Risk-off sentiment is heating up as S&P500 emini futures fell nearly 20 handles, USD/JPY came in by over 100 pips, and Gold rallied over $15 from Friday close. Political risk is the primary culprit as investors worry that GOP failure to get the healthcare bill across the finish line will dampen other pro-business reform agenda items for the Trump White House, namely tax reform and fiscal spending measures. Pundits suggest that the rift between POTUS and GOP congressional leadership may still widen, considering that Trump promised to lower individual middle class taxes and has remained ambivalent on border adjustment tax, while House Speaker Ryan and Ways and Means chair Brady view tax reform as a catalyst for growth and could prioritize tax cuts for the top 1% as well as considering border adjustment as essential. Nikkei225 is the worst peforming index, dragged down by stronger JPY weighing on exports. Dollar decline against EUR is also noteworthy, with single currency hitting a 3-month high, helped by constructive result for the European Union in German regional elections. Chancellor Merkel's CDU party took 41% of the vote in Saarland, up from 35% in 2012 elections and above 29.5% for SPD and 6% for euro-skeptic AfD.
Nikkei -1.55% Hang Seng -0.45% CSI -0.14% Shanghai +0.02%
Eur$ 1.0847 CNH 6.8524 CNY 6.8723 JPY 110.29 GBP 1.2529 CHF 0.9878 RUB 56.98 WTI$ 47.44 -1.10%
S&P -0.80% EuroStoxx -0.72% FTSE -0.62% DAX -0.63% SMI -0.57%
Macro :
- U.K. Said to Eye Law to Block Online Extremist Videos: Telegraph
- Trump Says Tax Reform Up Next, Warns Obamacare Will ‘Explode’
- Italy in Talks With EU Over 2018 Deficit Flexibility: La Stampa
- Iran Sanctions 15 U.S. Companies Over Human Rights Abuses: Mehr
- U.K.’s May to Give Details of Law Changes for Brexit: Telegraphmut
Keep an eye on :
- AIR FP : China’s C919 Passes Aviation Tests; Nears First Flight: Xinhua
- AKZA NA : PPG Fails to Get Meeting With Target Akzo During Dutch Trip
- AKZA NA : Akzo Nobel investor Elliott Advisors discloses 3.25% stake
- NDA GY : Aurubis Doesn’t Rule Out Large Takeovers, Euro am Sonntag Says
- BKIA SM : Bankia Wins Iberdrola Claim Relating to 2011 IPO: Expansion
- BMED IM : Market Concern on Banca Mediolanum Exaggerated, Citi Says
- BAYN GY : Monsanto India Says Unaware of Rejection of Bayer Deal by CCI
- BLVN LN : BowLeven Holder Crown Ocean Opposes ‘Fire-Sale’ of Company
- BT/A LN : BT’s Openreach Unit Fined GBP42m by U.K. Regulator
- CO FP : Casino intends to continue process to sell CBD's 43.3% stake in Via Varejo
- MPIO PL : Caixa Montepio’s Full-Year Loss Narrowed to EU80m, Expresso Says
- DAI GY : Daimler to Acquire 15% of Lei Shing Hong: Automobilwoche
- DBK GY : BOE Asks Deutsche Bank to Draw Up Plans for Co-Op Bank: S. Times
- DBK GY : Deutsche Bank to Sell Its Renewable Assets in Spain: Expansion
- EEFT US : MoneyGram Enters Confidentiality Pact With Euronet Worldwide
- EXO LN : Exova Confirms It Has Received a Cash Offer, Says in Talks
- FB US : U.K. Tells WhatsApp to Open Up to Intelligence Services
- GLPG NA : Galapagos wants to remain as stand-alone business
- GOOG US : Google Faces Demands for Ad Discounts After YouTube: FT
- HUR LN : Hurricane Energy makes oil discovery west of Shetland Islands, Find adds to series of wells that may be biggest beneath UK waters this century - FT
- ISP IM : Intesa Board to Weigh Plan to Divest EU15b of NPLs: Sole
- IG IM : Italgas CEO says interested in Gas Natural Italian assets
- LSCC US : Lattice Semi, Canyon Refile to Allow More Discussion With Cfius
- LIN GY : Praxair Named New Best Idea Long at Hedgeye on Linde Merger View
- LSE LN : LSE Investors Seek to Keep Xavier Rolet as CEO: Sunday Telegraph
- MC FP : TAG Heuer CEO Sees Swiss Watch Industry Improving in 2017: T-A
- MGI US : MoneyGram Enters Confidentiality Pact With Euronet Worldwide
- NYR BB : Och-Ziff Mgmt Europe Expands Nyrstar Short Position to 1.24%
- OCI NA : OCI Reports 2016 Profit; Year Revenue, Adj. Ebitda Fall
- OML LN : HNA Capital to Buy 25% Stake in Old Mutual’s OMAM for $446m
- PLT IM : Lactalis Owned 89.6% of Parmalat Shares After Buy-Out Offer
- CFR VX : Richemont’s Rupert Says China Situation Has Normalized: FuW
- SIE GY : Dong, Siemens May Sell Offshore Installer A2Sea, Berlingske Says
- SKY LN : Fox-Sky Deal Said to Stay With EU After U.K. Skips Deadline
- SN/ LN : Smiths Group may consider selling uncompetitive businesses
- SNAP US : Snap Shares Slip Ahead of Analyst Quiet Period Expiration
- TSCO LN : Tesco Said to Face ‘Large’ Fine as U.K. Probe Nears End: Sky
- TSLA US : Tesla to Start Taking Solar Roof Orders in April, Musk Says
- HO FP : Thales Canada In: Thales to sell identity management business to Imprimerie Nationale Group - 24.03.2017
- TCG LN : Thomas Cook Won’t Separate Condor, CEO Says: FAZ
- TOM2 NA : TomTom Options Volume at 2015 High With Stock at 10-Week Peak
- FP FP : Total Emerges From Oil Slump in Growth Mode, company has been restructuring and cutting costs. Now it’s cherry-picking productive projects from still-struggling rivals. - Barron's
- VOW3 GY : Volkswagen’s Internal Probe by Jones Day Has Ended, Bild Reports
- VOW3 GY : Volkswagen Diesel Probe by Jones Day Continues, Company Says
- WFT US : Weatherford Venture is ‘Innovative’ Move by Schlumberger: Piper
- ZURN VX :Zurich Sets Stage for $8.6 Billion Capital Increase, Sole Says