Dow +0.16% S&P -0.11% Nasdaq -0.09% Russell -0.46%
US Market Closed Mixed with Dow higher & S&P, Nasdaq slighlty lower...Russell even more. FOMC minutes showed that many FOMC members see a rate hike "fairly soon if incoming information on the labor market and inflation was in line with or stronger than their current expectations." And while recent hotter than expected ISM Index, Nonfarm Payrolls, PPI, CPI, Retail Sales, Housing Starts, and Existing Home Sales readings met the rate hike prerequisite, the statement's vague "fairly soon" clause gives little indication as to the timeline of said rate hike. fed funds futures market now points to May as the most likely time for the next rate hike to be announced with an implied probability of 52.1%, up from 45.9% yesterday. The implied probability of a March rate hike increased to 22.1% from yesterday's 17.7%. TOL +6.1% on ern. Financials (+0.1%) and telecom services (+0.1%) closed in line with the consumer discretionary sector while technology (+0.2%), materials (+0.3%), and utilities (+0.4%) performed a bit better. Energy (-1.6%) led the five remaining sectors lower with Crude oil -1.4% @ $53.59/bbl. US After Hours SQ +9%, CTRP +5%, OCN +4%, HPQ +2%, TSLA +1.5% following earnings/guidance... TSRA -13.5%, LB -13% following earnings/guidance, ORIG -36.1% on earnings/financing update. Asia equity markets are modestly lower as investors digest the implications of the latest Fed policy minutes. Fed noted it may be appropriate to raise rates "fairly soon", while some members urged going at the upcoming meeting to give FOMC more flexibility. However, traders looked for a more concrete signal as March Fed funds futures probability remained below 20%, even as the odds for May has risen above 50%. The caveat is that May does not have an accompanying press conference while March does, and the Fed has never raised rates in a meeting when the Fed chair did not take the podium. USD weakened in US hours on release of the Fed minutes and remains under pressure in Asian session. Rate decisions from Brazil and South Korea were also on the docket today. Brazil was unanimous to cut for the 4th straight time by 75bps - in line with consensus. After yesterday's property price data from China, Commerce Ministry official said the govt will continue to stabilize housing market and also doing preparation to roll out a property tax, while planning to maintain differentiated curbs across the cities. Japan's pension fund GPIF had raised its holdings of short-term assets due to negative interest rates; Will switch to JGBs when rates rise
Nikkei -0.04% Hang Seng -0.41% CSI -0.77% Shanghai -0.63%
Eur$ 1.0555 CNH 6.8643 CNY 6.8778 JPY 113.25 GBP 1.2435 CHF 1.0106 RUB 57.9088 WTI$54.04 +0.82%
S&P -0.04% EuroStoxx +0.06% Dax -0.03% SMI -0.07% FTSE +0.07%
Macro :
- Don’t Rush to Buy VIX Calls Despite Low Volatility: Weeden
- Mnuchin Says Strong Dollar Reflects Confidence in Economy: WSJ
- FOMC Saw Risks That May Call for Different Policy Path: Minutes
Keep an eye on :
- ARL GY : Aareal Bank Raises Dividend, Sees Operating Profit Drop in 2017
- ADP FP : ADP Says Low-Cost Airline Traffic in Paris Grew 13.1% in 2016
- AF FP : Air France Flight Attendants Will Seek to Block New Airline
- CS FP : Axa 2016 Full-Year Net Income EU5.83B; Est. EU5.96B ,Axa Will Keep Developing JV With Monte Paschi: CFO Harlin
- BSLN SW : Basilea Takeover Speculation Lifts Shares on Wednesday: Reuters
- BKIA SM : Bankia Proposes 1-for-4 Reverse Stock Split
- EN FP : Bouygues Sees Improvement in Profitability in 2017
- CO FP : Cnova Filed to De-List From NASDAQ From March 3
- CMBN SW : Cembra Money Bank 2016 EPS Increases, Raises Dividend
- CNP FP : CNP Assurances FY Net Income EU1.2B; Est. EU1.12B
