Dow +0.57% S&P +0.73% Nasdaq +1.10% Russell +0.80%
stock market cruised to a comfortable win on Wednesday as investors dialed back their rate-hike expectations a bit following Fed Chair Janet Yellen's semi-annual monetary policy testimony. Fed Chair Yellen came off a bit more dovish in the prepared remarks she delivered before the House Financial Services Committee, saying that "...the federal funds rate would not have to rise all that much further to get to a neutral policy stance." This statement created a sense that the Fed may in fact follow a shorter path of rate hikes that will keep the longer-run neutral level of the federal funds rate below levels that prevailed in previous decades, implied probability of a December rate hike had declined to 52.0% from 58.9% on Tuesday, according to the fed funds futures market. all 11 sectors finished in positive territory with the top-weighted technology group (+1.3%) pacing the advance. The tech space's heaviest component by market cap--Apple (AAPL 145.74, +0.21)--struggled amid continued concerns of production and delivery delays for the newest iPhone, but all bigger names OP. Crude oil was trading around 2.5% above its flat line going into the EIA release, but gave back a good portion of that gain in the aftermath. The energy component settled higher by 1.1% at a price of $45.53/bbl. UsAfter Hours CAR-T names seeing continued strength, DRWI -28% following earnings and ahead of anticipated results from strategic alternatives assessment. Asian markets were generally higher after Fed’s Yellen comments. Korea’s Kospi rose nearly 1% after BOK left rates on hold but did raise its outlook for 2017 GDP. China markets were more reserved as the PBOC skipped reverse repo operations, after 2 injections. China in the overnight session released the first round of economic data, with money supply M2 coming in at a record low and new yuan loans beat expectations at CNY1.54T. During the session we saw China H1 trade balance in yuan terms fall 17.7% y/y to CNY1.28T; in dollar terms June trade was $42.8B, in line with expectations.
Nikkei +0.0% Hang Seng +1.05% CSI +0.63% Shanghai +0.47%
Eur$ 1.1444 CNH 6.7769 CNY 6.7769 JPY 112.99 GBP 1.2898 CHF 0.9630 RUB 60.2039 WTI$ 45.39
S&P +0.08% EuroStoxx +0.03% Dax +0.13% FTSE +0.08% SMI +0.15%
Macro :
- Beige Book: Pace of Growth “Slight to Moderate”
- May Faces Battle Over Brexit Laws as Clock Ticks on EU Talks
Keep an eye on :
- AIR FP : IndiGo Is Said to Ground Seven Airbus A320neos on Pratt Engine
- AKZA NA : Elliott ’’Very Disappointed’ Meeting with Akzo CEO Was Canceled
- ALO FP : Alstom 1Q Sales Rise 6% Y/y, Maintains 2020 Targets
- MT NA : ArcelorMittal Upped at Deutsche as Stock Has Potential to Double
- AREVA FP : Areva SA Completes Capital Increase From State; NewCo to Start
- AZN LN : Teva Is Said to Offer AstraZeneca’s Soriot CEO Role: Calcalist
- BARN SW : Barry Callebaut 9m Sales Up 2.9% Local FX; Phase-out Complete
- BNS IM : Beni Stabili SpA SIIQ Raised to Buy at Citi
- BOSN SW : Bossard First Half Net Income CHF45.3 Mln
- CO FP : Casino Second Quarter Revenue EU9.28 Bln, Casino’s France Same-Store Sales Rise 1.8% in 2Q, Led by Food
- ACA FP : Credit Agricole CEO Is Recovering After ‘Preventive’ Surgery
- CON GY : Continental, Osram to Cooperate in Joint Venture, WiWo Reports
- DKSH SW : DKSH First Half Net Sales CHF5.30 Bln
- FNAC FP : Enrique Martinez Said to Become New Fnac Darty CEO: Figaro
- GXI GY : Gerresheimer Sees Full Year Adjusted Ebitda About EU320 Mln
- KVAER NO : Kvaerner 2Q Revenue NOK1.5b vs Est. NOK1.4b
- NAS NO : Norwegian Air Second Quarter Revenue Misses Lowest Estimate
- NOD NO : Nordic Semiconductor Second Quarter Revenue Beats Estimates
- NOVN VX : Novartis’s CAR-T Therapy CTL019 Gets Unanimous FDA Panel Backing
- PGHN VX : Partners Group Raises Guidance for Full-Year New Client Assets
- POP SM : Popular Complied With Capital Requirements to June 5: Linde
- RB/ LN : Reckitt to File Its First CBCR Tax Return to UK’s HMRC by Dec.
- SGO FP :
- GLE FP : SocGen Criticized for ‘Failings’ in Handling Insider Information
- SPD LN : Sports Direct Is Said to Have Bought Stake in Game Digital: Sky
- UG FP : PSA 1H Global Sales Up 2.3% To 1.58m Units
- SZU GY : Suedzucker Confirms Forecast for FY, 1Q Op. Profit EU153m