Markets opened mixed in the wake of US data on Friday that showed weaker than expected retail sales and inflation; supporting the view that the next rate hike could be gradual. Markets remained thin with Japan closed for a holiday; Japan did report four Chinese ships near the disputed islands. Markets in China opened slightly lower before falling nearly 5% on the promise of greater coordination of financial regulation and the strengthening of weak links in supervision. The loses were later reversed when Q2 GDP, June industrial production and retail sales came in strong. Over the weekend China held the National Financial Work Conference (held once every 5-yrs) where President Xi pledged that the PBOC would play a stronger role in defending against risks, calling for more work on safeguarding the financial system and modernizing its regulatory framework. Xi also said prudent monetary policy should be firmly implemented and the PBOC should take a stronger macro-prudential policy role (prudent policy was announced in Dec 2016).
Nikkei Closed Hang Seng +0.59% CSI -0.24% Shanghai -0.61%
Eur$ 1.1460 CNH 6.7691 CNY 6.7715 JPY 112.66 GBP 1.3085 CHF 0.9646 RUB 59.1898 WTI$ 46.55 +0.02%
S&P +0.03% EuroStoxx +0.23% FTSE +0.43% Dax +0.32% SMI 0.16%
Macro :
- China’s Economy Grows 6.9% in 2Q Y/y; Est. 6.8%
- U.K. Businesses Urge Min. Wage Freeze on Brexit Fear: S. Times
- David Einhorn’s Greenlight Capital Hedge Fund Fell 4% in 2Q
- Goldman Lowers Odds of December Fed Rate Hike to 50% From 55%
- Netanyahu Says Israel Rejects South Syria Cease-Fire: Haaretz
Keep an eye on :
- ADS GY : Adidas Shares Could Double as Profit Margins Expand - Barron's
- AF FP : Air France-KLM Stake in Kenya Airways to Fall on Debt Conversion
- AIR FP : Airbus U.K. Unit CEO Kahn Replaced by Bennett: Telegraph
- AZN LN : AstraZeneca’s Pascal Soriot Is Said to Plan on Staying as CEO
- BMW GY : Germany, Carmakers Reach Diesel Emissions Agreement: Spiegel
- CXDG PL : Caixa Geral Hires Societe Generale for Sale of Spain Unit: Eco
- DAI GY : Mercedes-Benz Recalls 16,301 Cars in China Over Brake Problem
- DAI GY : Germany, Carmakers Reach Diesel Emissions Agreement: Spiegel
- AM FP : France to Sell 63 Mirage Planes to U.S. for Training: Les Echos
- DIS US : Disney Announces New Attractions, Theme Parks
- EZJ LN : EasyJet Is Said to Confirm CEO McCall Resigning for ITV Job: Sky
- ENEL IM : Enel Starts to Sell Assets; Continues Being Operator: CEO
- FCA IM : Fiat Chrysler Recalls Some 2011-2015 Dodge, Fiat Vehicles
- G1A GY : Gea Group Lowers 2017 Ebitda Outlook Amid Additional Costs
- IPR PL : Impresa Says Extends Bond Sale Period Deadline to July 19
- JUN3 GY : Jungheinrich Could Bypass Possible U.S. Import Taxes: WamS
- NAS NO : Norwegian Air U.K. Unit Gets Tentative Approval by U.S. DOT
- OERL SW : Oerlikon open to more technology buys, Drives unit to be sold to the right buyer at the right time
- PWTN SW : Panalpina Sea Freight Result Is Improving: CEO Tells Basler
- POP SM : EU Names Mazars as Monitoring Trustee for Popular: Expansion
- PAH3 GY : Porsche Says Racing Decision Near as Spiegel Reports on F1 Plans
- RB/ LN : Unilever Is Said to Table Bid for Reckitt’s Food Div.: S. Times
- CFR VX : Richemont’s Kern Pushed Digital Before Departure, Le Temps Says, Kern Takes Less Than 5% of Breitling Capital for CEO Role: NZZ
- RIO LN : Rio Tinto’s Aluminum Smelter Workers in B.C. Vote for Strike
- ROG VX : Roche’s Ocrevus Approved for MS Treatment in Australia
- SAN FP : Sanofi: Zika Vaccine License Fee to U.S. Army May Be Significant
- SBMO NA : SBM Offshore Agreed Heads of Terms for Settlement on Yme Claim
- S US : Sprint Chairman Is Said to Seek Investments From Buffett, Malone
- TEL NO : Telenor to Buy Back Up to 30m Shares, 2% of Registered Stock
- TEVA IT : AstraZeneca’s Pascal Soriot Is Said to Plan on Staying as CEO
- TOD IM : Tod’s Ends Collaboration With Aquilano and Raimondi on Fay Brand
- UNI IM : UniCredit Plans to Sell Bonds in Romania Worth 500m Lei: ZF
- UNA NA : Unilever Is Said to Table Bid for Reckitt’s Food Div.: S. Times
- VNA GY : Vonovia to Consider Acquisitions if Property Prices Fall: WamS
- VOD LN : Vodafone, Orange CEOs Ask for 25-Year Spectrum Licenses