US Market closed lower with Nasdaq -1% after a strong week, quadruple witching and index rebalancing helped volatility & volume...VIX @ 15 +3,31%...Semi lead the move on the thech sector...China flash manufacturing PMI - unencumbered by the seasonal distortion of the Lunar New Year - slid even further, hitting an 8-month low and its 3rd consecutive contraction. And yet in spite of the disappointment and the initial move lower, China equities bounced higher. Investors' focus appears to be on the accompanying commentary from HSBC chief economist stating he expects
"Beijing to launch a series of policy measures to stabilize growth...An influential PM Abe
adviser Hamada called for an agrressive central bank response to anticipated headwinds from higher sales tax, noting that "if statistics such as spending data show weakness after the tax increase, then the BoJ should act quickly t
implement more powerful monetary policy."...Nikkei +1.77%...HS+1.59%...Shanghai +0.78%
Eur$ 1.3796 S&P FUt +0.28% European fut -0.63%
Macro
- HSBC China March Flash Manufacturing PMI 48.1; Est 48.7
- According to a statement from Kremlin, Russia Pres Putin and German Chancellor Merkel held phone talks; Both said to be satisfied with agreement on OSCE mission to Ukraine
- Quarterly survey of Japanese CEOs predicts a small impact from the consumption tax increase going into effect April 1st - Nikkei
- Italy Weighing New Privatization Plans, Asset Sales, Padoan Says
- EU May Start Tax-Haven Proceedings Against Countries, WiWo Says (Belgium, Ireland, Luxembourg & Neth. corporate)
Keep an eye on :
- AB1 GY : Air Berlin Plc To delist its shares as Abu Dhabi-based Etihad Airways raises stake to 49.9% from current 30% - WirtschaftsWoche
- AAPL US : Apple Inc Said to be considering launching an Android music app in the face of declining music downloads on iTunes - Billboard
- AZ IM : Etihad pushing for Air Berlin/Alitalia merger - ARD
- BG/ LN : UK's big six energy firms could face threat of break-up this week
- EN FP : Bouygues Wants Vivendi to Halt Numericable Talks on SFR: Echos
- CABK SM : CaixaBank Puts EU1.1B in Unpaid Loans on Sale, Expansion Says
- CRH LN : CRH may sell 25% stake in Mashav (Israeli cement group) - Irish Independant
- DXNS LN : Dixons Retail plc Dixons, Carphone to request extension for merger negotiations to May
- EDF FP : UK's big six energy firms could face threat of break-up this week - UK press (British Gas, EDF Energy, Eon, Npower, Scottish Power and SSE)
- GSK LN : Glaxo's `Generous' Cash Returns May Not Be Sustainable: UBS
- HAV FP : Y.Bollore said no plan to merge with Vivendi
- IND IM : Indesit may attract binding offer from Whirlpool
- LOE GY : Loewe AG Enters into agreement to be acquired by Stargate Capital; financial details not disclosed
- MEF IM : Meridiana attracts interest of Qatar Airways
- NUM FP : CDC’s Jouyet Says France Only Needs 3 Mobile Carriers: Figaro
- ORA FP : French Mobile Market Needs Strong Players, Richard Tells Echos
- Patek Philippe : Patek Philippe Says Taxes May Drive It From Geneva: Le Temps
- SL/ LN : Standard Life May Bid GBP400m for Ignis Asset Management: Times
- FP FP : Total CEO Says Russian Sanctions Probably Won’t Hurt Co.: CNBC
- TLX GY : Talanx 2013 Net Income Beats; Sticks to Outlook
- UNA NA : Unilever plc Several firms said to be mulling bids for Ragu unit
- VIV FP : SFR: Shareholder group presses Vivendi to make public Bouygues offer
- VOLVB SS : Volvo to Target Audi in Push for German Share, Handelsblatt Says
- VOLVB SS : Volvo Cars Plans to Revive Vehicle Sales in U.S., CEO Tells FT