Dow +1.09% S&P +0.98% Nasdaq +0.88% Russell +1.53%
US Equities closed higher settling new records. Tuesday's rally was fueled by developments in Washington, including the Senate Budget Committee's approval of the GOP's tax reform bill--which effectively sends the bill to the full upper chamber for a vote. There were concerns that the bill wouldn't make it to the Senate floor due to Republicans' slim one-vote majority in the Budget Committee. Jerome Powell's Fed Chair confirmation hearing provided support to the broader market--and to financials in particular. Financials lead the move. industrial sector also finished ahead of the broader market, adding 1.5%, as did the lightly-weighted telecom services group, which jumped 2.2%. Heavy tech underperformed.It's also worth pointing out that Tuesday's rally was briefly interrupted in the afternoon following reports that North Korea launched a ballistic missile into Japan's exclusive economic zone. President Trump later responded to the launch, saying "it's a situation we will handle." US After Hours NUAN +6%, MRVL +2%, WAIR / ADSK -10%, GSUM -8%, PSTG -2% following earnings/guidance; RGC up another +6% after confirming Cineworld talks. ASIAN MARKETS – ARE MIXED on Wednesday. FOCUS REMAINS ON CHINA, where mainland equities have resumed declines. Concerns of a regulatory-driven market slowdown continue to linger, Chinese officials moving to slow the surge in southbound flows. Mainland press have also discussed how deleveraging efforts will influence year-ahead economic targets (speculation authorities may tolerate a lower GDP target in 2018). The PBoC made no net change to liquidity for a third session. Liquidity conditions have stabilized with the 10Y Chinese government hovering below 4%. Geopolitics is back in the headlines, though there was limited market reaction to THE NORTH KOREAN missile launch. Both the Korean won and Kospi are little changed in subdued trade. Modest gains ON NIKKEI have been supported by yen weakness. Banks are driving ASX strength with miners also higher despite recent commodity weakness.
Nikkei +0.49% Hang Seng -0.04% CSI -0.22% Shanghai -0.06% Shenzen -0.12%
Eur$ 1.1860 CNH 6.6031 CNY 6.6012 JPY 111.50 GBP 1.3383 VHF 0.9847 RUB 58.4655 WTI$ 57.72 -0.47%
S&P -0.02% EuroStoxx +0.50% FTSE -0.38% DAX +0.57% SMI +0.45%
Macro :
- Britain, EU Agree Brexit Divorce Bill: Telegraph
- European Industrials Most Upbeat Since 2013, Goldman Sachs Says
- Tax Bill, Brexit Progress Offset Geopolitics: Macro Squawk Wrap
- EuroStoxx 600 Changes : + Konecranes, Homeserve, NMC Health, BE Semiconductor, Siltronic, Delivery Hero, Remy Cointreau, Pirelli and Altran - Hikma Pharmaceuticals, NCC B, Unipolsai, Provident Financial, Mediaset Espana, Postnl, JM, Deutsche Europshop, AA PLC
Keep an eye on :
- AF FP : Air France-KLM Expands Partnership with India’s Jet Airways
- AAPL US : Apple Is Said to Lease Land to Test Autonomous Cars: Jalopnik
- CINE LN : Regal, Cineworld in Talks, Whitman Sees Tipping Point: TMT Wrap
- COL SM : Colonial Announces Capital Increase Via Private Placement
- GTO NA : Millennium Intl Mgmt Lifts Gemalto Short Position to 1.23%: AFM
- IIA AV : Immofinanz 9M Net Income From Continuing Ops EU116.3 Mln
- IHG LN : InterContinental Franchise Fees, Pipeline Strong: Morgan Stanley
- KER FP : Barbizet to Leave Pinault’s Artemis Group, Figaro Reports
- LBTYA US : Liberty Global Is Said to Explore Swiss, Austria Exit: Telegraph
- LIGHT NA : Philips Launches Sale of 12% of Philips Lighting
- MS IM : Mediaset proxy advisor stands against proposed changes to restrict minority shareholders to two seats on board
- PHIA NA : Royal Philips Total Proceeds EUR 547M on Lighting Stake Sale
- RGC US : *CINEWORLD IS SAID TO APPROACH REGAL ON MERGER, REUTERS SAYS
- SIE GY : Siemens Is Said Planning Frankfurt Listing for Health Unit: DJ
- SNCF : SNCF Is Said to Prepare Sale of Real Estate Assets: Les Echos
- UBER IPO : Uber Is Said to Lose $1.46B on $9.71B in Q3 Gross Bookings