US Market Closed lower, but not on lows even with more tension about potential new Russians sanctions. we saw some "Buy-the-dip" activity but volumes were still low at 530mil shares vs Average of 658mil, the health care (-0.4%), utilities (-0.1%), consumer staples (-0.4%), and telecom services (-0.3%) sectors all finished lower, only sector up where Energy (+0.2%) following crude prices higher ($104.89 +1.7%)...the Russell 2000, which fell as much as 1.0% early in the day, recouped a good portion of its losses and ended the session down 0.4%...VIX @ 12.81 +6.22%...After Hours NFLX higher on Earnings, CMG +10% on ERN & Guid.... Six Dow components are reporting today KO, DD, MCD, TRV, UTX & VZ...China June economic assessment from Conference Board increased at the highest rate in 7 months. Resident economist said the June pickup "is unlikely to be fully felt until the final quarter of the year...the PBoC skipped its regular repo drain for the first time in 7 scheduled operations in spite of the high lending volume reported last month, China Banking Regulatory Commission (CBRC)'s Yan Qingmin called for mainland banks to accelerate bad loans write off, expressing concern over the possibility of rising NPLs...Japan govt cut its economic projection for real GDP in FY14/15 to 1.2% from
1.4% as had been speculated in local press. Fin Min Aso put the blame on lagging exports amid soft demand from emerging economies. Meanwhile, a Sankei survey revealed disapproval rating for PM Abe's cabinet climbing 6pts to a record high above 40%. Econ Min Amari also reiterated the govt will not make a decision on another sales tax hike until this December...Nikkei +1.03% Hang Seng +1.32% Shanghai +0.90%
Eur$ 1.3523 S&P +0.10% Eurostoxx +0.39% FTSE +0.27% Dax +0.38% SMI +0.43%
Macro
- France Prepared to Cancel Warship Sale to Russia, Hollande Says
- M&A Deals in Emerging Markets Show ’Home Bias’, Citigroup Says
Keep an eye on :
- ACX SM : Acerinox 2Q Net EU51 Mln; Analyst Est. EU44.9 Mln
- ATLN VX : Actelion 2Q Drug Sales Rise; Sets ’Higher’ Base for 2015, CEO Says Co. Hasn't Had Any M&A Approaches
- AI FP : Air Liquide to Supply Natgasoline Oxygen for Methanol Plant
- BBVA SM : BBVA to Buy Catalunya Banc for EU1.19b, FROB Says
- CA FP : E. Leclerc Half-Year Sales Rise 3.5%, Leclerc Tells Figaro
- CSGN VX : Credit Suisse 2Q Core Pretax Loss CHF370m, Says to Exit Commodities Trading Business
- DAI GY : Mercedes Aims to Sell More Than 300,000 Units in China in 2015
- DLG GY : Dialog Semiconductor, AMS Terminate Merger Talks {NSN N93N5P6S972C<Go>}
- EDF FP : EDF Cuts Electricity Prices for French Industry’s Biggest Users,
- ENG SM : Enagas 2Q Net EU110.2M; Analyst Est. EU109.8M
- GET FP : Groupe Eurotunnel 1H Ebitda In Line, Sales Beat Estimates
- FCT IM : Fincantieri 1H Ebitda EU142m vs EU140m Y/Y
- GEC FP : Gecina Confirms Forecast for Stable Recurrent Net Income in 2014
- LI FP : Klepierre Raises Full-Year Net Current Cash Flow Forecast
- KPN NA : America Movil cuts KPN Satke to 22.6% from 24.8%
- FOI FP : PAI to Buy Half of Labeyrie Today, Les Echos Reports
- NHY NO : Norsk Hydro 2Q Profit Misses Estimates on Prices, Power Output
- PHIA NA : Philips could close, slim down or sell traditional lighting plants - Het Financieele Dagblad
- PUB FP : Publicis 2Q Revenue Drops, Damps 1H; 3Q Expected to Be Better
- RNO FP : Renault Sales in Russia Fell 13% in June, Les Echos Says
- SPM IM : Saipem sales process likely to be launched after summer
- SAN SM : Santander Says It Wasn’t Contacted By Bank of Portugal on BES
- SGO FP : Saint Gobain Will Keep Investing in Russia, Les Echos Says
- SRT3 GY : Sartorius 2Q Sales Rise 11%; Ebitda Up 7%; Reiterates Outlook
- SUN SW : Sulzer 1H Orders, Operating Income Drop; Sales Miss Estimates
- TRELB SS : Trelleborg 2Q Op. Profit Beats Est.; Sees Flat 3Q Demand
- UHR VX : Swatch 1H Operating Profit Misses Estimates; 2H Outlook ’Good’
- VIV FP : Vivendi considering relaunching GVT sale or merger with Tim Brasil; Moelis could be advising - La Lettre de l'Expansion
- ZO1 GY : Zooplus 2Q Revenue Rises 28%; Raises 2014 Sales Outlook