Dow-0,59% S&P-0,44% Nasdaq-0,26% Russell-0,45 VIX @ 14.23 (+2.67%)
US Market closed lower, S&P 500 losing 0.4% but managed to cut its loss in half by the closing bell while the Nasdaq Composite (-0.3%) outperformed. The tech-heavy Nasdaq remains higher by 0.1% week-to-date while the S&P 500 is down 0.3% since the end of last week...volume continue to be light, below average @ 703mil shares...US After Hours : RNDY +12.7%, PEIX +11.6%, BIOL +10.3%, ECR -16.6%, PCOM -9.8%, ALSK -5.3% following earnings/guidance...PCYC +3.1% on Report of potential JNJ Bid...Abbvie announced a deal early this morning bidding $21bil for Pharmacyclis (mix of cash & Stock for $261.25/sh)...China National People's Congress opened today, and instead of waiting for the conclusion of the summit to unveil 2015 targets, Premier Li pulled the curtain on govt forecasts from the start. As anticipated, China is forecasting 2015 GDP at "around 7%" - a new 11-year low and a softer (more vague) target than "about" 7.5% tipped for 2014. CPI is now seen at around 3.0% vs 3.5% in 2014, while trade growth projections were knocked down to 6.0% from 7.5% in 2014. 2015 M2 is estimated at 12.0%, also a notable downgrade from 13% last year. Among the quantitative objectives, policymakers also outlined a range of qualitative initiatives - progress on cross-border yuan payment system, convertibility on capital account, broader use of FX reserves, more freely floating yuan, a deposit insurance system, land reform to stabilize housing consumption, end of price controls for pharmaceuticals, and curbing of overcapacity in the outdated coal industry to help reduce CO2 emissions. Pharma names and Yuan are among the early beneficiaries of this ambitious agenda, even though the broader mainland market is down by about 1%. Separately, PBoC adviser Chen also forecasted continued monetary policy easing in H1 of 2015, but no widening of Yuan trading band....BOJ dissenter Kiuchi spoke at length about his continued opposition to the latest round of easing implemented last October, noting the costs of current policy have exceeded the benefits. Kiuchi expects private consumption to remain firm and exports to increase gradually, though he also admitted to holding a more cautious view on Japan's economic, price outlook than median BOJ projections. On inflation, Kiuchi said the 2% target is above appropriate levels for Japan economy and should instead be made more flexible. USD/JPY was up modestly on the session, rising about 20pips above 119.80.
Nikkei +0.26% Hang Seng -1.24% Shanghai -1.61%
RUB $61.91 WTI $51.83 Brent $60.58 EURCHF 1.0656
EUR$ 1.1029 S&P +0.06% EuroStoxx +0.50% Dax +0.39% SMI +0.16%
Macro :
- China Lowers Growth Target to About 7% as Li Flags Headwinds
- China Sets 2015 Trade Growth at About 6%
- China Sets 2015 CPI Target at About 3% Increase
- JP Morgan global fixed income Michele: ECB will reduce Deposit Rate to -3.00%; Euro to test parity in 2015 - German Press
Keep an eye on :
- ABE SM : CVC to Sell Remaining Abertis Stake in 3 Months: Expansion
- ADS GY : Adidas Sees 2015 Adj. Net Income Up 7%-10%, 2014 Div. Unchanged
- AIR FP : Emirates Says A380neo Would Mean ‘Quantum Change’ to Bottom Line
- ANDR AV : Andritz FY14 Net EU210.9m Beats Est.; Forecasts Higher Revenue
- ARCAD NA : FMR Reports 3.12% Stake in Arcadis: Dutch Regulatory Filing
- AKE FP : Arkema 4Q Ebitda EU162m, Est. EU157.2m; Confirms M/T, L/T Goals
- ASMI NA : ASM International Full-Yr Rev. Beats Est.; Adj. Net Misses
- BPI PL : Banco BPI board meets today for final chance to decide on CaixaBank bid valued at EUR 1.94bn
- BUCN SW : Bucher 2014 Net Income CHF189.7m, Est. CHF192.3m; Takes Measures
- CA FP : Carrefour 2014 Recurring Oper. Inc. In Line With Ests.
- DEC FP : JCDecaux 2014 Net Misses Ests.; Plans Share Buyback, JCDecaux China Business Doing Very Well in 1Q, CEO Says
- DL NA : State Street Reports 3.08% Stake in Delta Lloyd: AFM Filing
- DELB BB : Delhaize 4Q Adj. Ebit EU225m vs Prel. EU233m Reported; Div. Up ,Delhaize Names Philippe Dechamps as General Counsel
- ANN GY : Deutsche Annington 2014 FFO I, NAV Rise 28%; Plans Dividend 78c, plans share sales in coming days (CEO)
- EVK GY : CVC Sells 18m Evonik Shrs at EU29.15/Shr (3.9% stake
- FGR FP : France to Drop Idea of Ending Highway Contracts, Parisien Says
- FRA GY : Hesse Minister Doubts Fraport Needs Third Terminal: Rundschau
- GTO NA : Gemalto Full-Yr Rev. EU2.47b vs Est. EU2.51b, Gemalto Sees Strong U.S. Growth in Coming Quarters
- GFT GY : GFT Technologies to Replace Kontron on Germany’s TecDAX
- IAG LN : IAG: Qatar Airways wants to acquire additional stake; also interested in other carriers, including India's IndiGo - CEO
- ISS DC : End of Lock up of FS invest 19.3% stake on the 6th of March (Tomorrow)
- ITV LN : Talpa Said to Seek More Than EU1b in ITV Takeover Talks: FD
- KCO GY : Kloeckner Posts 2014 Profit, Sees 1Q Ebitda Drop on Steel Prices
- KBC GY : GFT Technologies to Replace Kontron on Germany’s TecDAX
- MS IM : Raiway and EI Towers networks may be transferred to newco involving CdP - Il Sole 24 Ore
- ONTEX BB : Ontex Sees 2015 Organic Rev. Growth 4%-6%; 2014 Adj. EPS EU0.95
- REP SM : Repsol shareholder CaixaBank prepares to sell 2.5% stake - Expansion
- RWE GY : Municipal Owners Urge RWE to Scrap Hamm-D Plant: Handelsblatt
- SFL IM : Safilo, Givenchy Announce Licensing Agreement for Eyewear
- SAND SS : Sandvik Sees Costs of SEK1.9b for Optimizing Supply Chain
- SCR FP : Scor 4Q Net Income EU135m; Est. EU130m; Plans Div. EU1.40