Weekly Update
Dow -2.50% S&P -0.07% Nasdaq +1.22% Russell +0.58% Brazil +0.54% Nikkei -0.35% Hang Seng -0.33% CSI -0.66% Shanghai -1.11% EuroStoxx +0.62% FTSE -0.09% CAC +1.34% Dax +1.87% Ibex -0.15% MIB +0.41% SMI -0.82%
This week investors digested a deluge of corporate earnings reports and key economic data while oil prices continued retreat. The S&P500 finished out near another all-time high, while the DJIA was weighed down by weak earnings commentary from several component names. The advance Q2 US GDP estimate showed the US economy has grown at less than a 2% pace for three straight quarters. Expectations for Japanese stimulus ratcheted up and the same went for the BOE. The US Federal Reserve hinted towards an increasing willingness to raise rates later this year, but market reaction/expectations suggest the consensus view is the Fed remains firmly in a wait and see mode. For the week, the DJIA fell 0.8%, the S&P500 slipped 0.1%, while the Nasdaq rose 1.2%.
Macro :
- Renzi Says Italy Fund Solves Bank Bad-Loan Issues: Repubblica
- Clinton Leads Trump After Dem. Convention: Reuters/Ipsos Poll
- Paschi Fix ‘Awkward’ to Roll Out to All Italian Banks: Barclays
- Dombret Says German Banks Must Change Business Models: Bild
- Deficit Fine Would Have Humiliated Spain, Moscovici Tells Pais
- Qatari Diar Delays Part of Chelsea Barracks Project: S. Times
- EU Banks Won’t Need to Set Up U.K. Subsidiaries Post-Brexit: FT
Keep an eye on :
- A2A IM : A2A, Montenegro Sign New Shareholder Agreement for Utility EPCG
- AC FP : AccorHotels aims high in Brazil expansion
- AIR FP : Airbus to Keep Working With India After Tanker Tender Is Dropped
- AF FP : Air France to Fly More Than 80% of Monday Services Amid Strike
- AAL LN : Anglo American Set to ‘Unbundle’ Kumba, CEO Tells Telegraph
- BKIR LN : Bank of Ireland Says Capital Level Is ‘Strong’ After Stress Test
- BCP PL : Banco Comercial Says Had ‘Strong’ Results in ECB Stress Tests
- BCP PL : Fosun Says BCP Investment to Extend Business in Europe, Africa
- POP IM : Banco Popolare Solid Under Stress Test: CEO to Messaggero:
- BBVA SM : BBVA to Work With ECB on Capital Planning
- BMPS IM : Paschi Approves Sale of EU27.7b Gross NPLs at 33% Value: Stampa
- BMPS IM : Paschi Plan Execution Risk Not Very Low But Manageable: CEO
- BMPS IM : EU: Monte Paschi Capital-Raising Plan Fully in Line With Rules
- CABK SM : CaixaBank FL CET1 8.5% in Stress Test, Bank Says
- DBK GY : Deutsche Bank Can Build Up Capital Organically, Lewis Tells FAS
- EDF FP : Hinkley Point presents cost and security issues
- FGR FP : France’s Hollande Seeks Further Investment in Autoroutes: Figaro
- ENI IM : Talks on Mozambique at Very Advanced Stage: Eni CEO to MF
- FRA GY : Fraport Sells Thalita Stake to Qatar Investment Authority
- GKP LN : Gulf Keystone Won’t Engage With DNO After Takeout Offer
- GS US : U.S. Issued Subpoenas to Goldman Sachs for 1MDB Documents: WSJ
- ISAT LN : Inmarsat in Takeover Approach for Avanti: Sky
- ISP IM : Intesa Strongest Among Europe Big Banks in Stress Test: CEO
- ISP IM : Intesa Not Interested in Paschi Even After Clean-Up: Messaggero
- LSE LN : Deutsche Boerse's proposed merger receives 63.65% acceptances from Deutsche Boerse shareholders
- NATZ IM : Natuzzi Says It Cut 355 Jobs
- PARG SW : Pargesa 1H Net Loss CHF361.2m Vs Net Income CHF398.6m Y/y
- PARRO FP : Parrot 2Q Loss Widens, Sees ‘Significant Upturn’ for 3Q Sales
- PUB FP : Publicis Says Saatchi & Saatchi Chairman Roberts Put on Leave
- RNO FP : Nissan takes on European premium rivals with Infiniti brand
- SK FP : SEB CEO Says Double-Digit Growth Continues in China: Investir
- SREN VX : Natural disasters weigh on Swiss Re
- STAN LN : Hedge funds sue StanChart over Indian bonds
- TEL NO : Vimpelcom shareholder Telenor plans to sell 33% stake on LSE eyeing no less than USD 2.3bn; hires advisors
- TUI LN : TUI CEO Says Won’t Cut U.K. Prices After Brexit: Euro Am Sonntag
- UBI IM : Italy Banks to Benefit From Paschi Plan Success: UBI CEO to Sole
- UCG IM : UniCredit to Work With SSM to See If More Cap Measures Needed
- UCG IM : Caltagirone Doesn’t Exclude Increasing UniCredit Stake: Stampa
- VIE FP : Caisse des Depots to Buy 20% of Transdev from Veolia for EU220m
- DG FP : France’s Hollande Seeks Further Investment in Autoroutes: Figaro
- VIV FP : Vivendi Never Considered Mediaset Takeover: CEO to Corriere
- VIV FP : Vivendi warns Mediaset of “other plans”
- VOD LN : EU Said Set to Approve Liberty/Vodafone Dutch Ops Deal: Reuters
- VOW3 GY : Volkswagen to Respond to $176M Washington Fine in Due Time: FAZ