partner Huaxin Securities and tap into
the fast-growing stock and bond markets. Here is Reuters Mike Flaherty on what 
this means for foreign banks. This is JP Morgan's first securities joint venture
in China. It's a place that they've been absent for forever really. And so the 
ability for them to tap into that market is obviously a huge opportunity. For 
Morgan Stanley, this has been the long drawn-out effort to depart from CICC and 
open a new joint venture where it has more management control and can underwrite
securities with those licenses. Obviously, each bank as well as several European
banks have these joint ventures to try to capitalize on China's booming stock 
and bond markets. More China banking news. Minsheng plans to raise around $3 
billion by selling new shares. That's according to the Bloomberg News Agency, 
which says Minsheng needs to replenish its capital. It says the bank, China's 
first non-state-owned lender, will announce a private placement as early as 
today following a board meeting. Facebook sets the stage for a possible IPO. 

Data seen by Reuters shows the social networking site is generating profits at a
faster-than-expected rate. Net income was $355 million in the first nine months 
of the year on revenues of $1.2 billion. A document distributed by Goldman Sachs
to its wealthy clients suggests Facebook could attract so many investors this 
year that it will have to disclose financial data similar to a publicly-traded 
company. Turning to the markets, Asian equities mostly sliding in morning trade 
with all the major indices in the red. One early loser is Samsung Electronics, 
which disappointed markets with its weak quarterly earnings estimates. Here is 
Insider's Rafael Nam. If Samsung is considered by many to be the closest 
competitor to Apple this year in terms of those fields, two words of caution: 
First is that tablets and consumer- and mobile phones happen to be the one area 
where every consumer electronics company wants to get into this year. And 
second, look at the stock in Samsung, it's been trading at record highs as early
as Monday but some technical indicators are showing that the stock is way 
overbought. Check out that Relative Momentum Index, for example, and that could 
be an early warning sign for Samsung. 

Australia's Flood Recovery Chief says rebuilding Queensland's infrastructure 
could take years. The floods have affected 22 towns and cities across Queensland
and disrupted coking coal supplies, flooded mines, and damaged crucial coal rail
lines. Tune in to Reuters Insider for a breakdown of the December jobs report 
and what it means for the Fed's controversial bond-buying program. We'll go 
inside the numbers with the experts from PIMCO, Wells Fargo, and IFR. That's at 
8:28AM New York time. I'm Cathy Yang. This is Reuters