Morgan Stanley’s Wilson Sees No Reason to Raise S&P 500 Target
As a flurry of Wall Street forecasters bump up their optimism toward US stocks in lockstep, Morgan Stanley’s Mike Wilson won’t budge, arguing he sees no justification to upgrade his outlook given an absence of broad earnings growth. #press
Angola Plans Foreign-Currency Bond Sale to Boost FX Liquidity
Angola’s government is preparing the sale of foreign currency bonds as the oil-producing nation tries to increase the supply of dollars in the economy and ease the pressure on the local currency, the kwanza. #press
Pirates Board Commodity Ship Off the Coast of Somalia
A Bangladeshi bulk commodity carrier was boarded by armed men about 600 miles off the coast of Somalia, the latest incident to mark a resurgence of piracy near the country. #press
Ex-Wall Street Banker Takes On AOC in New York Democratic Primary
A Wall Street veteran is mounting a long-shot challenge to US Representative Alexandria Ocasio-Cortez in New York’s June 25 Democratic primary, marking the first intra-party battle she’s faced in four years. #press
Korean Authorities Probe Petchems Producers’ Naphtha Imports
South Korean authorities are investigating the origins of the nation’s imports of naphtha, a plastics-making ingredient, with a focus on Russian supplies. #press
Surveillance: JPMorgan’s Kelly Says Traders Will Still Get Their Cookies
But Mizuho's Ricchiuto adds a warning: They won’t be won't cool enough to eat
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CPI Report Won’t Alarm the Fed, JPMorgan’s Kelly Says
JPMorgan Asset Management Chief Global Strategist David Kelly says US inflation is cooling but cooling very slowly. The core consumer price index, which excludes food and energy costs, increased 0.4% from January, according to government data. #press
Morgan Stanley's Wilson: Be a Stock Picker Now
Morgan Stanley equity strategist Mike Wilson says it's time to be a stock picker. He says the recent rally has been driven by loose financial conditions and extreme liquidity. Wilson says on "Bloomberg Surveillance" that he's not willing to raise his US stock market outlook. (Source: Bloomberg) #press
NYCB Closes Deal With Mnuchin-Led Investors for Capital Infusion
New York Community Bancorp Inc. completed a deal to raise more than $1 billion of capital through an equity investment by backers led by former US Treasury Secretary Steven Mnuchin. #press
SAP, Siemens Energy Mask Sagging German Earnings
Investors glancing at Germany’s benchmark DAX Index, hovering near a record high reached earlier in March, might be forgiven for thinking companies in Europe’s largest economy are firing on all pistons. #press
Argentina Hinders Debt Swap by Not Offering Puts on Peso Bonds
Argentina’s central bank isn’t offering put options for peso bonds the government is selling this week in a record debt swap, a move that’s discouraged private banks from participating in the deal, according to two people with direct knowledge. #press
Gold Pares Losses as Traders Digest Latest US Inflation Report
Gold pared earlier losses as traders digested a key US inflation report for indications of when the Federal Reserve may start cutting interest rates. #press
Real Estate, Infrastructure Losses Sap Ontario Teachers’ Returns
Ontario Teachers’ Pension Plan gained 1.9% last year, underperforming its benchmark by a wide margin, as strong results in credit and stocks were overshadowed by losses in hard assets. #press
Morgan Stanley's Mike Wilson Believes in Artificial Intelligence
Mike Wilson, Morgan Stanley CIO and chief US equity strategist, says he's a big believer in artificial intelligence and it's going to be a big productivity driver. He's on "Bloomberg Surveillance." (Source: Bloomberg) #press
OPEC’s Oil Supply Cuts Stall as Iraq Keeps Pumping Above Its Quota
OPEC’s latest oil supply cuts stalled as Iraq — which has often flouted the group’s agreements — produced above its quota for a second month. #press
Home Depot Teams With NCAA, Shaq for March Madness Marketing Campaign
Home Depot Inc. is expanding its marketing efforts with a three-year NCAA deal that will be timed to begin with this year’s March Madness tournament. #press
Underlying US Inflation Tops Forecasts for Second Month
The core consumer price index, which excludes food and energy costs, increased 0.4% from January, according to government data out Tuesday. From a year ago, it advanced 3.8%. Mike McKee reports. #press
Zimbabwe Says Scorching El Nino Pattern Is Withering Corn Crop
Zimbabwe warned that farmland planted with corn has shrunk by 12% because of scorching El Niño weather patterns, threatening the nation’s food staple and potentially triggering surging prices and social unrest. #press
Signa Unit Offers Creditors 30% Recovery in Restructuring Plan
Signa Development Selection AG, the smaller of two main units in Rene Benko’s insolvent property group, is offering creditors 30% of their money back in a restructuring proposal. #press
Gold Miners Are Missing Out on Bullion’s Record Run
Funds tracking producers are stubbornly flat despite the metal’s blistering rally. #press
