Dow+0.10% S&P+0.02% Nasdaq-0.03% Russell-0.12% VIX 13.70
US Market closed near the flat line. BAC gained 2.5% after reporting a bottom-line beat on light revenue. The company attributed part of the revenue shortfall to a 16.0% decline in trading revenue for the quarter. Meanwhile, WFC ended its day beneath its flat line as investors weighed a $200 million increase to its loan loss reserves against a top and bottom-line beat. The broader sector has gained 4.3% this week, but remains down 3.7% on the year. WTI crude ended its day lower by 0.6% at $41.45/bbl. Volume were below average at 882mil shares. US After Hours GBSN +39%, XXIA -15% following preannouncements, DEPO +1.7% (decides not to pursue reincorporation proposed by Starboard),RLYP-14% Said to have dropped M&A advisor Centerview Partners. Asian equity markets are trading mixed, as the tidal wave of China economic data did not alter the perception of a managed slowdown in the world's 2nd biggest economy. Q1 GDP came in at a 7-year low of 6.7% - in line with expectations - while industrial production, retail sales, fixed asset investment, and new Yuan loans beat estimates. China Stats Bureau spokesperson reiterated that the economy operation is better than expected but downward pressure on cannot be underestimated, warning that L-shape in economy likely to persist. PBOC Dep Gov Yi Gang reiterated that China GDP will be 6.5-7.0% this year. In Japan, Fin Min Aso said that despite the G20 pledge to avoid competitive devaluation, the govt will not hesitate to intervene in FX markets if conditions become disorderly. local press report hinted that the central bank could consider boosting its purchases of ETFs. This is also in line with speculation that the BOJ might return to QQE for easing rather than push rates deeper into negative territory.
Nikkei -0.34% Hang Seng -0.11% Shanghai -0.25%
Eur$1.1257 CNH 6.4903 CNY 6.4844 JPY 109.56 GBP 1.4152 CHF 0.9674 RUB$66.1967 WTI$41.56 (+0.12%)
S&P+0.01% EuroStoxx-0.10% Dax-0.03% SMI+0.06%
Macro :
China’s Economy Grows 6.7% in 1Q Y/y; Est. 6.7%
Lagarde: Greek Debt Operation Doesn’t Necessarily Mean Haircut
EU Finance Ministers to Mull Options on Bank Sovereign-Debt Risk
EU28 March Car Registrations Rise 6% Y/y to 1.701m Units
Keep an eye on :
- ABI BB : AB InBev, South Africa Agree Approach to SABMiller Purchase
- AC FP :
- AF FP : Air Europa attracts Air France-KLM interest - El Confidential
- MT NA : ThyssenKrupp Looking to Merge With Competitors: Handelsblatt
- GBF GY : Bilfinger Says Decision on Future Chairman Not Yet Taken
- CA FP : Carrefour 1Q Sales In Line; Other Europe LFL Sales Beat Ests.
- CSGN VX : Credit Suisse to Pay $50.3m Penalty to National Credit Union
- DBK GY : Deutsche Bank Abbey Life arm may get offers from Phoenix and Swiss Re this week; Legal & General only interested in Abbey annuity business - FT
- DRW3 GY : Draegerwerk Reports Negative Earnings in 1st Quarter
- EDEN FP : Edenred 1Q LFL Issue Vol. Growth Beats, Had Negative Latam FX, Edenred 1Q Had Few Surprises, Outlook Looks Achievable: Barclays
- EDF FP : EDF Is Preparing EU1B Program of Cost Savings, Figaro Says
- ELI1V FH : Elisa 1Q Ebit Beats Ests; Sees FY Revenue Little Changed
- ENEL IM : Enel Open Fiber majority stake could be put up for sale at future date
- EO FP : Faurecia 1Q Reported Sales Rise 0.1%: FY Forecast Reiterated
- FIA1S FH : Finnair could be target for large industrial player - Kauppalehti Online
- GALP PL : Galp Raised Output in First Quarter, Processed Less Crude
- GLEN LN : Glencore, Nyrstar Seen Reversing Zinc Output Cuts, BMI Says
- HMB SS : H&M Chairman Stefan Persson Has Bought Further 3.7m H&M Shares
- IHG LN : -1.85% in NY on JPM Dwg from Neutral to UW, closed @ 2928 should open ~ 2870 if in line with NY
- LONN VX : Catalent Potential Deal Premium Likely to Be Small: Jefferies
- MEDAA SS : Mylan Convinced 90% of Meda Shareholders Will Accept Bid: DI
- MRL SM : Merlin Properties Sells EU850m of 7-Year Bonds
- COX FP : Nicox 2015 Operating Loss Widens to EU28.9m; Cash EU29.6m Dec 31
- NN NA : ING Selling Remaining 14.1% Stake in NN Group, Terms Show, NN Group Prices 45.7m-Shr Offering at EU30.15
- SAS SS : Lufthansa issues EUR 475m promissory note; speculation over SAS grows - Borsen
- SHP LN : Baxalta Sets May 27 for Shire Deal Vote; Sees Closing Early June
- STM FP : STMicroelectronics Is Said to Seek Successor to CEO Bozotti
- TKA GY : ThyssenKrupp Looking to Merge With Competitors: Handelsblatt
- TLW LN : Tullow to Restart Jubilee Output on April 23, Joy FM Reports
- UCG IM : UniCredit to Place Up to EU1B or 20% of Fund in Atlante: CEO
- VOw3 GY : *VW'S 1Q EUROPEAN MARKET SHARE DROPS TO 23.4%, LOWEST SINCE 2011
- ZAG AV : Zumtobel Group Lowers Forecast for Current Financial Year