>>> What to look at today - 27th of May 2015

Dow-1.04% S&P-1.02% Nasdaq-1.11% Russell-1.05%
US Market Closed lower, S&P Tested its 50d MA & Hold it, few catalysts pushed the market lower, better us numbers pushing for FED move, Euro Weakness, Greek crisis. Volume were above average @ 792mil. shares. telecom services (-0.4%), consumer staples (-0.7%), and utilities (-0.7%), although the consumer discretionary sector (-0.6%) was one cyclical sector that held up reasonably well. VIX picked up @ 14.06 +16%...US After Hours EHIC +6.6%, TIVO +4.7%, NMBL +2.0%, VNET -9.9%, WDAY -7.7% following earnings/guidance. Shanghai Composite swung in a 100 point range around 4,900 in the morning session but settled up 0.2% going into the break. Some traders had reportedly expressed concerns over the sustainability of the sharp rally on the mainland fuelled by margin debt after a couple of key local brokers raised their margin requirements. The case for expectation of further aggressive PBoC easing were also dented by Stats Bureau.HSBC cut China 2015 GDP target to 7.1% from 7.3% and raised the expected interest rate easing forecast from 25bps to 50 bps. In Japan, Chief cabinet Sec Suga reiterated excessive volatility in FX is not desirable, but the pace of Yen weakness does not yet justify much concern. BOJ Dep Gov Iwata also offered some upbeat remarks on the economy, BOJ minutes from Apr 30th meeting unveiled today saw many members express confidence that easing will persist until 2% inflation is target. Note that meeting featured the formal revision of achieving 2% inflation target at a later date of H1 of 2016. Fed chair Yellen announced she would skip the Jackson Hole summit in August without providing a reason, but may attend the high profile meeting in future years. Note that her predecessor Bernanke had attended the summit every year until the year of his announced retirement. Fed hawk Lacker said it was clear that inflation is heading to 2%, with the weakness in consumer spending counterbalanced by strength in employment.

Nikkei -0.02% Hang Seng -0.74% Shanghai +0.08%

Eur$ 1.0910 JPY 122.91 GBP 1.5427 ERUCHF 1.0362 CHF 0.95 RUB $50.9288 WTI $58.64 (+1.05%)

S&P -0.08% EuroStoxx +0.33% Dax +0.34% SMI +0.36%

Macro :
- Industrials M&A May Accelerate as 2H Organic Growth Slows: CS
- France Targets EU2.4B Savings Through State Job Cuts: L’Opinion
- Citigroup Cuts Long-Run Iron Ore Forecast to $55/Ton From $81

Keep an eye on :
- SXXP : Add : Aena, Sunrise, Kion, Just Eat, Merlin Properties, Swedish Orphan Biovitrum, Straumann, B&M European Value Retail, Playtech, Regus
- SXXP : Del : Aveva, Mitie, Electrocomponents, Genel Energy, Storebrand, Vienna Insurance, Ladbrokes, Alpha Bank, C&C Group, Havas
- AERL LN : Aer Lingus Holders to Get EU2.50/Shr Cash, EU0.05 Cash Div
- AH NA : Ahold 1Q Netherlands ID Sales Growth Beats Ests.
- AIR FP : Airbus Opposes ANA Support Plan for Skymark, Nikkei Says
- ALU FP : Alcatel Weighing IPO or Sale of Submarine Cable Unit, CEO Says
- BALN VX : Baloise CEO Strobel to Resign Next Year for Personal Reasons
- EN FP : Bouygues Wins EU340M Manhattan Loft Gardens Contract in London
- CWI AV : Conwert Immobilien 1Q FFO I EU12.7m vs EU8.4m Y/y
- CRH LN : Lafarge, Holcim to sell assets with enterprise value of EUR 6.5bn to CRH
- EDF FP : EDF Bids Down for Areva Assets, Stays Cheapest Stock in Sector
- G IM : Generali Sees Cumulative Divs >EU5b, EU1.25b Investments by 2018
- ITV LN : ITV Said to Call Off Weinstein Division Purchase: Hollywood Rep
- JMT PL : Jeronimo Martins Confirms It’s in Talks to Buy Alisuper Stores
- MC FP : LVMH Enters Talks to Buy Le Parisien Newspaper From Amaury
- NN NA : ING Selling 45m NN Group Shrs at EU25.35-EU25.50, 45mil shares offered at E25,35 to mkt price in bookbuilding
- ORA FP : Orange Says Spain Securities Commission Authorizes Jazztel Offer
- QIA GY : Qiagen announces the commercial launch of its QIAGEN Clinical Insight bioinformatics content and software platform
- RBS LN : RBS Considering Bid for GBP13b Northern Rock Portfolio: Sky