Global equity indices retreated from at or near record high levels this week. Traders noted technical trading around some key sector reversals, historically weak seasonal patterns observed post March options expiration and pre-Q1 earnings releases, and geopolitical worries emanating from the Middle East as all playing a role in reversing equity sentiment. US economic data was mixed but definitively continues to point to a slowdown in Q1 economic activity. The momentum technology and biotech stocks saw a few bouts of selling which garnered attention as they did on a couple of occasions in 2014. There were glimmers of hope in Europe. Measures of confidence among German businesses and consumers saw surprising improvements, while other European nations also saw an uptick in confidence surveys. German and euro zone March preliminary services and manufacturing PMIs surveys beat expectations and rose further into expansion territory. In Asia, China's March HSBC PMI manufacturing survey slipped to an 11-month low amid wider unease about the nation's economy. Chinese officials continue to talk down growth expectations, with Vice Premier Zhang saying China has "paid a price" for very high growth and that high growth levels are "not sustainable." For the week, the DJIA fell 2.3%, the S&P500 lost 2.2% and the Nasdaq dropped 2.7%.
Macro :
- Greece’s Talks With Creditors Happening in a Positive Climate
- U.K. Govt in Talks to Privatize Network Rail: Sunday Times
- Roubini Sees Room for Compromise to Avoid ‘Grexit’: Investir
- Most Germans Say Country’s Dominance in EU Has Grown: Spiegel
Keep an eye on :
- DBK GY : Deutsche Bank Considers Legally Combining European Units: FAS
- GIL GY : DMG Mori Seiki expects to gain over 50% stake in DMG Mori Seiki AG
- GKP LN : Gulf Keystone Investors Want Change of Chairman, Sky Reports
- HSBA LN : HSBC Turkey Seeks 20% Loan Rise Amid Bid to Avoid Sale: Hurriyet
- MDLZ US : Mondelez Mulls Sale of $3b Philadelphia Brand in Europe: Times
- UG FP : Peugeot May Reach Auto Unit Operating Margin Goal Before 2018
- PHNX LN : Fosun International Group in talks to buy Phoenix Holdings majority stake, considers buying five insurance firms overseas
- PC IM : ChemChina Chairman Doesn’t Rule Out Higher Pirelli Offer: WSJ
- PC IM : ChemChina Chairman Says Pirelli ‘Needs an Asian Partner’: FT
- PC IM : ChemChina Hopes to Re-List Pirelli After Takeover: Reuters Link
- QPP LN : Slater & Gordon Close to GBP700m Quindell Takeover: FT
- RSA LN : Cevian Capital Lifts Stake in RSA to More Than 13%: Sunday Times
- STAN LN : Standard Chartered management changes could open door to merger with ANZ
- TEVA IT : Teva close to major acquisition - Globes
- UBSN VX : UBS Says It Will Fight EUR40m French Tax Investigation
- VED LN : Vedanta’s Albanese Sees ‘Huge’ Restructuring Task at Zambia Unit
- YOOX IM : Italy’s Yoox in Talks to Buy Richemont’s Net-A-Porter: Times
- WDF IM : Dufry Agrees to Buy 50.1% of World Duty Free for EU1.3b