Dow -0.27% S&P -0.17% Nasdaq -0.22% Russell -0.42%
US Market closed lower ahead of the United Kingdom's referendum vote regarding membership in the European Union. WTI crude finished its pit session lower by 1.3% ($49.12/bbl; -$0.65). Biotechnology outperformed in the health care space (+0.3%), evidenced by the 0.7% gain in the iShares Nasdaq Biotechnology ETF (IBB 256.56, +1.77). The ETF trimmed its monthly loss to 8.3% as the Medicare decision eased pressure regarding the group's drug-pricing. Volume were below average with 804mil shares. US After Hours APOG +8%, BBBY -5%, RHT -6% following earnings/guidance. Asian equity markets are mixed as traders hunker down for a whirlwind of volatility over the next 24 hours. UK voters are finally going to the polls to decide on the fate of UK's EU membership - polls will close and some early exit data will be available by about 17:00ET on Thursday. The 11th hour survey from both COMRES and YouGov are tilting in favor of the Stay camp - YouGov saw 51% for remain, 49% for leave (prior was 42% for remain, 44% for leave) and COMRES was 48% for remain, 42% for leave (prior 46% for 'Remain', 45% for 'Leave'). GBP/USD spiked up some 120pips above 1.4840 on the release - a 2016 high - while S&P futures rallied 10pts or 0.5%, and USD/JPY rose over 50pips toward ¥105. Early economic data for June out of Japan is showing few signs of recovery. Prelim manufacturing PMI edged up to 47.8 from 47.7 but remains in contraction for the 4th straight month.
Nikkei +0.78% Hang Seng +0.31% CSI -0.72% Shanghai -0.62%
Eur$ 1.1342 CNY 6.5863 JPY 104.67 GBP 1.4801 CHF 0.9587 RUB 64.3856 WTI$ 49.48 (+0.71%)
S&P +0.57% EuroStoxx +0.10% Dax +0.15% SMI +0.09%
Macro :
- Hedge Fund Partners Paul Marshall and Ian Wace Split by Brexit
- US to hike duties on Chinese steel to over 500% - FT
- G-7 Said to Issue Statement If U.K. Votes to Exit EU: Reuters
- A Bremain Win May Not Spark Sustained Equity Rally, HSBC Says
- Brexit No Longer Priced In After Bank Shares Rise: Credit Suisse
- Gundlach May Sell European Stocks on ‘Bremain’: Reuters
Keep an eye on :
- AC FP : Boscolo has Starwood as frontrunner to acquire stake - Milano Finanza daily edition
- AVV LN : Aveva unlikely to face Schneider reapproach in absence of board change
- AZN LN : Astrazeneca Says CDC Cmte Doesn’t Recommend Vaccine for 2016-17
- CWI AV : Conwert May Buy More Properties in Germany This Year: WiBlatt
- CSGN VX : U.S. Said to Probe Credit Suisse Israel Ops on Tax Issue: WSJ
- ENEL IM : Italy’s F2i to Exit Metroweb, Sell 53.8% Stake to Enel: MF
- LUN DC : Lundbeck’s Sabril Gets Reduced Burdens Under REMS Plan, FDA Says
- ORA FP : Orange CEO Says Co. Has A Lot to Exchange With Vivendi: Tribune
- ROTH FP : Rothschild FY Net Rises to EU232m, Boosted by U.K. Business Sale
- SAN FP : Sanofi Said to Consider Adding CVRs to Medivation Bid
- SIKA VX : Sika Says Most Shareholders Still Oppose St. Gobain Deal
- HOT US : Boscolo has Starwood as frontrunner to acquire stake - Milano Finanza daily edition
- TEL NO : Telenor CEO Expects More Consolidation in Nordic Region: DI
- VIV FP : Orange CEO Says Co. Has A Lot to Exchange With Vivendi: Tribune