US Market closed higher helped by Blue Chips. Equity indices climbed out of the gate thanks to early strength among the four countercyclical sectors. Despite the early outperformance, the defensively-oriented sectors ended below their opening highs, while the six cyclical groups were mixed. Financials (+1.1%) and technology (+0.5%) contributed to the modest advance, while other heavily-weighted groups like consumer discretionary (-0.1%), industrials (unch), and energy (unch) kept the market from going on a bigger run. Volume were below average @ 550mil shares...VIX @ 11,74 -0,4%..After Hours : TFM +8.4%, GME +6.5%, CRM +2.1%, GPS +1.2%, ARO -7.2%, INTU -1.3% following earnings/guidance... Hawkish dissenter Plosser spoke after the US market close, expressing concern that monetary policy is not reacting to changing data, warning Fed would have to move faster if it waits too long, and also noting wage inflation is too lagging to determine monetary policy...Quiet trading in Asia ahead of Jackson Hole today...China : Yest. Flash PMI put a pause in mkt momentum, After this number Barclays talking of two interest rate cuts by the PBoC in H2. UBS wrote that "even with additional policy easing including cuts in mortgage down payment requirement and rates, we see property sales and starts declining further in 2015 and GDP growth slowing to 6.8%".
--> Jackson Hole Symp. : Yellen speaks at 10amET, while ECB's Draghi - unlikely to be "outdove" - is scheduled to appear at 2:30pmET
Eur$ 1.3289 S&P +0.06% SX5E -0.10% FTSE +0.06% DAX -0.05% SMI -0.16%
Macro
- Fed's Plosser (hawk, FOMC voter and recent dissenter): Main concern is that monetary policy is not reaching to changing data - CNBC interview
Keep an eye on :
- AIR FP : Airbus CEO Enders Buys 11,000 Company Shares: Regulatory Filing
- BNP FP : BNP Paribas Invited to Bid for Role as Adviser to BES Successor
- HAV FP : Havas: Agility is Better than Scale - WSJ
- MAERSKB DC : Maersk Oil Reduces Some Exploration in Mexico Gulf: Berlingske
- NOK1V FH : Nokia's share gains on Here sale speculation - Kauppalehti Online
- OMV AV : OMV's Gas Restructuring May Take a Year, Roiss Tells WiBlatt
- RWE GY : Germany to Approve RWE Unit Sale to Russian Investor: Reuters
- SAP GY : SAP May Move After Salesforce Sees EPS Above Estimates
- SFZN SW : Siegfried 1H Ebit 16.6m Swiss Francs vs 15.6m Swiss Francs
- SN/ LN : Speculation Stryker will come back with a bid in November
- SOW GY : Software Names Duffaut Chief Customer Officer on Executive Board
- TAMN SW : Tamedia 1H Net Income From Cont. Ops CHF 59.4m Vs CHF 54.8m, Acquires 20.4% Stake in Financial Advisory Co
- UBSN SW : UBS Sets Up Danish Wealth Management Unit, Borsen Reports
- VIV FP : Telecom Italia offer for GVT to be one-third cash and two-thirds shares - Italian Press
- VOD LN : Moved higher on speculative rumors coming back, AT&T, China Mobile, mentionned >300p
- ZKAN SW : Zuercher Kantonalbank 1H Profit Falls 15%; Confirms Forecast