Weekly Performance
Dow +3.15% S&P +3.22% Nasdaq +3.28% Russell +2.59% Brazil +4.25% Nikkei +4 .89% Hang Seng -0.35% CSI +2.50% Shanghai +2.74% EurStoxx +3.85% FTSE +7.15% CAC +4.07% Dax +2.29% Ibex +6.18% MIB +3.64% SMI +4.36%
Global markets began the week under a dark cloud of uncertainty in the wake of the UK voters' decision to leave the EU. On Monday investors continued to flee from risk assets as ratings agencies cut the UK's sovereign ratings, European banking stocks got pummeled, and the British Pound hit new 30 year lows. Uncertainty persisted about the timing and path forward on separation from the European Union, and the leadership transition in the Conservative Party (and perhaps also the Labour Party) dominated the conversation in London along with the markets' reaction. The S&P traded down through the 200 day moving average for the first time since March and money surged into global bonds markets sending US Treasury yields to levels not seen since 2012. The Brexit vote propelled gold to a new 15-month high above $1,300, and pound sterling remained under pressure. Cooler heads prevailed by the end of the week and stocks reversed higher. For the week the DJIA gained 3.1%, the S&P500 rose 3.2%, and the Nasdaq added 3.3%, while the UK's FTSE-100 surged over 7%, notching its best performing week in nearly five years.
Macro :
- Greece Mulls Exempting ‘New Money’ From Cap Controls: Stournaras
- France’s Macron: Euro Clearing Should Move to Paris Post Brexit
Keep an eye on :
- AAPL US : Apple May Be Able to Buy Tidal for Under $500m: Piper Jaffray
- AGS BB : Ageas Sees 2Q P&L Impact EU5.9m from Relative Performance Note
- AREVA FP : Brazil to Export Enriched Uranium for First Time: Agencia Brasil
- CS FP : Axa’s Buberl Says Any U.K. Economic Slowdown May Affect Unit
- BBRY US : U.S. Senate Tells Staffers It Won’t Issue More BlackBerrys: WSJ
- CSGN VX : Credit Suisse CEO Says Won’t Break Up Bank: SonntagsBlick
- DBK GY : Deutsche Bank CEO Wants to Retain Asset Management Unit: Spiegel, Deutsche Bank's Cryan Backs Organic Growth Returns, Spiegel Says
- ENEL IM : Enel Talks on Metroweb Said Extended to July 20: Reuters
- NXT FP : Euronext CEO Says Brexit Makes Euro Zone, Euronext More Relevant
- FB US : Israel Minister Criticizes Facebook, Calls It ‘Monster’: Reuters
- HOG US : Harley Sale in High $50s-Low $60s Gets Close to 20% IRR: RBC
- IT IM : Italmobiliare sells Italcementi 45% stake to HeidelbergCement; takes 5.3% stake in HeidelbergCement
- KU2 GY : China’s Midea Buys Stake in Germany’s Kuka for $1.3 Billion
- LNKD US : Google, Facebook Said to Have Looked at Buying LinkedIn: Recode
- LSE LN : Consob Sent Letter to LSE on Borsa Italiana After Brexit: Sole
- LHA GY : Lufthansa Appoints Melker Schorling CEO Ulrik Svensson as CFO
- NESN VX : Nestle Quezac Sale Stymied by Dispute With Union, Figaro Reports
- NOVN VX : Novartis to Sell Roche Stake This Year, SonntagsZeitung Says
- PHIA NA : Philips Said in Tentative Talks to Sell Lumileds, Times Reports
- PUB FP : Publicis Groupe and Tencent in Data, Content, Collaboration Pact
- RCS IM : Cairo Communication Raises RCS Bid, Drops Some Conditions
- RCS IM : Cairo Says RCS Can ‘Significantly’ Increase Revenue: La Stampa
- RIO LN : Rio Tinto Chief Commits to London Head Office After Brexit Vote
- ROG VX : Novartis to Sell Roche Stake This Year, SonntagsZeitung Says
- ROG VX : Roche to Cut About 350 IT Jobs Over 1 1/2 Years: Basler Zeitung
- RDSA NA : Shell’s Van Beurden: Can’t Afford Costly Investment: Telegraph
- RDSA NA : Shell CEO Says Company Could Cut More Jobs, Telegraph Reports
- SPLS US : Staples Hires KPMG to Weigh Possible U.K. Unit Sale: Telegraph
- SYNN VX : Syngenta CEO Says Argentina’s Improvements Noticeable: La Nacion
- TEF SM : 02 Customers May Be Able to Buy Shares in Listing: Telegraph
- TKA GY : ThyssenKrupp, Tata Merger May Be Delayed: Handelsblatt
- FP FP : Brexit Not Good News for Macro Environment: Total CEO Pouyanne
- TUI LN : Tui’s Joussen Sees Op Profit Rising 10% Annually: Rheinische P.
- UCG IM : Weimer Says Mustier Excellent UniCredit CEO Choice: Handelsblatt
- VIE FP : Lower Pound Will Marginally Impact Profit: Veolia CEO Frerot
- VOW3 GY : Macri Wants VW, Daimler to Invest $250m in Argentina: La Nacion
- VOW3 GY : VW CEO Mueller Rejects Compensation for European Customers: Welt