Dow +1.29% S&P +1.35% Nasdaq +1.19% Russell +0.62% VIX @ 15.61 -2.44%
Market rebound above its 50d MA, Unperturbed by disappointing economic data, equity indices rallied out of the gate and registered the bulk of their gains during the first hour of action. Countercyclical health care (+2.2%) and utilities (+1.7%) held the lead throughout the session, but most other sectors also posted solid gains. Material sector was the only sector in nthe red (DD -4.3%), another commodity-linked sector—energy—began the day in negative territory, but rebounded to end higher by 1.4% even as crude oil dropped to a new low for the year. The energy component settled lower by 2.1% at $43.94/bbl after testing the $43.00/bbl level this morning. industrial sector (+1.6%) outperformed with help from transport stocks. The Dow Jones Transportation Average jumped 1.7% with 19 of its 20 components posting gains...Volume were in line with average @ 740mil shares...US After HoursARTX +10.8%, BDE +7.5%, JMEI +6.3%, MCP -18.9%, BOOM -12%, CALL -9.4% following earnings/guidance...BOJ policy statement was largely a reiteration of the prior month, maintaining annual rate of monetary base increase at ¥80T, and reiterating economic assessment of economy continuing moderate recovery trend. Board member Kiuchi remained the lone dissenter in favor of a more protracted timeframe for inflation target. The only change in the statement related to inflation, where the BOJ scaled back its current CPI view to 0.0-0.5% from around 0.5% and the outlook for inflation to also be around 0% vs prior "slow for time being". USD/JPY fell about 20pips below 121.30 on the release with little indication that further policy easing may be in the works for April. Separately, Fin Min Aso spoke of risks to Japan economy from the slowdown in China, and also acknowledged that it will take longer to exit deflationary mindset than 1-2 years after some 20 years of negative price trends. In China, PBoC injected another CNY20B via 7-day reverse repos in the system but also lowered its offering yield by another 10bps to 3.65%. This follows a similar 10bps reduction in the offering yield made one week ago. Also of note on the mainland, China February FDI slowed dramatically, and Commerce Ministry spokesperson attributed the strong rise in February exports to seasonality of the holidays and US recovery. In a sign of Beijing's increasing discomfort with FX volatility, MOFCOM's Shen said weaker EUR increases pressure on exports along with creating opportunities for Europe acquisitions.
Nikkei +0.99% Hang Seng -0.35% Shanghai +0.91%
RUB $62.0675 WTI $43.78 (-0.23%) Brent $54.06(+0.2%) EURCHF 1.06697 CHF 1.0075
EUR$ 1.0593 S&P -0.10% EuroStoxx -0.16% Dax -0.04% SMI +0.02%
Macro :
- Falling Euro Provides More Chances for China Asset Acquisitions
- Greece Deserves ‘Love’ as It Tries to Heed Aid Pledges: Juncker
- Moscovici Says Germany Needs to Do More Now to Support Demand
- Italy looking at several options to address solving its bad loans issue as soon as the summer - Italian Press
Keep an eye on :
- ABI BB : AB InBev Director Van Damme Sells EU2.8m of Brewer’s Stock
- BA/ LN : BAE Systems Outlook Revised to Negative by S&P
- BOSS GY : Permira Completes Sale of 8.4m Hugo Boss Shrs at EU113/Shr
- BOSS GY :
- RF FP : Eurazeo 2014 Net Loss EU89m Vs Profit of EU561m
- HSBA LN : HSBC Closing Jersey Accounts for Customers Living in U.K.: BBC
- IPR LN : Impresa 2014 Net Rises 66.8% to EU11m Y/y
- KUNN SW : Kuoni Sees 2017 Revenue Rising Amid Negative Impact From CHF
- MC FP : LVMH to Open More Hotels in Next 12-24 Months: Ravi Thakran
- MC IM : Bulgari CEO Babin Says 2015 Performance Above Targets So Far
- NOVN X : Novartis Wins EU Approval for Jakavi to Treat Rare Blood Cancer
- ORA FP : Orange Seeks to Triple Data Speeds on ~EU15b Investments by 2018
- ORA FP : Orange Sees Low-Point in Sales in 2016, Finance Chief Says
- RNO FP : Nissan to Halt Russia Output for 16 Days on Weak Sales: Reuters
- SIK VX : Sika Agrees to Buy Axson Technologies
- SPSN SW : Swiss Prime Site Plans Div. CHF3.7/Share; BDVD Forecast CHF3.6
- SYNN VX: Syngenta Gets Vietnam Approval for Bt11 x GA21 Stacked Corn Seed
- STL NO : Statoil Finds Cracks Under Gudrun Helicopter Pad: Offshore.no
- TIT IM : Tel. Italia to Report 2014 Net Income Over EU100m: Messaggero
- VIRP FP : Virbac 2014 Net, Rev. Beat Ests.
- WCH GY :Wacker Chemie Sees Higher Sales, Adj. Ebitda for This Year