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German investor morale brightens more than expected in September

German investor morale brightens more than expected in SeptemberThe mood among German investors improved more than expected in September, a survey showed on Tuesday, but the ZEW institute warned that the outlook for Europe's largest economy remained negative amid trade disputes and Brexit uncertainty. ZEW said its monthly survey showed economic sentiment among investors rose to -22.5 from -44.1 in August. ZEW said that was the lowest reading since May 2010.

Tue, 17 Sep 2019 05:26:46 -0400
World shares mixed as markets await news on Saudi oil plant

World shares mixed as markets await news on Saudi oil plantWorld shares were mixed on Tuesday and oil prices eased back pending updates on restoring output at a Saudi Aramco oil processing plant damaged by an attack over the weekend. Chinese benchmarks led declines in Asia after the credit ratings agency Moody's downgraded Hong Kong, citing its recent political turmoil. On Wall Street, the future contracts for the Dow Jones Industrial Average and the S&P 500 both lost 0.1%.

Tue, 17 Sep 2019 05:24:52 -0400
Markets mixed as Saudi oil attack fallout spills into second day live updates

Markets mixed as Saudi oil attack fallout spills into second day  live updatesOil steadies after massive gains after drone strikes on Saudi facilities European markets flat amid increased uncertainty Saudi Aramcos record $2 trillion float under threat after drone attacks send oil price soaring Matthew Lynn:Why we should embrace Facebooks Libra despite the EUs ban 10:21AM German economic expectations bounce back slightly, sentiment slumps to nine-year low An employee at a blast furnace atThyssenKrupp AG's steel plant in Duisburg Credit: Krisztian Bocsi/Bloomberg The closely-watched ZEW survey of German business shows sentiment about the countrys economic situation has dropped to a nine-year low, but showed a slight bounce-back in sentiment. The monthly assessment showed investors fears over Brexit and the trade war between China and the US, but suggested economic stimulus from the European Central Bank has injected some cheer. Current conditions fellto 19.9, from 13.5 in August. Economic sentiment rose to 22.5, from 44.1 in August. Europes largest economy contracted during the second quarter, and is widely expected to shrink again during the third part of the year, leaving it in a technical recession. Its manufacturing- and exporter-heavy economy has struggled as the global trade picture worsens, ZEW president Achim said the outlook increase is by no means an all-clear concerning the development of the economy.. Germany ZEW sentiment (Sep) -22.5 v -37.0 exp. (prev -44.1)Eurozone ZEW sentiment (Sep) --22.4 v -32.2 exp. (prev -43.6) Sentiment remains firmly rooted in pessimistic territory, emphasising fragile economic outlook$EUR Michael Brown (@MrMBrown) September 17, 2019 ZEW expectations rising for the first time since April, but still signal elevated recession risk for Germaneconomypic.twitter.com/0Qk8oLuq55 Aila Mihr (@aila_mihr) September 17, 2019 10:00AM Break: Aramco says some October oil loadings will be delayed Just in from Bloomberg Saudi Aramco says some October oil loadings will be delayed. This might be the first clear clue we get as to how long output capacity will be reduced for: as a reminder, sources told the Telegraphyesterday that a full recovery could take months. 9:57AM Saudi oil attack: Five things to read right now If youre trying to get to grips with the Saudi Arabian situation, here are five articles to read right now and somegraphicsto help make sense of it all. Donald Trump says it is looking likeIran was behind Saudi Arabia oil attack William Hague:The West must unite to keep Iran under control Saudi oil attacks: Why would Iran strike now? What does the oil price surge mean for the UK economy? How you can invest in the oil price after a record price rise Strikes against Saudi oil plants Heres how previous shocks have impacted the price of US oil: Crude oil prices 9:38AM WeWork float delay in case you missed it Investors are growing concerned that Adam Neumann, co-founder and chief executive of We Work, may have overcooked the company's valuation Credit: Mark Lennihan/AP A major piece of overnight news from the US was that WeWork has delayed its stock market listing amid concerns about its valuation. WeWork's eye-watering net losses Heres our report, in case you missed it:WeWork delays stock market listing after valuation slashed Heres more on the companys controversial float plans:Is WeWork the office of the future or an overvalued confidence trick? 9:32AM Pound falls for a second day ahead of Brexit court clash Sterling is falling for the second day in a row, with just under an hour to go until arguments begin in the UKs Supreme Court on the legality of Boris Johnsons suspension of Parliament. As mentioned earlier (see 8:53am update), the actual court process will take a few days, so this might be more of a general sense of malaise than a specific anticipation of a certain result. Justice secretary Robert Buckland evaded solid answers on the issue during appearances on Sky News and the BBC this morning, saying the Government would abide by the ruling of the court because we respect the rule of law, but adding it needs to see the precise terms of the decision. 9:20AM Recuiter Staffline swings to an 8m loss Staffline is one the UKs biggest recruitment firm Staffline Group, the UK recruitment firm, blamed unprecedented levels of uncertainty caused by Brexit for a slowdown in its activities as it swung to an 8m loss for the first half. The company, which was charged in June over claims it had underpaid workers, said it expects full-year profit of 20m, about half its underlying profit last year. It is facing further regulatory pressures from HMRC, and an independent probe into whether it has complied with minimum wage rules. Staffline said some companies had taken on temporary staff as full-time workers to mitigate the fallout from a potential skills shortage post Brexit. Shares in the AIM-listed firm are off about 20pc currently. Chief executive Chris Pullen said: The first six months of 2019 presented a number of unforeseen challenges for Staffline. The delay in the publication of the 2018 final results created uncertainty, which has been compounded by a challenging trading environment. 