Asian equity markets, particularly those of Shanghai and Japan, are firmly in the green as more disappointing economic data from China hardly dislodged the "short-covering" rally that is now more than a month old. Instead, investors appear to be encouraged by rhetoric from the PBOC maintaining the "easing bias" component of its prudent monetary policy and the new head of CSRS promising to support equities(Liu said it was too early to consider pulling state funds out of stock market, promising to act decisively against abnormal market volatility). China economic data out over the weekend was largely disappointing. Industrial output growth was the most underwhelming, falling to its lowest levels since 2009, even as the key power generation component returned to positive of +0.3% v -3.7% prior. Retail sales were also soft at an 8-month low.Ahead of tomorrow's BOJ decision, Japanese press noted the central bank is considering whether to exempt $90B in short-term funds from negative interest rates due to concerns that investment funds are being funneled from "money reserve funds" (MRFs) to bank deposits
Nikkei +1.74% Hang Seng +0.97% Shanghai+1.67%
Eur$1.1160 CNH 6.4896 CNY 6.4942 JPY 113.76 GBP 1.4365 CHF 0.9840 RUB$ 70.0750 WTI $38.21 (-0.75%)
S&P -0.15% EuroStoxx+0.39% Dax+0.53% SMI+0.28%
Macro :
Iran on Oil Freeze: ‘Leave Us Alone’ Until Production Higher
Savills Says H.K. Luxury Property Price May Drop Up to 30%: HKET
ECB Giving ‘Final Shove’ to End Crisis: ABI Head to Messaggero
EU Says China Gave Some Clarity on Steel Cuts, Must Do More
U.K. to Cut Welfare by GBP1.2b by 2020: Telegraph
ECB Measures to Spur More Lending, UniCredit CEO Says: Stampa
Keep an eye on :
- AC FP : Colony Starwood Repeats Forecast; Sees $9m Savings on Job Cuts
- AIR FP : Airbus Chief Sees 5% Annual Air Traffic Growth Over 20 Years
- ALV GY : Allianz 2015 Board Compensation Almost Doubles to EU57 Mln: BZ
- ARYN VX : Aryzta Sees Erratic Revenue Development for Further 18 Months
- AZN LN : AstraZeneca CEO Said to Face Shareholder Revolt Over Pay: Times
- EN FP : Bouygues, Orange Close to Deal, Les Echos Reports - http://bit.ly/1QQVfEr
- CBK GY : Martin Zielke Named as New CEO of Commerzbank - WSJ
- ACA FP : Credit Agricole Tenders to Buy Up to EU4b Covered, Tier 2 Bonds
- DRTY LN : Fnac Planning to Improve Offer for Darty: Journal du Dimanche
- DB1 GY : LSE, Deutsche Boerse Deal Could Be Announced Monday, Times Says
- EDF FP : EDF Seeks French Govt Financial Support on U.K. Plant: FT
- EDF FP : EDF’s Hinkley Deal ‘Outrageously Expensive’, Ineos Tells Times
- ENEL IM : Enel to Decouple Its Gas-Supply Contracts From Oil Price: Welt
- ENI IM : Eni’s Goliat Starts Producing, Stavanger Aftenblad Reports
- EOAN GY : Germany Worried About Hacker Attacks on Utilities: Tagesspiegel
- FERR IM : Ferrero’s Reorganization to Start in May, Sole Reports
- FLU AV : IFM Offers EU100 per Flughafen Wien Share to Raise Stake by 10%
- HELN VX : Helvetia 2015 Underlying Profit Rises, Raises Dividend
- ITP FP : Interparfums Confirms Sales, Op. Margin Targets for 2016
- TFM US : Apollo Global Said to Near Deal to Buy Fresh Market: Reuters
- INW IM : Inwit 2015 Adj. Net EU83.9m vs Pro-Forma EU82.2m Y/y
- UG FP : FFP CEO Says Peugeot Stake to Remain Stable, Les Echos Reports
- RBS LN : RBS Cut 550 Jobs, Replace People With ‘Robo-Advisers’: FT
- RWE GY : Germany Worried About Hacker Attacks on Utilities: Tagesspiegel
- SAF FP : Safran Sees Flat Adjusted Recurring Operating Margin 2016-20
- SBRY LN : Sainsbury Set to Raise Bid for Argos Parent to GBP1.5b: Mail
- SIKA VX : Saint-Gobain, Burkard Family Extend Validity of Agreement
- SIKA VX : Sika Board Supports Proposal to Extend Special Experts Term
- SKAB SS : Skanska Said to Sell Stake in London M25 Contract: Sunday Times
- UBSN VX : UBS May Pay Higher Dividend From 2017 Onwards, Citi Says
- WWP LN : WPP’s Sorrell May Be Awarded GBP60m in Bonus, Sunday Times Says
- ZEG LN : Zegona Said to Offer More Than EU500m for Yoigo, Expansion Says