Dow -0,44% S&P-0,40% Nasdaq-0,42% Russell-0,08%
US Market Closed lower, Equity indices spent the entire day in the red and could not rally following upbeat economic data from overseas. In fact, S&P 500 futures tumbled nearly 20 points last evening after China reported its first expansionary Manufacturing PMI (50.1; expected 49.7) in three months. Similar to China, most Manufacturing PMI readings from Europe also surpassed estimates with the region-wide reading rising to 52.2 (expected 51.9). S&P 500 futures rallied off their overnight lows, but could not climb above the spot where the overnight selling commenced. Once the cash session began, the S&P 500 quickly returned into the neighborhood of its overnight low, health care sector (-1.2%) was the weakest performer and the only group that lost more than 1.0%,energy (+0.2%) and materials (+0.1%) eked out slim gains while technology (-0.4%) and industrials (-0.8%) kept the market under pressure,energy sector was underpinned by crude oil, which spiked 5.2% to $50.09/bbl after the latest EIA inventory report showed a larger than expected build. In addition, reports of a rig fire in the Gulf of Mexico provided additional support , volume were in line with average @ 780mil shares...US After Hours PRGS +1.0%, EDAP -9.7%, SIGM -2.9%, MU -1.5%, SPWH -0.3% following earnings/guidance...In Asia, Nikkei225 is outperforming with an over 1% rally even though the yen pairs are little changed. Shanghai Composite and the Kospi are up a modest 0.3%...In China, PBoC net injection for the week was reduced to CNY5B from CNY10B, but offering yield stayed on hold at 3.55% this week after two straight weeks of lower yield. Some analysts are still calling for fresh easing by the central bank, particularly as markets head into Easter holiday weekend. Also of note, Fitch warned the latest property market stimulus via reduction in downpayment requirements may have limited impact since it will not alleviate excess housing supply. Hong Kong PMI also fell back into contraction as employment continued to decline - sentiment that matched the latest concern over labor in yesterday's China PMIs.After yesterday's miss in Japan Tankan manufacturing, today's quarterly Tankan survey on prices saw companies forecast inflation at just 1.4% within a year and 1.6% in 3 years - well below the official 2% target expected to be reached in FY15/16. Recent slowdown was also apparent in the latest Japan Center for Economic Research projections, with Feb GDP estimated at -2.1% m/m, the first decline in 3 months. Recall overnight comments from a ruling party official Yamamoto calling for fresh BOJ easing as soon as this month...With the yields on Greek 10-yr bonds rising another 20bps to 11.5% and funds flowing out of the banking system, ECB offered another €700M to local banks in ELA funding. Greek cabinet official also diffused the latest reports of blackmail by Athens, announcing the govt will repay IMF debt due next week and also clarifying the state remains solvent through April.
Nikkei +1.26% Hang Seng +0.44% Shanghai -0.64%
RUB $57.4385 WTI $49.66 (-0.86%) EURCHF 1.0401 CHF 0.9639
Eur$ 1.0790 S&P -0.21% EuroStoxx Flat Dax -0.02% SMI Flat
Macro :
- Montebourg Says Hollande ‘Smothering’ Economy, Echos Says
- Dutch Govt to Stimulate Sustainable Energy Over Gas Heating
- Greece’s Samaras Says Would Back Pro-Euro Government Coalition
:
Keep an eye on
- ALO FP : Alstom’s Net Debt Will Be Close to Nil After GE Deal, CEO Says
- DNLM LN : Dunelm 3Q LFL Sales Beat Ests.
- FCA IM : Ralph Gilles to Lead Global Design for Fiat Chrysler: Free Press
- FUM1V FH : Fortum Names Konecranes’ Pekka Lundmark as CEO, President
- GLJ GY : Grenkeleasing 1Q Leasing New Business at Upper End of Forecast
- KPN NA : Telenet, Nethys Make Joint Bid for KPN Unit Base, L’Echo Says
- KPN NA : KPN Says Several Companies Showed Interest in Belgian Unit BASE
- SGO FP : Saint-Gobain Welcomes Swiss Takeover Board Decision on Sika
- SIK VX : Sika: Swiss Takeover Brd Confirms Application Opting-Out Clause
- GLE FP : SocGen May Move Thousands IT Staff to Site East of Paris: Echos
- SR NA : SNS Reaal Reports 2014 Profit Ex-Items EU327m; Net Loss EU712m
- TOM2 NA : TomTom Acquires Location Navigation in Australia From Sensis
- TLW LN : Ghana’s Jubilee Oil Field Producing 110,000 Barrels/Day
- VIV FP : PSAM’s Schoenfeld Says No Aim to ‘Dismantle’ Vivendi