Dow -0.42% S&P -0.36% Nasdaq -0.31% Russell -0.49%
US Market closed lower. A leg lower in oil futures and the weakness in the financial (-0.5%) and technology (-0.5%) groups added to the negative tone. The European Central Bank released its latest policy statement this morning, deciding to maintain its assets purchase program and its interest rate corridor. The decision was largely expected after the Bank of England stated earlier in the month that it was too early to assess the economic impact of the United Kingdom's exit from the European Union. However, ECB President Mario Draghi stated that the central bank is ready to act should the need arise. Materials (-0.6%), energy (-0.9%), and industrials (-1.0%) underperformed while the remaining decliners finished with losses between 0.3% (consumer staples) and 0.5% (technology). Conversely, health care (+0.4%) and utilities (+0.6%) finished above their flat lines. Volume were below average with 803mil shares. US after hours AMD +7.3%, SAM +3% on earnings/guidance... OLN -19.5%, SYK -4%, SBUX -3%, COF -3% on earnings/guidance. Asian equity markets are heading lower, tracking the first declining session in US indices in 10 days. Outside of the less dovish than expected commentary from BOJ Gov Kuroda overnight, there is still little to latch on to in terms of new macro oriented developments, but the US earnings season is ramping up steadily and results are increasingly more mixed. While tech and financials have been generally impressive, consumer discretionary stalwarts have hit a wall - Starbucks, Skechers, Chipotle, Pandora are all down afterhours on their results. On the earngins call, Starbucks CEO went as far as to cite deteriorating global conditions - terrorism, and Brexit included - as driving a cooling in consumer confidence. BOJ Gov Kuroda overnight reiterated that there is neither need, nor possibility of helicopter money in Japan, sending USD/JPY down by over 150pips back below 106. Li called for countries to maintain monetary stability and proactive fiscal policies as part of global economic recovery process. Li said economic structure is optimizing and economy is growing steadily despite continued downward pressure headwinds.
Nikkei -1.32% Hang Seng -0.50% CSI -0.55% Shanghai -0.67%
Eur$ 1.1025 CNH 6.6751 CNY 6.6693 JPY 105.82 GBP 1.3229 CHF 0.9854 RUB 64.3159
S&P -0.05% EuroStoxx -0.57% Dax -0.54% SMI -0.49%
Macro :
- Bank of Italy Said to Get at Least 3 Bids for Rescued Banks:Rtrs
- Apollo, Lone Star Said to Bid for 4 Italy Rescued Banks: Ansa
- LME Investigating Disruption on Electronic Trading: Reuters
- Italy Banks Need EU30b-EU100b; Sell Into Any Strength: Berenberg
Keep an eye on :
- AIR FP : Boeing Sees $2.1b 2Q Charge on 787, 747, Tanker
- CDA FP : Compagnie Des Alpes Confirms Talks to Sell Stake to Fosun: Echos
- DAI GY : Daimler Names Britta Seeger Board Member for Mercedes
- AM FP : Dassault Aviation 1H Sales Beats, Cuts Falcon Delivery Outlook
- EDEN FP : Edenred 1H Rev., Profit Beat Ests., Confirms Issue Vol. Outlook
- EDF FP : EDF Calls July 28 Board Meeting to Decide on U.K. Nuclear Units
- EDF FP : EDF Offices Said Visited by Market Regulator AMF: Le Monde
- EDP PL : EDP to Receive EU600m From Securitization of Tariff Deficit
- ENAV IM : Enav IPO Said to Price at EU3.30/Shr, FT Reports
- ENEL IM : Enel 1H Net Production Falls 8% to 128,178 GWh
- FAGR BB : Fagron Receives Claim of Up to $20m for Anazaohealth Purchase
- FINGB SS : Fingerprint 2Q Operating Profit Beats Ests.; Updates FY Outlook
- FRE GY : Pfizer’s Sale of Pumps to Fresenius Said to Stall on Valuation
- FDPA FP : Fonciere de Paris 1H EPS Falls to EU2.73
- GAM SM : Gamesa Awarded 7 Contracts to Provide Wind Turbines
- GFC FP : Gecina Says 1H Recurrent Net Rose 17%, Maintains FY Target
- HAV FP : Havas 1H Net Rises, Co. Confident of Meeting FY Targets
- IOC US : Exxon to Buy InterOil for $45/Shr Plus Contingent Payment
- LISP SW : Lindt 1H Organic Sales Miss, Earnings In Line, Berenberg Says
- MC FP : L Capital Asia to buy 7% stake in Clio Cosmetics for USD 50m
- MITRA BB : Mithra Gets FDA Nod for Estelle Phase III Clinical Trials
- NXI FP : Nexity 1H Net Rises, Co. Raises FY Operating Profit Target
- P US : Pandora Said to Rebuff $15/Shr Informal Offer from Liberty: DJ
- LIGHT NA : Philips Lighting 2Q Comp. Sales Growth -1.5%; Names CFO, CEO Says European Business Is Growing
- CFR VX : Cartier to Cut Prices in Japan by Avg. 10% From Aug. 5: Nikkei
- SBMO NA : FIL Limited Reports 3.02% SBM Offshore Stake, AFM Filing Shows
- SSABA SS : SSAB 2Q Sales Beat Ests.; Expects Stable Underlying Demand in 3Q
- SKAB SS : Skanska 2Q Operating Profit Tops Estimates, Says Brexit Has Not Yet Had Any Direct Impact
- UHR VX : Swatch CEO Says Watch Industry Isn’t in Crisis: Le Temps
- SYNN VX : Syngenta 1H Ebitda Misses Ests.; Confident on ChemChina Closing, Says Market Conditions ‘More Difficult’ in 2Q
- TFI FP : TF1 Reports 1H Net Loss on Euro 2016 Screening Costs
- HO FP : Thales 1H Revenue Beats Estimate; Forecast Confirmed
- TIE1V FH : Tieto 2Q Sales Misses Estimates, Profit Beats; Outlook Kept
- TOD IM : Tod’s 1H Total Sales, Constant FX Sales Results Beat Ests.
- VIV FP : Vivendi to Close German VOD Service Watchever: Les Echos
- VOW3 GY : Volkswagen Korea to Suspend Sales of Some VW, Audi Cars: Yonhap
- YNAP IM : Amazon Set to Unveil Italy Investment of ~EU500m: Reuters - http://reut.rs/2ahd0g4
- ZIL2 GY : Elringklinger Cuts 2016 Ebit Guidance, Reaffirms Revenue Range