DowNasdaq-2.21% S&P-2.86%-2.33% Russell-3.24% Nikkei-0.27% Hang Seng-1.13% ShanghEuroStoxx+2.87% ai-1.92% FTSE-2.88%2.21 CAC-2.30% SMI1.08% MIB--1.49% Ibex-2.79% Dax-1.31%
Earnings season has not been kind to equity markets this week. The DJIA fell 2.9%, and the S&P500 and Nasdaq each declined approximately 2.2% through Friday as a broad spectrum of corporate names offered weak June quarter reports. Commodity prices saw the recent declines accelerate aided by a strengthening US dollar: WTI broke below $50 for the first time since early April, copper reached its lowest level since 2009 and gold dropped to levels last seen in 2010, with both metals down more than 3% on the week. Chinese stocks were less volatile in the wake of the massive stabilization effort mounted by the government in recent weeks, but saw more disappointing China PMI data. Greece faded from the headlines even as Prime Minister Tspiras forced through two parliamentary votes to secure political support for a third bailout. The US Treasury market trended higher and by Friday the 10-year note was testing the 200-day moving average for the first time in weeks. The curve flattened when long end rates fell faster than short yields, suggesting traders maybe placing bets the Fed will indeed be able to raise rates later this year.
Macro :
- Saudi Arabia-Led Coalition to Start Yemen Cease-fire Sunday: SPA
- Egypt in Talks to Buy 2 Corvette Warships From France: AFP
- Italy GDP Seen Rising 0.7% This Yr, ABI Banking Association Says
- Germany Will Help Fund Euro-Region Budget: Schaeuble in Spiegel
- Estonia Affirmed by Moody’s, Outlook Stable
- Greece Seeks New Loan Facility From the IMF: Finance Ministry
- Greece Said to Still Wait for ECB View on Bourse Reopening
Keep an eye on :
- ABBN VX : ABB CEO Declines to Comment on Talks With Shareholder Cevian: SZ
- AAL LN : Anglo American may sell more assets if market toughens - Reuters Link : http://bit.ly/1TZoyEc
- AGN US : Allergan Said to Be Exploring Breaking Up Into 2 Businesses
- ALU FP : Alcatel Says Nokia Deal May Close Earlier Than Planned: Re/code Link ; http://on.recode.net/1KqongS
- BARC LN : UK Banks Hold Out For Bumper Visa Price Tag - SkyNews Link : http://bit.ly/1SHFYmh
- BPTY LN : GVC Teams With Cerberus to Bid for Bwin, S. Times Reports
- CIG US : Cigna push for more Anthem equity was key in deal talks - Deal Reporter
- CNA LN : Centrica to Cut Costs as British Gas Profits ‘Soar’: Telegraph
- DAI GY : Daimler Seeks to Test Self-Drive Trucks on Highway This Yr: FAS
- DB1 GY : Deutsche Boerse in Definitive Pact to Buy 360T for EU725M
- EDF FP : EDF Board Is Said to Approve Talks on Areva’s Nuclear Business
- EXO IM : Exor Confirms Discussion for Possible Economist Stake Increase
- F2i (not quoted) : F2i Raises EU1.25b for Infrastructure Investment Fund: Corriere
- FB US : Facebook’s Marcus Tells Le Temps WhatsApp Will Stay Separate
- FCA IM : Fiat Chrysler to Recall 1.7 Million Trucks for Air-Bag Faults, May Face $105m NHTSA Fine for Recalls: WSJ http://on.wsj.com/1LJnqTT
- FNC IM : Finmeccanica Reverses Decision to Sell DRS Technologies Unit: FT
- NOK1V FH : Baidu CEO Says ‘Still Interested’ in Nokia Mapping Unit: Re/Code Link : http://on.recode.net/1S0TXIV
- ORA FP : Orange Buys Additional 9% of Meditel, Raises Stake to 49%
- PSON LN : Pearson Confirms Talks With Economist on Sale of 50% Stake
- PSON LN : Economist Shareholders in Talks to Buy Out Pearson: FT
- UG FP : Peugeot, Santander Extend Financing Partnership to Brazil
- SAN FP : Sanofi, Regeneron Set Praluent Price at $1,120 Every 28 Days Link : http://1.usa.gov/1eoCtne
- SKY LN : Apax in Talks With Advisers on Options for Top Right Group: Sky
- TEVA IT : Teva in Talks to Buy Allergan Generics Business for $40b-$45b
- UBSN Vx : UBS to Post 2Q Profit of About CHF 1.5b, SonntagsZeitung Reports
- VOW3 GY : VW Considering Cutting Output at China Factories: Spiegel
Press Digest : (all in your inbox)
- FT : Greece bailout monitors question access to ministries
- FT : Oil groups have shelved $200bn in new projects as low prices bite
- FT : Finmeccanica changes tack on US sale
- Reuters : Iran launches charm offensive among wary Gulf Arabs
- FT : More than half of FTSE 350 companies have risky pensions
- FT : Worst-performing hedge funds of the year revealed
- FT : DHL braced for home turf fight with FedEx after TNT deal
- NY Post : Is Apple relying too heavily on the iPhone?
- WSJ : Teva in Advanced Talks to Buy Allergan’s Generic-Drug Unit
- (Barron's) The Slow Economic Recovery Has a Surprising Culprit
- (Recode.net) Baidu CEO: We’re Still Interested in Nokia’s Here Maps
- (Re/code.net) Alcatel-Lucent CEO Says Nokia Deal Could Close Earlier Than Planne