US Market closed lower on geopolitical concerns, small cap closed 1,5% lower (Russel 2000), closing below its 200d MA, market almost traded +ve but slide on news of Malaysian Airlines was shot down...all sectors traded lower, while safe-haven assets like gold, Treasuries, and the yen rallied. Gold futures rose 1.5% to $1319.70/ozt, while Treasuries ended on their highs with the 10-yr yield down seven basis points at 2.46%. For its part, the dollar/yen pair fell to 101.25, less than 60 pips away from the lowest level of the year for the risk-sensitive pair...volume were light at 690 mil shares, VIX @ 14,54+32,2%...Israel invasion of Gaza is pushing mkt lower...
SWKS +8.9%, WAL +2.8%, GOOG +1.2%, RP -26.5%, AMD -17.9%, IBM -1.8% following earnings/guidance...China property sector is in focus with the release of June property price data...Asian markets were cautipus after Ukrain developments..Malaysian Airlines (MAS MK) -11%...- BOJ released the minutes of its June policy meeting, reiterating most members agree on continued easing until 2% inflation is stable. BOJ also agreed to monitor risks and adjust policy if needed, while some members saw the easing effects intensifying. Nikkei225 is the underperformer among the regional indices, tracking firmer JPY receiving the safe-haven bid during the US session when USD/JPY fell below 101.10 - 1-week low...Nikkei -1.2% Hang Seng -0.31% Shanghai +0.25%
Eur$ 1.3522 S&P -0.10% EuroStoxx -0.50% FTSE -0.38% Dax -0.35% SMI -0.58%
Macro
- Iran Seeks to Extend Interim Deal to Nov. 24 as Talks Continue
- Fed Normalization May Need to Begin Sooner, Not Later: Bullard
- FSI May Buy Intesa, UniCredit Stakes in Alitalia: Repubblica
Keep an eye on :
- AC FP : Accor 2Q Total Rev., LFL Sales Growth Beats Ests.
- A2A IM : Italy’s A2A to Cede About 2% of EPCG in Tax Debt Conversion
- BAR BB : Van De Wiele's Stake in Barco Reached 10% Threshold on July 14
- BES PL : Portugal Isn’t Preparing to Recapitalize BES, Albuquerque Says
- BC IM : Brunello Cucinelli 1H Prelim. Rev. Beats Ests.
- CEQ NO : Cermaq 2Q EBIT Pre Fair Value NK123m vs NK137m Year Earlier
- BN FP : Danone Buys 40% of Kenya’s Brookside Dairy, Le Figaro Says
- EDF FP : Cheniere Energy and Electricite de France sign 20-year LNG sale and purchase agreement
- ELUXB SS : Electrolux 2Q Op. Profit Ex-Items Beats Ests.
- ERICB SS : Ericsson 2Q Net Beats, Sees 2H Boost From Contracts
- RF FP : Eurazeo to Invest EU70m for Majority Stake in Colisee f(4th biggest retirement home company) or 64% stake - EV of E175, Annual rev of E152
- FRE GY : Fresenius Kabi Recalls Drugs Over Glass Particles, FDA Says
- RMS FP : Hermes 2Q Sales Miss, Sees 1H Op. Margin Slightly Lower Y/y
- HUH1V FH : Huhtamaeki 2Q Matches Ests.; Sees Stable Trading Conditions, to Evaluate Options for Films Business; May Sell Unit
- MEO GY : Metro Said to Hire Deutsche Bank to Advise on Electronics Unit
- NOVN VX : Novartis CEO Confident Co. Won't Be Part of Big Merger: BAZ
- REC BB : FSMA Asks Bois Sauvage to Cut Its Recticel Stake to Below 30%
- REC NO : REC Silicon Cuts 2014 Production Guidance; Sees Higher Costs
- RCO FP : Remy 1Q Remy Martin Unit Organic Sales Miss Ests.
- SAABB SS : Saab 2Q Op. Profit Beats Est.; Sales Lower
- SCH NO : Schibsted 2Q Oper. Rev. Misses Est.; Online Classifieds Rev. Up
- SEV FP : Suez Environnement to Buy Remaining 24.14% Stake in Agbar
- SEV FP : Caixa to Buy 7% of Suez Environnement, Le Figaro Says
- SDRL NO : Seadrill Partners to Raise Seadrill Operating Stake for $373m
- SHP LN : Shire, AbbVie to announce $53 billion merger by Friday: sources - Reuters
- SKAB SS : Skanska 2Q Construction Orders Rise 5.3%
- TIE1V FH : Tieto 2Q Profit Misses Ests.; Still Sees 2014 Adj. Ebit Growing
- VOLVB SS : Volvo 2Q Net, Rev. Miss Est.; Maintains Truck Mkt Outlook
- WRT1V FH : Waertsilae 2Q Profit Beats Ests.; Revises FY Outlook on China JV