Weekly Performance
Dow -0.49% S&P -0.44% Nasdaq -0.15% Russell -2.07% Mexico -0.66% Brazil -3.16% Nikkei +0.70% Hang Seng +0.07% CSI +0.00% Shanghai -0.17% EuroStoxx +0.38% FTSE -0.42% CAC -0.04% Dax -0.53% Ibex +2.12% MIB -0.03% SMI +0.0%
The stock market advance saw a respite this week as legislators in Washington began what is going to be the arduous process of passing healthcare reform. Rising bond yields caught investors' attention testing some key levels. The February jobs data remained robust, surpassing expectations on the payrolls, while suggesting the tightening labor market is starting to translate into upward pressure on wages. The ECB signaled that it is no longer worried about deflation and raised both its inflation and GDP forecasts for this year and next. A growing number of market participants were emboldened in their calls that central banks are falling behind the curve on removing accommodation. By Friday, futures markets were pricing in at least three hikes from the Fed this year, and some analyst were pulling forward their timetable for beginning to shrink the Fed's balance sheet. WTI crude prices careened back through the $50 mark after US crude stockpiles showed another outsized jump. Many pointed to technical/seasonal selling pressures, but nonetheless a 9% weekly decline weighed on stock sentiment. Gold prices fell back below the 200-day moving average to test $1200. For the week, the DJIA fell 0.5%, the S&P500 dropped 0.4%, and the Nasdaq lost 0.2%.
Bonds continued to decline throughout the week, he 10-year went from 2.49% on Monday to reach a week-high 2.61%. Bonds rallied slightly after NFP. The German 10-year yield rose 7bps, reaching 0.495%, before prices recovered some ground on Friday.
Macro :
- Fosun Wants to Invest More in Pharmaceutical Sector: Expresso
- Hedge Funds Bet Against Small Caps for 1st Time Since Nov.: CFTC
- Iran Oil Minister Says OPEC Happy With $55-$60/Bbl Crude: Etemad
- May to Ask EU to Return GBP9b When Article 50 Triggered: S.Times
- Schwarzman Sees Donald Trump Dialing Back Criticisms of China
Keep an eye on :
- ABI BB : AB InBev Chief Integration Officer Almeida Buys $10.1m of ADRs
- AIR FP : Airbus CEO Tom Enders Has a Flight Plan for Growth - Barron's
- AIG US : Berkshire Hathaway Should Consider Buying AIG: KBW
- AIRBNB IPO : Airbnb Said to Be Seeking to Hire Senior Executive: Information
- AKZA NA : Akzo Nobel Mobilizes Politicians to Prevent PPG Takeover: FD
- BAYN GY : Bayer CEO Sees EU6b Sales From 6 Pipeline Drugs: Welt am Sonntag
- BITCOIN : U.S. Rejects Application for Winklevoss Bitcoin ETF
- BMW GY : Nissan, Ford, BMW Sue Takata Over Faulty Airbag Losses
- BP/ LN : Exxon-BP Acquisition Talk Resurfaces: Is a Deal Really Likely?
- BT/A LN : BT May Face Price Controls on Broadband Services: Telegraph
- BVS LN : Bovis Homes rejects GBP 3bn bid approach from Redrow
- BVS LN : Bovis Homes Says in Talks With Galliford Try on Possible Merger
- CVRS US : Corindus Rises Post-Mkt as Philips Reports 15.5% Stake in 13D
- DENERG DC : Dong Energy to Join S&P Europe 350, Euro Plus Indexes
- DBK GY : Investigate Deutsche Bank’s Russian Ties: House Fin Cmte Dems
- DWNI GY : Vonovia CFO Kirsten Sees No New Merger With Deutsche Wohnen: BZ
- GE US : General Electric Jumps Amid Speculation About Activism
- GOOGL US : MapR Said to Hire Goldman Sachs as Lead Adviser for IPO
- HSBA LN : HSBC Said to Approach Mark Tucker for Chairman Role, Sky Reports
- ITX GY : Inditex May Raise Dividend Next Week, E.ON May Cut, BDVD Says
- ITV LN : BT may be interested in takeover of ITV following resolution of Openreach regulatory review - The Times
- JCI US : Johnson Controls Said to Explore Sale of Scott Safety: Reuters
- OR FP : The Body Shop attracts interest from CVC; former L’Occitane managing director Jacques Osti working with CVC
- LRD LN :Laird Jumps; Berenberg Says Reshaping May Spark M&A Interest
- MKS LN : M&S Considering Whitbread’s Baker for Chairman: Sunday Times
- NESN VX : Nestle’s Martello Says Yinlu Turnaround ‘Will Take Time’: SaW
- NCLH US : Norwegian Cruise Line Stock Could Rise 20% - Barron's
- UG FP : Peugeot Turned to M&A to Drive Earnings Growth - Barron's
- PHIA NA : Corindus Rises Post-Mkt as Philips Reports 15.5% Stake in 13D
- PAH3 GY : Porsche-Owning Families Want Piech Off Supervisory Board: BamS
- RL US : Ralph Lauren Holder Southeastern Reports 0.04% Stake
- RNO FP : Nissan, Ford, BMW Sue Takata Over Faulty Airbag Losses
- RSDA NA : Shell Drops Plans for Prince Rupert LNG Project in Canada
- RWE GY : RWE CEO Schmitz to Become Personnel Director: Rheinische Post
- SAN FP : Eczema drug from Regeneron tipped for blockbuster status
- SNAP US : Snap Put Volume Accelerates, Reverses Earlier Gains
- SPKE US : Spark Energy Sale Said to Be at Early Stage, DealReporter Says
- TEF SM : Telefonica Weighs Possible Deal W/ Liberty in U.K.: Expansion
- TSLA US : Elon Musk’s Offer ‘Game Changer’ for South Australia: Greens
- THYAO TI : Turkish Air ’16 Loss 47m Liras Vs 2.99b Liras Profit Yr Ago
- UBSG VX : UBS May Move More Jobs From Zurich to Regional Offices: NZZ
- VIRP FP : Virbac to Cut Debt in 2017, Could Consider M&A From 2018: Maree
- VOD LN : Vodafone Near Merger of Indian Unit With Rival Idea: Telegraph
- VOLVB SS : Cevian Capital Raises Volvo Stake by Buying 1m A-Shares: DI
- VOW3 GY : Volkswagen Brands More Autonomous Today, CEO Tells SonntagsBlick
- VNA GY : Vonovia CFO Kirsten Sees No New Merger With Deutsche Wohnen: BZ