Equities wove in and out of negative territory this week and bond markets were choppy, even as the DJIA and S&P500 quietly tested all-time highs. China started the week off with more stimulus - the PBoC cut rates for the third time since November. The US April retail sales and industrial production reports were quite soft, lending ammunition to participants saying the Fed would not be raising rates this summer. ECB President Draghi dismissed criticisms of his €1.1 trillion QE program on Thursday, reiterating that the ECB would buy the full allotment under the program and insisting that the plan would help prepare the Eurozone for higher rates. Greece made minor concessions to its partners on asset sales, but little movement is apparent in negotiations. For the week, the DJIA edged up 0.4%, the S&P500 added 0.3% and the Nasdaq rose 0.9%.
Macro :
- ECB’s Mersch Says Greece Must Stick to Its Promises
- BOE’s Bailey Says Asset Buffers an Option for Systemic Funds
- Greek Euro Exit Poses Political Not Economic Danger: Gabriel
Keep an eye on :
- AERL LN : Irish Govt Report to Recommend Sale of Aer Lingus to IAG: Times
- AVV LN : Aveva attracts interest from European and US bidders, Schneider, GE & Emerson are interested, value ~ GBP1b - Sunday Times
- BPTY LN : 888 Holdings Said in Running for Bwin.Party, Times Says
- EXO GY : PartnerRe Holder Exor Reports 9.9% Stake
- GOOGL US : Plans to put "Buy" button next to some search ads, starting in the next few weeks
- ITV LN : ITV rumoured to be in sights of Comcast - FT
- MKS LN : Marks & Spencer May Return Cash to Shareholders: Sunday Times
- PC IM : ChemChina Finalizes Accord with Banks for EU6.8b Loan: Corriere
- UG FP : PSA Peugeot Citroen Plant Plans to Invest EU48m, Expresso Says
- RWE GY : RWE to Pay Back-Taxes for 2004-2008, Boersen-Zeitung Reports
- SU FP : Schneider Electric in Talks About Possible Aveva Bid - Sunday Times
- VED LN : Vedanta CEO Sees Investments Slowing Amid Oversupply: Telegraph
- VOS GY : Vossloh Starts Sale of Transportation Business: Boersen-Zeitung
- Zanetti IPO : Zanetti IPO Range Set at EU11.6-EU15.75; Offer to Start May 18