US Market Closed higher, Small cap leading teh advance after last week weakness, Eight of ten sectors finished in the green with a clear bias towards cyclical groups as consumer discretionary (+1.3%), financials (+1.0%), industrials (+1.5%), materials (+1.3%), and technology (+1.5%) all posted gains of 1.0% or more, while the energy sector (+0.6%) was the only laggard among cyclical sectors...AAPL +1.28% FB +4.52%,...volumes were light @ 630mil shares...VIX @12.23 -5.34% (not far from lows 11.20(2013)) ...US After Hours : RAX +12.7%, HALO +12.0%, APRI +9.3%, FTEK -23.5%, RDEN -16.7% following earnings/guidance...DTV +6% on potential 50bil bid from AT&T...China markets are slightly more subdued after outsized gains overnight on reports of China State Council gradually relaxing FDI limits in listed companies. Economic data from China overnight were also mixed, with new Yuan loans missing estimates but M2 money supply growing above expectations, Ind. Prod. below expect...Nikkei +1.77%...HS+0.21%...Shanghai -0.40%
Macro
- China April Industrial Output Rises 8.7%; Est. 8.9%
- China Property Market Bust a Serious Threat, Magnus Writes in FT
Eur$ 1.3762 S&P Fut +0.10% European Fut +0.38%
Keep an eye on :
- AGFB BB : Agfa 1Q Adj. Ebitda EU34m vs EU41m Y/y; Reiterates Margin Goal
- AIR FP : Airbus 1Q Profit, Rev. Beat Est.; Guidance Confirmed, Says R&D Spend Rises, A350 Ramp Up Under Way
- AZN LN : Pfizer Said to Plan Raising AstraZeneca Bid Before Going Hostile {NSN N5HMF96KLVRF <go>}
- CB IM : Cucinelli 1Q Ebitda Beats Ests.
- BLT LN : BHP, Rio Offer Best Dividend Yields Among EU Miners; Gold Lags
- BMPS IM : Monte Paschi 1Q Net Loss EU174.1m vs EU101.2m Loss Y/y
- CWC GY : CEWE Confirms Targets for 2014, Dividend to Be Increased Again
- DBK GY : Deutsche Bank’s Sal. Oppenheim Plans Profit by 2015, Welt Says
- DECB BB : Deceuninck 1Q Sales Rise 3.8% to EU115m; Up 11.4% by Volume
- DTE GY : T-Mobile U.S. Growth to Continue, Telekom CEO Tells Handelsblatt
- EZJ LN : EasyJet 1H Pretax Loss GBP53m, Rev. In-Line With Est.
- EOAN GY : EON 1Q Underlying Net Income In Line, Confirms 2014 Targets, Ebitda Misses Ests.
- FGR FP : Eiffage 1Q Slightly Below Consensus on Energy, Metals: Analysts
- JEN GY : Jenoptik 1Q Pretax Unchanged; Margin Drops, Sticks to Outlook
- GLE FP : SocGen Sets Targets for Higher Profitability, Increased Revenue
- RNO FP : Nissan's Q4 results will have a positive contribution of €415M to Renault's H1 earnings --> Nissan +5.52%
- SLHN VX : Swiss Life 1Q Premium Income CHF6.9b vs CHF7b
- TIT IM : Telecom Italia 1Q Sales, Net Income Miss Estimates
- TKA GY : ThyssenKrupp 2Q Adj. Ebit Beats Estimates, Co. Raises Forecast
- WAC GY : Wacker Neuson 1Q Revenue Rises, Margins Jump, Sticks to Outlook
- MF FP : Wendel 1Q Consolidated Sales up 2.5% to EU1.35b