Weekly Performance
Dow+1.58% S&P+1.81% Nasdaq+2.95% Russell+3.53% Brazil+1.81% Nikkei-4.93% Hang Seng-0.56% Shanghai+1.01% EuroStoxx -2.93% CAC-2.30% Dax-2.28% Ibex-3.64% MIB-3.72% FTSE -0.86%
Yearly (Q1) Performance
Dow+2.11% S&P+1.41% Nasdaq-1.85% Russell-1.60% Brazil+16.64% Nikkei-15.08% Hang Seng-6.46% Shanghai-14.97% EuroStoxx -9.62% CAC-6.79% Dax-8.83% Ibex-9.87% MIB-17% FTSE -1.54%
March arrived with panicky market participants griping about imminent recession and ended this week with those fears essentially in the rear-view mirror. The S&P500 delivered a 1.8% gain this week and a 6.8% gain in March, its best monthly advance since the current bull market began seven years ago - leaving it up a mere 1% for all of the first quarter of 2016. US and China manufacturing data has started perking up, the jobs and housing markets remain strong and there are signs that both China and Europe are starting to get a handle on their respective economic problems. Meanwhile, the recovery in crude prices appears to be over for the moment, as WTI and Brent keep failing to gain any purchase above the $40 mark and the global production freeze deal bogs down from the larger Saudi-Iran rivalry. Fed Chair Yellen negated all of last week's hawkish Fed-speak, apparently taking an April rate hike off the table, citing weak inflation even as the US economy delivered its 73rd month of strong job growth. Treasury yields declined to one month lows and Fed fund futures closed out the week projecting just a 30% chance of a rate hike occurring in June. The US Dollar suffered one its worst weeks in months stirring hopes that the weaker currency will lead to an improving Q2 corporate earnings outlook.
Macro :
Jobs Report Gives Yellen Only Half of What Fed Chair Wants
FT : IMF weighing exit from Greek bailout - http://on.ft.com/1Uzzqf7
Trump Sees U.S. Headed for ’Very Massive Recession’: Wash. Post
Keep an eye on :
- ABG SM : Abengoa Sells Campo Palomas Wind Park in Uruguay
- ADP FP : Zurich Airport May Bid for Nice Airport: Schweiz am Sonntag
- AF FP : Servair sale sees Newrest emerge in poll - JDD
- ATLN VX : Actelion Says EMA Readopeted Positive Opinion on Uptravi in PAH
- AIR FP : Airbus Says U.K. Financing Requests Had Inaccuracies - FT : http://on.ft.com/1M89x3x
- EN FP : Orange Abandons Bid to Buy Bouygues’ Phone Unit
- CNA LN : Centrica hires JPMorgan to advise on potential tie-up with Engie - Sunday Times
- FDSA LN : takeover target for US private equity house Advent International - FT
- DPW GY : Deutsche Post Plans 2,000 Streetscooter E-Cars in 2016: Focus
- ENGI FP : Centrica hires JPMorgan to advise on potential tie-up with Engie - Sunday Times
- ILD FP : Iliad Reiterates Targets as Orange Abandons Bouygues Bid
- KCR1V FH : Terex, Zoomlion Still in Active Talks: DealReporter
- LSE LN : Xavier Rolet: tie-up between LSE and Deutsche Boerse is best deal on the table http://bit.ly/1UB0DOL
- MS IM : Vivendi Said Near Deal to Buy Mediaset Premium Controlling Stake
- NG/ LN : National Grid accused of energy ‘panic’ over coal deals - FT
- ORA FP : French Telecom Regulator Sees Four Phone Operators for Some Time
- PHIA NA : Melrose Said to Drop Out of Bidding for Philips Lighting
- PST IM : Italy May Sell Additional Stake in Poste Italiane, Corriere Says
- RNO FP : Renault, Spanish Unions Reach Deal on Pay Rise: Economista
- SAN SM : Santander Planning to Cut Senior U.K. Staff, Sunday Times Says
- SIKA VX : Sika Shareholder Stern Says Burkard Family Has Options: Le Matin
- HOT US : Chinese Phrase Adds Mystery to Anbang’s About-Face on Starwood - NYT - http://nyti.ms/1UKLUB3
- SUNE US : SunEdison Said to Be Preparing to File for Bankruptcy: WSJ
- VA US : Virgin America Sale Could Come as Early as Monday: Fox Business
- VA US : Alaska Air nears deal to buy Virgin America for over $2 billion: sources - Reuters http://reut.rs/222hSrl
- CSS FP : Vivarte could take a look at Bata - JDD
- VOW3 GY : VW Says It Remains ‘Fully Committed’ to U.S. Market
- YHOO US : Time Inc Said to Consider PE Partner for Yahoo Bid: Reuters