THE HEDGEYE BREAKFAST MONITOR
The dollar being down this morning is giving commodities a bid with corn up almost 2%. The U.S. Grains Council has said that China may not need to purchase corn from the U.S. after having a “successful” harvest.
European investor confidence fell to the lowest level in more than two years in October declining to -18.5 from -15.4 in September, according to Sentix research institute. The unresolved sovereign-debt crisis was highlighted as the most important driver of investor anxiety.
Food processor stocks came under pressure on Friday as corn traded higher.
SBUX has been lobbying the US government for entry into India. Current rules allow it to hold up to a 51% stake in an Indian venture, while the rest would have to be with an Indian partner. Per Starbucks’ lobbying disclosure reports, its lobbyists discussed “market opening initiatives in India” with the Senate, the House of Representatives, and the Department of State.
SBUX is in talks with Tata Coffee to open cafés in India, according to Tata Coffee Managing Director, Hameed Huq. Starbucks has also commented this morning, saying that it expects to announce a roadmap for its entry into India soon as talks with Tata Coffee are moving forward.