Dow -0.10% S&P -0.05% Nasdaq -0.08% Russell -0.07%
US mkt closed lower for a 2nd day in a row. Financials were under pressure after cautious commentary on market trends and conditions at the Deutsche Bank Financial Services Conference, slowing loan growth, rising delinquencies for sub-prime auto loans, and a flattening of the yield curve mentionned. Technology sector (-0.3%) push by mega cap. WTI Continue to trade lower -2.9% @ $48.23, energy -0.4%. The seven remaining sectors settled in the green with gains between 0.2% and 0.5%. Countercyclical spaces like utilities (+0.5%), telecom services (+0.4%), and health care (+0.4%) led the charge. Fed's Beige Book indicated modest to moderate economic growth from early April through late May for most of the 12 Federal Reserve Districts. US after hours PANW +11.% following earnings/guidance (boosting cybersecurity names), PF +7% and CAG +1.3% on M&A speculation... SMTC -3%, HPE -2% following earnings/guidance. Asian indices are mixed again, tracking a lackluster US session where investors are biding their time before Friday's non-farm payrolls. Oil was in focus with a steep decline in US hours on reports of expanded Libya production, though some of the selloff was reversed on a large API inventory draw. Fed's Williams speaking in Asia also voiced possibility of a total of 4 rate hikes this year if US economic growth strengthens, though he still sees 3 as the baseline scenario. China is leading regional indices to the downside after a much weaker than expected Caixin Manuf PMI sank into contraction for the first time in 11 months. Nikkei225 is faring better with a modest lift.
Nikkei +1.03% Hang Seng +0.495 CSI +0.18% Shanghai -0.15%
Eur$ 1.1239 CNH 6.7951 CNY 6.7390 JPY 110.98 GBP 1.2864 CHF 0.9690 RUB 56.70 WTI$ 48.71 +0.81%
S&P +0.05% EuroStoxx +0.17% Dax +0.10% FTSE +0.30% SMI +0.02%
Macro :
- Fed Beige Book: Labor Markets Continue to Tighten, Expansion Pace Modest or Moderate
- U.K. Conservatives Lead Labour 44%-38%: Sun/SurveyMonkey Poll / U.K. Conservatives 42%, Labour 39%: Times/Yougov Poll
- EU’s Juncker Says U.S. Can’t Exit Paris Climate Pact
- Swiss GDP Expands 0.3% Q/q in 1Q; Est. Expands 0.5% Q/q
Keep an eye on :
- 888 LN : 888 Offering by Holder Prices at 270p Per Share
- AKZA NA :PPG Faces June 1 Deadline on Akzo Bid After Extension Denied
- AKZA NA : ICGN Concerned About Proposed Dutch Takeover Time-Out Law: FD
- AAPL US : Next IPhone Sale Likely to Start in Nov.: Hua Nan Securities
- CS FP : AXA to Remain Paschi Shareholder, No Interest in Generali: Sole
- BKG LN : Berkeley Group Agrees Deal for London Royal-Mail Site: CoStar
- CGG FP : CGG Seeks to Impose 48-Hour Deadline for Creditor Accord: Echos
- DBK GY : Deutsche Bank to Hire 50 for Asia Wealth Business in 2H: Yim
- G4S LN : G4S, Segro Added to FTSE 100 as Hikma, Intu Drop Out
- GAS SM : Gas Natural kicks off auction of Italian assets; Italgas in bidding
- GS US : Goldman Sachs Falls as Much as 4%, Tests 200-DMA Support
- HIK LN : G4S, Segro Added to FTSE 100 as Hikma, Intu Drop Out
- INGA NA : ING to Move More Trading Jobs to London From Amsterdam: FD
- INTU LN : G4S, Segro Added to FTSE 100 as Hikma, Intu Drop Out
- ITV LN : ITV ‘Cheap for a Reason,’ Cut to Hold at HSBC on Ad Momentum
- LXS GY : Citadel Has Big Short Against Berkshire-Backed Lanxess
- LIN GY : Linde Labor Reps Said Not Unanimous Against Praxair Deal:Reuters
- NOVOB DC : Novo Nordisk’s Rebinyn Gets FDA Approval for Haemophilia B
- NOVOB DC : Novo CSO Sees ‘Great’ Growth Prospects in Key Products: Borsen
- PF US :Pinnacle Foods approached by Conagra Brands for potential takeover - Reuters
- POP SM : Popular Extends Period for Potential Buyers to Lodge Bids: Pais / IMF to Highlight Banco Popular Weakness in Report: Vozpopuli / Popular Entrusts Cap Increase Option to Deutsche: Confidencial
- POP SM : Popular’s Saracho to Meet With ECB Next Tuesday: Cinco Dias
- RB/ LN : Mead Johnson Shareholders Approve RB’s $90-Per-Share Buyout
- SKY LN : Murdochs Said to Have Spoken With Ofcom Over Sky Bid: Telegraph
- LOCAL FP : SoLocal Says CEO Jean-Pierre Remy to Quit End-June
- TLGO SM : Renfe Ratifies Purchase of 15 High-Speed Trains, Talgo Says
- TGYM IM : Technogym Parent Wellness Starts Sale of Up to 16m Shares
- TSRO US : Tesaro Said to Explore Sale, WSJ Says
- TKA GY : Juncker: We Must Defend EU Steel Industry More Than We Do
- VOE AV : Voestalpine FY Revenue Beats Highest Est.