Weekly Performance
Dow -1.16% S&P -0.51% Nasdaq -0.39% Russell -1.10% Brazil -2.70% EiroStoxx +0.67% FTSE +0.21% CAC +0.40% Dax +0.84% Ibex+0.22% MIB -0.64% SMI +2.46% Nikkei +1.90% Hag Seng -1.94% CSI -1.77% Shanghai -0.31%
Strong jobs and retail sales data out this week appeared to tip the debate about whether the US economy is getting over the big hiccup seen in the first quarter. Also, somewhat hawkish commentary by a few moderate FOMC voters drove a flatter US Treasury yield curve and kept upward pressure on the greenback into the week's end. Weak Chinese trade data drove big declines on the Shanghai Composite, however the story did not seem to impact global markets more broadly. Meanwhile, crude prices steadily advanced back toward $50, where many commentators expect them to be for the balance of 2016. Corporate bond issuance picked up momentum and coincided with a slate of US Treasury issuance. The US 3- and 10-year sales were received well by the markets, but Thursday's 30-year saw demand hampered after a several large corporations sold significant amounts of longer dated debt earlier in the week. Nevertheless the US 10-year yield finished the week at roughly 1-month and 1-week lows of 1.70%. Stocks didn't make much headway as traditional retailers reported a spate of disappointing earnings, and for the week the DJIA fell 1.2%, the S&P500 lost 0.5%, and the Nasdaq slipped 0.4%.
Macro :
- France 2016 Economic Growth May Exceed EU Forecast: Moscovici
- Italy’s Four Rescued Banks Received Non-Binding Bids
- Germany’s Minimum Wage to Rise 3.2% in 2017: Bild
- Greece Needs Economic Stability, Dombrovskis Tells Kathimerini
Keep an eye on :
- ADS GY : Adidas’s Landau Says Co. Aims for ‘2-Digit’ Profit Margin: FAS
- AI FP : FTC Requires Air Liquide, Airgas to Divest Assets for Approval
- DBK GY : Germany Clears Deutsche Bank Employees in Libor Scandal: Spiegel
- EDF FP : EDF Faces Bugey Nuclear Plant Probe After Swiss Complaint: AFP
- EDF FP : Electricite De France Cut to A by S&P; Outlook Negative
- EDF FP : China General Nuclear Denies Sole Plans for Hinkley Point: Rtrs
- MC FP : LVMH’s TAG Heuer to Open Silicon Valley Office: Le Temps
- PRS SM : Prisa Says Price Set for DTS Sale to Telefonica at EU724.6M
- RCS IM : Bonomi May Be Studying RCS MediaGroup Bid: Sole 24 Ore
- RR/ LN : U.K. to Ask Rolls-Royce to Cut Fees in Jet Contract: Telegraph
- RYA LN : +ve article in the BArron's
- SAN FP :
- SRS IM : Italian Refiner Saras Signs Crude-Supply Deal With Iran
- TSCO LN : Tesco CEO Says Online Retailer Tax Advantage a Problem: Observer
- UBSN VX : UBS Names New Co-Heads of Americas Financial Institutions Group
- VOW3 GY : Volkswagen Pays Contract Employees EU3,950 in Profit Sharing
- VOW3 GY : Volkswagen to Halt Brazil Production on Lack of Seats: Estado