US Market closed near the flat line, with Small Cap Underperforming, cyclical sectors, consumer discretionary (-0.3%), energy (-0.1%), and financials (-0.04%) ended in the red, while technology (+0.1%) and materials (+0.1%) climbed into the close, cyclical sectors, defensively-oriented groups also finished mixed with respect to the S&P 500. Telecom services (-0.1%) and utilities (-0.3%) slumped during the afternoon, while consumer staples (+0.1%) and health care (+0.2%) climbed into the close. Like the health care sector, biotechnology also finished modestly higher with the iShares Nasdaq Biotechnology ETF (IBB 249.30, +1.27) adding 0.5%. volume remained well below average @ 545mil shares (5th lowest volume of the year), VIX @ 10.99 -1.44%...PBoC annual report was a reiteration of recent commentary, affirming prudent
monetary policy and proactive fiscal policy for 2014, pledging to increase support for direct financing, and looking to accelerate interest rate liberalization....- Japan Ministry of Finance released its outlook for the 2nd quarter widely
foreshadowing the expected post sales tax hike contraction. The 15pt drop in All Industry manufacturing survey was the biggest since late 2011. MoF did revise its FY14 CAPEX projections higher after a much stronger than expected Q1
Final GDP report in that component to +4.5% from -5.1% prior forecast....Nikkei +0.34% HS -0.26% Shanghai-0.26%...
Eur$1.3543 S&P Fut -0.10% European fut: Unch. FTSE +0.10% CAC40 +0.10% DAX -0.08% IBEX-0.28% MIB-0.2%
Macro
- World Bank Cuts 2014 Global Growth to 2.8% vs 3.2% in Jan. Est.
- Schaeuble Says U.K. EU Exit Would Be Disaster, Must Be Avoided
- Europe Banks Better Than Markets Think, Nouy Says in Kauppalehti
- MSCI Says China A-Shrs Not Part of Emerging Markets Index
Keep an eye on
- ABG SM : Abengoa Added to Spain IBEX 35 Index as Ebro Foods Removed
- ACS SM : ACS Agrees Plan to Save Portugal Highways, Expansion Says
- AIR FP : Airbus Says Emirates to Cancel Order of 70 A350 XWB Aircraft
- ALO FP : Siemens to decide by Sunday on potential Alstom energy business bid
- AZN LN : AstraZeneca Investors Seek Meetings on Pay Incentives: Sky
- EN FP : Bouygues Telecom to Present Job-Cut Plan Tomorrow: Les Echos
- CA FP : Carrefour to Invest 1.45b Rupees in India Unit: E. Times Link
- DELB BB : Delhaize Completes Sale of Bulgarian Stores to AP Mart
- EDF FP : EU Decision on U.K. Nuclear Project Expected by October
- EFGN SW : Jean Pierre Cuoni, Chairman EFG International, To Step Down
- ELR FP : Elior IPO priced@ €14.75, near bottom of the range €14.35 to €17.50, should trade tomorrow
- HMB SS : *H&M MAY SALES RISE 19% VS SME DIREKT EST. +12.1%
- ICL IT : Israel Chemicals Drops on Report Potash Corp. May Sell
- IND IM : Indesit binding offer deadline set for 27 June
- ITX SM : Inditex 1Q Net EU406m; Est. EU391.2m, Ebitda Beats Ests.
- KGX GY : GS is selling 7,5mil shares - no price guidance
- NOVN VX : Novartis Strongly Rejects Italy Decision on Avastin Use in Eye
- NUO NA : Nutreco Ends Divestment Process for Spain, Portugal Units
- OSR GY : OSRAM Licht AG CEO suggests the firm will ned to cut costs
- PFD LN : Premier Foods Deleveraging May Lead to Re-Rating, Goldman Says - Upgraded to Buy
- RCO FP : Remy Cointreau Names Valerie Chapoulaud-Floquet as CEO
- RNO FP : Nissan Motor To check airbag issue affecting its vehicles
- SBRY LN : *SAINSBURY 1Q LFL SALES EX-FUEL FALL 1.1%; EST. FALL 1%
- SIE GY : Siemens to decide by Sunday on potential Alstom energy business bid
- TFI FP : Discovery Raises Stake in TF1’s Eurosport to 51%, Echos Says
- UBER IPO : Uber Opens Car Booking App to London Black Taxis
- URKA LI : Uralkali plans to merge with Uralkali-Technology and cancel 12.5% shares; Onexim, Uralchem and CIC to increase stakes
- VK FP : Vallourec Sees 10% Drop In 2014 Ebitda From 2013 Levels