Dow -0.47% S&P-0.45% NAsdaq -0.56% Russell -0.63%
US Market Closed Lower, after rallying 3.5% in the last 3 weeks...volume were low @ 727mil shares, Health care and technology both suffered from losses among high-beta components...the consumer discretionary sector (-0.2%) finished ahead of the market thanks to the relative strength of media names like CBS (CBS 62.80, +1.05) and Time Warner Cable (TWC 156.74, +1.23). Meanwhile, most retail names struggled, but AutoZone (AZO 652.00, +2.47), Best Buy (BBY 39.17, +0.54), and Dick's Sporting Goods (DKS 56.00, +0.58) gained between 0.4% and 1.4% after reporting better than expected results. among cyclical sectors, energy (+0.2%) displayed relative strength throughout the day while crude oil fought to maintain its early-morning gain. The energy component jumped 1.9% to $50.54/bbl after testing its unchanged level shortly after the cash open...US After Hours EFUT +43.6%, NPTN +19.1%, CDXS +13.8%, SWHC +10.0%, TNET -17.9%, BOBE -17.3% following earnings/guidance...BOBE -17.3% (Board announced it will not pursue a sale or spin-off of the BEF Foods business segment at this time; co also reported earnings)...India central bank (RBI) announced another intra-meeting decision to cut interest rates by 25bps, lowering repurchase rate to 7.50%, reverse repo rate to 6.50%, and marginal standing facility rate to 8.50%. This marks the 2nd consecutive easing unveiled by the RBI in this surprise fashion, following the mid-January unexpected 25bps easing and a rate hold in early February. Recall the most recent Jan CPI YoY reading for India was 5.1%, less than 5.6% expected, giving the central bank further room to act...HSBC released China Feb Services PMI data at 52.0, an improvement versus Jan reading of 51.8. Economists from HSBC said China's service sector remained expansionary, though the rate of growth remained modest, adding the solid rise in new orders suggests activity growth may pick up in the months ahead. PBoC deputy governor Yi Gang spoke from Chinese People's Political Consultative Conference (CPPCC) meeting session, noting PBoC is focused on the risk of deflation and will look at economic situation in future monetary policy decisions. Shanghai composite traded lower by 0.2% during the morning session.
Nikkei -0.59% Hang Seng -0.57% Shnaghai +0.08%
RUB $ 61.90 WTI $50.49 (-0.06%) Brent $60.54(-0.79%) EURCHF 1.0748
Eur$ 1.1166 S&P -0.07% EuroStoxx+0.14% Dax+0.16% SMI+0.27%
Macro :
- Hollande Says No French Tax Increases in 2015, 2016 and 2017
- Germany May Exempt EU20m of Co. Assets From Inheritance Tax
- HSBC India Feb. Composite PMI 53.5 vs 53.3 in Jan.
- HSBC China Feb. Services PMI 52 vs 51.8 in Jan.
Keep an eye on:
- SPR GY : Axel Springer 2014 Rev. Up 8%, Ebitda Up 12%; Div. Plan Misses
- GBB FP : Bourbon Margins May Drop After 36% Profit Slump on Oil Crash
- DAI GY : China May Fine Mercedes Up to $80m in Antitrust Probe: Jiemian
- EDF FP : Macron Wants EDF, Areva Strategic, Ops Integration: Figaro
- EDP PL : EDP CEO Says 2015 Investment Will Be Slightly Less Than in 2014
- EKTAB SS : Elekta 3Q Core Ebita Misses Est.; Keeps FY Forecasts
- FCA IM : Ferrari IPO float may be more than 10% - Milano Finanza daily edition
- GSZ FP : GDF Suez French Gas Prices to Rise ‘Slightly’ in April
- HEN3 GY : Henkel 4Q Adj. Ebit Misses Ests., Organic Sales Beat
- INGA NA : ING to Sell Remaining Stake in Voya Financial, Voya to Buy Back $600m in Shrs From ING;
- KPN NA : KPN Said to Revive Sale of Belgian Mobile-Phone Unit Base
- MMB FP : Lagardere Plans to Sell Belgian Press Distribution Network: Tijd
- NOK1V FH : Nokia Chairman Says Handset Sale Was Best Option: Kauppalehti
- PWTN SW : Panalpina 4Q Ebit CHF22.3m, Est. CHF32m
- GENP FP : Stallergenes Majority Investor Proposes Merger With Greer
- TEMN SW : Temenos Buys Multifonds for EU235m; Raises 2015 Outlook