Dow +1.46% S&P +1.37% Nasdaq +1.35% Russell +1.94%
US Market closed on record level with biggest move since trump election. It wasn't necessarily ‘what' Mr. Trump said on Tuesday evening that fueled investors' confidence, it was ‘how' he said it. The new president looked, well, ‘presidential', a good sign that his controversial style can be toned-down when need be. More importantly, he showed investors that he is committed to getting his pro-growth promises through Congress, even if it means a little compromise. Financials (+2.8%) led the day's advance, a role that the sector has taken frequently in the stock market's post-election rally. The financial space is now higher by 26.0% since the presidential election on November 8 and currently hovers at its highest level in over a decade. The fed funds futures market now points to March as an increasingly likely time for the next rate hike to be announced with an implied probability of 66.4%, spiking from yesterday's reading of 35.4%. Conversely, the consumer discretionary (+1.0%) and the consumer staples (+0.4%) sectors failed to keep pace with the broader market amid a downtick in retailers. On the downside, the rate-sensitive utilities (-1.0%) and real estate (-0.3%) sectors were the only two groups to finish Wednesday in the red. The spaces slipped in reaction to today's uptick in interest rates. Snapchat, will be priced in its IPO at $17.00/share. The company will begin trading on the New York Stock Exchange today morning under the ticker ‘SNAP'. US After Hours MNST +12%, AVGO +4% following earnings/guidance, AUPH +52% on positive lupus nephritis data.... TDOC -11%, JUNO -9%, PSTG -7% following earnings/guidance. Asia equity markets are generally higher, tracking a sharp rise in US indices widely attributed to Pres Trump's well-received speech to Congress last night. In Sydney, miners are at the forefront of the rally, with S32 and Alumina the best performing stocks on ASX200 following reports of Aluminium output cuts in China. Nikkei remained supported by weaker Yen, with USD/JPY pair up for the 5th straight day. FED case got another endorsement from Fed's Lael Brainard - a voting member and typically a rather dovish speaker. Brainard said it is appropriate to increase rates soon given that US economy is closing in on full employment and inflation is close to target, though she also warned that strong USD may weigh on sentiment. Brainard also hinted that her FOMC colleagues are mostly in agreement about the time for the hike. USD added to gains after the hawkish Brainard comments, particularly vs JPY and NZD.
Nikkei +0.88% Hang Seng +0.41% CSI -0.56% Shanghai -0.40%
Eur$ 1.0526 CNH 6.8783CNY 6.8871 JPY 114.17 GBP 1.2276 CHF 1.0110 RUB 58.4538
S&P unch EuroStoxx +0.21% FTSE +0.06% Dax +0.20% SMI +0.50%
Macro :
- Trump May Sign Order Lifting Federal Coal Leasing Ban: Reuters
- Fed’s Kaplan Says U.S. Economy Strong Enough for Rate Increases
- Fed Beige Book: Business Not Quite As Optimistic As Last Report
- U.S. Individual Investor Bears Rise to Highest Since Oct.: AAII
- Fed’s Brainard Says Rate Hike ‘Will Likely Be Appropriate Soon’
Keep an eye on :
- ABI BB : AB InBev Adj. Ebitda Misses Ests; Raises Cost Savings Target
- ACS SM : ACS Shareholder Iberostar Hoteles Said to Plan Stake Sale
- ADEN VX : Adecco 2016 Revenue, Net Income Rise, Beat Estimates
- AREVA FP : Areva, EDF to Set Up Joint Nuclear Engineering Unit: Les Echos
- BATS LN : Japan Plans to Include E-Cigarettes in Smoking Regulations: NTV
- BGN IM : Banca Generali to Enter FTSE MIB Index on March 20
- CSGN VX : Credit Suisse Starts New Legal Entity for Asset Mgmt Switzerland
- DBK GY : Deutsche Telekom 4Q Adj. Ebitda Miss Estimates; Dividend EU0.6
- DVT FP : Devoteam FY Net Income Climbs 22%; Co. Sees 2017 Organic Growth
- EDF FP : Areva, EDF to Set Up Joint Nuclear Engineering Unit: Les Echos
- ENGI FP : Engie Targets 2017 Net Recurring Income of EU2.4B-EU2.6B
- EVK GY : Evonik 4Q Adj. Ebitda Beats, Targets Maximum Profit of EU2.4b
- FLO FP : Groupe Bertrand, Walter Butler Eyeing Groupe Flo, Figaro Says
- HEN3 GY : Henkel Offers $1.05b to GCP Applied Technologies for Darex Unit
- IRE IM : Iren Orders Below EU1.55 Risk Missing Out, Book Covered: Terms
- DEC FP : JCDecaux Expects ‘Slightly Negative’ 1Q Adj. Organic Rev. Growth
- KGX GY : Kion 2016 Revenue, Adj. Ebit Beat Estimates, Sees FY Increase
- KLED SS : Kungsleden Sets Rights Offer Subscription Price at SEK45/Share
- LHN VX : LafargeHolcim 2016 Adj. Oper. Ebitda in Line, Lafont Steps Down
- LHN VX : LafargeHolcim Says Syria Allegations Won’t Impact Performance
- LUX IM : Luxottica FY Adj Operating Income In Line; Positive 2017 Outlook, Luxottica FY In Line, Guidance Below Market Expectations: RBC
- PWTN SW : Panalpina FY Rev. Misses; Sees 1Q Performance Below Prior Year
- ROG VX : Roche’s Perjeta Meets Goal in Aphinity Breast Cancer Study
- SAL IM : Salini Impregilo-Astaldi Consortium Gets EU397m Contract
- SNAP US : Snap Confirms $17 IPO Price, Above Range
- SRCG VX : Sunrise Has Slight Decline in Earnings, Keeps Dividend Policy
- VOW3 GY : Volkswagen Emissions Defendant Schmidt Gets April Trial Date (1)
- YNAP IM : Yoox Net A Porter FY Adj. Net Income Beats Analyst Ests.