US was mixed - cyclical sectors outperformed their countercyclical peers with growth-sensitive groups like technology (+0.8%), materials (+0.6%), energy (+0.3%), industrials (+0.2%), and consumer discretionary (+0.2%) settling in the green and defensive-oriented groups like health care (-0.3%), consumer staples (-0.7%), utilities (-0.2%), and telecom services (-0.5%) finishing in the red. Big Financials Weak ahead of numbers this week. US After Hours SLP +8.5%, VOXX -23%, CUDA -5% following earnings/guidance, RCII +17% on potential Vintage Capital bid. ASIAN EQUITIES – ARE MIXED on Tuesday. The Hang Seng is leading Chinese equities with the major banks outperforming. The PBoC resumed open market operations after a 12-day hiatus, injecting a modest amount via 7- and 14-reverse repos. Liquidity is expected to tighten as shorter-term loans mature and tax payments drain funds around mid-July. Press have noted the PBoC is expected to dial back recent cash drains after toning down its previous assessment of “relatively high” liquidity conditions. The Nikkei is picking up strength with the dollar-yen holding near its mid-May highs. Monetary policy divergence was cited as a factor behind expectations of yen depreciation in the latest Nikkei poll. Meanwhile the political travails of Shinzo Abe have resulted in more loss of public support for the prime minister. Elsewhere the latest Iron ore rally has helped underpin the ASX's miners. The Aussie dollar has lifted following data showing Australian business conditions rising to pre-GFC highs. However, the kiwi dollar has underperformed after New Zealand spending data underwhelmed expectations.
Nikkei +0.59% Hang Seng +1.44% CSI +0.97% Shanghai +0.13%
Eur$ 1.1384 CNH 6.8067 CNY 6.8054 JPY 144.40 GBP 1.2874 CHF 0.9675 RUB 60.3353 WTI$ 44.51
S&P +0.11% EuroStoxx +0.20% FTSE +0.10% Dax +0.29% SMI +0.13%
MAcro :
- Goldman Sachs Sees U.S. Earnings Growth at 9%, Moe Says
- Go Overweight on Construction, Be Cautious on Flow Firms: Wolfe
Keep an eye on :
- AED BB : Aedifica Buys Dutch Care Residence Project for About EU9m
- AKE FP : Arkema Confident on Targets Through 2020, Unveils 2023 Forecasts
- ANTO LN : London Copper Halts Decline as Strike Looms at Antofagasta Mine
- CI US : Cigna Names Arthur Cozad as CEO of Zurich Insurance Middle East
- COMH SS : Com Hem 2Q Revenue Matches Est.
- DBK GY : HNA Chief Sees Deutsche Bank Investment as ‘Historic Chance’: HB
- DB1 GY : Deutsche Boerse Buys Stake in Soros-Backed Bond Platform Trumid
- GIVN VX : Givaudan Buys Dutch Dairy Producer Vika; No Terms Disclosed
- HNB NO : Hafslund Board Recommends Not to Accept Offer From Oslo City
- ING NA : ING Negotiating Deutsche Bank Spain Business Deal: Expansion
- DEC FP : JCDecaux Gets 10-Yr Ad Contract for São Paulo Guarulhos Airport
- KNEBV FH : Kone Delhi Tube Deal in Risk as Govt Prefers Indian: Kauppalehti
- RFRG NA : Refresco CEO Says Didn’t Get Sweetened Offer From PAI:Telegraaf
- REP SM : Repsol 2Q Output 676,000 BOE/Day
- RYA LN : Ryanair Drops Plan to Serve Ukraine Amid Kiev Airport Dispute
- SAN FP : Sanofi to Buy Protein Sciences for Upfront Payment of $650M
- SFR FP : SFR to Start Altice Studio Film Channel on Internet in August
- SIE GY : Siemens Says Gas Turbines Moved to Crimea Against Its Will
- TRYG DC : Tryg 2Q Pretax Profit Beats Est.
- TU1 GY : TUI Agrees to Dispose All Remaining Hapag-Lloyd Shares (July 10)
- VOW3 GY : Ex-Audi Manager Arrested in Diesel Scandal Talks to Prosecutors