US Market closed higher last week, descalation news from Russia helped the market to rebound, The market received another push during the early afternoon after news reports cited Russia's defense ministry as saying Russia's exercises near the border with Ukraine are over. The utilities sector (+2.0%) finished in the lead, while other countercyclical groups were somewhat mixed. Consumer staples (+1.0%) and telecom services (+0.5%) lagged, while health care (+1.1%) ended just behind the S&P 500 thanks to strength in the biotechnology space. volume were light @ 615m shares...VIX @ 15.77 -4.83%..Japan is leading regional indices back to the upside following an outsized decline late last week as investors cheer better news from the Russia/Ukraine border, a Nikkei report noted Japan's Government Pension Investment Fund (GPIF) has temporarily scrapped its cap on the proportion of domestic shareholdings from Aug 5th until Sept to allow an increase in purchases of domestic stock. GPIF currently targets 12% domestic shareholding, but allows a variation of between 6-18%. Report further noting that after Sept, new guidelines will target 20% domestic shareholding. China inflation data released over the weekend was right in line with estimates, and the CPI print of 2.3% remains well below the govt's 3.5% target/ceiling...Nikkei +2.39% Hang Seng +1.23% Shanghai +1.23%
Eur$ 1.34 S&P +0.23% EuroStoxx +1% Dax +1.06% FTSE+0.50% SMI +0.52%
Macro
- China July Consumer Prices Rise 2.3% Y/y; Est. 2.3% Gain
- U.K. May Join Iraq Air Strikes If Situation Worsens: Telegraph
- Funds Said to Consider Legal Against Portuguese Regulators: NYT
- Italy Reform Faces ‘Headwinds’ From Recession, Moody’s Reports
Keep an eye on :
- AIR FP : NYT article, -ve on A380 strategy {http://nyti.ms/1vqUlFo}
- ATL IM : Atlantia Isn't Alitalia Long-Term Investor: CEO in Repubblica
- AZA IM : Schisano Favored as New Alitalia CEO, Il Messaggero Reports
- BBY LN : Carillion Said to Approach Balfour Beatty to Revive Merger Talks {NSN NA3N386KLVR6 <go>}
- BMW GY : 1114 HK /Brilliance +2.99% in HK
- GBF GY : Bilfinger Says 1H Didn’t Meet Expectations, Sees Positive 2H
- BING GY : Boehringer to Reduce Costs by Up to 15%: Frankfurter Allgemeine
- CABK SM : CaixaBank Invested EU1.9b Into Property Unit in June: Economista
- CBK GY : Commerzbank Has No Plans to Reduce Its Branch Network, FAZ Says
- SMDS LN : Mentionned +vly in the Barrons, Shares could rally 60% in the next two years as the U.K. company focuses on new products.
- DTE GY : Softbank has not given up on T-Mobile acquisition
- F IM : Fiat Says It’s Provided Sufficient Info on Withdrawal Rights
- FUR NA : Fugro 1H Net Loss Incl. Discontinued Ops EU271m
- HMB SS : H&M May Bring Its Upscale COS Brand to Japan This Year: Nikkei
- ILD FP : Iliad remains keen on T-Mobile, continues to seek bidding allies, Dish & Inv. funds mentionned, Internet banking could be an area of development for Free. JDD
- ITV LN : Discovery unlikely to bid for ITV because of BSkyB ad deal
- JMT PL : Jeronimo Martins Says Francisco Sousa to Become CFO From Nov. 3
- JUN3 GY : Jungheinrich 2Q Sales Rise 7%, Pretax Up 10%; Confirms Outlook
- FW1 GY : Mifa Delays Interest Payment, Seeks Restructuring in 2 Weeks
- NOVN VX : Novartis Says Heart Drug LCZ696 Study Meets Primary Endpoint
- NUM FP : SFR May Sell Or Close Some Data Centers, Les Echos Says
- POP SM : Banco Popolare 2Q Net Income EU25m vs Est. Loss of EU12.8m
- PRADA(1913) : -2.22% in HK
- PTC PL : Portugal’s CMVM Is Doing Audit of Portugal Telecom: Expresso
- PUB LN : Punch Taverns to launch restructuring tomorrow
- QSC GY : QSC Posts 2Q Loss; Narrows 2014 Outlook to Lower End of Range
- RDSA NA : *BLACKSTONE NEARS DEAL ON SHELL’S HAYNESVILLE SHALE STAKE: WSJ
- REP SM : Repsol, Petronas, 4 Others Win Gabon Oil Contracts: Reuters Link
- ROG VX : Roche Seeks FDA Approval for Lucentis in Diabetic Retinopathy
- RUALR RX : Rusal May Sell Assets Worth $1b, Vedomosti Reports
- SAN FP : Sanofi to Pay MannKind Up to $925m for Inhaled Insulin
- SAP GY : SAP Talks on Cutting ~300 German Jobs Have Failed, Spiegel Says
- SCMN VX : Swisscom to Spin Off PubliGroupe’s Media Business After Takeover
- TIT IM : Telecom Italia mandates three advisers for GVT deal