Weekly Update
Dow -0.85% S&P -0.68% Nasdaq -0.37% Russell +0.10% Brazil -2.34% Nikkei -1.12% Hang Seng -0.12% CSI -1.72% Shanghai -1.22% EuroStoxx +1.42% FTSE -0.30% CAC +0.94% Dax +0.41% Ibex +2.47% MIB +3.27% SMI
Markets drifted sideways most of the week as they anticipated a key policy speech from Fed Chair Yellen at Jackson Hole on Friday. Volumes were light and ranges remained narrow despite relatively heavy news flow including economic data releases and late season earnings reports. Healthcare stocks were in crosshairs for much of the week as several headlines affected trading. Pfizer's acquisition of Medivation pushed up oncology stocks early, but renewed drug price gouging concerns from Washington D.C. weighed on a swath of names competing within the US pharmacy market. After ending last week near $50/bbl, oil prices backed off early in the week exaggerated by a roll in the front month futures contract. Press reports continued to focus on the September meeting of energy producers in Algeria and the potential for coordinated action, but the likelihood of a meaningful agreement still seems low.
Macro :
- Gross Says Yellen’s Economy ‘May Never Walk Normally Again’
- September in Play for Bond Traders as Goldman Sees 40% Fed Odds
- Helicopter Money a No-Go for the SNB, Maechler Tells Blick
Keep an eye on :
- AAPL US : EU Said Likely to Rule in Apple Tax Case Next Week: FT
- AAPL US : Apple’s Irish Tax Arrears May Be Less Than EU1B: Irish Times
- ARO FP : Aeropostale Gets Bids From Sycamore Partners, Liquidators: Rtrs
- ATO FP : Atos to Replace ARM Holdings in S&P Europe 350 Index
- BMPS IM : Paschi Weighs Converting EU3b Subordinated Bond Into Stock: Sole
- BKG LN : Housebuilder Berkeley Group May Leave FTSE 100: Mail on Sunday
- ENI IM : Eni Says Goliat Field Output Is Still Suspended; No Time Table
- FCA IM:Fiat Chrysler CEO Sees Samsung as ‘Potential Strategic Partner’
- HLF US : Carl Icahn Bought Herbalife Shares Today at $59.31 Each (2.3mil shares)
- MS IM : Abu Dhabi Funds May Buy 20%-25% of Mediaset Premium: Repubblica
- ML FP : Michelin Buys Brazil’s Levorin; No Terms
- OCDO LN : Rumor Walmart could look to swap Asda Stake into Ocado
- GLE FP : OTP Eyes SocGen Croatia Unit Splitska Banka, Jutarnji Says
- SAZ GY : Stada Elects Carl Ferdinand Oetker Chair of Supervisory Board
- SRCG SW : Sunrise CEO Is Looking for International TV Partnerships: SZ
- TGYM IM : Technogym Interested in Health Care, Rehab Services Sectors: MF
- VIV FP : Spotify Said to Retaliate Against Artists With Apple Exclusives
- VIV FP : Amazon Said to Be Near to Introducing Music Streaming: FT
- VOW3 GY : VW’s Piech Queried Winterkorn on Diesel in Spring 2015: BamS
- VOW# GY : VW Missed Production of 22,000 Cars Due to Supplier Spat: Welt
- ZURN VX : Zurich Insurance to Cut 300 Swiss Jobs by Aug. 31, SZ Says