Dow +0.14% S&P +0.27% Nasdaq +0.14% Russell -0.33%
US market ended the Tuesday affair on a flat note as fears regarding a potential Brexit remained in focus. Yellen struck a cautious tone, stating that uncertainties persist in her economic outlook. Specifically, Chair Yellen cited that improvements in the labor market have slowed while global developments need to be monitored. The commentary fell largely in-line with market expectations, mirroring similar remarks from last Wednesday's post-FOMC press conference. commodity-sensitive energy (+1.1%) sector led telecom services (+0.7%), technology (+0.7%), and financials (+0.5%) while materials (-0.3%), health care (-0.3%), and consumer discretionary (-0.2%) ended in the back of the pack. Tech Outperformed with MSFT +2.2%. IBB -1.5%. U.S. Dollar Index (94.12, +0.51) gained 0.5% as the pound, euro, and yen lost ground to the greenback. The sterling lost 0.5% against the buck (1.4617) while the euro declined 0.6% (1.1250) against the dollar. Separately, the dollar gained 0.9% against the safe haven yen (104.86). The uptick in the dollar weighed on commodities as WTI crude finished its pit session lower by 0.3% ($49.77/bbl; -$0.15). Volume were below average at 831m shares. US After Hours : SCTY +23%, TSLA -11% following proposal by TSLA to acquire SCTY. Asia equities are in a holding pattern ahead of Thursday's Brexit vote. Latest poll of certain voters from ORB saw a slight gain in support for Remain - 54% vs 46% for leave (prior 53% for remain, 46% for leave). In China, Moody's warns of rising risks to financial system from banks' investment in loans. S&P chief economist endorses recent PM Abe decision not to raise consumption tax next year; Japan Finance Ministry signals it will not conduct unilateral FX intervention on Friday even if Leave camp in Brexit vote succeeds. GBP/USD was bid about 70pips toward 1.47, USD/JPY came in about 50pips below 104.40.
Nikkei -0.70% Hang Seng +0.40% CSI +0.30% Shanghai +0.27%
Eur$ 1.1257 CNH 6.5960 CNY 6.5879 JPY 104.59 GBP 1.4683 CHF 0.9620 RUB 63.8790
S&P +0.08% EuroStoxx +0.60% Dax +0.58% SMI +0.40%
Macro :
- E&Ps Have Limited Window to Change Their Strategy: Macquarie
- Brevan Howard Co-Founder James Vernon Said to Step Down as COO
- Yellen Offers Subtle Change to Inflation, Job-Market Outlook
- FTSE 100 to Fall 15%, FTSE 250 to Drop 20% in Case of Brexit: SG
- Cameron to Push Migration Reform If U.K. Votes Remain: Telegraph
- French Parliament Report Recommends Sugar-Drink Tax: Parisien
Keep an eye on :
- ADP FP : Paris Airports Seeing Fewer Visitors Because of Strikes: Tribune
- AF FP : Air France Pilot Unions Cancel June 24-27 Strike: AFP
- ALU FP : Alcatel-Lucent Names Olivier Durand as CEO, Replacing Camus
- COLR BB : Colruyt FY EPS, Rev. Narrowly Miss Ests.; Dividend Raised 12%
- DAI GY : Daimler Said to Plan Electric Car Brand: Handelsblatt
- DAI GY : Daimler Will Unveil E-Car With 500km Range Later This Yr: CEO
- DBK GY : Deutsche Bank and Work Council Near Deal on Branch Closures: FAZ
- FGR FP : Bought MDM in Germany (design and construction of noise protection systems, 20m revenues)
- ENEL IM : Enel Won’t Build Big Power Plants as Wind, Solar Get Competitive
- FDFA FP : Gecina Ads New Osra Component to Fonciere de Paris Offer
- ISP IM : Intesa Sanpaolo Sells Its Visa Europe Stake to Visa Inc.
- ITM IM : Italmobiliare to Subscribe HeidelbergCement Reserved Cap Hike
- LHN VX : Lafarge Paid Islamic State in Syria in 2013-2014, Le Monde Says
- MC FP : Qatar Fund Said to Ready Purchase of France’s Balmain: Rtrs
- MRL SM : Merlin Signs Integration With Metrovacesa to Create Rental Group
- NHH SM : NH Hotel CEO Gonzalez Not Re-Elected, Resigns From Board
- GLE FP : GIC Said in Talks to Sell $563m Paris Offices to SocGen
- SYNN VX : ChemChina Takeover of Syngenta Is ‘Concerning’: Senator Grassley
- TEF SM : Telefonica Said to Be Talking With Banks on Potential O2 IPO: FT
- TIT IM : Here’s How Oi’s $14 Billion Default Swaps Settlement Plays Out
- TNTE NA : FedEx to Report Express, TNT Results Separately in Fiscal 2017
- UBSG VX : UBS Warns of Thin FX Liquidity, Wider Spreads on Referendum Day
- DG FP : Vinci Names Executive Vice Presidents to Expand Outside Europe
- VOW3 GY : Volkswagen Says Brand Chief Diess Probed by Prosecutors
- VOW3 GY : VW Supervisory Board Members Split on Clearing Management: FAZ