Dow +0.19% S&P +0.24% Nasdaq +0.57% Russell +0.68%
US Market closed higher after a down week. Session was fairly quiet. Six of ten sectors registered gains with most countercyclical groups showing relative strength. The telecom services sector was an exception, ending flat, while consumer staples (+0.6%), utilities (+0.5%), and health care (+0.7%) posted gains. Tech. opened in line with the market but slumped from its opening high in a move that coincided with Apple turning -ve, AAPL-0.8% but managed to hold its 50d MA..semi were in the play at the end of the day when Intel announced it was in talks to buy Altera...INTC +6.4% ALTR +28.5%...PHLX +2.8%...energy sector ended the day at the bottom of the barrel, but still finished the week ahead of the remaining cyclical sectors (-0.7%). Crude oil factored into today's weakness as the energy component fell 5.0% to $48.87/bbl and continued its retreat during electronic trading. Despite the plunge, WTI crude gained 4.9% for the week. consumer discretionary sector (+0.5%) ended ahead of other cyclical groups with help from homebuilders and retailers...volume were below average with roughly 725mil shares...Asian indices are trading mixed, with Shanghai Composite leading the regional rally with new 7-year highs, while Australia struggles under the brunt of new lows in base metals. Over the weekend, PBoC Gov Zhou expressed some added concern over the risk of deflation, potentially paving the way to another easing move as soon as next month. Zhou also noted China may update laws on currency controls and that there is still room for more rate cuts. Separately, PBoC researcher Chen warned Q1 GDP could fall below 7%. President Xi also spoke, downplaying the threat of economic slowdown and reiterating the new normal in China justifies emphasis on quality of growth over the size of expansion. Industrial output was one of the brighter parts of the Japanese economy in the eyes of the BOJ, as it has recently made consecutive upgrades in its assessment. However, today's industrial production for February marks another instance of disappointing economic data, making Wednesday's release of quarterly Tankan survey particularly crucial going for the BOJ into new fiscal year in Japan. Gov Kuroda, speaking over the weekend, said he expects inflation to begin accelerating starting in early fall, which could signify some added reluctance by the BOJ to add to its already unprecedented stimulus measures. Oil markets stumbled in early electronic trade amid hopes that Iran nuclear standoff will be resolved as soon as this week, potentially ending the sanctions and opening the market to Iranian exports. US House speaker Boehner and Israel's Netanyahu were reluctant to show much trust or endorse agreement with Tehran. In Yemen, former ruler Saleh allied with the Houthi militants who reportedly made further strides toward Aden despite the Saudi/Egyptian air strikes
Nikkei +0.54% Hang Seng +1.79% Shanghai +2.30%
RUB $57.96 WTI $48.14 (-1.47%) EURCHF 1.0405 CHF 0.9611
Eur$ 1.0869 S&P +0.23% EuroStoxx +0.36% Dax +0.41% SMI +0.40%
Macro :
- Greece’s Talks With Creditors Happening in a Positive Climate
- U.K. Govt in Talks to Privatize Network Rail: Sunday Times
- Roubini Sees Room for Compromise to Avoid ‘Grexit’: Investir
- Most Germans Say Country’s Dominance in EU Has Grown: Spiegel
Keep an eye on :
- EVD GY : CTS Eventim to Replace TUI in MDAX; Westgrund in SDAX (Earlier)
- DUFN SW : GIC to Commit Up to 450m Swiss Francs for Dufry’s WDF Bid
- DUFN SW : Temasek to Commit Up to 450m Swiss Francs for Dufry’s WDF Bid
- GZPR RU : Gazprombank in Talks w/ Chinese Banks on Creating $5b Fund: RIA
- GIL GY : DMG Mori Seiki expects to gain over 50% stake in DMG Mori Seiki AG
- GKP LN : Gulf Keystone Investors Want Change of Chairman, Sky Reports
- HOLN VX : Holcim Sees ~CHF365m Pretax Gain on Siam City Cement Stake Sale
- HSBA LN : HSBC Turkey Seeks 20% Loan Rise Amid Bid to Avoid Sale: Hurriyet
- JCQ FP : Jacquet Metal Buys Some Schmolz & Bickenbach Ops for EU88.6m
- MDLZ US : Mondelez Mulls Sale of $3b Philadelphia Brand in Europe: Times
- NESN VX : Nestle Opens $80m Vietnam Decaffeinated Coffee Plant, VIR Says
- UG FP : Peugeot May Reach Auto Unit Operating Margin Goal Before 2018
- UG FP : Peugeot-Mitsubishi Venture to Suspend Russian Production: Echos
- PHNX LN : Fosun International Group in talks to buy Phoenix Holdings majority stake, considers buying five insurance firms overseas
- PC IM : ChemChina Chairman Doesn’t Rule Out Higher Pirelli Offer: WSJ
- PC IM : ChemChina Chairman Says Pirelli ‘Needs an Asian Partner’: FT
- PC IM : ChemChina Hopes to Re-List Pirelli After Takeover: Reuters Link
- 1913 HK : Prada Rises Most in Near Two Weeks in Hong Kong Trading, Prada FY Net EU450.7m; Est. EU468.1m
- QPP LN : Slater & Gordon Close to GBP700m Quindell Takeover: FT
- RSA LN : Cevian Capital Lifts Stake in RSA to More Than 13%: Sunday Times
- SRP LN : Serco’s Australian Outback Railway to be Bought by Allegro Funds
- SDA1V FH : Sponda to Invest EU240 Mln in Developing Shopping Center Ratina
- STAN LN : Standard Chartered management changes could open door to merger with ANZ
- TEVA IT : Teva close to major acquisition - Globes
- UBSN VX : UBS Says It Will Fight EUR40m French Tax Investigation
- VED LN : Vedanta’s Albanese Sees ‘Huge’ Restructuring Task at Zambia Unit
- YOOX IM : Italy’s Yoox in Talks to Buy Richemont’s Net-A-Porter: Times
- WDF IM : Dufry Agrees to Buy 50.1% of World Duty Free for EU1.3b