9:02AM Telegraph exclusive: Johnson and Trumps voter data software caught in privacy row Boris Johnson (left) and Donald Trump at the G7 summit last month Credit: ERIN SCHAFF/AFP Speaking of Boris Johnson, our US tech reporter Laurence Dodds has a great scoop on a political campaigning tool the Prime Minister has used. Laurence writes: A widely-used political campaigning tool employed by Boris Johnson, Donald Trump, and the SNP has been buying data on British voters from a company accused by Facebook of violating its users' privacy. NationBuilder,a voter management system which was used by up to 200 groups in the 2017 general election, paid an American company called FullContact to scour the internet for social media accounts belonging to voters, which it then offered to its own customers. You can read his full report here:Exclusive: Election software used by Boris Johnson and Donald Trump caught in Facebook privacy row And heres more on NationBuilder:Inside the controversial start-up that helped put Boris Johnson and Donald Trump in office Technology intelligence - newsletter promo - EOA 8:53AM Look ahead: Supreme Court to rule on Johnsons prorogation plan Boris Johnson visited Luxembourg yesterday Credit: Pool/Getty Images Europe In case you had somehow forgotten were in the midst of a constitutional crisis, legal arguments will kick off today in the Supreme Court hearing over whether Boris Johnsons suspension of Parliament was legal. MPs and activists have brought the case to the UKs highest legal authority, after defeats in England and Northern Ireland, a victory in Scotland, and Wales deciding it was better to let the countrys top judges decide. Arguments will start at 10:30am, and are expected to continue for three days, so we likely wont hear a ruling until Thursday (at the earliest). If the prorogation is ruled unlawful, Parliament may well be recalled early which has the potential for major political aftershocks. Brexit | The best comment and analysis Mr Johnson was humiliated in Luxembourg yesterday after the tiny countrys Prime Minister effectively empty-lecturned him. Heres a reconstruction of what happened, by the TelegraphsBrussels correspondent James Crisp: How Boris Johnson took his begging bowl to the EU - and Luxembourg laughed in his face 8:38AM Sirius Minerals shares crash Shares in Sirius Minerals have crashed following this mornings warning that it was unable to raise the $500m it needs to continue construction at a major fertiliser mine in Yorkshire. Shares are currently down 60pc, having fallen as much as 64pc at the beginning of trading, leaving them worth up over 4p apiece. 8:36AM French Connection in ongoing talks over sale as operating loss shrinks French Connection appears to be struggling to find a buyer Credit: David Rose/Daily Telegraph Retailer French Connection has said its strategic review, which includes discussions with outside parties over a sale, is ongoing. In half-year results released this morning, the company said its group revenue had fallen by 12.2pc amid an ongoing reduction of its portfolio, in line with expectations. Its operating loss shrunk 3.7m, from 5.5m the year before. Chairman and chief executive Stephen Marks said: There is no doubt that progress has not been helped by the trading conditions in which we operate in the UK, although our retail performance has been resilient, overall the wholesale business is strong and we continue to see good stability in the licence income. The order books we have provide a clear outlook for the second half of the year in wholesale but it appears that retail conditions will continue to be challenging. Underpinned by these results we remain fully on track to achieve our expectations for the financial year. It appears the company is still struggling to find a buyer, however. Having begun a strategic review last October that included discussions with buyers, it said today: We initially expected this strategic review (including the formal sale process) to conclude during the first half of 2019, but as announced on 28 June, given the active ongoing discussions, we extended this process to now. We believe that further time is required to bring the process to a successful conclusion and expect the process to be concluded by the end of our current financial year. 8:23AM FTSE flat at open European indices have opened pretty flat, with the FTSE 100 once again benefiting from some solid lift via oil giants BP and Royal Dutch Shell. Credit: Bloomberg TV 8:15AM Ocado retail sales accelerates but stays near lower end of expectations Ocado delivery vans are lined up prior to dispatch Credit: Peter Nicholls/REUTERS Ocado has reported an 11.4pc rise in retail sales during the latest quarter, in its first financial statement since it formed a joint venture deal with Marks & Spencer. The online supermarket, which is increasingly billing itself as a delivery and warehousing tech firm, has said it expects growth of 10pc to 15pc during the full second half. The company highlighted: Growth in retail revenue of11.4pc, in line with our guidance for the remainder of theyear Growth in average orders per week up to 12.1pc as more slots became available Average order size down 0.8pc, reflecting slightly greater frequency of purchase Growth enabled by additional capacity at our fourth customer fulfilment centre in Erith Size of online food market The results are the first since a major fire at the companys Andover warehouse earlier this year, in which several of its robotic prototypes were destroyed or damaged. Chief executive Melanie Smithsaid: These first set of results from thejoint venture between Ocado Group and M&S; show the resilience of Ocado following the Andover fire and the momentum the business now has. As we continue to enhance our offering and add more capacity in the UK, our leading partnership will deliver the very best experience to an ever-growing number of customers. 