Dow -1.50% S&P -1.10% Nasdaq -0.41% Russell -0.81% EuroStoxx -2.95% CAC -2.62% Dax -2.26% Ibex -2.91% SMI -1.36%
May ended with a shortened yet lively week of trading. Many global markets were closed on Monday for holidays, including Memorial Day in the US, and on Tuesday US markets saw a very broad-based selloff. US equities bounced back midweek, but saw another dip on Friday. Traders saw several notable M&A announcments lead to ever more rumors of consolidation to position around as the week progressed. Chinese equities stumbled hard for a second time this month as the Shanghai Composite declined 6.5% on Thursday from a seven-year high the day before on concerns over tight liquidity and stricter margin requirements. In Europe, Greece's position became even more tenuous as deposit outflows accelerated. Despite Greek officials' declarations that an accord is near, any comprehensive deal still feels a ways away as a June IMF payment deadline approaches. The April Eurozone M3 money supply data provided more tantalizing evidence the ECB's QE program is starting to work as intended: the three-month average growth in M3 money accelerated to its fastest pace since 2009, building on the similarly good results seen in the March reading. Japan was an outlier: the Nikkei extended its winning streak to eleven consecutive sessions, its longest streak since 1988 while the Yen declined to a 12 year low against the Dollar. The US Treasury market easily digested coupon, bill and floating rate note supply to see the benchmak10-year yield decline by 10 basis points. For the week, the DJIA -1.2%, the S&P500 -0.9% and the Nasdaq -0.4%.
Macro :
- Russia Imposes Entry Ban on 89 European Officials: Reuters
- EU Commission Seeks to Keep Greece as Euro Member, Katainen Says
- ECB to Likely Continue QE at Least Until Sept. 2016, S&P Says
Keep an eye on :
- AIR FP : Valls Says Mexico in Talks to Buy Helicopters From Airbus: AFP
- AF FP : KLM CEO Says Dutch Aviation, Govt Should Team Up: De Telegraaf
- AI FP : Air Liquide CEO Seeks Growth Through Energy Innovation: Investir
- AZN LN : AstraZeneca Combo Has Activity in PD-L1 Negative NSCLC
- AZN LN : AstraZeneca Says 81% on Lung Drug Were Progression Free at 9 Mos
- BOL FP : Bollore to Meet Italy Govt Next Week on Tel Italia: Messaggero
- DBHN GY : Deutsche Bahn CFO Forecasts 2015 Loss Because of Strikes: Welt
- ETO LN : Entertainment One Considers Move to New York From LSE: Telegraph
- ECMPA NA : Eurocommercial Properties CEO Sells 90,000 Shares: AFM Filing
- GEN DC : Genmab/J&J Myeloma Therapy Leads to 3 Complete Remissions
- HETA GY : Heta May Ask Creditors for 10%-20% Debt Reduction: Kurier
- LHA GY : Lufthansa’s Eurowings Arm to Get Austrian AOC, CEO Tells Presse
- ML FP : Michelin Unit in Talks to Buy Kwik-Fit Netherlands: Telegraaf
- MRW LN : Morrison Faces Shareholder Revolt Over Ex-CEO’s Bonus, Sky Says
- NESN VX : Nestle Says It Has Not Received India Noodle Criminal Complaint
- NOK1V FH : Apple Said Developing Its 1st In-House Mapping Database: 9to5Mac
- ROG VX : Roche’s Gazyva More Than Doubles Time to Lymphoma Progression
- RYA LN : Ryanair Downgraded to Neutral From Buy at Goldman
- TIT IM : Bollore to Meet Italy Govt Next Week on Tel Italia: Messaggero
- TOM2 NA : Apple Said Developing Its 1st In-House Mapping Database: 9to5Mac
- WPP LN : WPP CEO Faces Shareholder Protest Over GBP43M Pay Package: FT
- YOOX IM : Interview in the FT http://on.ft.com/1FVpxQF