(RTTNews) – Bayer (BAYZF.PK, BAYRY.PK, BYR.L) plans to cut more than 1.5 billion euros of annual costs as of 2024. The company may cut jobs and plans to exit non-strategic businesses or brands, as the coronavirus pandemic impacts its businesses. It expects to take a non-cash impairment charges on agricultural business, due to low commodity prices.

The new cost-savings program comes on top of annual savings of 2.6 billion euros as of 2022, which were announced in November 2018.

According to the company, the new cost-savings measures are currently in the early stages of development. The company will discuss with the relevant internal bodies, including employee representatives, and announce its final decision once it finalized.

The company plans to leave its dividend policy unchanged. But it expects payouts in coming years to be at the lower end of 30 percent – 40 percent of core earnings per share, rather than

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Earlier in the Day:

It’s was a busier start to the day on the economic calendar this morning. The Pound, Japanese Yen, and Aussie Dollar were in action in the early part of the day.

Out of UK

The BRC Retail Sales Monitor increased by 4.7% in August, year-on-year. In July, sales had risen by 4.30%.

The Pound moved from $1.31652 to $1.31638 against the Dollar upon release of the figures.

For the Japanese Yen

Household spending slid by 6.5% in July, partially reversing a 13% jump in June. Economists had forecast a 2.3% decline. Year-on-year, spending tumbled by 7.6%, following a 1.2% decline in June. Economists had forecast a 3.7% decline.

According to the Statistic Bureau,

  • Spending on culture & recreation (-21.0%), clothing & footwear (-20.2%), and transportation & communication (-19.6%) weighed heavily.
  • There were also declines in spending on housing (-13.9%), food (-2.6%), and education (-1.4%).
  • Spending on
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(RTTNews) – Mylan N.V. (MYL), on Tuesday, said it agreed to acquire the related intellectual property and commercialization rights of Aspen Pharmacare Holdings Ltd.’s thrombosis business in Europe for EUR 641.9 million, subject to customary closing conditions and European regulatory clearances.

Upon completion, the transaction is expected to be immediately accretive to Mylan, and is anticipated to be accretive to VIATRISTM upon the completion of Mylan’s previously announced combination with Upjohn that is expected to close in the fourth quarter of 2020.

Mylan noted that it expects to fund an upfront payment of EUR 263.2 million to Aspen from existing cash, upon closing. Also, Mylan expects to utilize cash generated from operations to make the final deferred payment of EUR 378.7 million on June 25, 2021.

The proposed sale is expected to be completed before December 31, 2020. Further, Mylan stated that it does not expect the transaction to impact

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Earlier in the Day:

It’s was a relatively quiet start to the day on the economic calendar this morning. Economic data from China was in focus in the early part of the day.

Away from the economic calendar, news of the U.S administration looking to target more Chinese companies tested risk appetite early on.

Out of China

August trade figures were in focus following the recent trade talks between the U.S and China.

In August, the U.S Dollar trade surplus narrowed from $62.33bn to $58.93bn. Economists had forecast a narrowing to $50.50bn.

  • Year-on-year, exports rose by 9.50%, following a 7.2% rise in July. Economists had forecast a 7.1% increase.
  • Imports fell by 2.10%, following a 1.4% decline from July. Economists had forecast a 0.10% rise.

While the jump in exports is positive, the unexpected fall in imports will be a concern, suggesting weaker demand near-term.

The Aussie Dollar moved from

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Earlier in the Day:

economic calendar this morning. The Japanese Yen and Aussie Dollar was in action early on, with economic data from China also in focus.” data-reactid=”20″It’s was a relatively busy start to the day on the economic calendar this morning. The Japanese Yen and Aussie Dollar was in action early on, with economic data from China also in focus.

For the Japanese Yen

August’s finalized services PMI came in at 45.0, which was in line with prelim, while down from July’s 45.4.