8:06AM Kantar: Supermarket sector returns to growth A customer picks a bag of potatoes inside a Morrisons supermarket Credit: Chris J. Ratcliffe/Bloomberg Kantar have released their latest grocery market share data, covering the 12 weeks ending September 8. Here are the research groups key findings: The grocerymarket returned to growth,with value sales increasing by 0.5pcduring the past 12 weeks Households bought0.9pc fewer itemsthan last year despite speculation about stockpiling Lidl gained an additional 618,000shoppers compared with last year One third of British households shopped at theCo-op, helping it to increase sales by 1.8pc Business Briefing Newsletter REFERRAL (Article) KantarsFraser McKevitt said: As we move closer to 31 October, it seems talk about stockpiling might be just that because were not seeing any evidence of it at the moment. In fact, households bought 0.9pc fewer items during the past 12 weeks than they did last year... ...All summer, retailers have faced tough comparisons with last years heatwave and disappointing weather has made it hard for them match the highs of 2018. The forecast for August Bank Holiday was more than welcome and shoppers made the most of it being the hottest one on record, spending 1.3 billion from Friday through to Sunday, which was marginally more than last year. Here are how the figures look in full: Credit: Kantar 8:00AM Sirius Minerals teeters after cancelling bond issuance The proposed site of Sirius giant potash mine in Yorkshire Credit: John Giles/PA Wire The future of Sirius Minerals has been thrown into doubt after it warned it could not raise the $500m it needed to jump-start the next phase of construction on a giant fertiliser mine in Yorkshire, writes Jon Yeomans. He reports: The FTSE 250 company said it did not believe the junk bonds it needs to sell "could be issued in the current market conditions". Last month it blamed volatility on stock markets fora delay in issuing the bonds, which were needed to unlock a $2.5bn debt packagefrom JP Morgan that would finance the second phase of construction at the mine. Sirius will now launch a strategic review and will slow down work at the Woodsmith mine near Whitby to conserve cash. It will terminate its credit agreement with JP Morgan while it looks for other ways to finance the mine. You can read his full report here:Sirius Minerals warns it cant raise funding for giant Yorkshire fertiliser mine 7:37AM What happened overnight Oil shed some of its massive gains on Tuesday as the United States flagged the possible release of crude reserves, but the threat of military action over the attacks on Saudi oil facilities kept prices elevated and stocks under pressure. PLENTY OF OIL! Donald J. Trump (@realDonaldTrump) September 15, 2019 While equity market losses have not been large, shaky investor confidence continued to support safe-haven assets, with gold edging higher on Tuesday and Treasury prices rising. Investors otherwise broadly remained on the sidelines ahead of an expected interest rate cut from the USFederal Reserve on Wednesday and the next round of US-China trade talks on Thursday. MSCIs broadest index of Asia-Pacific shares outside Japan was down 0.6pc. Chinese shares fell 0.85pc, while Australian shares were down 0.27pc. In Hong Kong, the Hang Seng Index shed 1.01pc, or 274.83 points, to 26,849.72 by the break. Brent crude, the international benchmark, slipped 1.78pcto $67.79 per barrel in Asia on Tuesday. On Monday Brent surged by 14.6pcfor its biggest one-day percentage gain since at least 1988. USWest Texas Intermediate futures were down 1.92pc to $61.69 per barrel in Asia following a 14.7pcsurge on Monday, the biggest one-day gain since December 2008. 7:33AM Agenda: Oil shock still driving markets Spokesman of the Saudi-led military coalition Colonel Turki al-Maliki speaks during a press conference in the Saudi capital Riyadh, on Monday Credit: FAYEZ NURELDINE/AFP Good morning.Brent crude soared as much as 20pc yesterday, hitting a high of almost $72a barrel in the biggest one-day rise since the first Gulf War in 1991, before retreating to just under $69. The rise cameafter a devastating drone attack on Saudi Arabian production facilities over the weekend. 5 things to start your day 1)The son of JCB billionaire tycoon Lord Bamford is racing to strike a deal to salvage Boris Bus maker Wrightbus. Jo Bamford is in talks to rescue at least part of the Northern Irish bus builder after a rescue attempt by local businessman Darren Donnelly collapsed on Monday. 2)The worlds biggest float the $2 trillion listing of state-owned oil titan Saudi Aramco is under threat in the wake of attacks on the desert kingdom that triggered the biggest spike in oil prices for almost three decades.Bill Farren-Price, chief executive of the Petroleum Policy Institute, warned: It casts a big shadow over the recent push to get the IPO away by the end of this year. I think thats unlikely to happen now, not least because its become clear due to the nature of these attacks that the oil infrastructure operated by Aramcois vulnerable. The world's oil producers 3)Purdue Pharma faces ongoing legal challenges despite slide into bankruptcy:US lawmakers have vowed further legal action against the maker of prescription painkiller OxyContin, which filed for bankruptcy on Monday as part of an agreement to settle thousands of federal and state lawsuits for its role in the deadly opioid crisis. 4)Britain has extended its lead as the biggest centre in the world for trading foreign currencies and interest rate derivatives, defying fears that the country could lose its status due to Brexit.The country has even seized a bigger share of the euro-denominated derivatives business, now taking 86pc of all those trades, despite EU authorities arguing these must be traded within the eurozone in the event of a no-dealBrexit. 5)Two current and one former precious metals traders at JPMorgan Chasehave been charged with manipulating futures markets in what prosecutors described as a massive, multi-year conspiracyrun out of the bank. The US Justice Department said three men ripped off market participants and even clients as they illegally moved prices for gold, silver, platinum and palladium. Coming up today For Ocado, which is trying to be seen as a tech company rather than simply a food delivery company, Tuesdays third-quarter trading update will be a key check on how it has bounced back from a major fire at its Andover warehouse site. Despite the setback, the company is predicting growth of 10pc to 15pc across the second half. We assume growth at the bottom end of this range in 3Q but expect stronger growth in 4Q, say Barclays analysts. Interim results:French Connection, Staffline Group Trading statement:Ocado Economics:Industrial production (US)

