Weekly Performance
Dow+2.20% S&P+2.67% Nasdaq+2.76% Russell+4.31% Nikkei+5.10% HangSeng+4.20% Shanghai+3.86% Bovespa+18% EuroStoxx+3.69% CAC+3.29% Dax+3.27% Ibex5.54% MIB+4.55% FTSE+1.70% SMI+1.34%
US and European equity markets saw their third straight week of gains as stronger crude prices and the prospect of more easing kept the rebound on track. The ECB has all but guaranteed more easing at its policy meeting on March 10th, and President Draghi reiterated that the ECB has no limits on policy tools that are within its mandate, highlighting the growing downside risks to the euro zone outlook. Russia, Saudi Arabia and an ad-hoc group of other OPEC producers continue to discuss a meeting later this month to finalize plans on freezing crude production at current levels, helping push crude futures close to YTD highs. In China, the PBoC kept the yuan strong and cut the RRR ratio for the first time since 2009. There was a raft of dodgy US economic data, but the very good February jobs report provided a strong counterweight, and by Friday markets were pricing in at least one Fed rate cut this year, as well as a small chance of second rate hike by the fourth quarter. For the week, the DJIA rose 2.2%, the S&P500 gained 2.7%, and the Nasdaq added 2.8%.
Macro:
- China Eases Fiscal Stance to Meet Slower 2016 Growth Target
- Fed to Propose Big Banks Cap Credit Risk to Each Other at 15%
- More Than Half Feb Rally Driven by ’Systemic’ Inflows: Kolanovic
- China Sets 6.5%-7% Economic Growth Target Range for 2016
- U.K. Farmers Say Leaving the EU Would Be Too Great a Risk: Times
- Ulster Unionist Party Says Northern Ireland Better Off in EU
Keep an eye on :
- A2A IM : A2A Buys LGH Controlling Stake for EU113m in Cash and Shares
- MT NA : ArcelorMittal chief bullish on steel sector despite price woes - FT
- BAS GY : BASF Said Working With Advisers to Weigh Counter Bid for DuPont
- BATS LN : U.K.’s BAT Said to Hire Centerview as an Adviser: Telegraph
- CBK GY : Commerzbank Names Martin Zielke as New CEO From April 30
- EDP PL : Portuguese Electricity Demand Fell 3.1% in February, REN Says
- ELI1V FH : Elisa may now find it near impossible to take over Anvia - Turun Sanomat
- ENI IM : Eni Sees Oil Price Rising in 2H, CEO Descalzi Tells Messaggero
- FCC SM : Slim’s Carso to Make Bid for Spain’s FCC at EU7.60/Shr
- IP IM : Interpump Sees EU1B Revenue in 2017 Fueled by M&A, Il Sole Says
- LSCC US : Lattice Semiconductor CFO Joe Bedewi to Leave; Shares Down 10%
- LOGN VX : Logitech CEO Says Ready to Buy ’Sizable’ Company If Suitable
- LSE LN : LSE Group Investor Says ICE Could Fund Takeover Offer: Telegraph
- MRVL US : Marvell Technology Said to Be Open to Sale: NYP
- NOVN VX : Novartis’s Cosentyx Shows Longer Benefit Than Stelara in Study
- OML LN : Old Mutual Said to Be Considering GBP9b Breakup: Sky News
- PFV GY : Busch prepares for merger with Pfeiffer Vacuum by changing legal form - Euro am Sonntag
- RR/ LN : Drone-Deal Guarantees Jobs at BAE, Rolls-Royce: Telegraph
- SBRY LN : Sainsbury Expected to Raise Argo Offer to 180p, Telegraph Says
- 005930 KS : Samsung Says It Won’t Buy Jay Z’s Tidal: Variety
- SDRL US : Seadrill Soars 177% in U.S. Amid Short Covering, Bailout Talk
- SUN SW : Investor Vekselberg Mulls Divestitures at Sulzer, SaS Reports
- TC1 GY : Tele Columbus shareholder United Internet could push for full control or sale - Euro am Sonntag
- TIT IM : Telecom Italia Wants Broadband Deal With Metroweb in Weeks: Rtrs
- TEX US : Terex Drops; Zoomlion Hasn’t Submitted Filings: DealReporter
- VIV FP : Vivendi, Mediaset Met to Discuss Alliance on Content: La Stampa
- VOW3 GY : VW Brand Won’t Get 2nd Chance, Unit Chief Diess Tells WAZ
- VOW3 GY : VW’s Poetsch Was Informed of Diesel Affair Sept. 8, 2015: Bild
- VOW3 GY : VW Had Signs of Cheat 4 Months Before Disclosure: Handelsblatt