Weekend activity quiet as investors continue to process last week's FOMC hike and reconcile Fed's expectations of transitory nature of inflation retreat against the less rosy market-based view. Key political developments include the 2nd round of French parliamentary elections, giving Macron's En Marche party a comfortable margin to govern with absolute majority. In Japan, approval ratings for PM Abe's cabinet dipped below 50% for the first time in over a year. Cabinet officials indicated Abe is willing to reshuffle his cabinet, but likely to retain Fin Min Aso and Spokesperson Suga. In economic data, Japan May Trade fell into deficit for the first time in 4 months - export growth at 15% was below 16% consensus, while Import grew by 18% - higher than 15% expected. Shipments to Asia, China, US, and Europe were all up double digits. In China, annualized property price growth continued to slow to 10.4% across top 70 cities vs 10.7% prior.
Nikkei +0.59% Hang Seng +0.97% CSI +0.75% Shanghai +0.50%
Eur$ 1.1197 CNH 6.8116 CNY 6.8119 JPY 110.96 GBP 1.2771 CHF 0.9740 RUB 57.6017 WTI$ 44.84 (-0.29%)
S&P +0.21% EuroStoxx +0.62% Dax +0.52% SMI +0.63% FTSE +0.72%
Macro :
- Spain to Increase Spending Cap for First Time in 3 Years: Pais
- Small-Cap Stocks Likely to Have ‘Summertime Sadness’: BofAML
- EU Commission Plans to Screen Takeovers From China: Handelsblatt
- Iron Ore 2017 Price Forecast Cut at Citi Amid Rising Inventories
- Saudis Said Working on Untangling Aramco Assets From State: FT
- Italy Bank Industry Needs Revamp After Paschi, Noyer Says in ABC
- Hedge Fund Pit Bull; ’Snowballing Power’ of VIX: Red Dot Reader
- US : Goldman Sachs raises Q2 GDP target to 2.5% from 2.3% following retail sales and CPI reports last week
Keep an eye on :
- AD NA : Ahold Delhaize Worried About Risk of Hostile Bid, Telegraaf Says
- AIR FP : Airbus Unveils ‘A380plus’ Superjumbo With New Winglets, Cabin
- AMZN US : Amazon-Whole Foods Deal Review Sought by Calif. Congressman
- AV/ LN : Aviva eyes small overseas asset-management acquisitions - The Daily Telegraph
- CRG IM : Banca Carige Transfers NPL Portfolio to Special Vehicle
- BLT LN : Iron Ore 2017 Price Forecast Cut at Citi Amid Rising Inventories
- EN FP : France’s Arcep Allows Bouygues, SFR to Use 2.1 GHz Band for 4G
- CSGN VX : Credit Suisse Stock ‘Too Cheap’, Preferred Swiss Bank: Citi
- EDF FP : EDF Mandates Nomura, CFL to Sell Dunkirk LNG Terminal: Echos
- ENGI FP : Engie to Buy 40% Stake in Tabreed From Abu Dhabi’s Mubadala
- EUCAR FP : Europcar Group to Acquire Goldcar and Become a Major Player in the Low Cost Segment
- FCA IM : Marchionne: Fiat in Italy to Reach Full Employment by End 2018
- HAV FP : Havas CEO Says Acquisitions May Quicken Growth: Le Figaro
- HMB SS : Alecta sold ~4m shares in H&M in April and May for more than SEK800m, Dagens Industri reports, citing data from Holdings. That means it now holds 2.86% of H&M, its lowest H&M stake since 200, In early 2015, Alecta’s stake was 4.1%.
- MRK GY : Merck KGaA CEO Says Can’t Imagine Co. Without Pharma: SZ
- MRW LN : Ocado, Morrison Takeover Odds Increased on Amazon Deal: LCG
- MUV2 GY : Munich Re One of Grenfell Tower’s Re-Insurers: Handelsblatt
- OCDO LN : Ocado, Morrison Takeover Odds Increased on Amazon Deal: LCG
- PHIA NA : Third Point Said to Buy Philips Shares: Times (June 18)
- SBRY LN : Sainsbury Said to Be Nisa’s Preferred Bidder: Guardian
- SFR FP : SFR Loses Lawsuit Against Orange in Paris Appeals Court: AFP
- SFR FP : France’s Arcep Allows Bouygues, SFR to Use 2.1 GHz Band for 4G
- AMD3 GY : SLM Solutions: Letter of Intent for 15 Laser Machines Signed
- GLE FP : SocGen Among Frontrunners for Kenya’s Chase Bank: Business Daily
- GLE FP : SocGen CEO Sees Opportunity for Reform in France, Europe: FAS
- SL/ LN : Standard Life, Scottish Widows Said Weigh Merger: Times (June18)
- TIT IM : Telecom Italia Pledges Rural Broadband: CEO in Repubblica
- TEF SM : Telefonica Chairman Keeps Focus on Cutting Debt: El Pais
- TEF SM : Telefonica Willing to Sell Antares Insurance Unit: Expansion
- UN01 GY : Innogy, Uniper Stake Sales to Buoy German Utilities : Macquarie
- WFM US : Whole Foods Upgraded at Barclays; Says Bidding War Is Possible