Dow+0.94% S&P+0.97% Nasdaq+0.80% Russell+1.04% VIX 14.85 -8.67%
US Market closed higher helped by Oil rally. WTI crude climbed 4.1% ($42.12/bbl) before the end of its pit session, high for 2016 and a gain of 14.5% week to date. By the end of the day, all ten sectors were in the green with energy (+2.8%), financials (+1.3%), and materials (+1.2%) leading the advance. IMF lowered its 2016 growth estimate for the global economy from 3.4% to 3.2%. Meanwhile, mixed results in Alcoa's (AA 9.48, -0.26) first quarter earnings report also acted as a headwind. The company missed top-line expectations as revenue shrank 15.0% year-over-year. Volume were above average with 951mil shares. US After Hours MDVN+9% on news of Sanofi takeover approach, VRX -2% after report that a bondholder intends to call default on Co, RPRX +65% after positive clinical data; PTIE +6.7% on FDA News. Risk appetite on display in US hours that was fanned by dovish comments from Feds Kaplan and recovering inflation prints in Europe has carried over to Asia, where Chinese trade components signify some improvement in global conditions. Although the terms of trade missed expectations, China exports rose for the first time in 9 months while the decline in imports was much less than expected in both CNY and USD term. Flows from US bonds into equities has helped the dollar to recover against Japanese Yen - a relief to some of the recent worries in Tokyo about adverse FX volatility.
Nikkei +2.77% Hang Seng +2.43% Shanghai +2.22%
Eur$1.1360 CNH 6.4759 CNY 6.4665 JPY 108.87 GBP 1.4237 CHF 0.9576 RUB$ 65.5247 WTI$ 41.63 (-1.26%)
S&P+0.24% EuroStoxx+1.36% Dax+1.22% SMI+0.83%
Macro :
U.S. March Budget Deficit at $108b; Est. $104b
Fed’s Lacker Sticks With Gradual Pace; Case for Hikes Is ‘Clear’
- Regulators Set to Find Flaws in Big U.S. Banks’ ‘Living Wills’, J.P. Morgan, other firms, set to receive not credible verdict from Fed, FDIC - WSJ - http://on.wsj.com/1Wqr0qc
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- China’s March Exports Rise 18.7% Y/y in Yuan
- ECB Sees Italy Bank Rescue Fund Favorably: Padoan in Sole
Keep an eye on :
- ABI BB : Anheuser-Busch InBev Controlling Holders Extend Pact 10 Years
- AF FP : Air France Offer Viewed Unfavorably by Pilots, Les Echos Says
- SPR GY : Axel Springer Said to Invest More Cash In Retale This Year: WSJ
- BOL FP : Bollore Offices Searched in Connection to African Ops: Le Monde
- CA FP : Brazil Stocks ETF Rises 3.1% in Tokyo, Set for August High
- CSGN VX : Credit Suisse May Need to Strengthen Board: Herro Tells FuW
- BN FP : Danone Says Bridgette Heller to Joins Executive Committee July 1
- AM FP : Dassault Aviation CEO Hopes to Sign India Rafale Deal Soon
- EDEN FP : Brazil Stocks ETF Rises 3.1% in Tokyo, Set for August High
- FB US : Facebook L-T Focus Is on Connectivity, AI, Virtual Reality: CEO
- FNAC FP : Fnac Is Studying Possible New Offer for Darty, Le Figaro Says
- GXI GY : Gerresheimer 1Q Adj. Ebitda, EPS Beat Estimates; Keeps Forecast
- HMB SS : H&M Chairman Stefan Persson Has Bought ~3.28m H&M Shares
- IAG LN : IAG CEO Says U.S. Airports Actively Seeking Aer Lingus Flights
- LIAB SS : Lindab Chairman Declines Re-Election After Media Links to Panama
- LHA GY : Lufthansa May Take Control of Brussels Airlines: Sueddeutsche
- RCS IM : RCS: creditor banks to meet Urbano Cairo over Cairo Communications' public offer - Il Sole 24 Ore
- REP SM : Repsol Trying to Finalize Vietnam Gas Deal: Business Times
- SCYR SM : Sacyr Says It Could Recover $614m From Panama Canal Claims
- SAN FP : Medivation Said to Have Rebuffed Takeover Approach From Sanofi
- SIKA VX : Schenker-Winkler: Sika Board Again Imposed Illegal Restrictions
- GLE FP : France to Study Whether SocGen Helped Conceal Clients Offshore
- SOW GY : Software Ag Preliminary 1Q Rev. EU206.2m, Est. €197.6m
- TIT IM : Telecom Italia Won’t Replace Ex-CEO Patuano on Board
- TKA GY : ThyssenKrupp, Tata Said to Weigh IPO of Merged Steel Units: RP
- TSCO LN : Tesco Believed to Be Considering Sales of Domestic Units: FT
- VRX US : Big Valeant Bond Investor Notifies Company of Intent to Call a Default, Investor Centerbridge cites delay in drug maker’s filing of its annual report -WSJ - http://on.wsj.com/22svood
- WTB LN : Costa Coffee MD’s exit dampens talk of Whitbread break-up - FT