US Market closed slightly higher except for Nasdaq, locking a 2.1% monthly gain for May, countercyclical sectors fared better than the growth-sensitive side of the market. In fact, all four defensively-oriented sectors—consumer staples (+0.7%), health care (+0.3%), telecom services (+0.3%), and utilities (+0.8%)—outperformed, while five of six cyclical sectors were unable to keep up with the S&P 500. Meanwhile, the financial sector (+0.2%) settled in line with the S&P 500 after spending the bulk of the session just above its flat line...AAPL saw some profit taking after strong perf ahead of WWDC 14...VIX @ 11.43 -1.2%...- China Manufacturing PMI released over the weekend beat estimates, rose for
the 3rd straight month, and hit a 5-month high, but investors were hardly enthused by the marginal increase and the mixed components. Most of the increase was due to higher New Orders (52.3 v 51.2 m/m, 6-month high) and input prices (50.0 v 48.3 m/m, 5-month high). Meanwhile, new Export orders remained in contraction for the 2nd month and Employment actually fell to a 3-month low...Nikkei +2.06% HS+0.31% Shanghai -0.07%
Eur$ 1.3630 S&P Fut +0.07% European fut. +0.35%
Macro
- China Man. PMI 50.8 vs 50.7E
- Schaeuble Sees Any New Greek Bailout Below EU10b: Focus
- Iron Ore Slump May Force Output Cuts at Chinese Mines, ANZ Says
- German Regulator Seeks More PE, Funds Oversight: Handelsblatt
- EU May Ask Italy for EU4b Budget Measure Tomorrow: Repubblica
- Euro Area Must Achieve Price Stability Target Quickly: Padoan
- Bank Regulation May Stall Growth, Michelbach Tells Handelsblatt
Keep an eye on :
- AAPL US : Apple IWatch May Add $10b in Revenue, $3 in EPS: RBC
- AF FP : Air France-KLM to Start EU1b Savings Program in 2015: Telegraaf
- AIR FP : Google Said to Spend $1b on Satellites for Internet Access: WSJ
- AIR FP : Air Lease Interested by Possible Airbus A330 Revamp:Reuters Link
- AIR FP : Germany Re-Evaluating EU7b Airbus Helicopter Order: Spiegel
- ALIV SS : Autoliv CEO Looking for Acquisitions, Not planning to split Dagens Industri Says
- ALU FP : Alcatel-Lucent Starts Offer of EU1b New Convertibles in Total
- ALM SM : Almirall Seeks Smaller Takeovers After Aqua, Confident on 2014
- AZA IM : Etihad to Enter Final Talks After Alitalia Approves Conditions
- AZN LN : AstraZeneca CEO Questions Linking his Pay to Share Target: FT
- BPSO IM : Pop. Sondrio May Be Candidate for Tie-Up With Creval: Corriere
- BSLN SW : Basilea Says Oncology Drug BAL101553 Shows Evidence in Phase 1
- CRG IM : *FONDAZIONE CARIGE TO TRADE 9% STAKE IN CARIGE IN BLOCKS: SOLE
- CU FP : Club Med Stake Held by Polygon Rises to 5.62%, Les Echos Says
- DETNOR NO : Marathon Oil to Sell Norway Unit to Det Norske for $2.7b, Det Norske to propose $500mil right Issue
- EOAN GY : RWE, E.ON to Reimburse Gas Customers for Overcharging: Spiegel
- EDF FP : EDF Plans to Convert Corsica Power Plants to Gas, Figaro Says
- F IM : Fiat to Present New Alfa Romeo Model in 3Q 2015, Marchionne Says
- GFC FP : Metrovacesa Readies Sale of 27% Stake in Gecina, Expansion Says
- GSK LN : GlaxoSmithKline in Deal to Develop New Cancer Drugs: FT
- HRX GY : Hypo Real Estate Disagrees With Germany on Depfa, Spiegel Says
- NOVN VX : Novartis Sees Starting Regulatory Filings for LDE225 This Year
- POP IM : Pop. Milano May Review Governance in 2015: CEO to Messaggero
- ROG VX : Roche Buys Genia Technologies for $125m in Cash
- RIO LN : Rio Tinto Sells 50.1% Stake in Clermont Mine for $1.015b
- PG IM : Seat Pagine Gialle Bond Holders Oppose Dmail Proposal: Corriere
- SHP LN : Shire Lines Up $5b in Funding for NPS Pharmaceuticals Bid: Times {NSN N6IH7I6JTSE9 <go>}
- TRN IM : Terna Considering Bid for 66% of Greece's IPTO: Corriere
- TSCO LN : Tesco to Sell House of Fraser Goods on Website: Mail on Sunday