US Market closed higher on nFOMC news ($10b tapper as expected + lowered size of monthly asset purchases to $35b)...The Fed reiterated its commitment to the current level of interest rates, saying rates are likely to remain low for a considerable time after quantitative easing ends. Furthermore, the FOMC released its economic projections, but those were not too different from the prior forecast either. According to the projections, the Fed expects the jobless rate to be between 6.0% and 6.1% at the end of the year after calling for a rate between 6.1% and 6.3% in its last set of projections.
Utilities best perf, countercyclical sectors, telecom services (+0.5%) lagged, while consumer staples (+1.2%) and health care (+0.8%) finished ahead of the broader market...With Mkt rallying on highs VIX traded on lows VIX @ 10.60 -12.1%...Volume were still light @ 610mil shares...Redhat +5% after hopurs on good numbers...Asian markets trading higher on back of FOMC...Nikkei +1.34% HS+0.17% Shanghai -0.8%
Eur$1.3590 FUT : S&P +0.05% EuroStoxx +0.89% FTSE +0.56% DAX+0.68% SMI +0.63%
Macro :
- China Premier Li Keqiang: China growth rate has moderated, but not at risk of hard landing
- World Bank Chief Economist Basu: China may face similar financial crisis in the future as US experienced; China's increasing credit size would only delay the inevitable correction
- SNB Says Conditions Better, Substantial Risks Remain for Banks
- JPMorgan Sees Rally for Emerging Stocks on Growth, Profits {NSN N7E92O6TTDS2 <go>}
- India Allowed to Pay Iran $1.6b by U.S., EU: Express Link
- U.S. May Up Iraq Involvement Within Days; Basrah Worry: Height
- IMF to Urge ECB to Consider U.S.-Style Quantitative Easing: FT
- Germany’s Schaeuble Says Stability Pact Rules to Stay
Keep an eye on :
- AF FP : Air France, Lufthansa Lobby EU Vs Gulf Air Companies: Tribune
- ALO FP : Mitsubishi Wants Veto on Alstom in Steam Turbine Tenders: Figaro
- ALO FP : *ALSTOM DEAL WOULDN'T ADDRESS ITS STRUCTURAL ISSUES, MOODYS SAYS
- AZA IM : Alitalia Unions Won’t Accept Planned Layoffs: Filt CGIL
- BG/ LN : BG Group to Start Queensland Asset Sale Within Month: Australian
- BG/ LN : BG Cut to Underperform at Credit Suisse, See Challenging Year
- BNP FP : U.S. Said to Fail to Agree on Possible Fine: Reuters
- BPE IM : Pop Emilia Romagna Says Shr Sale to Start June 23
- CGG FP : CGG, Sovcomflot Form JV Focused on 3D Seismic in Arctic Region
- CSGN VX : Norges BAnk Raises stake in Credit Suisse to 5.01%
- DBK GY : BlackRock, Pimco Sue Banks on Losses Tied to Housing Bust: WSJ
- DTE GY : Moody’s: Sprint Buying T-Mobile Would Be High-Risk, High-Return
- FNC IM : Finmeccanica Denies Plans to Incorporate AnsaldoBreda
- G IM : Generali May Have Deal to Sell Unit in June: Reuters
- GENL LN : Genel Best Placed to Benefit From Kurdistan Piped Exports: MS
- KGF LN : Too Early To Sell Kingfisher, Credit Suisse Says
- LLOY LN : Said to Consider Selling More Shares in TSB Unit IPO
- MAERSK DC : Explores Plan B in Wake Of China Blocking P3 Freight-Ship Pac
- NDA SS : Nordea Gives 300 Employees in Sweden Notice Amid Cost Cuts: DI
- NOVN VX : Overweight Novartis, JPMorgan Says After Management Meeting
- OR FP : L’Oreal’s Agon Sees More Acquisitions After NYX Cosmetics Deal
- PTC PL : Ratings Raised to Investment Grade by Moody’s
- RNO FP : Global Cement Shares Undervalued, More M&A Possible: Jefferies
- RR/ LN : Investor Meeting 10am ldn time
- SAS SS : SAS Seeking Role in Industry Consolidation, CEO Tells Berlingske
- SDRL NO : Seadrill Partners to Sell 6.1m Units via BoAML, Morgan Stanley
- SPR GY : Axel Springer Said to Buy Stake in Privacy-Focused Website Qwant
- STAN LN : Standard Chartered 1Q Weak Trends Continue, Credit Suisse Says
- SU FP : Schneider May Be Planning Further Job Cuts, Le Figaro Says
- UCG IM : UniCredit to Raise Stake in Romanian Tiriac Unit: Messaggero