Dow +1,47% S&P +1,26% Nasdaq +0,89% Russell +1,72% VIX @15,42 -8,6%
Asian equity markets are generally higher, tracking a strong session of gains on Wall Street. Third consecutive decline in US retail sales disappointed expectations for an increase, in turn helping reverse the rally in the US dollar and slow down the building momentum for policy tightening in the US. With the focus now shifting to next week's FOMC policy statement and expectations of removal of the "patient" language, USD majors are in narrow ranges - EUR/USD in 30pip band above $1.06, USD/JPY in 20pip range below 121.50, and AUD/USD down over 20pip below $0.7680. Shanghai Composite extended on its gains to 6-week highs, approaching 6-year highs near 3,400. Overnight, China released better than expected M2 (Y/Y: 4-month high 12.5% V 11.0%E) and Lending data (1.02T V 0.8Be), though CICC noted the growth is unlikely to be sustainable amid a cooling economy and declining prices. Beijing's "mouthpiece" People's Daily however reported that China should be able to sustain annual GDP growth of about 7%...In Japan, BOJ Gov Kuroda noted wage growth would be needed to sustain inflation pressure, while also forecasting further increase in consumer prices. To that end, Nikkei reported that Japan's top 6 electronics companies are in final stages of wage talks to raise monthly base pay by a record ¥3K v ¥2K last year.Outside of the sparse regional Asia developments, German-Greek negotiations remain testy. German Fin Min Schaeuble continued to trade barbs with his Athens counterpart, reiterating Greece must fulfill obligations under current program or there will be no more payments and adding an "accidental" Grexit cannot be ruled out. In the Middle East, Iran and UN Security Council's P5+1 were reportedly in talks over a resolution lifting US sanctions if a nuclear agreement can be hashed out. Such a resolution would be binding and make it more difficult to challenge by the US Congress member faction opposed to negotiations.
Nikkei +1,39% Hang Seng +0,25% Shanghai +0,45%
RUB $61,37 WTI $47,10 Brent $57,12 EURCHF 1,0649 CHF 1,0065
EUR$ 1,0577 S&P +0,11% EuroStoxx +0,36% Dax+0,41% SMI +0,33%
Macro
- Talks Said to Be Held on Ending UN Sanctions on Iran: Reuters
- ECB’s Noyer Says France Needs to Cut Red Tape, FT Reports
Keep an eye on :
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- CNE LN : Cairn India Gets Tax Order for Failure to Deduct Withholding Tax
- EDF FP : EDF, GDF, Areva Must Cooperate, Lauvergeon Tells Les Echos
- HOLN VX : Holcim Sees Special Div. as a Negative for Merged Company: UBS
- NOVN VX : Novartis Says Cosentyx(TM) Data Shows Benefit in Clearing Skin
- PAH3 GY : Porsche Won’t Target Volume Growth: CEO Mueller Says in Welt
- SEV FP : Suez Environnement Is Looking for Asian Shareholders: Tribune
- THR BB : ThromboGenics No Longer Provides Guidance Beyond 2015, CEO Says
- UBSN VX : UBS 2014 Profit to UBS Group Holders Lower Than Reported in Feb., UBS 2014 Profit Lowered by Increased Litigation Provisions
- WOL AV : Wolford 9M Adj. Ebit EU4.1m, Up From EU2.8m Y/y on Cost Cuts