Weekly Performance
Dow -0.53% S&P -0.35% Nasdaq +0.34% Russell -1.02% Mexico -0.12% (+0.77% in $) Brazil +3.82% (+5.66% in $) Nikkei +2.25% Hang Seng +2.78% CSI +0.08% Shanghai +0.72% EuroStoxx -0.58% FTSE +1.89% CAC -0.50% Dax+0.42% Ibex -2.14% MIB +0.43% SMI +1.18%
The trading week opened in a relatively listless manner. Global markets appeared to have priced in the Macron victory and with much of the key April economic data and Q1 earnings season in the rear view mirror investors were forced to steer through a more than two-decade low in the VIX volatility index. The economic data this week stuck to a now familiar pattern. US CPI and retail sales figures missed expectations while European numbers largely bested expectations and supported a third straight week of better performance by many overseas stock markets. US rates backed up for much of the week while Treasury refunding supply was met with tepid demand and various Fed officials affirmed their belief that two more rate hikes this year remained plausible. Crude prices held the support levels found late last week but have had a tough time pushing away from the Nov 2016 lows despite continued reports OPEC and non-OPEC producers are moving towards an agreement to extend production cuts for at least six more months. Gold prices have held above the $1,200 mark while a surge in bitcoin to fresh all-time highs above $1,700 garnered quite a bit of attention. Reports circulated that Chinese regulators are nearing the formal publication of bitcoin regulations that could further legitimize the digital currency. For the week the S&P500 fell 0.4%, the DJIA lost 0.5%, while the Nasdaq gained 0.3%.
Macro :
- Bordeaux 2016 Wine Starts to Price Above 2015, Liv-ex Data Show
- China in Talks With U.S., France for More Air Rights: CAAC
- Greece Cuts 2017 Growth Forecast to 1.8% From 2.7%: Reuters
- N.Korea Missile Closer to Russia Than Japan: White House
Keep an eye :
- AIR FP : Lion Air Says Its 1st Boeing 737 Max Delivery Delayed by 4 Days
- ABE SM : Atlantia May Bid for Abertis on Monday: Messaggero, public offer will be 70% cash and 30% shares and is likely to be priced at EUR 16- EUR 17 a share. (Il Sole 24)
- AKZA NA : Dutch Investor Group VEB Opposes PPG Making Hostile Bid for Akzo
- BARC LN : Barclays rumored to be mulling sale of 16% stake in African unit - Reuters
- BLT LN : BHP Plans to Drop Billiton from Name, Launches TV Ad Campaign
- BPM PL : Banco BPM May Consider Paying Dividend in 2017: Sole
- DBK GY : Deutsche Bank to Start Asset Management IPO Talks in Sept.: FAS
- DYS LN : Vacuum Tycoon Dyson Close to London Property Deal, S. Times Says
- DWNI GY : Deutsche Wohnen Would Evaluate Bid From Rival, CFO Tells FT
- ENEL IM : Enel looking for opportunities in electricity transmission assets in South America - CFO
- GSK LN : GlaxoSmithKline preps shareholders for buyout of 36.5% Novartis stake in GSK Consumer Healthcare
- SDF GY : K+S Is in Talks With Possible New Major Shareholder: FAS
- NOVN VX : Novartis Treatment Granted Orphan Drug Status by FDA
- PAXN SW : Holders of More Than 10% of Pax May Reject Baloise Offer: FuW
- PAH3 GY : Porsche North America Recalls 51,497 Macan S, Macan Turbo SUVs
- RNO FP : Renault Halts Production at Some Sites to Halt Virus Spread
- SAF FP : GE Sees No Change to Engine Output Plans After 737 Grounding
- SKY LN : Fox Said Willing to Make Concessions to Win Approval for Sky Bid
- UBSG VX : UBS, U.K. Revenue Office in GBP100m Tax Dispute: Mail on Sunday
- VOW3 GY : Volkswagen Recalls 240,487 Audi Q5, Q7 SUVs on Fuel Pump Parts