Dow -0.10% S&P -0.05% Nasdaq +0.00% Russell +0.59%
Investors played a wait-and-see strategy ahead of the 'unveiling' of President Trump's tax reform plan on Tuesday afternoon, but then engaged in a little profit taking after the announcement provided little new information. The major averages settled just a tick below their unchanged marks. Treasury Secretary Steven Mnuchin and NEC Director Gary Cohn presented the core principles of President Trump's tax plan on Tuesday afternoon. The general framework, which revolves around making business rates more competitive, bringing back overseas profits to create jobs, simplifying the tax system, and lowering tax rates, is certainly encouraging for the stock market. However, the plan still lacks many details, most notable of which is how the GOP plans to pay for it. Only four sectors--consumer discretionary (+0.5%), health care (+0.5%), telecom services (+1.2%), and financials (unch)--finished in positive territory. However, outside of the real estate and consumer discretionary groups, the laggards finished with losses of no more than 0.4%. US After Hours TER +11%, UCTT +10%, MKSI +7.5%, INTU +7%, PYPL +6%, NOW / XLNX +5% higher on earnings/guidance, WTW +6% on CEO news... MLNX -11%, FFIV -8%, AMGN -3%, ORLY -2% lower following earnings/guidance. Asian equity markets are mixed as investors digest the news out of Washington, as Trump administration has clearly shifted into a higher gear on policy.FX market activity was more volatile on the US policy developments. USD/JPY was little changed in the wake of more upbeat BOJ policy announcement, trading around 111.20. BOJ maintained its yield curve control at 0.0% on the 10-yr JGB yield and -0.1% rate on IOER, but raised its forward GDP estimates for the current year from 1.5% to 1.6% and next year from 1.1% to 1.3%. BOJ also expressed some concerns over slow progress on inflation front, cutting FY17 CPI view from 1.5% to 1.4%.
Nikkei -0.20% Hang Seng +0.23% CSI -0.27% Shanghai +0.03%
Eur$ 1.0903 CNH 6.9023 CNY 6.8970 JPY 111.24 GBP 1.2869 CHF 0.9936 RUB 56.8786
S&P +0.06% EuroStoxx -0.34$ Dax -0.31% FTSE -0.46% SMI -0.42%
Macro :
- Trump Close to Notifying on Intent to Leave NAFTA: Wash Post
- Aluminum Stocks Higher on Report of U.S. Probe on Imports
Keep an eye on :
- AIR FP : Airbus Rejects Accusations in Austria Probe Involving CEO Enders
- AIR FP : Airbus 1Q Rev. EU13.0b
- AKZA NA : BASF Said to Prefer Crop Chemical Deals Over Akzo Nobel Unit Bid
- AZA IM : Alitalia May Get Lufthansa Interest After Bankruptcy: Corriere
- ALT FP : ALTRAN 1Q Rev. EU591m
- ATE FP : Alten 1Q Revenue Rises 18%; Co. Repeats Outlook for FY Growth
- BAS GY : BASF 1Q Sales Beat Highest Estimate
- BAS GY : BASF Said to Prefer Crop Chemical Deals Over Akzo Nobel Unit Bid
- BAYN GY : Bayer FY Rev. View Tops Est., Bayer Raises Outlook for 2017, Driven by Covestro
- BAYN GY : Bayer Supervisory Board Extends CFO Dietsch Contract to 2018
- BBVA SM : BBVA 1Q Net Income Beats Est.
- BME SM : BME 1Q Net Income Misses Est.
- CLN VX : Clariant 1Q Profit Beats Estimates, Confirms Mid-Term Targets
- CPFA FP : Coface Profit Drops; Co. Repeats Outlook for FY Net Loss Ratio
- COMH SS : Kinnevik: Kinnevik acquires 18.5% in Com Hem, Kinnevik cash consideration SK110/shr for Com Hem shares
- DBK GY : Deutsche Bank 1Q Pretax Beats Est.
- DB1 GY : Deutsche Boerse Board Plans Share Buyback of Abt EU200 Million
- EDP PL : EDP Renovaveis: EDP Bid Is Adequate, Might Not Reflect Potential
- FDR FP : Fonciere des Regions 1Q Rental Inc. Rises 4%; Outlook Confirmed
- FUM1V FH : Fortum expected to continue acquisitions even after Hafslund deal
- GFC FP : Gecina 1Q Like-for-like Rental +1%
- G IM : Generali Faces 90% Loss on EU300m Alitalia Bond Bet From 2015
- HAV FP : Havas 1Q Revenue EU519m; Sees FY17 Organic Growth 2%-3%
- RMS FP : Birinyi Says Hermes Is Stock-Buying Opportunity; Sold Kering
- HUH1V FH : Huhtamaki 1Q Sales Beat Ests. as Co. Prepares Investment Spree
- ING FP : Ingenico Posts 1Q Revenue of EU594M
- KER FP : Birinyi Says Hermes Is Stock-Buying Opportunity; Sold Kering
- KGX GY : Kion Sees FY Rev. EU7.5b-EU7.95b
- KRN GY : Krones 1Q Rev. EU899.4m
- KU2 GY : Kuka Expects High Demand in 2017 FY on Strong Robot Demand
- LI FP : Klepierre 1Q Rev. EU321m
- LHA GY : Lufthansa Posts EU25m 1Q Adjusted Ebit Versus Loss of EU53m
- LUPE SS : Lundin Mining 1Q Rev. Misses Est.
- NOKIA FH : Nokia 1Q Sales, Profit Beat Estimates; CEO Sees Better Momentum
- NYR BB : Nyrstar Adds EU100m to Commodity Trade Finance Facility’s Limit
- ORA FP : Orange 1Q Adj. Ebitda EU2.6B, Up 2%; Revenue Rises 0.8%
- ORA FP : Orange Can Consider New Commercial Partnerships With Canal+: CFO
- ROG VX : Roche 1Q Sales Beat Est.; Leaves Outlook Unchanged
- SGO FP : Saint-Gobain Reiterates Targets Amid Gradual France Improvement
- WAF GY : Siltronic Sees FY Rev. EU1.06b
- STM FP : STMicroelectronics 1Q Rev. Misses Est.
- SUN SW : Sulzer 1Q Orders Increase 2% Organically; Confirms FY Guidance
- SY1 GY : Symrise Cut to Hold at Bankhaus Lampe, PT EU68
- TNET BB : Telenet 1Q Adj. Ebitda Beats Est.
- TEN IM : Tenaris 1Q EPS Beats Highest Est.
- FTI FP : TechnipFMC 1Q Adj. EPS Cont. Ops. Beats Highest Est.
- FR FP : Valeo 1Q Sales Jump 22%; Co. Confirms FY 2017 Targets --> Valeo Clear Beat, Upgrades Likely, Says Exane
- VK FP : Vallourec First-Quarter Revenue EU783M; Est. EU804M
- VIE FP : Veolia Raided in Favoritism Probe Over Marseille Water Contract
- VIV FP : Orange Can Consider New Commercial Partnerships With Canal+: CFO
- VOW3 GY : VW Said to Consider Selling Ducati Brand in Wake of Asset Review, Could Fetch EU1.5b in Sale: Reuters
- VOS GY : Vossloh 1Q Rev. EU224.3m
- WCH GY : Wacker Chemie 1Q Sales Rise 8% to EU1.22b; Revises FY View
- YAR NO : Agrium/Potash Third Party Said to Plan Complaint: DealReporter