Asian equity markets are mixed with most pronounced gains on the mainland. Investors are cheering more upbeat commentary from Commerce Minister Gao and Vice premier Zhang while shrugging off the warning from PBoC gov Zhou about rising debt levels. Shanghai Composite has hit a 2-month high above 3,000, even as oil and US equity futures point to a slightly lower open. Markets in Japan were closed for holiday. Over the weekend, one local press report indicated Hon Hai had reached a tentative agreement for a ¥300B credit line from Sharp's banks, though another report suggested that Hon Hai has already lowered its bidding price from initial plan of ¥489B due to potential risks of financial liabilities without disclosing the new amount. A notable Nikkei report commented on distortions in Japan's fixed income markets, with investors more concerned with BOJ appetite for considered bonds rather than their actual credit worthiness.
Nikkei Closed Hang Seng -0.13% Shanghai +1.25%
Eur$ 1.1267 CNH 6.4813 CNY 6.4848 JPY 111.45 GBP 1.4415 CHF 0.9698 RUB$ 64.3530 WTI$ 38.85 (-1.5%)
S&P -0.22% EuroStoxx-0.35% Dax-0.40% SMI +0.21%
Macro :
Greek Bank Shares May Double If Economic Recovery Evident: Citi
Bundesbank Wants Half of Gold Reserves Back by 2020, Funke Says
Ex-BP CEO Hayward Seeks Backers for Energy Fund: Sunday Times
Signs Are Flashing That Dollar Plunge Has Gone Too Far, Too Fast
FT : 86% of active equity funds underperform - http://on.ft.com/1pUp8cP
FT : Woodford not paid by investors in his Patient Capital Trust - http://on.ft.com/1XEnM0t
Keep an eye on :
- ACS SM : Grupo ACS rumoured to be preparing for complete takeover of both Hochtief and CIMIC, but only after renegotiating their loans
- AB1 GY : Air Berlin Held Talks With EasyJet on Cooperation, Bild Reports
- AIR FP : Airbus Group to Sell Defence Electronics to KKR for Eur 1.1b
- AF FP : Amadeus stake could be sold by AirFrance-KLM; Servair sale could yield EUR 500m - De Telegraaf
- AKZA NA : Sherwin-Williams to Buy Valspar for $8.9 Billion
- ALT GY : Altana does not perceive itself as takeover candidate; eyes acquisitions - Frankfurter Allgemeine Zeitung
- AREVA FP : Areva, Gamesa Have Non-Competition Wind-Power Clause: Echos
- ARYN VX : Aryzta’s Killian Won’t Sell More Shares: Sunday Independent
- CS FP : Axa’s De Castries to Retire on Sept. 1, Buberl to be New CEO
- CS FP : Axa CEO Seen as Favorite to Become HSBC Chairman: Sunday Times
- BKIA SM : Bankia owner FROB extends Goldman Sachs mandate to advise on privatisation - report
- BAYN GY : Monsanto Approaches Bayer Over $30b Purchase of Crop Unit: Rtrs http://reut.rs/1LwUC2G
- POP IM : Banco Popolare Is Now Willing to Meet ECB Requirement for Merger
- POP IM : Banco Popolare Doesn’t Rule Out Capital Hike for Merger
- BMW GY : BMW to Overhaul Management Board: Frankfurter Allgemeine
- BMW GY : BMW Brings Self-Driving Vehicles to Factory Floor to Save Costs
- CA FP : Carrefour nominates Diniz to its board; investor plans to raise stake in retailer
- CO FP : Casino Guichard-Perrachon Rtg Cut to Junk by S&P
- CO FP : Casino Confirms Ebitda Guidance of EU900m in 2016
- DBHN GY : Vossloh Said to Pay Damages to Deutsche Bahn: Sueddeutsche
- DWNI GY : Deutsche Wohnen sees no attractive M&A options among listed rivals - Boersen-Zeitung
- EDF FP : EDF’s French nuclear plant faces years of further delay - FT
- ENI IM : Eni looks to close Versalis sale to SK Capital by end of year, according to ENI CEO, Pevious reports talk of 1.2bil recap for Versalis - Il Sole 24 Ore
- ETL FP : *FRENCH STRATEGIC FUND: EUTELSAT INVESTMENT IS LONG TERM
- EVK GY : Evonik studies acquisitions of AkzoNobel's special chemicals division and Air Products' tech division - de Telegraaf
- GAM SM : Areva, Gamesa Have Non-Competition Wind-Power Clause: Echos
- HSBA LN : Axa CEO Seen as Favorite to Become HSBC Chairman: Sunday Times
- INW IM : Inwit bidders Cellnex Telecom and F2i could pay up to EUR 3bn for 100% - El Economista
- LSE LN : LSE Shareholders Said to Seek More Money in Exchange Takeover
- LUPE SS : Lundin Mining CEO Says Copper, Zinc Prices Have Bottomed: DI
- MC FP : TAG Heuer Wants to Sell 80,000 SmartWatches in 2016: NZZ
- MS IM : Mediaset near deal with Vivendi on share swap http://bit.ly/1WBGaXA
- NESN VX : Drought Impact on Colombian Coffee May Last Two Yrs, Group Says
- PC IM : Two Sovereign Funds in Talks W/ Camfin for Pirelli Stake: Sole
- RR/ LN : Rolls-Royce in Talks on U.K. Nuclear-Power Reactors: Telegraph
- RR/ LN : Rolls-Royce to Add 350 Jobs at Derby Engine Plant: FT
- SAF FP : Smiths in Talks to Buy Safran’s Morpho Detection Unit: S. Times
- SBRY LN : Sainsbury Has ‘Clear Vision’ for Combined Co., CEO Says: Call
- SCHA GY : Schaeffler CEO Seeks 12%-13% Operating Margin: Euro am Sonntag
- SN/ LN : Smiths in Talks to Buy Safran’s Morpho Detection Unit: S. Times
- HOT US : Paulson Says ‘Happy’ to See Increased Starwood Offer: Reuters
- HOT US : Starwood Signs Cuba Hotel Deal Ahead of Obama’s Visit: Reuters
- SUN SW : Ex-Lanxess CEO Heitmann Nominated for Sulzer Adminstrative Board
- UHR VX : Omega Is Not Shutting Door on Smartwatch Concept, CEO Tells SZ
- TC1 GY : Tele Columbus 2015 Rev.Rises 31%, Normalized Ebitda Up 42%
- TIT IM : Telecom Italia CEO Patuano Expected to Leave Co., Corriere Says (This Week End)
- TIT IM : Telecom Italia: Patuano Has Not Yet Submitted Resignation (This Morning)
- FP FP : Total’s Philippe Boisseau to be Replaced by Nguer, Sauquet
- TUNG LN : Truell in Bid Approach for Invoicer Tungsten: Sky News
- VALE US : Former Vale CEO Agnelli Dies in Sao Paulo Plane Crash: O Globo
- VIV FP : Mediaset near deal with Vivendi on share swap http://bit.ly/1WBGaXA
- VOS GY : Vossloh Said to Pay Damages to Deutsche Bahn: Sueddeutsche
- VOW3 GY : VW’s Weil Says He Has No Reason to Consider New Leadership: FAZ
- VOW3 GY : VW Shareholder Qatar Holdings Backs Restructuring: Handelsblatt
- WTB LN : +3% on Friday on rumors of chinese interest - The Times
- WTB LN : Whitbread Faces Investor Call to Consider Breakup: S. Telegraph