Dow -1.14% S&P -1.24% Nasdaq -1.83% Russell -2.71%
US Market Closed lower. Financial -2.90%, The reversal of fortune had its roots in the inverse relationship between the yield curve and the banks. The former is flattening in a contradiction of the pro-growth narrative that has driven the stock market to record highs in the post-election period; meanwhile, the banks are getting flattened as investors re-think the high earnings expectations related to a widening yield spread that have driven many bank stocks sharply higher since the election. cyclical sectors absorbed the worst of the selling pressure with the consumer discretionary, industrials, materials, and technology sectors closing lower between 1.2% and 1.7%. Countercyclical groups outperformed amid the day's risk-off sentiment with the rate-sensitive utilities sector (+1.4%) closing atop the day's leaderboard. US After Hours DLTH +19% and FDX +2% following earnings/guidance, BEBE +9% rebounding... NKE -3.8% following earnings. Asian equity markets are down significantly, tracking the biggest loss of the year on Wall St where political risk has become increasingly amplified. Nikkei225 is the worst performing index in Asia, with added headwinds from overall decline in USD boosting JPY, as Financials is also the worst segment in Japan. conomic data centered around Japan, where Feb Trade Balance recovered from last month's multi-month lows.
Nikkei -2.13% Hang Seng -1.30% CSI -0.47% Shanghai -0.50%
Eur$ 1.0803 CNH 6.8658 CNY 6.8845 JPY 111.48 GBP 1.2479 CHF 0.9927 RUB 575822 WTI$ 48.02 -0.46%
S&P -0.23% EuroStoxx -0.33% Dax -0.60% SMI -0.52% FTSE -0.52%
Macro :
- Oil Closes at Lowest Since November as U.S. Supply Seen Rising
- Lazard Sees Risk for Europe Banks as Rules Ease for U.S. Rivals
Keep an eye on :
- ADS GY : Nike 3Q EPS Beats Highest Est., Nike Falls After Revenue and Gross Margin Miss Estimates
- ATC NA : Altice CEO: Sees Ad Sales at Several Billion Euros in Few Years
- BAYN GY : Bayer Seen Notifying EC on Monsanto in Mid-April: CTFN
- BMW GY : BMW Aims to Sell 100,000 Electrified Vehicles in 2017
- CAI AV : CA Immobilien FY FFO I of EU91.7m 14% Above Previous Year
- AFX GY : Carl Zeiss Meditec Will Increase Share Capital by Up to 10%, Carl Zeiss Raises Around EU317m in Capital Increase
- CSGN VX : Credit Suisse Old Liabilities to Drop Significantly by 2018: FuW
- CSGN VX : Credit Suisse May Move ~1k Jobs to N.C.: Triangle Biz Journal
- DELB BB : Delhaize Belgium Reaches Deal to Halt Brussels Walkouts: Belga
- DDC US : Dominion Diamond Should Start Sales Process, M&G Tells Reuters
- EI FP : Gucci Owner Partners With Cartier in Luxury Eyewear Union (1)
- FCA IM : French Prosecutor Said to Open Probe on Fiat Emissions: Reuters
- GTO NA : Gemalto ‘Dead Money’ for Some Time After Warning, Natixis Says
- RMS FP : Hermes 2016 Net Income Matches Estimate; Outlook Confirmed
- KER FP : Cartier Owner Richemont to Buy Minority Stake in Kering Eyewear
- KU2 GY : Kuka Sees 2017 Sales Rev of Around EU3.1b, Proposes EU0.50 Div.
- SKB GY : Koenig & Bauer Sees 2017 Rev. as Much as EU1.25b
- MAERSKB DC : Maersk, Hapag Subpoenaed Last Week in Price-Fixing Probe: WSJ
- ORA FP : Orange in Exclusive Deal for HBO Content in France: CEO
- PLT IM : Lactalis Failure Indicates Parmalat Offer Price Too Low: Amber, Lactalis Fails to Reach 90% of Parmalat as Buyout Offer Ends
- PLT IM : Lactalis Reopens Offer Period for Parmalat for March 29-April 4
- RBI AV : Immigon Sells Up to 9.92m Raiffeisen Shares, 3% of Capital, Orders Below EU21 Likely to Miss: Terms
- CFR VX : Cartier Owner Richemont to Buy Minority Stake in Kering Eyewear
- SAN FP : Sanofi Sues Amgen Over Eczema Drug in Preemptive Patent Case
- TMG NA : De Mol Loses Court Case Push in Takeover Fight for Telegraaf
- UBG VX : UBS Applies Deposit Charge to Cash Balances Over 1 Million Euros