Dow+0.11% S&P+0.05% Nasdaq-0.14% Russell+0.06%
US Market closed almost flat on a quiet day as Europe was closed for Easter. volume was well below average at 688mil shares. Four sectors ended beneath their flat lines with energy (-0.5%), utilities (-0.4%), technology (-0.3%), and health care (-0.3%) leading to the downside. Meanwhile, consumer discretionary (+0.5%), consumer staples (+0.5%), materials (+0.4%), and financials (+0.3%) outperformed. Lodging names outperformed in the consumer discretionary space following reports that HOT received a revised non-binding offer from the Chinese consortium headed by Anbang Insurance Group. Elsewhere, TWX rallied 3.6% following the release of ‘Batman v Superman: Dawn of Justice', which resulted in the third largest global opening for a March release in IMAX theaters. Elsewhere in the Transportation Average, (VA 37.70, +3.53). US After Hours SNX -8%, ICON -4% following earnings MDVN -3.3% following drug pricing pressures, ALXA -49.7% (believes sufficient capital resources until the end of April 2016), CNL: Louisiana Public Service Commission votes to grant a new hearing on proposed Macquarie merger (3-2 vote); +12.8% afterhours. Asian equity markets are mixed, tracking the uncertainty on display in US hours, as investors pause the latest wave of buying to process the recent GDP report and also tune in to Fed Chair Yellen's speech at the Economic Club of New York luncheon on Tuesday. Recall US put out its final Q4 GDP data when the markets were closed on Friday, and even though the data were revised higher, a closer look at the numbers revealed declining profitability of companies along with more leverage in consumption. Monday's US release of personal spending figures were also lukewarm, prompting Atlanta Fed GDPNow model to cut expectations for US Q1 growth to 0.6% from 1.4%. High-profile fixed income manager Gundlach later remarked that after this revision, it would be "inconceivable" for the Fed to hike rates next month. In Asian trading, Australia and Shanghai are leading the key indices to the downside with lower commodity prices and tighter mortgage polices respectively weighing on those markets. Economic data - primarily out of Japan - was similarly mixed. Retail sales underperformed vs expectations while overall household spending grew y/y for the first time in 6 monthsVirgin American (JBLU 20.79, +0.55) spiked after reports indicated that the company put in a bid for JetBlue
Nikkei -0.24% Hang Seng -0.04% Shanghai -1.06%
EUr$ 1.1187 CNH 6.5164 CNY 6.5102 JPY 113.60 GBP 1.4228 CHF 0.9745 RUB$ 68.5442 WTI$39.09(-0.76%)
S&P+0.17% EuroStoxx +0.58% Dax +0.49% SMI +0.50%
Macro :
Central Banks Not Helping With Economic Recovery: Yale’s Roach
AllianceBernstein Hires Golub’s Posner to Bet on Energy Distress
Oil Enthusiasts Stay Out of Rally Led by Shrinking Bearish Bets
Millennium Said to Recruit Credit Suisse’s Jain for Co-CIO Role
Luxor Capital Won’t Return All Investors’ Cash on Exit: Reuters
Resilient Euro Is Headwind for Euro Zone Earnings, JPM says
Keep an eye on :
- MT NA : Brazil Steel Institute: 2016 Brazil steel production seen down 1% to 32.9M tonnes, sales down 4.1% to 17.4M tonnes - Expects about 11K layoffs in the steel industry in 1H 2016
- BCP PL : Banco Comercial Portugues Plans 1-for-193 Reverse Split
- BMW GY : Brilliance +6.59% in HK
- BOTHE BB : Bone Therapeutics 2015 Loss 14.09 Mln vs EU5.81 Mln
- EN FP : Bouygues Calls Board Meeting for Wednesday, Les Echos Says
- DPW GY : Major Kuehne + Nagel shareholder Klaus-Michael Kuehne: Not interested in buying DPW's freight forwarding operations - German press
- EBR US : Eletrobras Hires Credit Suisse to Sell Renewable Assets: Reuters
- ENI IM : Algeria Denies Sonatrach Offers Direct Stakes in Oil Fields: APS
- EO FP : Faurecia Faces Class Actions in the US Over Exhaust Supply
- FNAC FP : Fnac Seeks Financing for New Darty Bid, Les Echos Says
- FL US : Foot Locker to Join S&P 500; DCT Industrial to Join MidCap Index
- GLEN LN : +2% in HK
- NOVOB DC : Novo Nordisk Says New U.S. Plant to Be Fully Operational by 2020
- UG FP : Peugeot Citroen CEO Tavares Pay Contested by Govt.: Les Echos
- SAN FP Sanofi Says Yong-Jun Liu Becomes Head of Research April 1
- SHP LN : Shire Wins Court Ruling to Block Allergan’s Copy of Lialda
- TKA GY : German Metalworking Companies Mull Wage Offer to Unions: FAZ
- UBSN VX : UBS to Quit Banking Operations in S. Korea, Yonhap Infomax Says
- VOW3 GY : Volkswagen May Suspend Dividend Amid Emissions Scandal: dpa-AFX
- YHOO US : Yahoo Said to Set April 11 Deadline for Preliminary Bids: WSJ