Dow +0.34% S&P +0.44% Nasdaq +0.69% Russel+0.06%
US Market Closed higher for a 6th day in a row. OPEC and non-OPEC nations agreed to "extend their production adjustments, which originally started 1 January 2017, for a further period of nine months, beginning 1 July 2017." However, the OPEC/non-OPEC nations will not be increasing the size of the supply cut. The latter headline was somewhat disappointing for investors since the Kuwaiti Oil Minister said just yesterday that "all options are still open", including deeper output cuts. WTI crude tumbled 4.8% to $48.87/bbl after testing 2weeks high at $52. Energy & Materials closed in -ve territory but the nine remaining groups finished in the green with gains between 0.2% and 0.9%. The consumer discretionary (+0.9%) and technology (+0.8%) sectors were the top-performers while the financial space (+0.2%) lagged. US after hours DECK +13.5%, VEEV / ULTA +4%, COST +2% following earnings/guidance, MTDR +4% on S&P MidCap 400 addition news... ZOES -10.8%, GME -6.9%, SPLK -5.5%, MRVL -2.6% lower on earnings/guidance. Asian mkt are mixed with crude oil selloff, outweighing support from US equity strength. Japan also underpressure because of Stronger JPY. reported China protest against US naval exercise yesterday, marking re-escalation in South China Sea tensions. Chinese officials warned this would prompt further military build-up and warned of risk of "accidents" at sea and air. Think-tank said Beijing feels they are doing all they can with North Korea and US should not expect much more. On data, Japan April core CPI inflation rate accelerated to two-year high, though ex-energy series still flat.
Nikkei -0.49% Hang Seng -0.05% CSI -0.25% Shanghai +0.04%
Eur$ 1.1201 CNH 6.8435 CNY 6.8584 JPY 111.43 GBP 1.2879 CHF 0.9737 RUB 56.7332 WTI$ 48.57 -0.72%
S&P -0.08% EuroStoxx -0.17% Dax -0.16% FTSE +0.05% SMI0-0.03%
Macro :
- Macron’s Party to Win Absolute Majority in Parl. Vote: Poll
- Kushner a Focus in FBI’s Russia Investigation: Wash Post
- Sterling Bulls Could Face a Long Cold Summer: Macro View
- EU Said to Offer Post-Brexit Rights to U.K. Nationals: Reuters
- FUND FLOWS - Equity fund outflows of $10.1bn in w/e 24-May vs outflows of $1.2bn in w/e 17-May. Fourth straight week of outflows and second largest of the year. European stock funds saw inflows of $587m, 13th straight week of inflows. Emerging market stock funds saw inflows of $1.1bn. Taxable bond funds saw inflows of $2.4bn, 10th straight week of inflows. US-based corporate bond funds saw inflows of $2.1bn
Keep an eye on :
- ABE SM : Abertis bidder Atlantia said to have initial commitments from up to 8% shareholders
- ABN NA : ABN Amro Names Wood Head of Asia Financial Institution Group
- AAPL US : IPhone 8 to Have Three Major Changes in Design: Eco. Daily News
- BLT LN : Hedge fund Elliott Management puts spotlight on the future of the mining giant’s struggling U.S. energy business - WSJ
- BVIC LN : PepsiCo to Exit Britvic Stake; Says Won’t Affect Relationship --> Pepsi sells 11.8mil shares @ 695p/share
- DAI GY : German Prosecutors Probe Bosch Staff in Daimler Emissions: HB
- HEI GY : Heidelbergcement India Gains After 4Q Profit Beats Estimates
- LUPE SS : Statoil Sells Stake in Lundin Spinoff International Petroleum
- RNO FP : GSR Said to Near $1 Billion Deal for Nissan Battery Venture
- RBS LN : RBS Settlement Talks Fail to Progress, Next Update on May 30
- RBOS GY : Bosch Linked to Diesel-Cheating Claims Against Fourth Automaker
- SAF FP : TCI Says It Still Intends to Vote Against Safran-Zodiac Deal
- STL NO : Statoil Sells Stake in Lundin Spinoff International Petroleum
- UCG IM : UniCredit: Accord to Quicken Sale of Foreclosed Property Assets