Tue, 17 Sep 2019 05:22:46 -0400
Oils Dramatic Advance Pauses as Market Awaits Saudi Clarity

Oils Dramatic Advance Pauses as Market Awaits Saudi Clarity(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Oil markets are grappling with uncertainty over how long it will take Saudi Arabia to restore output after the devastating attacks that knocked out 5% of global crude supply.As state oil giant Saudi Aramco grows less optimistic that therell be a rapid recovery after the strikes that cut the nations output by half, investors are seeking clarity on just how bad it could be. Initially, it was said significant volumes could begin to return within days, but Saudi officials later told a foreign diplomat they face severe disruption measured in weeks and months. Brent crude slipped below $69 a barrel on Tuesday after a record jump Monday.If you take 50% of the lost output and bring it back online, youre still left with an absolutely huge disruption that might continue for some time longer, Richard Mallinson, a geopolitical analyst at consultant Energy Aspects Ltd. in London, told Bloomberg television. Things are definitely even more tense across the Middle East than they were before Saturday.The worst ever sudden disruption to global oil supplies continues to reverberate as geopolitical risk premiums soar on concern over instability in the Middle East and a potential retaliation against Iran, which the U.S. has blamed for the strikes. Traders may not have fully priced in the impact of the supply losses, according to Citigroup Inc.The attacks, which damaged one of the Saudis flagship fields and a key processing complex, triggered one of the wildest bouts of trading seen in oil markets, with Brent futures rising 19% in a matter of seconds at the open on Monday and ending the day up 15%, their biggest single-day advance.It was a more subdued start to trading on Tuesday, with both Brent and West Texas Intermediate futures edging lower.Saudi Aramco lost about 5.7 million barrels a day of output on Saturday after 10 unmanned aerial vehicles struck the Abqaiq facility and the kingdoms second-largest oil field in Khurais.While Aramco is still assessing the state of the Abqaiq site and the scope of repairs, it currently believes less than half of the plants capacity can be restored quickly, according to people familiar with the matter, who asked not to be identified because the information isnt public.Saudi Aramco is firing up idle offshore oil fields -- part of its cushion of spare capacity -- to replace some of the lost production, one person said. Customers are also being supplied using stockpiles, though some are being asked to accept different grades of crude. The kingdom has enough domestic inventories to cover about 26 days of exports, according to consultant Rystad Energy A/S.Customers are also preparing to tap strategic reserves if needed. U.S. President Donald Trump authorized the release of oil from the U.S. Strategic Petroleum Reserve, while the International Energy Agency, which helps coordinate industrialized countries emergency fuel stockpiles, said it was monitoring the situation.The disruption surpasses the loss of Kuwaiti and Iraqi petroleum output in August 1990, when Saddam Hussein invaded his neighbor. It also exceeds the loss of Iranian oil production in 1979 during the Islamic Revolution, according to the IEA.Nevertheless, U.S Energy Secretary Rick Perry said Tuesday that the market is well-supplied and a staggering spike in prices is unlikely.Brent futures slipped 38 cents to $68.64 a barrel on the ICE Futures Europe exchange as of 10:14 a.m. London time, while WTI dropped 66 cents to $62.24 on the New York Mercantile Exchange. Brent is trading at a $6.62 premium to WTI for the same month.If Abqaiq takes months to come back online we could see Brent move into the $70-to-$80-per-barrel range, Vivek Dhar, an analyst at Commonwealth Bank of Australia, said in a note. A retaliatory attack against Iran could see oil prices spike even higher.\--With assistance from Shery Ahn and Grant Smith.To contact the reporters on this story: James Thornhill in Sydney at jthornhill3@bloomberg.net;Saket Sundria in Singapore at ssundria@bloomberg.netTo contact the editors responsible for this story: James Herron at jherron9@bloomberg.net, Amanda Jordan, Christopher SellFor more articles like this, please visit us at bloomberg.com2019 Bloomberg L.P.

