Dow-0,22% S&P+0.16% Nasdaq+0.81% Russell+0,67% Eurostoxx+2.97% Dax+3,21% CAC+2.99% Nikkei+2.69% Shanghai+9.10%
Assured by an apparent stabilization in global interest rates, market participants sent global equities higher this week on central bank largess and any scrap of perceived good news to hit the tape. In Europe, indices saw a marked upturn despite the emerging sense that Greece was headed for default, while the Shanghai Composite notched seven-year highs on a 7% gain for the week. After emerging from recession in Q4, Japan's Q1 GDP report was even better, growing by its highest rate in a year on an annualized basis at +2.4%. China data remained soft, but the implicit promise of more PBoC support no matter what kept stocks boisterous. US May data was tepid, and the FOMC minutes gave a strong feeling that the Fed would not be raising rates before September. Fed Chair Yellen's Friday afternoon speech did little to alter that notion. There was mixed economic data in Europe, but comments by ECB's Coeure that the ECB would front-load its QE purchases because of the seasonal lack of liquidity in the summer helped gird markets. The US 10-year yield is held near its 200 day moving average just above 2.2% and the Greenback found some buyers. The DJIA and S&P500 saw fresh all-time highs before some very modest selling late in the week, while the Nasdaq approached recent all-time highs. For the week, the DJIA ended down 0.2%, the S&P500 gained 0.2% and the Nasdaq rose 0.8%.
Macro :
- Greece Should Stay in Euro, Reach Deal With EU Quickly: Sapin
- Greece Won’t Accept Unreasonable Creditor Demands, Tsipras Says
- Greece Exit May Strengthen the Euro, Buffett Tells Newspaper
- Merkel May Tap Confidence Vote to Continue Helping Greece: Bild
- EU’s Oettinger Seeks to Abolish Roaming Fees in Europe: Bild
Keep an eye on :
- ATC NA : Time Warner Cable Said to Be in Sale Talks With Altice, Charter (over $54bil, ie 10% premium, deal could be announced next week.
- AREVA FP : GDF Suez Open to Buying a Stake in Part of Areva, CEO Says
- BSLN SW : Basilea subject of takeover speculation - Tagesanzeiger
- BMPS IM : Monte Paschi EU3b Shr Sale to Cost Bank About EU130m
- BBRY US : BlackBerry Laying Off Workers in Handset Unit
- EN FP : Bouygues Says Leaving Stock Market Wouldn’t Be a Viable Option
- DTE GY : Dobrindt Sees EU1B Proceeds From Wireless Auction, Bild Reports
- ERICB SS : Ericsson Wins U.S. Wireless-Patent Case Brought by Wi-Lan
- FCA IM : CEO Marchionne had approached GM about a merger in March but was rebuffed - NYT- http://nyti.ms/1LsGx0F
- GM US : to face criminal charges and penalty for over $1B over faulty ignition switches WSJ http://on.wsj.com/1EqRqLf
- QIA GY : Qiagen Seeks to Sell Its Cervical Cancer Tests in Germany: FAZ
- SAN FP : Sanofi’s Global Head of Jevtana, Zhen Su, Is Leaving
- SYNN VX : Monsanto May Need to Offer Over CHF500/Shr for Syngenta: SamS
- VOD LN : Management being urged by key shareholders to accept $120B deal with Liberty Global