August survey,” data-reactid=”27″According to the August survey,

  • Activity fell back further in August, with restrictions on activity and a lack of customers weighing.
  • New orders decreased again in August, delivering a 7th consecutive monthly decline. The pace of decline was also more marked than in July, with new export orders seeing a material fall.
  • Firms continued to scale back employment in line
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Earlier in the Day:

economic calendar this morning. The Japanese Yen, the Kiwi Dollar, and the Aussie Dollar were in action, with economic data from China also in focus.” data-reactid=”20″It’s was another busy start to the day on the economic calendar this morning. The Japanese Yen, the Kiwi Dollar, and the Aussie Dollar were in action, with economic data from China also in focus.

For the Japanese Yen

Japanese Yen was up by 0.17% ¥105.73 against the U.S Dollar” data-reactid=”27″The Japanese Yen moved from ¥105.962 to ¥105.98 upon release of the figures. At the time of writing, the Japanese

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Earlier in the Day:

economic calendar this morning.  The Japanese Yen was in action in the early part of the day.” data-reactid=”20″It’s was a relatively quiet start to the day on the economic calendar this morning.  The Japanese Yen was in action in the early part of the day.

For the Japanese Yen

Tokyo’s August inflation figures were in focus. In August, core consumer prices fell by 0.3%, year-on-year, following a 0.4% rise in July. Economists had forecast a 0.3% rise. Tokyo’s annual rate of inflation softened from 0.6% to 0.3%.

Ministry of Internal Affairs and Communication,” data-reactid=”27″According to the Ministry of Internal Affairs and Communication,

  • Price declines for education (-8.9%), culture and recreation (-3.0%), fuel, light, and water (-1.4%), and miscellaneous (-1.3%) weighed.
  • There were solid prices increases for furniture and household utensils (+2.4%) and clothes & footwear (+2.2%).
  • Prices for medical care rose by 0.9%,
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Earlier in the Day:

It’s was a busier start to the day on the economic calendar this morning.  The Kiwi Dollar and the Aussie Dollar were in action in the early part of the day.

For the Kiwi Dollar

The trade surplus narrowed from NZ$475m to NZ$282 in July.

According to NZ Stats,

Imports

  • For the 1st time in almost 34 years, no crude oil was imported into New Zealand. The imports of cars and other vehicles also fell.
  • Imports from Europe had the largest fall, declining by NZ$262m compared with July 2019.
  • From the U.S, imports fell by NZ$76m, while imports from China were up by NZ$108m (+10%).

Exports

  • Exports to China fell NZ$28m compared with July 2019, while total exports to the U.S rose by NZD89m.

The annual trade balance for the year ended July 2020 was a deficit of NZ$115m, which was the lowest deficit since

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Earlier in the Day:

It’s was a quiet start to the day on the economic calendar this morning. There were no material stats to provide direction in the early part of the day.

A lack of stats left the markets to respond to the latest COVID-19 vaccine news from the U.S. Talks of the U.S administration looking to fast track an Oxford University vaccine supported risk appetite early on.

For the Majors

At the time of writing, the Japanese Yen was up by 0.06% ¥106.04 against the U.S Dollar. The Aussie Dollar was up by 0.17% to $0.7175, with the Kiwi Dollar up by 0.09% to $0.6533.

The Day Ahead:

For the EUR

It’s a busy day ahead on the economic calendar following a quiet start to the week. Germany’s 2nd estimate GDP numbers for the 2nd quarter are due out along with August’s IFO Business Climate numbers.

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Earlier in the Day:

It’s was a relatively busy start to the day on the economic calendar this morning. The Japanese Yen was in action in the early part of the day.

For the Japanese Yen

In July, consumer prices rose by 0.3%, following a 0.1% increase in June, with the annual rate of inflation picking up from 0.1% to 0.3%. Core consumer prices were unchanged, year-on-year, following a 0.2% decline in June. Economists had forecast a 0.1% rise. The figures were released by the Ministry of Internal Affairs and Communication,

The Japanese Yen moved from ¥105.732 to ¥105.716 upon release of the figures.

August’s prelim private sector PMI numbers were also in focus this morning.

The Manufacturing PMI rose from 45.2 to 46.6, while the Services PMI slipped from 45.4 to 45.0.

According to the August Markit Survey,

  • Demand continued to be adversely affected by subdued trade flows and
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