Asian equity markets are somewhat cautious going into the critical final week of the month. As US earnings season ramps up to include more consumer discretionary and industrials heavyweights on top of what has been a fairly disappointing parade of tech results, investors are also cautious with high-profile FOMC and BOJ decisions on tap. While the Fed is merely expected to offer minor tweaks to acknowledge more benign economic data and appease the increasingly vocal minority of committee hawks, there is a real chance that the BOJ will add to policy easing. China concerns also remain on the forefront, particularly as worries about overextended credit conditions are starting to heat up. In FX majors, USD/JPY opened above 111.80 but retreated to 111.00 on risk-off flows. FT suggested that China's total debt has risen to a record 237% of GDP in Q1. This widely tops 148% figure entering 2008 as a precursor to the global financial crisis and the accompanying swoon in emerging markets. press reports speculated that PM Abe will in fact unveil an extra budget focusing on earthquake reconstruction to the current session of Parliament, with estimated amount seen at ¥300B.
Nikkei -0.74% Hang Seng -0.50% Shanghai -0.43%
Eur$1.1240 CNH 6.5128 CNY 6.5051 JPY 111.15 GBP 1.4445 CHF 0.9771 RUB 66.18 WTI$ 43.22 (-1.17%)
S&P-0.11% EuroStoxx +0.05% Dax +0.05% SMI +0.16%
Macro :
- Schaeuble Sees No Greece Debt Relief as Long as Debt Sustainable
- Germany Warns TTIP Talks With U.S. ‘Difficult’: Handelsblatt
- China's Ministry of Environmental Protection looks to release details of stricter vehicle emissions standards by year end - Nikkei
- KKR to Invest in Publicly Traded Japanese Companies: Nikkei
Keep an eye on :
- A2A IM : A2A bid to take over ACSM-AGAM runs into trouble - Il Sole 24 Ore
- ABBN VX : ABB CEO says Power Grids division evaluation proceeding to plan, no comment on potential buyers
- AC FP : Brussels Hotel Revenue Halved After Attacks, Le Soir Says
- AF FP : Emirates’ Antinori Says Declines Air France-KLM CEO Position
- BARC LN : Carlyle Backs Diamond’s Bid for Barclays’ Africa Business: Sky
- BPI PL : Angola Has Option of Removing BPI Voting Rights in BFA: Expresso
- BINCK NA : BinckBank 1Q Net Drops 80%; Investor Caution Cuts Revenue
- BA US : FAA Orders ‘Urgent’ 787 Repair After Engine Fails at 20,000 Feet
- CP US : Pershing Square Sells 4.1m Canadian Pacific Shares at $148.25
- CU FP : Club Med Opens Sanya Resort as Fosun Expands Operations
- 1COV GY : Covestro 1Q Adj. Ebitda Beats Estimate, Confirms 2016 Forecast
- DBK GY : Deutsche Bank Said to Bid for NAMA Properties: Irish Times
- DEDRL IT : SGS Says Leviathan Resources May Be 24% Below Estimates: Globes
- EDF FP : EDF to Sell $4.5 Billion of Shares to Bolster Balance Sheet
- EDF FP : Macron Says Hinkley Point May Be Confirmed in Sept.: JDD
- EDF FP : EDF CEO Says He’ll Consult Worker’s Committee on Hinkley Point
- EDN IM : Edison SpA Seeks Italian Partner, CEO Tells Corriere della Sera
- ERA FP : French Govt, Eramet in Talks to Bail Out SLN, JDD Says
- ERF FP : Eurofins 1Q Rev. Rises 48% to EU582m; Mid-Term Outlook Positive
- FCA IM : Jeep China 1Q Sales Rise 58% Y/y to 29,000 Units: Fiat Chrysler
- FOY FH : Finland Plans to Cut Stake in Finnair to Under 50%, HS Reports
- GPRO US : GoPro’s Woodman, Formerly Best Paid CEO, Got $805,217 in ’15
- HFISK NO : Havfisk 1Q Ebitda Rises to NOK95m; Sees 9 Vessels Opg in 2016
- HOF LN : Yuan Yafei May Sell House of Fraser, Sunday Times Reports
- INWI SS : Inwido 1Q Revenue Meets Estimates
- LSE LN : Shanghai-London Stock Connect to Be Announced in Sept.: HKEJ
- IAM FP : Maroc Telecom 1Q EBITDA MAD4,026m vs MAD4,214m Y/y
- NOVN VX : Novartis Wants to Sell Voting Stake in Roche: SonntagsZeitung
- NUM FP : Drahi to Sell Media Business, NextRadioTV Stake to SFR, JDD Says
- PHIA NA : Philips 1Q Adj. Ebita Rises, Confirms 2016 Outlook
- PHIA NA : Philips Lighting IPO Becoming More Likely as Mkts Improved
- PRU LN : Prudential Shortlisted for Bid of Dah Sing Life Arm: Apple Daily
- RNO FP : Renault Sees Need to Adapt to Stronger China Competition: AFP
- ROG VX : Novartis Wants to Sell Voting Stake in Roche: SonntagsZeitung
- SAB LN : SAB Buyout May Be Delayed by Black S. African Worker Deal: B.Day
- TIT IM : Telecom Italia may swap 25% stake in Sparkle for CdP stake in Metroweb - La Repubblica
- TNTE NA : TNT 1Q Adj Oper Proft EU9m; Still Sees FedEx Deal Closing in 1H
- TUI1 GY : Cinven Said to Be Leading Bidder for TUI Hotelbeds Booking Unit
- TUMI US : Germany's Cartel Office approves Samsonite merger; No assurance that merger will be completed with Tumi; currently expects that closing will occur in H2
- TWEKA NA : TKH Says 1Q Ebita Fell to EU31.2m vs EU36m; Repeats Forecast
- UCB BB : UCB 1Q Rev. Beats Ests; Confirms Outlook; 1Q Cimzia Sales EU283m
- VOLVB SS : Volvo Cars CEO Says Emissions Rules Need to Be More Realistic
- VOW3 GY : VW's Diesel Crisis Is Now a Global Threat: Edward Niedermeyer
- VOW3 GY : VW Brand Head ‘Very Satisfied’ With Brand Efficiency Plan
- VOW3 GY : Volkswagen Brand to Extend China Lineup to 10 SUVs, Diess Says
- YHOO US : Received over 10 bids in first round this week and plans to narrow down the second round bidders as soon as next week - press - plans to review the bids for its core internet assets that ranged from $4-8B this weekend and invite a smaller group of second round bidders in the coming days.
- ZOE US : Pershing Won’t Seek Reappointment of Doyle to Zoetis Board