Dow +0.46% S&P +0.29% Nasdaq +0.02% Russell +0.86%
US MARKET: US Sales Trading – SPX AND RUSSELL CLOSED AT RECORD, VOLUMES ELEVATED (up +15% vs 20day ave) ON EARNINGS: FOMC today, treasury sold off as 10y hit 2.32% (despite better demand in today's auction). Banks ripped on treasury's move. Miners best group on EPS and Copper move (FCX +14.7%, NEM +6.9%). Other sectors that rallied were mostly related to EPS, such as Steels (AKS +12.4%, ATI +11.5%), truckers (WERN +6.7%, SWFT +4.1%), restaurants (MCD +4.8%), Asset mgrs (TROW +3.4%). Upgrades in consumers led Dept Stores/Apparels (Deutsche's call). Laggards were Hospitals on HCA -4.5% earnings. Semi and Hard Drives hit as STX fell -16.5% on #s (weakest name on SPX). Pharms also down w/ LLY -3% leaning as sales of 'Humalog ' was weak. All eyes on FOMC and 52 more of SPX due to report TODAY. USAfter Hours IRBT +23%, AMD +11%, X +9%, TXN / T +3% higher following earnings/guidance, steel names higher, TTPH +26% on Phase 3 trial update... AKAM -7%, CHGG -6.3%, SFLY / WYNN -4%, AMGN / JNPR -2% lower following
ASIAN MARKETS – ARE MIXED. Mainland Chinese equities are weaker. The PBoC again made no net cash injection following its recent liquidity boost. Supply side reform has been a focus with mainland media noting debt-for-equity swaps will accelerate in H2. China's cabinet also flagged a greater private role in state-owned enterprise ownership. Yen weakness was cited for earlier Nikkei strength though the index has since come off its highs. There was little new in comments from the BoJ's Nakaso.
Nikkei +0.52% Hang Seng +0.17% CSI -0.50% Shanghai -0.06% Shenzen -0.43%
Eur$ 1.1638 CNH 6.7554 CNY 6.7558 JPY 111.91 GBP 1.3024 CHF 0.9530 RUB 59.8308 WTI$ 48.34 +0.94%
S&P -0.03% EuroStoxx -0.18% FTSE -0.07% Dax -0.13% SMI +0.05%
Macro :
- Belgian Government Agrees to Cut Corporate Income Tax Rate
- French Gov. Studies Limiting Telecom Operators VAT Gains: Canard
- EU Talks on Nord Stream 2 Mandate to Resume in Sept.: Official
- Macron’s Govt to End Current Domestic Financial Transaction Tax
Keep an eye on :
- A2A IM : A2A Says Received Notice of Precautionary Seizure of EPCG Stake
- AC FP : Accor Is Said to Have Bought Rest of Squarebreak: FT
- ADP FP : France Is Said to Study Privatization of Paris Airports: BFM
- AF FP : Air France Flight Attendants Accept Work Conditions Plan: AFP
- ATO FP : Atos Confirms FY Targets as 1H Net Rises 25%
- EN FP : French Gov. Studies Limiting Telecom Operators VAT Gains: Canard
- BMW GY : BMW Puts on Hold Daimler Talks Over New Projects: Sueddeutsche
- DAI GY : Daimler Second Quarter Ebit Misses Lowest Estimate, 2Q Ebit Rises to EU3.75b vs EU3.26b; Est. EU3.9b
- EDP FP : EDP Renovaveis First Half Net Income EU134 Mln, Says Maintains EU6.75 Per Share Offer for EDP Renovaveis
- EIT IM : EI Towers First Half Net Income EU28.9 Mln
- EUCAR FP : Europcar First Half Revenue EU1.03 Bln
- FNAC FP : Fnac Darty 1H Life-for-Like Sales Fall 2.4%; Net Loss Widens
- ILD FP : French Gov. Studies Limiting Telecom Operators VAT Gains: Canard
- KCO GY : Kloeckner 1H Ebitda Climbs 59% to EU140m, Holds FY Forecast
- LI FP : Klepierre Lifts Outlook for FY Cash Flow; 1H Revenue Rises 1.1%
- KPN NA : KPN Second Quarter Revenue From Continuing Operations EU1.63 Bln
- LHN VX : LafargeHolcim 2Q Adj. Oper. Ebitda Beats, Confirms 2017 Targets
- LONN VX : Lonza Sets 2022 Sales, Ebitda Targets After 1H Revenue Gains
- MMT FP : M6 First Half Net Income EU69.1 Mln M6 Aims to Outperform TV Advertising Market in 2H, Chairman Says
- ML FP : Michelin 1H Results Fail to Live Up to Optimism, Jefferies Says
- NOVN VX : Novartis Double-Upgraded at Morgan Stanley as Risks Recede
- ORA FP : French Gov. Studies Limiting Telecom Operators VAT Gains: Canard
- UG FP : PSA Raises Market Forecasts for Europe, Latin America, Russia
- SDRL NO : Seadrill Gets Bank, Bond Extension; In Talks on Recapitalization
- SFR FP : French Gov. Studies Limiting Telecom Operators VAT Gains: Canard
- SRG IM : Snam to Buy ITG, 7.3% in Adriatic LNG From Edison for EU225m
- GLE FP : Societe Generale Rules Out Combinations, CEO Tells Sole
- STM FP/IM : STMicroelectronics Second Quarter Revenue Beats Estimates
- SYNN VX : Syngenta Second Quarter Sales $3.21 Bln
- O2D GY : Telefonica Deutschland 2Q Sales Broadly in Line With Estimates
- TEF SM : Telefonica CEO Breaks With Past Ousting Predecessor’s Confidant
- HO FP : Thales 1H Net Falls 12% to EU336M; Confirms Targets
- UBI FP : Ubisoft Appeals Paris Court Ruling in Havas-BETC Dispute
- VALN SW : Valora First Half Ebit CHF34.7 Mln
- VOS GY : Vossloh Sees Full Year Ebit Margin 5.5% To 6%
- VOW3 GY : MAN to Start Testing Electric-Drive Trucks in Austria: BZ
- VOW3 gY : VW Superv’y Board Wasn’t Informed Properly, Minister Tells ffn
- WLN FP : Worldline First Half Net Income EU51 Mln
- WLN FP : Atos Unit Worldline to buy First Data Units for €73 million