US Market closed lower - before Jackson hole. ). Volumes still weak (down -14% vs 20day ave). Refiners best subgroup due to Hurricane Harvey (crack spreads). Biotechs higher and led by INTRA-CELLULAR THERAPIES (upped at JMP). Focus all on Retail and better EPS (GES +19%, ANF +17%, SIG +16.7%, etc). Great day for group (Apparels and Dept Stores all higher). Rates a mini bounce into Yellen and Banks bounced a bit. Autos grind higher and once again led by FIAT (at record and more spin-off chatter). Airlines hit on competition headlines (group broken). TRAN struggled. Food drilled after AMAZN/WAL MART deal goes thru and PRICE CUTS ANNOUNCED. Lastly homebuilders struggled as Existing Home Sales were weaker. The Nikkei has logged modest gains with the dollar-yen nearing a one-week high. Japanese inflationary pressures remain benign with July CPI rising in-line with expectations. With the 10Y JGB yield approaching 0.01%, the BoJ reduced its purchases of 5-10Y government securities. Chinese markets are outperforming the region. The PBoC drained a net CNY130bn via open market operations, resulting in a CNY330bn drain for the week. The PBoC said liquidity was appropriate, citing fiscal spending and Treasury deposits it made on Thursday. Elsewhere, the big banks are weighing on the ASX while Qantas has rallied after accompanying its profit result with a share buyback
Nikkei +0.57% Hang Seng +1.09% CSI +1.41% Shanghai +1.56%
Eur$ 1.1792 CNH 6.6607 CNY 6.6641 JPY 109.63 GBP 1.2807 CHF 0.9652 RUB 59.1982 WTI$ 47384 +0.86%
S&P +0.07% EuroStoxx +0.15% FTSE -0.10% DAX +0.19% SMI +0.025
Macro :
- U.S. Equity Funds See Longest Run of Outflows Since 2004: BofAML
- Draghi Has Reason to Tone Down the Drama in Jackson Hole Sequel
- German Spending Puts Economy on Track for Best Year Since 2011
Keep an eye on :
- ADS GY : Adidas CEO Sees Record Yr, Says Growth Dynamic Could Change: FAZ
- AIR FP : Airbus Could Replace BT in Stoxx Europe 50 Index, SocGen Says
- NDA GY : Aurubis Seeks Purchases for Up to 3-Times Ebitda: Boerse Online
- IBE SM : Iberdrola Says Operation Has EU480M Impact on 2017 Earnings
- NVA LN : Axis Capital Offers 715p/Shr for Novae Group
- PSM GY : ProSiebenSat.1 Eyes Options for E-Commerce Business: Manager Mag
- SAZ GY : Stada Ex-CEO is Said to Have Sold Ladival Rights in Secret:WiWo
- SAZ GY : Stada Entering Into Talks Domination, Loss Pooling With Nidda
- SNH GY : Steinhoff Rejects Reports of Investigation, Searches
- SWECB SS : Sweco Acquires Belgian Building Consultancy Snoeck & Partners
- TIT IM : Italy Govt Mulls Forcing Vivendi to Sell TI Sparkle: Corriere
- VIV FP : Spotify, Warner Music Group Renew Global Partnership
- VIV FP : Italy Govt Mulls Forcing Vivendi to Sell TI Sparkle: Corriere
- VOW3 GY : Audi Board Is Said to Meet Monday for Management Reshuffle: Rtrs