Dow +0.50% S&P +0.28% Nasdaq +0.21% Russell +0.17%
US Market closed higher. stock market held a modest gain going into President-elect Trump's first news conference since winning the presidential election. However, the market gave back all of its gains and more after Mr. Trump expressed a desire to bring back pharmaceutical operations to the United States and voiced support for competitive drug price bidding. IBB Closed down -3%. No comments made on infrastructure spending. Telecom services (-0.5%) and real estate (-0.5%) also finished in negative territory, while the remaining eight spaces closed in the green. Energy (+1.2%) topped the day's leaderboard, piggybacking on crude oil's climb. The commodity finished higher by 2.7% at 52.20/bbl amid reports that Saudi Arabia, the world's top exporter, plans to cut supply to Asia. Crude extended its gain despite a big inventory build that was revealed by the latest stockpile data. Technology closed higher again. US After Hours AAOI +20% and KBH +3.4% earnings/guidance strength lifting optical and homebuilder names. Asian equity markets are mixed, but the sentiment may be turning more bearish as evidenced by a 7pt slide in S&P emini futures and a rally in JPY, leading to outsized declines in Tokyo stocks. Shanghai Composite is still marginally positive, though S&P/ASX200 is slightly lower. In FX majors, USD/JPY is down some 100pips from the highs below ¥114.50, GBP/JPY is at 6-week lows below ¥140, and EUR/JPY down 80pips below ¥121.40. Brazil central Bank cut rates by a wider than expected 75bps (50bp expected) to 13.00% - the largest cut since 2012. BCB also lowered its 2017 and 2018 inflation projections as it signalled an intensification of monetary easing to address disinflation, weak economic growth, and expectations of more uncertainty in global economy. MOFCOM spokesman Sun Jiwen: China faces big trade downward pressure this year.
Nikkei -1.19% Hang Seng -0.61% CSI -0.29% Shanghai -0.33%
Eur$ 1.0630 CNH 6.8880 CNY 6.9097 JPY 114.32 GBP 1.2239 CHF 1.0102 RUB 59.73 WTI$ 52.34 +0.17%
S&P -0.25% EuroStoxx -0.12% FTSE -0.07% Dax-0.10% SMI -0.79%
Macro :
- Fed’s Dudley Says Economy Needs Trustworthy Banking System
- U.S. Said to Prepare WTO Complaint Against China on Aluminum
- E&P M&A Not Seen Occurring, SocGen Says; COP, ECA, PXD Upgraded
Keep an eye on :
- ATLN VX : J&J, Actelion Said to Reach Tentative Agreement on Price
- AF FP : Air France CEO Sees ‘Difficult Year’ as Oil, Interest Rates Rise
- AREVA FP : Areva Says French Govt May Offer EU4.5/Shr to Minority Investors (vs 5.20 closed on th 10th of Jan)
- BAYN GY : Bayer, Monsanto CEOs Met With Trump to Pitch Merger: WSJ
- ENI IM : Eni Says EST Plant at Sannazzaro Refinery Still Shut After Fire
- RACE IM : Formula One may have Ferrari as shareholder - Carlo Festa Blog
- FCA IM : Fiat Chrysler Names Daphne Zheng China COO Effective Immediately
- FCA IM : FCA CEO Said to See Good Chance of Hitting 2018 Targets: Reuters
- GSK LN : Glaxo Rejected in IPR Requests of Two FibroGen Patents
- HLE GY : Hella Increases 1H Rev., Adjusted Ebit, Confirms FY Guidance
- HSBA LN : HSBC to Pay $45 Million to Settle Euribor Price-Fixing Case
- LSE LN : Draghi: ECB Must ‘Carefully’ Analyze Deutsche Boerse-LSE Merger
- MS IM : Fininvest Says Co. Didn’t Receive Any Proposal From Vivendi
- MERY FP : Mercialys: 2016 Full-Year Activity: Excellent Performance in a Challenging Market Environment
- NDA SS : Nordea Vice Chairman Ehrling May Leave Board, DI Reports
- NOVN VX : Novartis Drug Backed by U.K.’s NICE for Advanced Kidney Cancer
- CFR VX : Richemont 3Q LFL Sales Rise 5%, Beating Estimates as Asia Gains
- SAND SS : Sandvik May List SMT Unit on Stockholm Stock Exchange, DI Says
- SHP LN : Irish Drugmaker Shire Will Pay $350 Million Over Kickbacks
- SW FP : Sodexo 1Q Sales Decline 2.2%, Hurt by Weakness in France
- SZU GY : Suedzucker Raises Full-Year Profit Forecast
- UBI IM : UBI Offers 1 Euro for ‘Good Banks’ Marche, Etruria, Chieti
- VIV FP : Fininvest Says Co. Didn’t Receive Any Proposal From Vivendi
- VOW3 GY : Lower Saxony Says VW Deal With U.S. ‘Significant Progress’
- VOW3 GY : VW Pleads Guilty as U.S. Charges Five More in Diesel Scandal