Dow-3.58% S&P-3.93% Nasdaq-3.82% Russell-3.56% VIX 40.74 +45.34%
US Market closed lower after a very volatile day (open with 5.3% loss), Nasdaq opened with a 8.8% loss. Aisan & European market were lower on concern of economic growth. Comments from PBoC & new law on Pension Funds were not enough to change the sentiment. France's CAC, Germany's DAX, and UK's FTSE losing between 4.7% and 5.4%, extension of recent selling in the DAX resulted in the index widening its slide from record highs to 22.0%, representing bear market territory. CBOE Volatility Index (VIX 40.03, +12.00) did not produce any quotes during the first 30 minutes of the session, but once quotes resumed, the index soared past levels seen during the May 2010 flash crash. The VIX notched its high just below 53.50%, but retreated into the 40.00% area by the close. Energy was a heavy loser with creude tumbling 5.4% to $38.25/bbl Volume were way way above average @ 1.6bil shares. Asian equity markets are trading mixed Tuesday. It has been a very volatile trading session, with most markets opening sharply lower before recovering. There has been no specific driver behind the turnaround, although there is some thought it was a reflection of markets being previously oversold. Mainland Chinese markets opened with heavy losses and while off the lows, are still in negative territory. There have been no major updates regarding the announcement of fresh policy support measures. The Nikkei has turned higher with the yen weakening against the dollar. Abe adviser Hamada repeated his call for the BoJ to be ready to ease further. There was some attention to the agreement between North and South Korea, with the KOSPI swinging higher. The ASX 200 is outperforming the region, with the recovery being driven by a strong turnaround in the major banks.
Nikkei -1.94% HangSeng -0.69% Shanghai -5.83%
Eur$ 1.1570 JPY 118.98 GBP 1.5766 CNY 6.4101 RUB$ 70.69 WTI $38.83
S&P +0.98% EuroStoxx+1% Dax+1.45% SMI -0.32%
Macro :
- BlackRock Sees Europe Buying Opportunity as Share Rout Overdone
- DAX Is ‘Sharp Falling Knife’, Stay Away From It, SocGen Says
- Japan’s Aso Says China’s Policies Stirring Concerns in Markets
- Japan PM Abe's advisor Hamada: BOJ should consider extra easing if Yen currency rises sharply
- France’s Royal Says China Doesn’t Threaten French Recovery
Keep an eye on :
- AIR FP : Airbus Mulls Response to Losing Out On Japan Helicopter Deal: FT
- BP/ LN : BP Skips Iran Trip by U.K.’s Hammond on Sanctions Concern: FT
- BMPS IM : BMPS fails to secure written manifestations of interest from potential merger partners
- CVAL IM : Creval Considering Potential Merger With Other Bank: MF
- CARLB DC : Carlsberg to Cut Jobs, Reduce No. of Ex-Com Members: Berlingske
- CA FP : Carrefour Enters Talks to Buy Altarea Cogedim’s E-Commerce Unit
- FLU AV : Flughafen Wien Offers Up to EU63m for Malta Airport Stake
- LNZ AV : Lenzing 1H Ebitda EU126.5m vs EU91.9m
- LUX IM : Luxottica Co-CEOs Say Chinese Mkt Exposure Limited
- RSA LN ; RSA Shares Gain as Deadline for Zurich’s Bid Approaches
- SALM NO : SalMar 2Q Net Misses Estimates; Maintains 2015 Harvest Guidance
- TEF SM : Telefonica Brasil Says Buying Sky Would Be ’A Long Shot’: CFO
- TEL2B SS : Tele2’s New CEO Has No Divestment Plans, Dagens Industri Reports