US MArket Closed lower on Frdiay on worries before Crimea eferendum of this week end...VIX @ 17.77 +9.56%...Sentiment in Asia is mixed with tinges of cautious optimism, as worries over continued Kremlin vs West standoff in the wake of an overwhelming local support for Russian annexation in Crimea were infused with some relief that Russia pulled its troops back from territorial Ukraine and agreed to allow OSCE inspectors to enter all parts of the country. China markets are particularly volatile, with Shanghai Composite switching between gains and losses in the wake of PBoC widening its daily Yuan trading band from 1% to 2% over the weekend...PBoC widened the yuan trading band nearly 2 years after the last move, going
from 1% to 2%. PBoC said it would allow Yuan to continue to be more market- driven in the future and plans "further develop the role of the market in the RMB exchange rate formulation." Analysts differ in implications of this widely-
telegraphed move - HSBC economist noting the PBoC feels the economy is strong enough to handle adjustment, BoA/ML stating the move is to communicate the end of one-way bet on CNY gain, and ANZ noting PBoC wanted to punish speculators,
forecasting a move to CNY6.20-6.25 this week. USD/CNY was set slightly lower than on Friday, while onshore trade slightly favored CNY sellers. Nikkei -0.35% HS-0.21% Shanghai +0.86%
Eur$ 1.3903 S&P Fut +0.04% Europena Futur
Macro
- PBoC widens Yuan trading band to 2%
- Moody's raises outlook on European Union to Stable from Negative; Affirms AAA
- Russia Pres Putin tells US Pres Obama he supports deploying international OSCE inspectors in all parts of Ukraine; Still believes Crimea referendum was legitimate
Keep an eye on :
- ATC NA : BArron's positive on the stock
- ATLN VX : Actelion Says Bosentan Study Fails to Meet Primary Endpoint
- BBVA SM : Spain Bill to Help Banks Securitize Riskiest Mortgages: Cinco
- BLT LN : BHP Billiton CEO says return of cash to shareholders possible once net debt falls to USD 25bn
- ALCAR FP : Carmat Assessing New Patients for Artificial Heart Transplant,
- CNE LN : Cairn Energy Plc Issues drilling update: JM-1 well has been plugged and abandoned without testing
- EN FP : Jouyet Says CDC Could Contribute to SFR Sale to Bouygues: Echos
- DAI GY : Nissan and Daimler Said to Agree to Mexico Auto JV (Earlier)
- F IM : Marchionne Says Fiat Chrysler Listing May Be Later Than Oct. 1
- FOrumula 1 : Ecclestone to Sell 5.3% F1 Stake When CVC Exits: Telegraph Link
- G IM : Julius Baer Likely Bid for Generali’s Swiss Asset Unit BSI: Sole
- HMB SS : H&M Feb. Total Sales Rose 11% in Local FX
- IFX GY : Infineon Is Considering Share Buyback, Handelsblatt Reports
- IST IM : Intesa May Merge Its Private Bank Unit With Fideuram: Messaggero
- LIN GY : Linde 4Q Operating Profit Misses Ests., Div. Beats BDVD Forecast
- MWR LN : Barron's +ve on the stock, stock is a bargain as management change will drive to better performacne
- NOBN SW : Nobel Biocare Shareholder Ronner Seeks to Oust Chairman Watter
- PC IM : Pirelli Intesa Sanpaolo, Unicredit and Clessidra enter new agreement with Rosneft on stake in Pirelli, Camfin's stake to be acquired by NEWCO for €12/share
- RHM GY : Rheinmetall to Cut Dividend for 2013, Acquisitions could be possiblein auto parts & Defense,Boersen-Zeitung
- SAN SM : Santander to Offer New Savings Accounts in Denmark, Borsen Says
- SBRY LN : Funds See Sainsbury Winning U.K. Retail Battle: Telegraph
- SCMN VX : Swisscom CEO Schaeppi Says Fastweb Unit Is Not for Sale
- SRP LN : Serco Group Finance Director to Leave Company, Times Says
- FP FP : Total May Face Proceedings Over Elgin Safety Report: WSJ Link
- UCG IM : Unicredit Said to Seek Sale or IPO of Pioneer Investments: FT
- VIE FP : Jouyet CDC said won't b=necessariky stay as Veolia largest holder (8.85%)
- VIV FP : Bollore says Numericable Optiob for SFR Save Jobs, JDD saying
- VOD LN : Vodafone Reaches Agreement on Sale With Ono Funds, expected to pay E7,2bil: Expansion {http://tinyurl.com/pjydu4x}