Dow +0.22% S&P -0.10% Nasdaq -0.41% Russell -0.63%
US Market closed mixed after the FOMC voted to raise interest rates for the second time this year, as expected. The Fed's decision to raise the fed funds target range by 25 basis points to 1.00%-1.25% was nearly unanimous with Minneapolis Fed President Neel Kashkari being the lone dissenter. The rate hike was attributed to realized and expected labor market conditions. In other words, it sounds as if the Fed is still expecting tight labor market conditions to produce stronger wage inflation that will presumably drive broader price inflation. materials (-1.1%) and energy (-1.8%) groups never recovered, eventually settling the session at the bottom of the leaderboard. Crude oil weighed on the energy group, dropping 3.5% to $44.79/bbl, after the Energy Information Administration (EIA) reported a smaller than expected draw of 1.7 million barrels. financial sector (+0.2%) retraced its earlier loss of 1.3% following the FOMC decision, settling higher for the sixth-consecutive session. However, a flattening of the yield curve, which is seen as a negative for the financial industry's bottom line, didn't make things easy on the sector. US after hours LAKE +8.9%, JBL +4% following earnings/guidance. Asian markets taking the latest FOMC rate hike mostly in stride, with the exception of Hong Kong property names coming under pressure from a matching rate increase by HKMA. Moderate USD strength weighing on precious metals, leading to losses among Australian gold producers. Risk-off flows materializing after a Washington Post report claimed Special Counsel Mueller is looking directly at President Trump for obstruction in relation to firing of FBI Dir Comey and pressure to end investigation of Michael Flynn. Mueller to interview Head of Intelligence Coats, NSA head Coats, and others as soon as next week.
Nikkei -0.17% HAng Seng -0.97% CSI -0.24% Shanghai +0.10%
Eur$ 1.1218 CNH 6.7849 CNY 6.7943 JPY 109.61 GBP 1.2745 CHF 0.9708 RUB$ 57.60 WTI$44.70 -0.02%
S&P -0.20% EuroStoxx -0.17% FTSE -0.25% DAX -0.13% SMI 0.07%
Macro :
- Yellen: Fed Could Start Balance Sheet Unwind ‘Relatively Soon’
- House Prepares to Move 2018 Budget Key to Tax Reform Next Week
- Investors Urge Dutch Govt to Abandon Takeover Proposals: FT
Keep an eye on :
- AC FP : InterContinental Rating Cut at Morgan Stanley, Accor Top Pick
- ATC NA : Altice’s SFR Plans to Sell Some French Media Assets
- BSLN SW : Basilea Licenses Antifungal Drug Cresemba to Pfizer in Europe
- COB LN : Cobham Confirms Notice of Appointment of Investigators From FCA
- DBK GY : Deutsche Bank Said to Restructure Corporate, Investment Banking
- ERICB SS : Cevian Capital Increased Ownership in Ericsson From 5.57% to 6,03%
- GS US : Goldman Said to Raise $7b for New Private Equity Fund: Reuters
- IHG LN : InterContinental Rating Cut at Morgan Stanley, Accor Top Pick
- IGY GY : Innogy Not Advancing Enough in UK Despite Cost Cut, CFO Tells BZ
- NOVN VX : Novartis’ Cosentyx Shows Improvement in AS, PsA Symptoms
- OCLR US : Oclaro Declines Comment on Report It Is Preparing for Sale
- PUB FP : Publicis Names Carla Serrano as Chief Strategy Officer
- ROTH FP : Rothschild & Co. FY Net Slips 20%; Co. Sees Active M&A Market
- SGO FP : Saint-Gobain in Talks to Lift Stake in Norway’s Glava
- SAN FP : Sanofi to Spend About 1 Billion Euros/Year on Plants, Equipment
- SFR FP : Altice’s SFR Plans to Sell Some French Media Assets
- SOI GY : Soitec Posts FY Profit; Sees Higher 2017-18 Electronics Margin
- SKY LN : Sky Gets Rights to Broadcast Champions League in Italy
- VOW3 GY : EU Says VW Agrees Extra Measures for Diesel Car Owners
- ZC FP : Zodiac Aerospace 9M Rev. EU3.79B; Confirms FY Outlook