Dow-@.94% S&P-0.86% Nasdaq-0.79% Russell-1.05%
US Market closed lower, with S&P breaking its 50d MA. Greece weighted on sentiment AGAIN. IMF Seemed confident that Greece will make today's payment but some reports indicated Greece requested permission to bundle all of its debt payment duee this month into a single payment of about EUR1.60 billion to be paid on June 19. All ten sectors ended in the red with most growth-sensitive groups showing relative weakness. Energy (-1.2%) and materials (-1.3%) spent the bulk of the session behind other groups with energy pressured by a 2.8% drop in crude oil, which ended the pit session at $58.00/bbl ahead of tomorrow's semiannual OPEC meeting. Volume were above average @ 710mil shares. Today waiting for Non Farm Payrolls for May. US After Hours UTIW +2.7%, DMND +2.5%, ZOES +2.4%, VNCE -10.0%, ZUMZ -8.9%, PAY -1.7%, GPS -0.2% following earnings/guidance. Asian equity markets were mixed in the opening hours but mid-afternoon has yet again given to more selling pressure. After opening at a 7-year high above 5,000, Shanghai Composite headed into its break down 0.1%. Volatility in other markets was more contained in the absence of significant economic data. The quiet is also typical for the session going into the key US jobs report. Only press report of note out of China in today's session came from a PBoC official who said Shanghai FTZ has already met the conditions for full Yuan convertibility. EUR/USD fell as much as 60pips to 1.1180 in early Asian hours but pared much of that decline by the afternoon. Weakness followed reports from Greece govt official that PM Tsipras announced the latest plan by the creditors cannot be the basis for the deal. Subsequently, Bundesbank's Dombret remarked that a Grexit would be manageable, adding Greek financial situation is challenging even with the banks still solvent. Also note that Athens has moved to bundle IMF loan obligations, pushing out the deadline for combined payments to the end of the month.
Nikkei -0.13% Hang Seng -0.80% Shanghai +0.73%
Eur$ 1.1236 GBP 1.5355 JPY 124.48 EURCHF 1.0484 RUB $56.63 WTI $58 (Unch)
S&P -0.08% EuroStoxx -0.9% Dax-0.85% SMI -0.51%
Macro :
- Greece Defers IMF Payment as Merkel Says Resolution Far Away (3)
- China May Retail Auto Sales Rise 3.8% on Year, PCA Says
- Greece Ready to Deal W/ Europe If Merkel Offers Hope: Varoufakis
- European Investment Banks Enjoying 2Q Boom in M&A, Barclays Says
Keep an eye on :
- BNP FP : BNP Said Seeking to Reduce Investment Bank Costs by 20%: Echos
- FNC IM : Finmeccanica in Banks Talks on EU2b Debt Renegotiation: Ansa
- CRG IM : Carige Sets Terms of Shr Sale, Subscription Price EU1.17/Shr
- GSK LN : Glaxo Challenges More Significant Than Expected: Morgan Stanley
- HSBA LN : HSBC Seen Making Investment Banking Cuts, With Equities at Risk
- SPM IM : Halted; CONSOB places temporary short sale ban
- SGO FP : Saint-Gobain CEO Repeats He Has No Plan to Raise Stake in Sika ,Calls for Constructive Talks With Sika, Saint-Gobain Got 5 Firm Bids for Verallia.
- VIV FP : Google’s YouTube to Make Push Into Music Business: NYPost
- VIV FP : Apple Said to Push to Complete Streaming Music Deal Before Event
- VOD LN : Vodafone Said to Discuss Options, Including Merger With Liberty
- VOW3 GY : VW Evaluating Stake Raise in Chinese FAW JV: Reuters