- BOJ policy review acknowledges its policy has not produced inflation rate recovery to 2% target, in part due to low energy prices; Maintains Japan is no longer in deflation.
- Discontinues monetary base expansion target framework in favor of "QQE with Yield Control" whereby short-term rate for IOER maintained at -0.1% and long-term targets 10-yr around zero through JGB purchases.
- Maintains ETFs and J-REITS purchases, includes Topix index ETF buying.
- Commits to make further policy adjustments with view of maintaining momentum toward achieving 2% inflation target.
- Would consider additional easing tools - cutting interest rates further, expanding asset purchases, and accelerating monetary base expansion.
- Reiterates all economic views; Overall assessment is "Japan continued moderate recovery trend."
Nikkei +1.69% Hang Seng +0.79% CSI +0.32% Shanghai +0.24%
Eur$ 1.1131 CNH 6.6817 CNY 6.6718 JPY 102.58 GBP 1.2973 CHF 0.9811 RUB$ 64.6706 WTI $44.88 (+1.88%)
S&P +0.47% EuroStoxx +0.81% Dax +0.60% SMI +0.30% FTSE +0.20%
Macro :
- Irish GDP Growth Next Year May Be Impacted by Brexit: Murphy
- Bank of Japan to Introduce QQE With Yield Curve Control
- EC Competition Official Says No New Wave of Tax Probes: Reuters
- Barclays Upgraded as Investors Are Too Pessimistic, HSBC Says
Keep an eye on :
- ALIV SS : Takata Said to Receive Five Bids With KKR, Autoliv Among Suitors
- ATC NA : Altice Said to Delay SFR Stake Purchase by About Two Weeks
- AAPL US : Apple’s Cost to Make IPhone 7 $224.80 Incl $5 Basic Costs: IHS
- BAYN GY : Monsanto Termination Fee Under Bayer Merger Agreement $1.85b
- BAYN GY : Bayer, Evotec in Pact to Develop Treatments for Kidney Diseases
- BLT LN : BHP CFO Says Iron Ore Royalty Plan Would Risk Mine Investment, BHP Billiton Says Paid $3.7b in Tax Globally in FY16
- BPI PL : Banco BPI Offers to Give Up Majority Control in Angola’s BFA
- AM FP : India Said Close to Announcing 8b Euro Rafale Fighter Jet Deal
- DBHN GY : Deutsche Bahn Drops Plan to Sell Part of Arriva: Handelsblatt
- DB1 GY : Euronext CEO Criticizes Merger Plan Deutsche Boerse, LSE: FAZ
- ERF FP : Eurofins Raises 2016 Profit Target, Sets Preliminary 2017 Goals
- GTO NA : VeriFone Faces ‘Dramatic’ Slowdown in N.A. Sales: Morgan Stanley
- ITX SM : Inditex 1H Ebitda EU2.11B; Est. EU2.1B
- ING FP : VeriFone Faces ‘Dramatic’ Slowdown in N.A. Sales: Morgan Stanley
- ISP IM : Intesa in Talks to Buy ITB for Up to EU180m, Sole Reports
- MAERSKB DC : Maersk Rating Cut, Estimates Lowered After Weak 2Q: Barclays
- NESN VX : Nestle Seeks EU50m From Sugar Co’s on Price Fixing: Sueddeutsche
- RNO FP : Renault to Start Talks With French Unions on Labor Agreement
- SDRL NO : Transocean, Seadrill Among Most Exposed to Petrobras: Barclays
- SHP LN : Shire Isn’t Looking for More Dyax-Sized Deals in ‘Near Term’
- SCMN VX : Swisscom Says Guidance Unchanged Despite Drop in Swiss Business
- TALK LN : mentionned as potential target by Redburn, predator could be O2 or Three, as a reverse Takeover - Telegraph
- UBI FP : Ubisoft Selling About EU400m in Bonds by Private Placement
- VIV FP : Vivendi’s Latin Development Not Dependent on Mediaset, CEO Says
- VIV FP : Vivendi Aims to Take Every Opportunity in Game Industry: CEO