Tue, 17 Sep 2019 05:19:38 -0400
What Kind Of Shareholders Own IntraSoft Technologies Limited (NSE:ISFT)?

What Kind Of Shareholders Own IntraSoft Technologies Limited (NSE:ISFT)?Every investor in IntraSoft Technologies Limited (NSE:ISFT) should be aware of the most powerful shareholder groups...

Tue, 17 Sep 2019 05:16:46 -0400
Now hodling: Bitcoin whales

Now hodling: Bitcoin whalesLarge BTC holders havent been selling or moving their coins lately, says a report. Thats a good thing.

Tue, 17 Sep 2019 05:14:11 -0400
Inside Telegram's secretive TON blockchain network

Inside Telegram's secretive TON blockchain networkTelegrams TON network will be the biggest blockchain ever, according to those working on the project. But its fate is far from certain.

Tue, 17 Sep 2019 05:14:11 -0400
Libra plans to launch in the second half of 2020

Libra plans to launch in the second half of 2020Regulators have other plans

Tue, 17 Sep 2019 05:14:11 -0400
US sanctions N. Korea for crypto hacks

US sanctions N. Korea for crypto hacksTreasury says Hermit Kingdom filched more than $500 million from crypto exchanges to fund weapons of mass destruction. Are the sanctions just optics?

Tue, 17 Sep 2019 05:14:11 -0400
Binance CEO accidentally shames market maker

Binance CEO accidentally shames market makerIt turns out it was just a bug

Tue, 17 Sep 2019 05:14:11 -0400
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