Weekly Performance
Dow +0.20% S&P-0.23% Nasdaq-0.03% Russell-1.07% Nikkei +0.39% Hang Seng-0.77%% Shanghai +0.82% Brazil -2.47% EuroStoxx -1.85% Dax -0.41% CAC-2.55% Ibex-2.10% FTSE -1.53% MIB -2.38% SMI -1.10%
Global equity markets broke a month-long advance this week, as another leg down in energy prices and further gyrations in emerging markets impeded risk appetite. Risk was further constrained by the twin Brussels bombings, which killed scores, wounded hundreds and showed a Europe gravely exposed to Daesh terrorism. The continuing recovery in crude prices peaked again midweek as both Brent and WTI bumped up againt $43 or so and then headed lower, dragging down the energy sector and rekindling fears about bank exposure to bad energy debt. There were faint green shoots in a few March manufacturing reports, but the preponderance of economic data showed a global economy mired in slowdown. At the same time, Fed speakers continued to talk about two or three Fed rate hikes this year, causing markets to reconsider risk tolerance in the face of global monetary policy divergence. For the week, the DJIA lost 0.7%, the S&P500 dropped 0.7%, and the Nasdaq slipped 0.5%.
Macro :
Dijsselbloem Says ECB Actions Unusual Because of Unusual Times
Bond Rally Seen on Collision Course With Inflation as Fed Punts
Behind U.S. GDP Data Is Reason for Recession Worry: Weak Profits
Keep an eye on :
- BMPS IM : Paschi Denies Press Report on ECB Request for Capital Increase
- BMPS IM : Monte Paschi Said to Seek Buyers for EU200m of Secured Bad Loans
- CABK SM : Santoro’s Silva Says Co. Willing to Restart Talks with CaixaBank
- CRG IM : Apollo Bids for Carige Bad Loans, May Add Capital: Messaggero
- CRG IM : Banca Carige may sell 52%-59% stake to Apollo if non-binding offer accepted - Messaggero
- CNHI IM : CNH Industrial Sees ~$500m Charge Related to Probe of Unit
- DB1 GY : Deutsche Boerse, LSE Mull Using Dutch Legal Entity: Telegraph
- EDF FP : EDF Confirms Goal to Start Flamanville Reactor in 4Q 2018
- EDF FP : EDF Would Shoulder CGN Share of Hinkley Point Cost Overruns: JDD
- ENI IM : Eni Declines Comment on WSJ Report of Exxon Mozambique Interest - http://on.wsj.com/1RAWKTa
- GBB FP : Bourbon Says Two Crew Members Abducted in Nigeria Freed
- OMG LN : Old Mutual’s wealth management unit could see joint bid from Bain and Carlyle, Advent also interested - Sunday Times
- PST IM : Italy Weighing Sale of Second Stake in Poste This Year: Ansa
- PFD LN : John Paulson urges Premier Foods to engage - FT - http://on.ft.com/1UpqQQA
- RENFE IPO : Renfe Exec Says Train Operator Should Be Publicly Listed: FT
- CFR VX : Chopard Co-President Sees Consumer Caution in Some Regions: SZ
- RWE GY : RWE Plans to Cut 2,000 Jobs by 2018, Says HR Officer Tigges: WAZ
- SAF FP : Safran Said to Evaluate Security Division Sale: Les Echos
- SAP GY : SAP Extends Contracts of CEO, CFO, Sales Chief to 2021: Reuters
- SRG IM : Thyssengas may receive bid from Snam - Il Sole 24 Ore
- SN/ LN : Zimmer Biomet Says Deferred Prosecution Agreement Ongoing
- SOF BB : Sofina Net Asset Value Climbs 12% in 2015; Dividend Tops Est.
- SPIE FP : Spie Gets EU30m Investment From La Caisse
- SYNN VX : Syngenta Says ChemChina Deal Poses No Food Safety Risks: WSJ
- URKA LI : Acron Said to Have Sold Uralkali Stake, Interfax Reports
- VIE FP : Veolia Sold EU700m of Convertibles by Private Placement: Gide
- VIV FP : Canal+ to Pay beIN Sports More Than EU1.5B, BFM Business Says
- VOW3 GY : Volkswagen, Porsche Recall More Than 800,000 SUVs on Pedal Issue
- VOW3 GY : VW Superv’y Board Considers New Strategy Committee, dpa-AFX Says
- VOW3 GY : VW CEO Loses Fight to Restore Hatz to Post After Scandal: BamS
- YHOO US : Microsoft Said to Mull Backing Potential Yahoo Buyers: Re/Code - http://on.recode.net/1Sl6pjT