Dow+2.27% S&P+2.44% Nasdaq+2.45% Russell+1.87% VIX 26.10 -13.92%
US Market Closed Higher for a 2nd day in a row. Chinese marker moves helped by PBoC helped the sentiment. Energy surged 5.0% while crude oil settled on its high, spiking 10.3% to $42.53/bbl., which represented the largest gain since 2009. Karket stayed very volatile during the all session...like it was all this week...at their Monday lows hit soon after the open, the Dow, Nasdaq, and S&P 500 were down 6.6%, 8.8%, and 5.3%, respectively. At their highs today, they were up 8.4%, 12.3%, and 6.6% from those lows, respectively. Keep in mind that so much volatilty on market won't have a Zero impact of Investor psychology for the next weeks/months...the level of uncertainty in the market has never been so high...volume were again above average at 1.2bil...US After Hours SWHC +6.2%, SPLK +4.8%, VMEM -25.9%, BEBE -9.1%, ZOES -5.7%, ADSK -5.1% following earnings/guidance...FCX +18% on Icahn news...UAL +6.3% to replace HSP in SP500...US rally has also boosted sentiment in the Far East, with more decent gains across the local markets. Shanghai Composite is leading the charge with a 2% rise after yesterday's impressive close of over 5% despite speculation that the govt was behind the late-session push. US equity futures are more subdued, falling about 10pts below 1,980. China's top financials posted results overnight and the sentiment here is also mixed. BoCom is up slightly, while ICBC and AgBank are both down. A financial press report summed up the results, noting that non-performing loans rose for all three, and the bad debt write-offs are accelerating. China Industrial Profits figures were also troubling with a faster decline in both Y/Y and YTD measures. In FX, China finally fixed Yuan firmer, as the midpoint saw the biggest upside jump in 5 months. A large set of economic data from Japan has given little reason to doubt overnight comments by BOJ Gov Kuroda that the central bank is far from contemplating more easing.
Nikkei +2.89% Hang Seng +0.64% Shanghai +2.17%
Eur$ 1.1256 CNY 6.3935 JPY 121.08 EURCHF 1.0847 GBP 1.5434 RUB $65.76 WTI $43.22 (+1.55%)
S&P -0.40% EuroStoxx+0.06% Dax-0.09% SMI+0.04%
Macro :
- EM Outflows Reached 2008 Lehman Turmoil Levels on Aug. 24: IFF
- ECB’s Draghi Supports Idea of European Finance Ministry: FAZ
- China’s July Industrial Companies’ Profit Falls 2.9% Y/y
- Swiss GDP Expands 0.2% Q/q in 2Q; Est. Contracts 0.1% Q/q
Keep an eye on :
- CLN VX : Clariant Says North America Is Important Growth Market (Earlier)
- BOL IM : Bollore 1H Net Group Share Rises, Rev. Little Changed
- BWO NO : Bw Offshore 2Q Ebitda Rises From 1Q, Dividend 1c/share
- ELI BB : Elia 1H Net Drops 1.6% to EU93m Without German Provision Release
- FER Im : Ferragamo 1H Profit Beats Est., Expects Growth in 2015
- RMS FP : Hermes 1H Operating Profit Slightly Better Than Ests at EU748M
- HAV FP : Havas 1H Rev. EU1.03b vs Est. EU1.01b; Says On Track for Year
- MAU FP : Maurel & Prom to Absorb MPI, See Substantial Synergies, Savings --> -6.95% below yest close (2.345)
- MEDAA SS : Swedish Drugmaker Meda Said to Explore Sale of U.S. Operations
- ML FP : Michelin Plans Engineering Reorganization, Les Echos Says
- QIA GY : Qiagen CEO Sees Genome Analysis Costs Sinking: Handelsblatt
- REC BB : Recticel Raises Profit Forecast for 2015; Sees FY Sales Growth
- SDRL NO : Seadrill Says It Wants to Be in Driver’s Seat for Consolidation
- FP FP : Crude Prices to Stay Low for ‘Some Time,’ Total CEO Says
- UBSN VX : UBS to Pay $1.7m in Case on U.S. Sanctions Violations: Treasury