- DAI GY : Daimler to Increase Supervisory Board Member Pay by 20%: BZ
- DECB BB : Deceuninck Sees Further Growth; 2016 Adj. Ebitda Climbs 16%
- DL NA : Delta Lloyd 2016 Solvency Ratio at Lower End of Target Range
- DEXB BB : Dexia CET1 Ratio Drops to 16.2% After AFS Exemption Expires
- DIA SM : DIA 2016 Net EU174m, Misses EU180.2m Average Estimate
- DLG GY : Dialog Semiconductor Sees 1Q Rev. $255m to $285m
- DUE GY : Duerr 4Q Sales Fall 4% to EU965.1m, Order Intake Rises
- EDEN FP : Edenred FY Net EU180m; Est. EU185m
- EDF FP : EDF Said to Hire Santander for Fotosolar Sale: Economista
- EDP PL : EDP Renovaveis Sees Rise in Payment With Spain Regulatory Review
- FGR FP : Eiffage FY Net Jumps 33%; Forecasts Earnings Growth in 2017
- XOM US : Exxon Mobil Cuts Proved Reserves by 3.3B BOE on Oil Rout
- FIE GY : Fielmann Profit Beats Estimates as 2016 Market Share Set to Rise
- G IM : Generali Expects 28% of New Business From Asia by 2020: Il Sole
- HEIJM NA : Heijmans 2016 Underlying Operating Loss Increases to EU66m
- HEN3 GY : Henkel 4Q Adj. Ebit Beats Estimates; Expects 2017 Growth
- INGA NA : ING Belgium Said to Name Erik Van Den Eynden CEO: De Tijd/L’Echo
- IPS FP : Ipsos FY Net Income Climbs 15%; Posts Organic Revenue Growth
- JMT PL : Jeronimo Martins 2016 Net EU593m Vs. Est. EU607m
- KINVB SS : Kinnevik to Sell Half of Its Stake in Rocket Internet (6.60%)
- LUPE SS : Lundin Mining 4Q EPS Beats Highest Est.
- MBWS FP : Marie Brizard Signs China Distribution Accord With Cofco: Echos
- MAU FP : Maurel & Prom Estimates 2016 Total Loss of EU30m
- ORA FP : Orange 2016 Adj. Ebitda EU12.68B; Analyst Est. EU12.59B
- UG FP : May and PSA Have Desire to Protect Jobs at Vauxhall: Statement
- UG FP : France Says Backs PSA Plans to Buy GM’s European Business
- PM US : Philip Morris Boosts 2017 EPS Guidance; Shares Hit Session High
- DPW GY : Postbank Sees Income Gain From Account Management Fees: SZ
- PSM GY : ProSiebenSat.1 Sales Beat Estimates; Proposes EU1.9 Dividend
- RECIB SS : Recipharm 4Q Sales Beat Estimate, Ebitda Misses
- RNO FP : Carlos Ghosn Says He’ll Remain Renault Chief Executive Officer
- ROG VX : Roche Reports Death in ACE910 Study, EU Hemophilia Group Says
- RKET GY : Kinnevik Sold Rocket Internet Shares at EU19.25 a Share
- SIE GY : Siemens CEO Plans Holding Structure for Company: Handelsblatt
- S32 LN : South32 Proposed Buy of Peabody’s Metropolitan Hits Speed Bump
- SREN VX : Swiss RE 4Q Net Income $517M; Plans Up To CHF1B Share Buyback
- SYNN VX : Chemchina Extends Public Tender Offers for Syngenta to April 28
- TEG GY : TAG Immobilien FY Rental Rev. Beats Top Est., Lifts Forecasts
- TECH FP : Technicolor FY Sales Misses Ests., Sees Slide in 2017 Ebitda
- TEF SM : Telefonica 4Q Oibda EU3.2B; Est. EU3.3B
- TEF SM : Telefonica’s O2 Extends Entertainment Venue Sponsorship a Decade
- TEL NO : Telenor Says Transaction With Bharti Will Not Trigger Impairment
- TEN IM : Tenaris 2016 Capital Spending $787m; Est. $863.5m, Tenaris 4Q Has Modestly Positive Impact for Stock: Evercore ISI
- TSLA US : Tesla 4Q Adj. Loss/Share Narrower Than Est.; Shares Rise
- TKA GY : Thyssenkrupp Readies for EU Steel Consolidation: Handelsblatt
- TIF US : higher in after hours on Jana 13D, 4.9% passive stake
- UCB BB : UCB Sees 2017 Revenue at EU4.25b-EU4.35b, Below Estimates
- VRX US : Allergan CEO Says He Has ’No Interest’ in Buying Valeant
- VK FP : Vallourec Sees Signs of Recovery in Energy Industry Demand: FT
- VIE FP : Veolia FY Current Net EU610M; Div. EU0.80/Share
- DG FP : Vinci-Led Group Wins EU926m Paris Region Metro-Tunnel Contract
- VOD LN : SoftBank Denies It’s Looking for a Stake in Merged Vodafone-Idea
- WDH DC : William Demant FY Rev. Matches Est.; Sees Ebit Growth in 2017
- WOOD LN : Wood Group mulls acquisitions