Weekly Update
Dow-0.20% S&P+0.28% Nasdaq+1.10% Russell+0.89% Brazil-4.02% Nikkei+1.97% Hang Seng +0.67% CSI +0.11% Shanghai -0.06% EuroStoxx+0.19% FTSE +0.29% CAC +0.78% Dax +0.55% Ibex +0.57% MIB +0.47% SMI +1.41%
The FOMC minutes out on Wednesday drove a major reconsideration of the Fed's policy outlook this week. With the sense that the economic weakness of the first quarter was passing and a bottom had been found in energy markets, Fed officials were out in force telling markets they were wrongly pricing in a more cautious Fed policy view. Risk assets swooned with the repricing action that followed the minutes on Wednesday, but the impact was notably short-lived and equities were already climbing higher on Friday. Separately, China released a raft of weak April economic data last weekend, but even that had no more than a passing impact on global markets and commodity prices, suggesting that a newfound sense of robustness appears to be supporting global markets. Equity markets churned sideways and for the week the DJIA slipped 0.2%, the S&P eked out a 0.3% gain, and the Nasdaq added 1.1%.
Macro :
- Barron’s Roundup: Wien’s Weak Market; Red Hat, PepsiCo May Rise
- Japan’s Aso Told Lew That Japan Will Raise Sales Tax as Planned
- G-7 Reaffirms FX Agreements, Won’t Target Exchange Rates: Japan
- Brexit May Cut House Prices by a Fifth, Osborne Says: Telegraph
- Swiss Referendum May Cause CHF1.3b Budget Hole: FinMin in Blick
Keep an eye on :
- AIR FP : Iran Air Seeks to Finalize Airbus, ATR Deals in 45 Days: Fars
- AIXA GY : Aixtron Said in Talks to Sell Itself to Chinese Investor Group
- ALV GY : Allianz Italia Eyes Italy Investments: CEO Tells Milano Finanza
- BARC LN : PIC Considering Group to Buy Barclays Africa Operations: FT
- BPER IM : BPER, UBI in Talks With Veneto Banca for Possible Merger: Sole
- FCA IM : German Transport Authority Finds Fiat Emissions Cheating: Bild
- GBF GY : Bilfinger May Announce Unit Sale in Days, Welt Says
- BT/A LN : BT to Search for New Chairman, Rake Set to Leave in 2017: Times
- GBL BB : Groupe Bruxelles Lambert Raises Ontex Holding to 15.01%
- ILD FP : Iliad, Sky May Consider Creating Fourth Italian Operator: FT
- ISAT LN : Inmarsat May Have to Exit FTSE 100 After Plunge: Telegraph
- INXN US : InterXion Rises; Digital Realty May Pursue Co.: DealReporter
- BAER VX : Julius Baer CEO Says Kairos IPO When Mkt Conditions Right: Sole
- NHH SM : NH Hotel Ready to Pay Dividend in 2017, CEO Tells Expansion
- NOKIA FH : Nokia to Cut 1,000 Jobs in Finland: DPA
- PBR US : Board says the appointment of the new CEO by the controlling shareholder will be analyzed at extraordinary board meeting on Monday; current CEO Bendine has not tendered his resignation
- PAH3 GY : Porsche SE Denies Spiegel Report of VW Supervisory Board Dispute
- RAND NA : Randstad to Acquire Obiettivo Lavoro in Italy for EU102.5m
- RCS IM : Mediobanca, UnipolSai, Pirelli Sign Pact in Joint RCS Bid
- RNO FP : Groupe, Renault in Talks With Proton on Strategic Pact: Edge
- SAB LN : SABMiller’s CEE Assets Said to Draw Interest From Advent, KKR
- SKY LN : Sky Said to Be in Early Talks About Backing O2 Bids: Telegraph
- S32 LN : South32 Nickel Wage Talks Wrapping up With Deal Elusive: Union
- TIT IM : Telecom Italia Ready to Sell 100% of Sparkle for Metroweb: Sole
- TEF SM : Sky Said to Be in Early Talks About Backing O2 Bids: Telegraph
- VOW3 GY : VW Truck Unit Starts Diesel-Recall Solution for Caddy 1.6 TDI