GLOBAL & REGIONAL DAILY (Monday 3 August, 2020

GLOBAL & REGIONAL DAILY (Monday 3 August, 2020)

GLOBAL & REGIONAL DAILY

HIGHLIGHTS

August 3 2020

Global Markets

UST and Bund yields were higher on the day, but still not far from Friday’s fresh lows, as the Congress and the White House are still far from a deal on an additional fiscal package. In FX markets, the DXY index gained some ground, remaining though close to Friday’s 26-month lows, ahead of this week’s US manufacturing ISM (today) and nonfarm payrolls (Friday).

Greece

According to...

https://www.allaboutshipping.co.uk/2020/08/03/global-regional-daily-monday-3-august-2020/

TFI’s Bedard signals growing focus on company’s LTL operations

Alain Bedard, the only executive of Canada’s TFI International who spoke on the company’s second-quarter conference call, has plenty of acquisitions he’d still like to do. But the area that appears to need the biggest assistance while being a key target is less than truckload (LTL).

The fundamental problem that Chairman, President and CEO Bedard sees, according to his statements in the call, is that TFI’s LTL business depends heavily on retail business that has been suffering for years and is...

https://s29755.pcdn.co/news/tfis-bedard-signals-growing-focus-on-companys-ltl-operations

The Tomé Way

Tomé, the first CEO in UPS Inc.’s (NYSE:UPS) 113-year history to have never worked for the company, hosted her first analyst meeting on Thursday. When it ended an hour later, the universe of UPS stakeholders listening in knew that a fresh gale had blown through 55 Glenlake Parkway, its Atlanta headquarters.

Tomé, 63, brought two distinct messages to the call: first, that UPS is a more impressive company than Tomé, who has spent 17 years on its board, had realized. Second, that things need to...

https://s29755.pcdn.co/news/the-tome-way

TFI grabs another asset, buys Ontario’s Keith Hall & Sons

In the earnings call last week for TFI International, Alain Bédard, the company’s chairman, president and CEO said when the company restarted acquisitions, “we’re going to start with small tuck-ins.”

On Friday, TFI did just that, acquiring Keith Hall & Sons Transport of Ontario. The price was not disclosed.

In the prepared statement announcing the acquisition, TFI described Keith Hall as “hauling liquid and dry foods and general freight across North America.” It had started as a milk hauler. 

T...

https://s29755.pcdn.co/news/tfi-grabs-another-asset-buys-ontarios-keith-hall-sons

Treasury report should not designate Swiss franc, Global Public Investor 2020, and more

Treasury report should not designate Swiss franc, Global Public Investor 2020, and more

THE WEEKEND REVIEW –  OMFIFLatest opinion and analysis from OMFIF around the world

27-31 July 2020, Vol.11 Ed.29

Most-Read Commentary

Next US Treasury report should not designate Swiss franc: Market speculation is heating up that the US Treasury, in its next foreign exchange report, may designate Switzerland as a currency manipulator. Treasury brought back the Swiss onto the monitoring list in January....

https://www.allaboutshipping.co.uk/2020/08/01/treasury-report-should-not-designate-swiss-franc-global-public-investor-2020-and-more/

Old Dominion makes its favored LTL benchmark clear: Revenue per shipment

With numerous metrics to determine how a less-than-truckload (LTL) company is doing, the CFO at Old Dominion Freight Line talked this week about the measurement that his company likes to look at: revenue per shipment.

In a conference call with earnings analysts following the release of the company’s strong second-quarter earnings report, ODFL CFO Adam Satterfield said that metric is one that the company favors as a barometer of the strength of the business. 

“We believe revenue per shipment is a...

https://s29755.pcdn.co/news/old-dominion-makes-its-favored-ltl-benchmark-clear-revenue-per-shipment

XPO stock tumbles on weak LTL performance

In its earnings statement and a call with analysts a day later, the management of diversified logistics and less-than-truckload (LTL) provider XPO tried to paint the company’s second quarter as strong. And the company did beat Wall Street estimates.

But the performance of the company’s LTL division has raised a lot of eyebrows, including those on Wall Street. On a day when equity markets overall are slightly down, XPO stock is down a lot. At 11:25 a.m., XPO was down 15.44% to $73.25. 

The numbers...

https://s29755.pcdn.co/news/xpo-stock-tumbles-on-weak-ltl-performance