Dow-0.03% S&P+0.02% Nasdaq-0.26% Russel-0.82%
US Market Closed mixed. decline was lead by a lack of sector leadership from the heavyweight technology (-0.1%) and financial (-0.1%) sectors, uncertainty over whether the European Central Bank has reached its easing limits, and losses in crude oil. Today's trade took on a sell the news posture despite the ECB's latest policy statement exceeding investors expectations regarding the size and scope of the central bank's easing program. To that point, the ECB lowered its interest rate corridor and expanded the amount of its monthly asset purchases to 80 billion euros. To be fair though, participants likely responded to comments from ECB President Mario Draghi, which cast doubts on future interest rate cuts. As a result, equity markets pulled back from their early highs. WTI crude surrendered 1.2% ($37.78/bbl) and forced energy (UNCH) near the bottom of the leaderboard. health care (+0.1%), consumer discretionary (+0.2%), telecom services (+0.5%), and materials (+0.5%) topped the leaderboard. volume were in line with average at 1.019bil shares. US After Hours SSKN +31.8%, PFNX +21.9%, SNC +16.7%, SGRY +15.5%, ULTA +13%, FXCM -20.3%, VMEM -17.6%, MED -8.9%, RUN -8.1%, ZUMZ -8.1%, LOCO -5.9% following earnings/guidance QUIK -20%, IMMY-6%, BCEI-5% on share offering. Asian equity markets are mixed as investors digest aggressive policy efforts from the ECB overnight against the subsequently less dovish rhetoric from Pres Draghi downplaying the need for even more easing down the pike. The focus turns to FOMC next week with expectations of similarly cautious approach by Yellen and co in spite of continued run of solid job gains, some progress on inflation, and reduced volatility overseas. The latest Yuan fix produced the most volatility in an otherwise quiet session, as the PBoC set USD/CNY at the highest level of 2016. PBoC's objective may be to support the exchange rate in defense against the crowded global-macro fund's short-yuan thesis in the wake of the disappointing exports and trade data out this week. In Tokyo, local press reported that February investment fund outflows were the largest since late 2008 as investors are much more reluctant to buy into the recent weakness. Japan Fin Min Aso said it was important for BOJ to strive to reach its 2% inflation target, and there were also more reports related to the possibility of more fiscal stimulus, with a ¥10T figure floated as speculation even as PM Abe has most recently reiterated there was no need for an extra budget at this point in time.
Nikkei +0.51% Hang Seng +0.85% Shanghai +0.05%
Eur$ 1.1197 CNY 6.4945 CNH 6.4943 JPY 113.54 GBP 1.4274 CHF 0.9863 RUB$ 70.87 WTI 38.65 (+2.15%)
S&P +0.73% EuroStoxx +1.75% Dax +11.58% SMI +0.86%
Macro :
ECB’s Coene Questions If 2% Inflation Target Is Realistic: Tijd
U.S. Feb. Budget Deficit at $192.6b; Est. $196.25b
Government Strikes Back at Silicon Valley’s Support for Apple
Keep an eye on :
- AAPL US : Apple Invite for March 21 Event Says ‘Let Us Loop You in’
- ATCOA SS : Atlas Copco's compressed air and gas, and vacuum business actively looking for targets - Press Releas
- BIM IM : Banca Intermobiliare attracts interest of Fosun - Il Sole 24 Ore
- BP IM : BPM, Banco Pop. Said to Rework Deal as ECB Holds Back Approval
- BC IM : Cucinelli 2015 Ebitda In Line, Sees Double-Digit Growth in 2016
- EN FP : Iliad’s Niel ‘Very Confident’ on Orange-Bouygues Deal: Tribune
- CA FP : Carrefour Says It Is Not in Talks to Invest in Israel’s Victory
- CO FP : Casino’s Big C Vietnam Stores Said to Draw Lotte, TCC Bids
- DBK GY : JPMorgan, Goldman Said to Discuss Buying Deutsche Bank Swaps
- DTE GY : Deutsche Telekom Said to Consider Options for Tower Assets
- EDF FP : French State Auditor Says EDF’s Finances Are Fragile: Le Monde
- EDP PL : EDP Renovaveis Says Wins 20-Year Energy Contract in Canada
- BSAAN SW : J. Safra Sarasin 2015 Net Rises 12% to CHF230.5m, AuM CHF144b
- LAVA IM : Lavazza Buys Carte Noire for EU700m-EU750m: Radiocor
- MRLV US : Marvell Technology Says It Hasn’t Had Talks With Broadcom
- NESN VX : Nestle in Talks With Nerios Over Sale Quezac, Figaro Reports
- OML LN : Old Mutual to Split Up Units to Boost Growth, Unlock Value
- PLT IM : Parmalat 2015 Rev., Ebitda Miss Ests.
- PLT IM : Parmalat Directors Resign, Prompting Board Expiration
- PFC LN : Petrofac Shareholder Offers to Sell About 5m Shares: Terms
- PAH3 GY : Porsche Said to Weigh Bosch, Panasonic for Tesla-Fighter Battery
- RWE GY : RWE denies plans to exit Turkey
- SFQ GY : SAF Holland Sees 2016 Sales of EU1.05b-EU1.07b; Est. EU1.095b
- SLT GY : Schaltbau Targets 2016 Sales, Earnings Growth Above 10%
- SPIE FP : Spie 2015 Net EU38.3M Vs. Loss of EU18.6m in 2014
- SW FP : Sodexo to Join CAC 40; Amundi, Worldline, Spie to Enter SBF 120
- GLE FP : SocGen Said to Win Cut to $500 Million Rate-Rigging Fine From EU
- VATT SS : Vattenfall Struggles to Sell German Lignite Unit: Handelsblatt
- VOW3 GY : VW Said to Have Kept Refining Defeat Device Software 2015: NDR
- VOW3 GY : VW Unit MAN SE Reports 2015 EU92m Op. Profit After Sales Drop