US Market closed Higher helped by FOMC Minutes that revealed the belief among officials that investors have displayed too much complacency with regard to risk. Furthermore, the minutes indicated that the committee has discussed its exit strategy tools with the general expectation of a final $15 billion taper taking place in October if the current outlook holds up, investors were reassured by the consistency of the message, even if surprised by gold & treasuries closing near highs, utilities was the only sector on the downside after 2 days of outperf., volume were light @ 557mil shares...VIX @ 11,65 -3%...St Louis Fed President Bullard (not a FOMC voter) was surprisingly more hawkish, said the US
unemployment could fall below 6% in the next 2 reports, leading to higher inflation and a more expedient tightening response from the FOMC than investors expect...China June trade surplus was up 16% y/y but still came in shy of consensus at $31.6B. Exports were up over 7% which was below the 10% estimate, while exports to US, EU, and Japan were all up in the single digits. H1 shipments of crude oil, iron ore, and Copper were up 10%, 19%, and 26% respectively. Customs office spokesperson Zhang attributed this month's surplus to fiscal policy measures, and also forecasted Q3 exports growth to top Q2 levels. Note that China Q2 GDP data will be released next week...Bank of Korea held rates unchanged for 14th consecutive month but this time one central bank member voted in favor of a policy easing...BOK also lowered its 2014 and 2015 targets for GDP to 3.8% and 4.0% from 4.0% and 4.2% prior...Nikkei -0.38% Hang Seng +0.37%...Shanghai +0.24%
Eur$ 1.3644 S&P -0.11% EuroStoxx+0.04% FTSE +0.07% Dax+0.03% SMI +0.11%
Macro
- Japan machinery orders plunge in May (-19.5% in May vs April, +0.7% expected ), sharpest fall since at least 2005 (after -9.1% in April)
- Draghi: Structural Reforms Essential for ECB Measures to Work
- China Exports Trail Estimates as Global Demand Limited: Economy
- China’s Copper Imports Hit 14-Month Low as Financing Unwinds
Keep an eye on :
- ACS SM : Acs to Buy Back 25% of Clece Unit, Expansion Reports
- AIR FP : Airbus A330Neo Said to Move Ahead With View to Air Show Launch
- AIR FP : IndiGo Said to Be in Talks With Airbus on $20.6 Billion of Jets
- ALO FP : Alstom Unrecognisable In a Year, Worth Buying, Berenberg Says
- BATS LN : Reynolds/Lorillard Deal Most Likely Outcome, Wells Fargo Says
- BES PL : BES Shareholders to Vote on New Chairman, CEO and CFO on July 31
- BMW GY : 1114 HK +0.91%
- CBK GY : Commerzbank May Settle U.S. Probe for $600m-$800m: Reuters Link
- DNB NO : DNB 2Q Profit Rises; Sees 3% to 4% Annual Lending Volume Growth
- EDF FP : EDF Renewable Seeks Sale of U.S. Wind Portfolio: SparkSpread
- ENEL IM : Enel Board May Name Advisers for Asset Sales Today, Sole Says
- ENI IM : Eni CEO Talks With Unions on Refining Reorganization Break Off
- FNC IM : Finmeccanica Signs Revolving Credit Line Refinancing to 2019
- GOW SM : Gowex CEO Garcia Reduced Stake Below 50% During 1H
- GXI GY : Gerresheimer 2Q Adj. Ebitda, Rev. Beat Ests.; Keeps Forecast
- HEI GY : HeidelbergCement would consider buying operations to be divested by Holcim/Lafarge
- LHA GY : Lufthansa interested in acquisitions and partnerships - Basler Zeitung
- LSE LN : Qatar Holding Sells About One-Third of LSE Stake,from 15,3% to 10,3%, 1900-1956 Pence Each, BofA&Citi
- PUB FP : Publicis CEO Asks Managers for Advice After Deal Fails: WSJ Link
- SAN FP : Sanofi Confirms It May Sell Mature Drugs, L’Usine Nouvelle Says
- SCHP VX : Schindler Boosts Stake in Chinese Joint Venture
- RCF FP : Teleperformance to Buy Aegis USA for $610m
- SW FP : Sodexo Did `Modest Revision' to Revenue Forecast, CFO Says
- SZU GY : Suedzucker 1Q Sales In Line With Ests., Confirms FY Forecast
- EIFF FP : Tour Eiffel: Eurobail waives tender offer; SMABTP only bid remaining
- TRYG DC : Tryg 2Q Profit Before Tax Beats Est. as Combined Ratio Improves