China indices are mixed to start the week, tracking some of the uncertainty created by weak consumer sentiment and industrial output in the US on Friday. Although Wall St was also directionless, treasuries rallied on implications of a more patient Fed reacting to datapoints that remain unconvincing of the need to raise rates. Yield on the US 10-year fell by 10bps below 2.15%, a 1-week low. US focus this week will turn to Monday's NAHB housing data followed by Building Approvals / Starts figures on Tuesday.Asia calendar was highlighted by property figures for April on the mainland. While there were some signs of bottoming out - all-70 new home prices m/m stopped falling for the first time in 12 months - progress was generally deemed as too slow given the amount of stimulus being pumped in by the central bank on the monetary front and reversal of property curbs by regulators. Top developers Vanke, Wanda, and Poly were all down 1-2%. Also of note in China, CSRC chairman said IPO acceleration weighs little on stock movements. Recall that Friday's selloff was attributed to expectations of dilution and higher valuations due to strong demand for the latest batch of IPO offerings.
Nikkei +0.64% Hang Seng -1.24% Shanghai -0.44%
Eur$ 1.1463 EURCHF 1.0489 GBP 1.5727 CHF 0.9147 RUB $49.5042 WTI $59.94 (+0.42%)
S&P -0.11% EuroStoxx +0.31% Dax +0.35% SMI +0.26%
Macro :
- ECB’s Mersch Says Greece Must Stick to Its Promises
- BOE’s Bailey Says Asset Buffers an Option for Systemic Funds
- Greek Euro Exit Poses Political Not Economic Danger: Gabriel
- SNB’s Zurbruegg: Doesn’t Now See Rise in Capital Buffer: TDG, Swiss real Estate has slowed, CHF should weaken over time
- Fed’s Evans Repeats ‘No Compelling Reason’ to Tighten in 2015
Keep an eye on :
- AERL LN : Irish Govt Report to Recommend Sale of Aer Lingus to IAG: Times
- AF FP : Air France to Shut Marseille, Toulouse, Nice Bases: Figaro
- AVV LN : Aveva attracts interest from European and US bidders, Schneider, GE & Emerson are interested, value ~ GBP1b - Sunday Times
- BAMNB NA : BAM 1Q Pretax Loss EU21.1m vs Profit of EU4.6m; Confirms Outlook
- BPTY LN : 888 Holdings Said in Running for Bwin.Party, Times Says (sunday)
- BPTY LN : *888 HOLDINGS CONFIRMS MAKING BID FOR BWIN.PARTY (just now )
- EDEN FP : Edenred Chairman and CEO Stern to Leave Co. on July 31
- EXO GY : PartnerRe Holder Exor Reports 9.9% Stake
- FYR NA : Fugro Said to Have Received Indicative Bids for Subsea Unit: FD
- GOOGL US : Plans to put "Buy" button next to some search ads, starting in the next few weeks
- ILD FP : France Won’t Promise Free 4G 700 MHz License, Echos Says
- ITV LN : ITV rumoured to be in sights of Comcast - FT
- LNZ AV : Lenzing 1Q Rev. EU474.6m vs EU451.7m Y/y
- MKS LN : Marks & Spencer May Return Cash to Shareholders: Sunday Times
- MNOD LI : Norilsk Nickel to Borrow $1b From VTB for Copper Mine: Vedomosti
- OMV AV : OMV 1Q Clean CCS Net Income EU237M; Est. EU188.8M
- OSR GY : Osram May Spin Off Traditional Lighting Within 12 Mths, SZ Says
- PC IM : ChemChina Finalizes Accord with Banks for EU6.8b Loan: Corriere
- UG FP : PSA Peugeot Citroen Plant Plans to Invest EU48m, Expresso Says
- RNO FP : Nissan-Renault Capital Structure Is Very Stable, Ghosn Says
- RWE GY : RWE to Pay Back-Taxes for 2004-2008, Boersen-Zeitung Reports
- S32 LN : South32 CEO Says Sees Growth Options in Coal, Manganese, Silver
- SIX3 GY : Sixt 1Q Sales Up 21%, Pretax Rises 5.5%; Confirms Expectations
- SU FP : Schneider Electric in Talks About Possible Aveva Bid - Sunday Times
- GLE FP : *SOCGEN'S MANAGERS KNEW OF KERVIEL TRADES, MEDIAPART SAYS, *MEDIAPART CITES POLICE INVESTIGATOR LE ROY ON SOCIETE GENERALE
- TEF SM : Telefonica Loses Court Case Brought by Treasury: Confidencial
- VED LN : Vedanta CEO Sees Investments Slowing Amid Oversupply: Telegraph
- VOS GY : Vossloh Starts Sale of Transportation Business: Boersen-Zeitung
- Zanetti IPO : Zanetti IPO Range Set at EU11.6-EU15.75;
--> UBS Morning attached, GS on Oil attached