Global markets were volatile this week as risk assets first recovered from the let-down of last week's May US jobs report and then succumbed to global jitters as funds rotated into fixed income. The ongoing oil market recovery propelled both WTI and Brent firmly back over $50 early in the week, helping boost the broader energy sector. Solidifying belief that the Fed will need to hold off on rate hikes at least little bit longer has helped gold and silver prices reach one month highs as well. In a widely anticipated speech on Monday, Fed Chair Yellen said nothing at to upset the apple cart, and there is a sense that a Fed rate increase in September is emerging as the new favorite view, although July is still touted as a 'live' meeting as well. The dollar arrested its decline without testing the lows seen in early May. Mid-week the DJIA and S&P500 approached but did not hit new all-time highs, as Brexit fears and interest rate jitters took over and pushed risk assets lower. For the week, the DJIA gained 0.3%, the S&P slipped 0.1%, and the Nasdaq fell 1%.
Macro :
- Dijsselbloem Plans EU Deposit Guarantee Deal by Year-End: HB
- Iran Collects $5 Bln Owed by Emirates National Oil Co.: Shana
- Poll Shows 43% for Brexit; 42% Back Remain: Times/YouGov
- MSCI Inclusion of A Shares Is ‘Historical Certainty’: CSRC
Keep an eye on :
- AF FP : Air France Says 77% of Flights Operating Sunday Amid Strike
- BAYN GY : Monsanto Said to Rebuff New Bayer Offer at Same Price: Dow Jones
- CBK GY : Commerzbank Expanding Wealth Management, Boersen-Zeitung Says
- COP US : ConocoPhillips rebuffed USD 2bn-plus bids for UK arm from Ineos and Blackstone
- DBK GY : Deutsche Bank Plans System Security, Stability Improvements: FT
- ESJ LN : EasyJet Hopes For ‘Constructive Dialogue’ With VNV Union
- ENI IM : Eni, BP to Start Drilling 2nd Well at Egypt’s Baltim: Borsa
- FON FP : Foncia could fetch EUR 1.8bn - Journal du Dimanche
- HEN3 GY : Henkel Targets Further Growth Through Acquisitions: Rheinische
- KU2 GY : Kaeser Says Siemens Isn’t Bidding for Robot Maker Kuka
- KU2 GY : Merkel Urges Equal Treatment of German Investors in China
- LHN VX : LafargeHolcim Top Investor Calls Franc Impact ‘Devastating’: NZZ
- LXS GY : Lanxess to Actively Join Consolidation Rubber Mkt, CFO Tells BZ
- MC FP : LVMH’s TAG Heuer CEO Says Jan-May Sales Rise 20% Y/Y: Reuters
- RNO FP : Renault Nissan Auto India’s Workers to Get ~57% Wage Rise: ET
- RIO LN : Rio Tinto Hires Goldman to Help Privatize Copper Unit: S. Times
- SAN FP : Sanofi Says Positive Phase 3 Results for Lixilan-O, -L Trials
- SAN FP : Medley (Brazilian generics unit) could be sold by Sanofi, bought for E500m in 2009 - O Globo
- SAS SS : SAS Says 220 Flights Affected by Pilot Strike on Sunday, Swedish Mediation Office Calls in SAS, Pilots for More Talks
- TIT IM : Telecom Italia to Name George Nazi Head of Technology: Corriere
- TEF SM : Apax, CVC Capital May Make Joint Bid for O2, Sunday Times Says (GBP 10b price mentionned)
- LANS NA : FMR Reports 3.6% Van Lanschot Stake: AFM Filing