US Market Closed yesterday for Memorial Day
China markets are building on impressive gains from the overnight session that took Shanghai Composite up by over 3% to fresh 7-year highs. Shanghai Composite was up nearly 1% late in the morning session, as Premier Li stated the economy is on track to achieve around 7% GDP target for 2015, with April and May data showing continued momentum. Broker names also remained strong despite some cautious sentiment in the press. An FT report noted that more than half of $9.5B in equity raised by brokers in Hong Kong will be used to finance more margin loans. Separately, a CSRC exec warned that brokerages need to strengthen management of higher-risk margin trading business. Hong Kong was still bid higher, with a local press report speculating the ) Shanghai-Hong Kong stock connect overall quota may be abolished.Australia's Fortescue Metals - the country's third largest iron ore producer - spiked up by over 10% on local press reports that China's Citic Group and Baosteel filed with the foreign investment authority to take a stake in the company
EUR/USD was once again in focus among USD majors, falling about 50pips to fresh 4-week lows below 1.0930. IMF chief economist Blanchard remarked the budget reforms proposed by Greece are not sufficient to achieve a budget surplus this year, and more "credible measures are needed to transform this into a surplus and maintain a surplus in the future..." Overnight, Greek govt spokesperson announced Athens is still seeking to have an agreement with creditors by end of May or early June period, and that the govt will attempt to make payments on loans as long as it can.
Nikkei +0.23% Hang Seng +1.23% Shanghai +1.24%
Eur$ 1.0935 JPY 121.88 GBP 1.5450 EURCHF 1.0358 RUB 50.03 CHF 0.9473
S&P -0.20% EuroStoxx -0.49% Dax-0.26% SMI-0.12%
Macro :
- Greece Has Not Much Time Left, ESM Head Klaus Regling Says: Bild
Keep an eye on :
- AERL LN : Irish Govt IAG/Aer Lingus Decision May Come Today: Independent
- AIR FP : Airbus DS France’s Auque Sees First Ariane 6 Flight 2020: Figaro
- ALO FP : Alstom Is in Talks to Raise Transmashholding Stake: Echos
- ALU FP : Alcatel Still Paying for 2002-2010 Errors, Combes Tells Figaro
- ALT NA : Altice seeks financing for Time Warner Cable bid: sources http://reut.rs/1IZXjoZ
- AREVA FP : Areva considering EUR 2bn offer made by EDF for reactor business – Le Figaro
- BSLN SW : Basilea subject of takeover speculation - Tagesanzeiger ( Closed yest.)
- BMPS IM : Paschi Shrs Rise 11%, Rights Fall 18% on 1st Day of Shr Sale
- BWO NO : BW Offshore 1Q Ebitda Declines, Declares 2c/shr 1Q Dividend
- BAER VX : Julius Baer Said to Possibly Face Lighter U.S. Penalty: WSJ
- NICE IT : Nice in Talks to Buy LivePerson for Up to $650m: Calcalist Link (LPSN US) +27.5% premium vs Friday close
- ORA FP : Cinven, CVC, Advent to Bid for Telecable Stake: Expansion
- OR FP : L’Oreal Doesn’t Plan to Bid for P&G’s Wella: Handelsblatt
- PC IM : Paulson & Co Owned 6% of Italy’s Pirelli as of May 15: Consob
- ROG VX : Roche Gets FDA Nod for Cobas Cdiff Clostridium Difficile Test
- RDSA LN : Shell’s Arctic Oil Reserves Unlikely to Produce Until 2030s: FT
- RYA LN : Ryanair FY15 Profit In Line, Sees FY16 Net EU940m-EU970m
- SYNN VX : Monsanto May Need to Offer Over CHF500/Shr for Syngenta: SamS
- VOD LN : Management being urged by key shareholders to accept $120B deal with Liberty Global - http://bit.ly/1F4LOGU & http://on.ft.com/1AsYQT5 (Closed Yest.)
- VOD LN : Vodafone Prepared to Outbid O2 Czech for Mobile Frequency: HN
- VOW3 GY : Lamborghini Said to Agree to Produce New SUV in Italy