Weekly Performance
Dow-0.12% S&P+0.43% Nasdaq+0.83% Russell+2.14% EuroStoxx-2.63% FTSE -0.89% CAC-2.06% Dax-1.78% Ibex -3.36% MIB-3.80% SMI -1.74% Nikkei -1.14% Hang Seng +1.80% CSI +4.14% Shanghai +4.17% Brazil +3.20%
Trading volumes were a bit light this week after the Memorial Day holiday weekend in the US, although markets did not lack for dramatic headlines. The ECB confirmed its corporate bond buying program will start next week. OPEC was unable to agree on any formal production quotas, but members showed they might be more cooperative in the future. In Japan, after months of prevarication, Prime Minister Abe confirmed he would delay a sales tax increase for 30 months. On Friday, the US May jobs report widely missed even the lowest estimates as non-farm payrolls came close to a six-year low and the prior two months were revised lower. After the very poor jobs numbers, Fed fund futures heavily discounted the chances of a rate hike in June and July. The dollar saw its steepest one-day plunge is six months while gold shot up 2.5%. Interest rates fell globally and the US Treasury curve held near some of the flattest levels seen since 2008. Bank stocks finished the week under modest pressure, giving back a portion of the gains seen after the hawkish April FOMC minutes. Nevertheless most major US indices remain within striking distance of all-time highs. For the week the DJIA slipped 0.4%, the S&P500 was flat, and the Nasdaq edged up 0.2%.
Macro :
- Fed’s Mester Sees Gradual Rate Increases Despite Weak Jobs Data
- U.K. Poll on EU Shows 43% Remain, 41% Leave: Opinium Poll
- Bill Gross Says Chance of Fed Raising Rates 25%: Nikkei
- SNB Vice President Zurbruegg: SNB could cut rates further and could intervene in FX market at any time it deems necessary
- U.S., China Make Great Progress in Currency Talks, Lew Says
Keep an eye on :
- ALPH SW : Alpiq Is Struggling to Find Buyers for Hydropower Plants: SZ
- BMPS IM : Profumo Says Worst Over for Italy’s Banking Crisis: La Stampa
- BP IM : ECB Urges Banco Popolare to Reduce NPL Stock: Offering Documents
- BAYN GY : Bayer Chairman Indicated Willingness to Raise Bid Somewhat: FBN
- BAYN GY : Bayer Chairman Said to Hold ‘Secret’ Meeting With Investors: Fox
- BAYN GY : Bayer May Have to Sell Units After Monsanto Deal, FAZ Says
- CSGN VX : U.K.’s FCA Probes Credit Suisse, VTB Over Mozambique: WSJ
- CNX US : Greenlight Capital’s Einhorn Confirmed Selling 7m Consol Shares
- DL NA : Delta Lloyd Attracts Buyers for Stake in Van Lanschot: Telegraaf
- EDF FP : EDF, RTE, CDC Choose Banks to Prepare RTE Sale, Figaro Reports
- EDF FP : CEZ submits indicative offer to buy French EDF's Polish assets
- ENI IM : Eni to Compete for Central Role in Libya, CEO Tells La Stampa
- KU2 GY : Kuka will not see bid arranged by German Economy Minister - Boersen-Zeitung
- KU2 GY : Kuka CEO Would Evaluate Potential Counterbid to Midea Plan: FAS
- LISN SW : Lindt’s Tanner Eyes Expansion Into Chocolate Bar Segment: SZ
- MFRM US : Mattress Firm Holder Berkshire Partners Boosts Stake to 14.1%
- MRK US : Merck & Co. Starts Two Phase 3 Studies in First-Line Lung Cancer
- NESN VX : Nestle Temporarily Halted Venezuela Production Lines: SZ
- RCS IM : RCS public offer by Investindustrial consortium likely to get regulatory clearance on 10 June
- RDSA NA : Shell Confirms Leak on Nigeria Farcados Pipeline After Attack
- SAB LN : Asahi Explores $7.3b Bid for SABMiller Beers, Sunday Times Says
- SoftBank (9984 JP) : Softbank plans to sell 248M shares back to Gungho Online (3765 JP) at ¥294/shr - press - Softbank said to be selling most of its stake in Gungho to help raise money to shore up its balance sheet, and comes on the heels of its announced sale of $10B of its Alibaba stake.
- UHR VX : Swatch Group Signs Battery Deal With Geely, Hayek Tells NZZamS
- SREN VX : Swiss Life’s Signer: Aim at Property Buys of ~CHF1B/Year: FuW
- TSLA US : Tesla May Purchase Batteries From Samsung SDI, Nikkei Says
- TKA GY : Thyssenkrupp to Restructure Wharfs as Submarine Deal Fails: Welt
- LANS NA : Delta Lloyd Attracts Buyers for Stake in Van Lanschot: Telegraaf
- VBLT US : VBL Therapeutics Rises 76% Post-Mkt; Study Met Primary Endpoint
- VOW3 GY : VW to Recall 190,000 Cars in India to Fix Emissions Issue: PTI
- WPP LN : WPP Holders Set to Protest CEO Sorrell’s Pay Package: Telegraph