US Market was closed for Martin Luther King Day.
Renewed hopes for further PBoC easing has given China markets a lift, reversing some of the largest losses in Shanghai Composite since 2007. China 2014 GDP of 7.4% beat 7.3% consensus, but still marked the first official miss since 1998 and also the lowest rate of growth in 24 years, as consumption component of GDP rose to 51.2% from 48.2% prior. Industrial production topped estimates, as power generation bounced by another 9.2% - well above the low power consumption figure estimated by the NEA last week. Retail sales were also marginally higher, while fixed asset investment hit multi-year lows. Stats Bureau official said the govt will look to maintain economy within reasonable range given the challenges being faced amid increasing urbanization and property sector adjustment. Also of note, CSRC official said the regulator's oversight into margin accounts was not intended to put pressure on the stock market, even though brokers were once again under pressure amid potential squeeze on trading volumes...IMF cut its global GDP forecast to 3.5% v 3.8% prior in 2015 and 3.7% from 4.0% prior in 2016. China and Japan were cut 0.3pts and 0.2pts to 6.8% and 0.6% respectively this year, while EM GDP is now seen at 4.3% v 5.0% prior. IMF remarked that dimming outlook worldwide underscores need for stronger policy action to boost growth, and that even the positive aspect of lower oil prices is offset by the broad slowdown. Finally, IMF called on the ECB to take aggressive easing measures in this week's decision.
Nikkei +2.07% Hang Seng +0.62% Shanghai +1.65%
RUB $64.97 RUB €75.21 WTI $47.40 Brent $48.59 CHF 0.8804 EURCHF 1.02
Eur$ 1.1571 S&P +0.25% EuroStoxx +0.62% Dax +0.50% SMI +1.12%
Macro :
- IMF’s Blanchard Says ECB Needs to Go Big on Quantitative Easing, IMF Cuts 2015 Global Growth forecast to 3.5% from 3.8%
- Greece’s Syriza Widens Lead in GPO Poll for Mega Channel
- Merkel Says ECB Moves Musn’t Lower Need to Boost Competitiveness
- ECB's Coeure (France): Reiterates view that Euro Area is facing extremely low inflation expectations
- U.K. Exit From European Union Seen Unlikely in Bloomberg Survey
- Germany’s Schaeuble Says Europe Must Consolidate Budgets
- Uncertainty Over Franc Rate May Last Months: Swiss Eco Minister
Keep an eye on :
- ADP FP : ADP Raises 2011-2015 Passenger Traffic Growth Target To 2.7%, Wants to Make Roissy Europe’s Biggest Intl Airport: Echos
- AZA IM : Alitalia to Earn Profit in 2017, Il Sole 24 Ore Reports
- CDI LN : Candover Seeks EU2.5b Parques Reunidos Sale: El Confidencial
- COTN SW : Comet FY Sales Rise ~16% to CHF288m, Sees Net of CHF25m-CHF27m
- AM FP : France Won’t Finance 100% of Egypt’s Rafale Purchase: Echos
- EDF FP : EDF to Keep Target of Positive Free Cash Flow in 2018: Echos
- ETX SS : Etrion CEO Likely to Add Fourth Market in 2015, SVD Reports
- FIA1S FH : Finnair’s Fuel Hedges Slow Benefit From Oil Drop: Kauppalehti
- HOLN VX : Lafarge, Holcim Cut to Neutral at UBS; CRH, Wolseley Top Picks
- KUNN VX : Kuoni Cuts Travel Prices From Switzerland as Franc Rises
- LOHN SW : Looser FY Net Revenues CHF487.4m, Down 0.8% After Adjustments
- LUX IM : Luxottica 2014 Rev. Beats Ests., Aims to Double Sales in Decade
- P1Z GY : Patrizia Says 2014 Unit Sales, AUM Growth Exceed Target
- PHIA NA : KKR, CVC Said to Have Joint Interest in Philips Lighting: FD
- RDSA NA : Shell Resumes Oil Output in Gabon After Industrial Strike Ends
- REP SM : Repsol Weighs Sale of Madrid Hq: Expansion
- SAP GY : SAP Cuts 2017 Profit Target; 2020 Cloud Rev. to Rise Fourfold
- STL NO : Statoil May Have Skipped Oil Sands Today, Executive Tells DN
- TEF SM : TalkTalk, Sky Have Approached Telefonica Over 02: Cinco Dias
- TILS LN : Tiziana Sees Orphan Drug’s Potential in Liver, Breast Cancers