Dow+0.56% S&P+0.88% Nasdaq+1.67% Russell+2.67%
US Market closed on higher as FED Chair Janet Yellen boosted equities by striking a decidedly dovish tone. Chair Yellen channeled the dovish undertones from her March 16 press conference as she cited growing risks to the global economy to justify a gradual path in raising rates. Particularly, the Fed Chair mentioned uncertainty over China, low oil prices, and tightening in financial conditions. Furthermore, Fed Chair Yellen pointed to possible shortcomings in monetary policy if another disturbance were to manifest itself. Ms. Yellen noted the "asymmetric" response of monetary policy if economic conditions worsened, given the fed funds rate this close to zero.Tech & Healthcare outperformed. WTI ended its day lower by 2.7% at $38.32/bbl. All ten sectors ended the day in the green with heavily-weighted technology (+1.6%), utilities (+1.4%), and health care (+1.2%) leading the upside. Meanwhile, the economically-sensitive financial sector (+0.2%) and commodity-sensitive energy (+0.4%) and materials (+0.4%) showed the slimmest gains.volume were slightly above average at 945mil shares. US After Hours ACAD +22% in reaction to news; LNDC -13% & VRNT -12% in reaction to earnings, ACAD +22.2% on +ve review on drug, SPKE-14.9% & CTRV-7.2% on secondary offer. Asian Mkts have reacted +vely to Yellen dovish comments. Risk aversion in Japan was exacerbated by particularly disappointing February industrial production which fell m/m by the biggest margin since the massive 2011 earthquake. Alibaba+2.3%, Sharp+5.4% Sinopec+5.3%.
Nikkei -1.16% Hang Seng +1.28% Shamghai +1.60%
Eur$1.1298 CNH 6.4911 CNY 6.4844 JPY 112.29 GBP 1.4378 CHF 0.9667 RUB$ 68.4266 WTI$ 38.65(+0.97%)
SPX +0.05% EuroStoxx+0.65% Dax+0.69% SMI +0.50%
Macro :
Yellen Says Caution in Raising Rates ‘Especially Warranted’
Kaplan Says Fed Will Hike Gradually to Avoid Risk of Reversal
Lew Says It Would Be Hard for New President to Undo Iran Accord
Goldman Raises $1.5b in Infrastructure Fund First Close: Reuters - http://reut.rs/1qh2xao
ECB’s Coeure Says Helicopter Money Not Being Discussed: Politico
Keep an eye on :
- MMM US : 3M CFO: $24b-$29b on Hand for M&A, Buybacks Through 2020
- ABG SM : Spain Union Says Abengoa to Pay March Wages Using Credit Line
- AIR FP : Airbus Sees Demand for 32,600 New Planes Worldwide Next 20 Yrs
- AIR FP : Triumph Group Unit, Airbus S.A.S. Set ~$500m Landing Gear Pact
- AIR FP : Boeing Confirms Eliminating 4,000 Jobs From Airplanes Unit
- ALO FP : Alstom CEO Says Co. to Invest EU300m in Intl Markets: Les Echos
- ASSAB SS : Assa Abloy Sees Higher Organic Growth Once Markets Normalize: DI
- ASSAB SS : Assa Abloy eyeing over 100 possible takeover targets
- GBB FP : Jaccar Chairman Repeats Delisting Bourbon Not on His Agenda
- BRBY LN : LVMH not interested in Burberrys - Challenges
- DBK GY : Deutsche Bank’s Achleitner Gets Support of Investor Sheikh Hamad - FT
- EGPW IM : Awarded public tender in Mexico to supply energy and clean certificates - financial press - Mexico contracts include $1B investments
- EXQ DC : Qiagen to Submit DKK18/Shr Takeover Offer for Exiqon
- RACE IM : Ferrari looks to buy luxury brands outside car sector; MV Agusta possible target - Carlo Festa Blog http://bit.ly/1Rq4oUz
- OGZD LI : VED may sell 2.7% Gazprom Stake in ADRS
- KPN NA : Discovery Capital Management Holds Fewer KPN Voting Rights: AFM
- LHN VX : LafargeHolcim engages Citi and JPMorgan to sell Australian and New Zealand operations - The Australian
- MBWS FP : Marie Brizard Repays Creditors Early, Le Figaro Says
- MDVN US : Medivation Share Pullback Seen as Buy Opportunity: Credit Suisse
- NEO FP : Neopost FY EPS EU3.57 Vs EU3.71 Y/y
- NESN VX : GIS +1.7% on Bif rumor from PE & NESN - heavy volume
- ORP FP : Orpea Targets Sales of EU2.72b in 2016
- UG FP : Peugeot R&D Head Sees EU1.8B in R&D Expenses in 2016
- PFD LN : Premier Foods Boss Told Nissin of McCormick Interest: Telegraph
- QIA GY : Qiagen to Submit DKK18/Shr Takeover Offer for Exiqon
- SUBC NO : Seaway Heavy Lifting up for sale; Boskalis, Saipem, Heerema and Technip rumoured to be interested -de Telegraaf
- UCG IM : UniCredit Said to Be in Talks Over EU2b Capital Raising: FT
- VIV FP : 21st Century Fox Said to Eye Paramount Pictures Stake: NYP