stock market ended July's last trading session on a mixed note. Monday's action resembled a sector rotation trade as the four advancing sectors--financials (+0.6%), energy (+0.2%), utilities (+0.4%), and telecom services (+0.4%)--have struggled to keep pace with the broader market throughout the year. On the flip side, the strongest sector in 2017--information technology (-0.5%)--settled near the bottom of the leaderboard. crude oil settled in positive territory for the sixth session in a row thanks to a sharp afternoon rally. The commodity went from a loss of 0.8% to a gain of 1.0% in about an hour, eventually settling higher by 0.9% at a price of $50.20/bbl. Today's advance left crude oil higher by 9.0% for the month of July, it's best month since April 2016. Markets in the region opened mixed before strengthening on the back of strong China data . Broad dollar weakness as the overall theme with Anthony Scaramucci was removed as White House communications director just 10 days after being appointed by Trump, just adding fuel to the fire. Geopolitical risk remains a concern for global growth with no continent being immune from the risk. According to Oliver Wyman banks may need $30-50B in additional capital to support new European units after hard Brexit. RBA left cash target rate unchanged, as expected noting that the recent Aussie strength is more dollar weakness.
Nikkei +0.30% Hang Seng +0.68% CSI +0.36% Shanghai +0.20% Shenzen -0.12%
Eur$ 1.1819 CNH 6.7246 CNY 6.7218 JPY 110.27 GBP 1.3208 CHF 0.9679 RUB$59.9744 WTI$ 50.30 +0.26%
S&P +0.22% EuroStoxx +0.20% FTSE +0.47% Dax +0.10% SMI +0.29%
Macro :
- EU Banking Business to Cost $1 Billion More After Brexit: BZ
- Banks May Be Hit With $50b Capital Needs After Brexit
Keep an eye on :
- AZA IM : Alitalia Tender to Include Preference for Whole Co. Sale: Ansa
- BBVA SM : BBVA Is Said to Mull Sale of Anida: El Confidencial
- BBVA SM : BBVA Sells EU600m Loan Portfolio to Cerberus Capital Affiliate
- DSM NA : DSM Interim Dividend Per Share EU0.58; Raises FY Outlook
- ERICB SS : Cevian Says Ericsson CEO on Right Track With Transformation: DI
- ERICB SS : Cevian Continues to Buy Ericsson B-Shares, Holds 7.03%
- SFER IM : Ferragamo 1H Earnings Weak, Patience Required: Morgan Stanley
- FRE GY : Fresenius SE Second Quarter Net Income Beats Estimates
- FME GY : Fresenius Medical 2Q Operating Income Misses Estimates
- GALP PL : Galp Plans No ‘Relevant’ Refinery Maintenance in Next 6 Months
- GBL BB : GBL 1H Cash Earnings Advance 2.7% as Dividend Income Stabilizes
- HEI GY : HeidelbergCement 2Q Profit Misses Estimates, Confirms Outlook
- HSBA LN : HSBC Appoints Credit Suisse for Up to $2b Share Buyback
- MMT FP : M6 Says CSA Removes 34% Cap on Voting Rights for Shareholders
- PARG SW : Pargesa First Half Net Income CHF252.5 Mln
- RR/ LN : Rolls-Royce Pretax Profit Almost Triples; FY Guidance Unchanged
- SOLB BB : Solvay Raises 2017 Forecast as 2Q Adj. Ebitda Beats Ests.
- TIT IM : Telecom Italia: JPMorgan, BoFA and Morgan Stanley pitching infrastructure network spin off
- VOW3 GY : VW Probe Finds Fraud Committed to Fund Diesel Engine: Politico
- WPG LN : Worldpay Extension of Offer Deadline Until August 8