Dow+1.39% S&P+1.65% Nasdaq+2.27% Russell+2.45%
US Market closed higher as WTI crude ended its pit session lower by 1.0% at $29.05/bbl, market sentiment soured on this deal shortly before the U.S. open, as market participants appeared to favor a production cut agreement. Additionally, doubt over whether Iran and Iraq will participate in the freeze has taken some shine off the deal. Regardless, Saudi Arabia, Russia, Qatar, and Venezuela have proposed a freeze in production at January levels. IBB+3%, consumer discretionary (+2.5%), industrials (+2.0%), technology (+1.9%), financials (+1.8%), and health care (+1.8%). Volume were above average at 1.2bil shares. US After Hours FOSL +14.9%, SSNI +9.6%, PBPB +9.5%, SAAS +8.8%, CERN -13.5%, DVN -9.4% following earnings/guidance. After two up days, the sellers are back in control once again, boosting safe-haven Japanese Yen, Gold, and Treasuries at the expense of stocks, crude oil, and commodity FX. The rally was already tenuous after the underwhelming deal between top oil producers to merely keep output flat relative to January level and Iran refusing to reduce its ramp-up, sending WTI contract below $29/brl in the US hours. In the Asia session, selling resurfaced after the PBoC cuts its Yuan fix for the 2nd straight day in what was also the biggest decline in the fix since Jan 7th. NDRC spokesperson Zhao said China can keep Yuan exchange rate and employment stable despite downward economic pressure. Zhao added China economic fundamentals have not changed, even as the govt looks to find jobs for those lost in steel and coal industries. in Japan, LDP party official Yamamoto reiterated his call for more policy measures in response to market volatility, calling for coordination with US and China officials in a trilateral summit to be held as soon as possible. Boston Fed President Rosengren - a voter on the FOMC this year - echoed sentiment from Fed Chair Yellen last week with suggestion that policy tightening could be restrained "given problems overseas and financial market volatility." He added that a "more gradual approach is an appropriate response to headwinds from abroad" to prevent the risk of global weakness to be transmitted to the US.
Nikkei -1.36% Hang Seng -0.64% Shanghai +1.07%
Eur$1.1166 CNH 6.5270 CNY 6.5249 JPY 113.74 GBP 1.4263 CHF 0.9874 RUB$ 78.05 WTI $28.95(-0.38%)
S&P-0.24% EuroStoxx +0.46% Dax+0.51% SMI+0.45%
Macro :
- Italy NPL Plan Pos for Banks if Capital Erosion Avoided: Moody’s
- Nowotny Concerned Over Expectations for March ECB Meeting: Cash
Keep an eye on :
- ABG SM : Abengoa Plans Asset Disposals, Needs EU1.66B 2016-2017
- ABN NA :ABN Amro 4Q Net Misses, Net Interest Margin Declines, Says on Track to Meet Targets, CET1 Ratio 15.5%
- ADP FP : Aeroports de Paris 2015 Profit Matches Estimate
- AGS BB : Ageas 4Q Insurance Profit Misses Ests; Dividend Raised to EU1.65
- BIC FP : Bic CEO to Retire, Chairman to Become CEO; 2015 Net Beats Ests.
- EN FP : Bouygues, Eiffage Seek Extra EU400m for TGV Lines: Figaro
- CLN VX : Clariant 4Q Sales, Ebitda Ahead of Analyst Estimates
- CNP FP : CNP Assurances Full-Year Net EU1.13b VS EU1.08b Year-Ago
- ACA FP : Credit Agricole 4Q Net Rises 28%, Beats Ests; Revamp Planned
- CSGN VX : Harris’s Herro Says Credit Suisse Doesn’t Need More Capital: FuW
- DSM NA : DSM 4Q Ebitda Slightly Beats; Sees Increase in ’16 Ebitda, ROCE, DSM CEO Expects More Chinese Takeovers and Partnerships: CNBC
- ENX FP : Euronext 2015 Net Income Beats; Says 2016 Trading ’Resilient’
- ERA FP : Eramet 2015 Results to Show Sharp Deterioration, Echos Says
- ETL FP : Eutelsat Sees FY Rev. at Low End of Target Ranget; Keeps FY Aims
- FGR FP : Bouygues, Eiffage Seek Extra EU400m for TGV Lines: Figaro
- GAM SM : Gamesa to Install 3 G128-4.5 MW Turbines at Debstedt Wind Farm
- IBAB BB : Ion Beam Raises 2016 Rev. Increase Forecast to >20% From >10%
- KU2 GY : Kuka 2015 Revenue Beats Est.; Secures Large Automotive Deal
- LHA GY : Lufthansa Paid Out EU11.2m Compensation for Crash Victims: RP
- MHG NO : Marine Harvest Net Income Beats Ests.; NOK1.40/Shr Qtrly Div
- NXI FP : Nexity FY Current Oper. Profit EU220m, Est. EU212m
- NOEJ GY : Norma 4Q Sales Rise 23%, Adj. Ebitda Up 22%
- ORA FP : Orange Plans to Start Mobile Bank in Early 2017: Radio Classique
- RNO FP : Renault to Build Nissan’s Utility Vehicle at Sandouville: Echos
- PC IM : *PIRELLI: BOARD APPROVES REFINANCING PLAN UP TO EU7B
- ROG VX : Roche’s Ocrelizumab Gets FDA’s Breakthrough Therapy Designation
- RR/ LN : Rolls-Royce Said Preparing to Back ValueAct for Board Seat: FT
- TIT IM : Tel. Italia CEO Confident in Italy Wireless Market Consolidation,
Telecom Italia Says Vivendi Nominations Show Commitment to Co.
Tim Seeking to Reduce Labor Costs in Brazil: CEO
Telecom Italia Won’t Pay 2015 Dividend on Common Share: CFO
- SU FP : Schneider 2015 Sales Beat Estimates, Sees EU1.5b Share Buyback
- SN/ LN : Stryker's $1.3bn deal for Physio-Control International means Johnson & Johnson is more likely to buy Smith & Nephew. (FT)
- FP FP : Total Shareholder GBL to Sell 0.7 Percent Stake, 1.9% discount --> 38.04
- UBSN VX : Knight Vinke Sold UBS Stock on Investment Bank Concerns