US Market closed higher even if Oil remains under pressure ($54.55 this morning), SNB moved pushed investors to think that European QE will come sooner that later...Energy sector was strong (+2.1%), MRO +3.3% after cutting 2014 capex by 20%...consumer discretionary (+1.6%) and materials (+2.3%) were the only other cyclical groups that could not finish ahead of the broader market...Elsewhere among cyclical sectors, technology (+3.0%) did some heavy lifting with a sizable assist from Oracle (ORCL 45.35, +4.19). The stock surged 10.2% in reaction to better than expected results while other large cap names like Apple (AAPL 112.65, +3.24), Microsoft (MSFT 47.52, +1.78), and IBM (IBM 157.68, +5.75) rallied between 3.0% and 3.9%. Over on the countercyclical side, consumer staples (+2.0%), telecom services (+1.8%), and utilities (+2.0%) lagged while the health care sector (+2.8%) ended ahead of the broader market with help from biotechnology....volume were again abvove average with 950mil shares...VIX @ 16.81 -13.53%...US..After Hours RHT +10.4%, NQ +6.4%, CTAS +6.2%, BGCP -2.7%, NKE -2.7% following earni/guidance...Asian Markets are following US performance...Bank of Japan rate was the key risk event of the session. Despite the recent disappointment in GDP figures, the BOJ actually raised its assessment on Industrial Output, Exports, and Housing Investment. BOJ reiterated economy continued to recover moderately as a trend, but also added the "decline in demand following front-loaded increase before tax hike is waning as a whole." BOJ also said exports have shown signs of picking up and housing investment/industrial output are bottoming out...a Nikkei report speculated the govt's fiscal stimulus is seen around ¥3.5, above ¥2-3T estimated initially. Cabinet is expected to approve the stimulus package as early as Dec 27th, with the Govt not expected to undertake any new debt issuance to fund the package... In China, the Stats Bureau revised up its 2013 GDP target by 3.4%, in line with earlier speculation, to reflect the latest census data....Nikkei +2.39% Hang Seng +1.37% Shanghai +1.32%
RUB 62.25 Crude WTI$54.55 Brent $59.38
Eur$ 1.2287 S&P +0.45% Eurostoxx +1.4% Dax +1.19% SMI +1%
Macro :
- China 2013 GDP Revision Won’t Affect 2014 GDP Growth
- China Revises Up 2013 GDP by 3.4% to 58.8t Yuan
- Oil Decline Threatens $127b in Global Investment: Wood Mackenzie
- Hollande Says No Need for New Sanctions Against Russia
- *JPMORGAN RAISES RUSSIAN STOCKS TO NEUTRAL VS UW IN CEEMEA
Keep an eye on :
- AF FP : Air France Cuts ’14 Ebitda Target by EU200m, Plans Cost Cuts
- ALU FP : Person Close to Alcatel Not Aware of Recent Merger Talks:Reuters {http://reut.rs/1z8LhpR}
- ALO FP : Alstom’s Kron to Propose Poupart-Lafarge as Successor: Figaro
- CU FP : Fosun Set to Raise Offer for Club Mediterranee Tomorrow: Reuters {http://tinyurl.com/pycwr23}
- FCC SM : Spain’s FCC Says Capital Increase Fully Subscribed
- FLUG AV : IFM Buys 29.9% of Flughafen Wien After Offer Oversubscribed
- GE US : GE Money Bank to Cut 204 Jobs in France, Les Echos Says
- MAU FP : Maurel & Prom Gets Credit Line Worth Up to $650M
- MBTN SW : Meyer Burger Wins Contracts Worth CHF12m-CH15m in Recent Weeks
- PGS NO : PGS Sees 2015 Ebitda at $550-700m vs $700m in 2014
- REP SM : Repsol S.A. Outlook to Stable From Positive by S&P
- ROG VX : Roche to Stop Scarlet Road Phase 3 Study of Alzheimer Treatment
- ROG VX : Roche’s Kadcyla-Perjeta Didn’t Meet PFS Superiority Endpoint
- SCYR SM : RBS Markets EU100M Sacyr Loan at 25% Discount: El Confidencial
- SLG GY : Salzgitter Gets ‘Notice of Suspension’ by South Stream Transport
- TIT IM : Telecom Italia Said to Favor All-Stock Deal in a Tim-Oi Merger