Dow-0.75% S&P-1.01% Nasdaq-0.98% Russell-1.14%
US Market closed lower on Global growth Concerns and new rules on tax inversion mergers. WTI crude ended its day higher by 0.6% at $35.94/bbl ahead of API data. Energy markets were also volatile in electronic trade after API inventories showed the first draw in 7 weeks. Volume were above average at 1.04bil shares. All ten sectors finished the day in the red with utilities (-1.9%), financials (-1.4%), and health care (-1.2%) rounding out the leader board, industrials (-0.6%), consumer staples (-0.7%), and materials (-0.7%) finished with the slimmest losses. MITL +8% & PLCM +7% on Bloomberg reported merger talks; CREE -18% following reduced guidance. Pfizer said to terminate $160billion Merger with Allergan. Asian equity markets are modestly higher at the opening but were not able to hpld gains, with more benign China data and a rebound in oil helping to slow the recent skid. Australia is outperforming, led by the energy sector, while the rally in Tokyo is slightly more subdued amid continued volatility in the Yen. China Services PMI rose by a point to 52.2 and Composite PMI hit an 11-month high, returning to expansion territory. former PBoC researcher Yu called for another round of infrastructure investment to boost demand given the economy's sound fiscal state, with "proactive fiscal policy and accommodative monetary policy" intended to secure sustainable growth. Fitch warned that while China hard landing is unlikely, there is some skepticism about govt's ability to avoid a slowdown.
Nikkei -0.33% Hang Seng+0.03% Shanghai -0.47%
Eur$1.1366 CNH 6.4857 CNY 6.4770 JPY 110.34 GBP 1.4145 CHF 0.9578 RUB$ 68.42 WTI$36.79 (+2.51%)
S&P+0.39% EuroStoxx +0.115 Dax +0.14% SMI +0.29%
Macro :
- Italy Said to Consider State-Backed Fund for Banks: Reuters
- Clinton Says She Would Go Further Than Treasury on Inversions
- The Coming Default Wave Is Shaping Up to Be Among Most Painful
- SocGen’s Bokobza Says He Doesn’t Expect Brexit: Echos
- Oil Capex Declines Will Be Worse This Year, Morgan Stanley Says
Keep an eye on :
- A2A IM : A2A FY Net EU73m, Targets Ebitda of EU1.3b in 2020
- AF FP : Air France-KLM: CEO De Juniac to Step Down to Take IATA Job
- AF FP : Air France’s De Juniac Says French Govt. Always Behind the Co.
- BARN SW : Barry Callebaut 1H Revenue, Ebit Beat; Reiterates M/T Outlook
- DAI GY : Daimler in Talks With Microsoft on HERE Mapping Service: WSJ - http://on.wsj.com/1SzwucF
- DAI GY : Daimler Commits to Building Electric Car With 500km Range
- DBK GY : Deutsche Bank Suspends 5 Private Bankers Amid Probe: Le Temps
- EDF FP : EDF CEO Says Company Musn’t Delay U.K. Nuclear Plant Project
- FCC SM : Slim’s CEC Seeks Authorization for Bid For FCC
- GLEN LN : Glencore May Sell as Much as 40% of Ag Unit to CPPIB: WSJ
- HMB SS : *H&M 1Q PRETAX PROFIT SK3.33 BLN; EST. SK3.37 BLN
- IHG LN : Anbang Won’t Slow Down Overseas Expansion This Yr: Sec. News
- UG FP : Peugeot Aims to Boost China Car Sales to 1m Units 2018: Xinhua
- PFE US : Pfizer Said to Terminate $160 Billion Merger With Allergan
- RNO FP : Renault Says It Has Found Ways to Reduce Azote Oxyde Emissions
- SAF FP : Not seeing any delays in deliveries of A4000M engines - A400 gearbox issue will take several weeks to several months too resolve
- SBMO NA : SBM Offshore Says Judge Confirms January Settlement
- SHP LN : Shire May Become Target If Pfizer-Allergan Deal Blows Up: BofAML
- SIE GY : Siemens Building Unit Won’t Rule Out Acquisitions: Handelsblatt
- TEVA IT : Teva Focused on Completing Allergan Deal After Treasury Ruling
- VK FP : Vallourec Prelim 1Q Rev. Down Y/y, Qtr Hurt by Adverse Oil Mkt
- DG FP : Vinci, Cube, Changi Said to Be Interested in Lyon Airport: AFP