Dow -0.26% S&P -0.20% Nasdaq -0.18% Russell +0.09%
US MArket closed lower. On the M&A front, Agrium (AGU 95.76, +6.28) and Potash (POT 18.00, +1.95) announced that they have entered into discussions regarding a potential merger. The two posted respective gains of 7.0% and 12.2% while peer Mosaic (MOS 30.45, +2.50) climbed 8.9%. Crude oil erased an early gain after reports indicated that Iran's Deputy Minister of Industry stated that the country could increase oil production to four million barrels per day by the end of the year. The reports fueled some uncertainty regarding the potential success of supply limiting measures that could be announced after next month's OPEC meeting. WTI crude ended the day lower by 1.3% (46.34). Nine sectors ended in negative territory with consumer staples (-0.6%), consumer discretionary (-0.6%), and utilities (-1.0%) rounding out the leaderboard. On the flipside, the heavyweight financial sector (+0.8%) finished with the only gain. Volume were below average at 737mil shares. US After Hours CCUR +8%, VEEV +4.5%, NCS +2.8%, CHS +2.4%, OOMA +1.9% , AVAV -12.7%, HRB -6.8%, CAL -6.7%, PANW -5.1% on Earnings. Asian equity markets are mixed despite the down day on Wall St, as Nikkei225 has led key indices amid fresh selling in JPY. With expectations building for a close Fed decision in September, barring a disappointing non-farm payrolls report this Friday, USD/JPY has tested ¥103 level for the first time in a month, consolidating those gains in Asian hours. Japan industrial output missed expectations, coming in flat m/m and falling by bigger than expected margin y/y. BOJ's Funo reiterated central bank's position that all tools can be mobilized to achieve 2% inflation target, and while he maintained FY17 time frame for achieving that forecast, the risks to achieving that objective are seen as significant. Funo added that private consumption is showing some weakness but maintaining resilience as a trend. In China, all 4 top banks have now reported their results with BOC and ICBC disclosing H1 earnings overnight. The trend of marginally higher NPL's has been consistent for the top 4 - ICBC saw a 5bp rise to 1.55%, BOC a 4bp rise to 1.47%, CCB a 5bp rise to 1.63% and AgBank a 1bp increase to 2.40%. Other metrics such as ROE and NIMs for ICBC were lower y/y, sending the stock slightly lower
Nikkei +1.14% Hang Seng -0.11% CSI +0.44% Shanghai +0.27%
Eur$ 1.1146 CNH +6.6908 CNY 6.6784 JPY 103.14 GBP 1.3092 CHF 0.9837 RUB$65.2110 WTI$46.29 (-0.13%)
S&P -0.02% EuroStoxx -0.10% Dax -0.09% SMI -0.03%
Macro :
- Blackstone Said to Weigh Buying $3.6b German Landlord
- Swedish Review Proposes 8% Cap on Welfare Profits, SVT Reports
Keep an eye on :
- AIR FP : Airbus Working on Two Pilot-Less Aircraft Projects: Figaro
- ALV GY : Allianz Sees Tougher German Industrial Insurance Price War: B-Z
- APPL US : Vestager Says Apple Case Is About Specific Benefits to Company
- AREVA FP : Areva Initiates Process to Transfer Nuclear Fuel Ops to Newco
- AKE FP : Arkema Says Legros, André to Join Executive Committee
- AZN LN : AstraZeneca to Pay $4.33m Disgorgement for FCPA Violations
- BLT LN : BHP CEO Mackenzie Won’t Get Bonus After Samarco Dam Failure
- BIM FP : Biomerieux Lifts Targets; Sales Growth May Exceed 6%-8% Range
- EN FP : Bouygues 1H Sales Decline, Keeps Outlook; Names Two Deputy CEOs
- RLD SW : Edmond de Rothschild 1H Net Inflow CHF2.3B up 1.7% vs Yr End
- XOM US : Exxon Said Seeking Potential Buyer for Montana Refinery: Reuters
- LEY FP : Faiveley/Wabtec Said on Track for EU Approval, MLex Says
- GAM SM : Gamesa, Siemens Reject GE’s Offer for Adwen JV: Reuters
- GSK LN : Glaxo Sees Sales Boon From Addition of Novartis Vaccines
- ILD FP : Iliad 1H Revenue, Ebitda Climb; Keeps 2020 Margin Target
- ISAT LN : Rumors of US Interest (Echostar & Dish)
- KLM NA : KLM CEO Elbers Says EU2b of Investments Needed in Next 4 Years
- LISP SW : Lindt & Sprungli Names Martin Hug Group CFO
- MAU FP : Maurel & Prom: 1H Current Op. Loss EU2M; Sales EU142M
- NOKIA FH : Nokia Technologies Unit Chief Haidamus to Step Down
- NOVN VX : Novartis Wins FDA Approval for Biosimilar of Amgen’s Enbrel
- NYR BB : Nyrstar Hedges ~70% of Free Zinc Metal for Sept. 2016-1Q 2017
- OCDO LN : Still rumors of Walmart interest - Guardian
- OPERA NO : Opera Software 2Q Revenue Grows; Sees Deal Closing End Sept.
- RIO LN : Rio Tinto Outlook to Stable from Neg by S&P, L-T Rating Affirmed
- SAND SS : Sandvik Can Reach Operating Margin of 15% or More, CEO Says: DI
- SIE GY : Gamesa, Siemens Reject GE’s Offer for Adwen JV: Reuters
- SLB US : Schlumberger Sees Drilling Group 3Q Results Lower vs 2Q
- SHP LN : Shire ADR Sept. $202.50 Calls Active on Bidside
- TKA GY : Thyssenkrupp-Tata Venture Talks Said Focused on U.K. Unit Value