Weekly Performance
Dow +2.32% S&P+1.75% Nasdaq +0.50% Russell +3.20% Brazil +7.13% EuroStoxx+0.72% Cac+1.85% Dax+0.34% MIB -1.95% Ibex +1.07% FTSE +3.11% SMI +0.59% Nikkei +3.30% Hang Seng +3.16% Shanghai Comp. +3.09%
Steadying crude prices and another bout of central bank cajoling helped global equity markets stabilize this week. The Bank of Japan surprised markets by putting interest rates into negative territory for the first time ever, joining the ECB and various other European central banks. Voting 5-4 in favor of the measure, the BOJ announced that it will charge a rate of -0.1% for excess reserves parked at the bank by financial institutions, and implied that lower oil prices made its decision necessary. At the scheduled meeting on Wednesday, the US Federal Reserve left the door open to a March rate increase despite acknowledging that "economic growth slowed" since its last meeting in December. Meanwhile, the PBoC pumped cash into the Chinese economy and continued its streak of very gradually strengthening the yuan exchange rate. Stocks continued to be to be very volatile, and by Friday the DJIA posted its eighth straight day with a triple digit move. For the week, the DJIA gained 2.3%, the S&P rose 1.7%, and the Nasdaq added 0.5%.
Macro :
- Case Sheds Light on Goldman’s Role as Lender in Short Sales - http://nyti.ms/1PqyKp0
- Italy Treasury Spokesman Denies Paschi-Poste Press Report
- Italian Banks : Veneto Banca Wants to Participate in M&A as Listed Company: CEO
- Belgium Mulls Cutting Corporate Tax Rate to 20 Percent: Tijd
- U.K. Said to Ask EU to Ease Curbs on Bermuda Tax Haven: Observer
- Six Multinationals Reveal No U.K. Corp Tax Paid in ’14: S. Times (Shell, SAB Miller, BTAS, Vodafone, AstraZeneca, Lloyds)
- Brazil Credit Package Limited by Banks’ Capital Restraint:Estado
- FT : Pension stress tests show €773bn shortfall in funding - http://on.ft.com/1TuZqXm
Keep an eye on :
- ABY US : Abengoa Yield Says Some Units in Brazil Initiated Insolvency
- MT NA : ArcelorMittal Eyes Sale of Some U.S. Long Steel Mills: Platts
- POP IM : Banco Popolare CEO Confident to Reach Deal With Pop. Milano Soon
- POP SM : Banco Popular says no chance it will be taken over; sees itself as a consolidator - Expansion
- BKIA SM : Bankia Board to Propose 2,625 Euro Cents/Shr Cash Dividend
- BMPS IM : Paschi Plans to Use State Guarantee Scheme for Bad Loans: CEO
- BMPS IM : Poste Italiane May Be Interested in Monte Paschi: la Repubblica & Italy Treasury Spokesman Denies Paschi-Poste Press Report
- COLRB BB : Colruyt CEO Says Still Room For Expansion in Belgium: Tijd
- DLG GY : Dialog Sees More Potential Takeover Candidates: Euro am Sonntag
- EDP PL : EDP Sells EU94m of 2014 Tariff Deficit in Portugal
- ENI IM : Sk Capital Interested in Eni’s Versalis Unit: Il Sole
- GET FP : Eurostar Services Delayed After Power Supply Issue Near Paris
- FLS DC : FLSmidth Gets O&M Contract From Egyptian Cement Producer
- FRA GY : Fraport Sees Drop Russian Travel Impacting Result: Sueddeutsche
- GAM SM : Gamesa confirms talks with Siemens are about merger of wind assets
- G IM : Minali, Donnet Seen as Favorites for Generali CEO Job: Il Sole
- HOME LN : J Sainsbury’s takeover talks with Home Retail Group at impasse over price - FT
- LUX IM : Luxottica 4Q Group Net Sales Miss Ests.; Khan to Leave as Co-CEO
- LUX IM : Luxottica Needs Simpler Mgmt Structure: Del Vecchio to Corriere
- NHY NO : Norsk Hydro Says Aardal Aluminum Plant Was Briefly Down
- RGU LN : Regus shares gain on renewed takeover speculation - FT
- SFL IM : Safilo 2015 Prelim. Sales Rise 8.5% to EU1.28b
- UHR VX : Swatch Sees CHF10b Sales From Super Battery in 5 Years: NZZ
- TEC FP : Technip France Head Giadrossi Has Left Co.: L’Expansion
- TWC US : Trian May Take Activist Stake in Time Warner: NY Post http://nyp.st/1QNy1Pz
- TOD IM : Tod’s Seeks to Boost Accesories, Leather Goods Business: Sole
- FP FP : Total, Other Cos. Talking to Iran About Azadegan Field: PressTV
- UBI IM : UBI CEO Says ‘No Dossier Open’ for M&A With Monte Paschi
- UCG IM : UniCredit to Use Guarantee Scheme for NPLs If Needed: Ghizzoni
- UCG IM : Unicredit receives non-binding offers from Apollo and Highbridge for its leasing division