Asia indices are mixed to positive, all in spite of Fed Chair Yellen virtually confirming intentions to raise rates this month in her speech on Friday and US/European futures coming under pressure on more political polarization in Washington and geopolitical concerns on Korean peninsula (North Korea missiles tries). Nikkei225 is underperforming as JPY reversed 4 consecutive declines on Friday with a modest rally, while Australia is among the gainers as miners rally after recent slump. In FX, USD/JPY and NZD/USD are among the bigger movers, falling 40pips and 30pips to 113.70 and 0.7005 session lows. China kicked off its National People’s Congress (NPC) with 2017 GDP target of "around 6.5% or higher if possible" vs 6.5-7.0% in 2016, also lowering 2017 M2 money supply to 12% from 13% and Retail sales to 10% from 11. PBoC pledged to pursue prudent, neutral monetary policy in 2017, while Fin Min expressed concerns over imbalances between revenue and spending as well as local govt debt risks. In other notable developments, Defense Ministry's 2017 growth was set at 7%, down from 7.6% last year and the lowest in a decade. Expressing continued commitment to reducing pollution, regulators also announced cuts in steel capacity by another 50M tons and coal output by over 150M tons.
Nikkei -0.46% Hang Seng +0.27% CSI +0.39% Shanghai +0.36%
Eur$ 1.0595 CNH 6.8948 CNY 6.8975 JPY 113.81 GBP 1.2280 CHF 1.0093 RUB 58.3310 WTI $52.92 -0.77%
S&P -0.34% EuroStoxx -0.26% Dax -0.24% SMI +0.02% FTSE -0.11%
Macro :
- U.S. to Impose Duties on Stainless Steel Sheet From China
- China Ready to Meet Challenges From Trump White House, Fu Says
- EPA expected to reopen vehicle emissions decision: source - http://reut.rs/2mQ10aM (Reuters)
- Germany, France, Italy Spar Over EU Defense Fund: Handelsblatt
- SNB Posts CHF24.5b Profit for 2016 Allowing CHF1.7b Payout
Keep an eye on :
- ADN LN : Aberdeen Asset, Standard Life Said to Mull GBP11b Merger: Sky
- AIB ID : Ireland Said to Sell 25% AIB Stake in IPO Within Weeks: Times
- AGS BB : Ageas Keen to Increase Holding in IDBI Federal Life to 49%: PTI
- AA US : Alcoa Upgraded at Goldman; Should See 12% FCF Yield Through ’18
- AZA IM : Alitalia Plan May Include 2,000 Job Cuts: Il Sole 24 Ore, Needs Capital, Funding of About EU1.3b: Messaggero
- AR4 GY : Aurelius 2016 Revenue Rises to EU2.9B, Proposes DIV of EU2/Share
- BAS GY : BASF Plans to Invest 3b Euros in Asia-Pacific 2017-2021: BS
- BT/A LN : Du Plessis Said Frontrunner for BT Chairman Role: Sunday Times
- BC IM : Cucinelli Looks to E-Commerce to Boost Growth: Il Sole
- DASNKE DC : Danske to Focus Asset Management Expansion in Nordics, Germany
- DB1 GY : Deutche Boerse Board Says Kengeter Is Right Man as CEO: FAZ
- DBK GY : Deutsche Bank Extends Declines; Confirms Potential Capital Boost
- DBK GY : Deutsche Bank Supervisory Board Said to Meet Sunday: Reuters
- ERICB SS : Ericsson CFO Says Earnings, Cash Flow a Priority This Year: BZ
- XOM US : Exxon Mobil Seeks License for $5b Guyana Crude Project: El Mundo
- GFK GY : KKR Takeover Offer for GfK Exceeds Minimum Acceptance Threshold
- ISP IM : Intesa CEO Says Le Pen Victory Could Be Damaging: Corriere
- LOOMB SS : Loomis Sees Market Potential for 200k Safepoints in Europe: DI
- MBTN SW : Meyer Burger CEO Braendle Hopes to Cut Costs Further: FuW
- NOVN VX : Novartis Study Shows Efficacy of Sandoz Biosimilar Adalimumab
- NOVOB DC : Novo Nordisk Sues to Block Teva Copy of Diabetes Drug Victoza
- OMV AV : Austria’s OMV to Buy Uniper Gas Field Stake for $1.85b
- OMV AV : OMV Reaches Agreement for Sale OMV Petrol Ofisi to Vitol Group
- P US : Pandora shares surge amid speculation about a sale - NYT
- UG FP : PSA Sets Monday Press Conference With GM: PSA Spokesman
- POP SM : Saracho Sees Merger as Best Option for Popular: Expansion
- PFD LN : Premier Foods major shareholder Nissin urged to sell or launch takeover
- PMO LN : Premier Oil approaches Halliburton and Schlumberger for funding - FT
- RYA LN : Ryanair Says Its Canceled 45 Flights on Monday To/From France
- SAN FP : Sanofi, Regeneron Report Positive Results From Dermatitis Drug
- SBRY LN : Sainsbury’s to Cut 400 Jobs in Shake-Up of Operations: Guardian
- SIG US : Signet Drops; Earlier NYT Story Discussed Company Accounting
- SNAP US : MSCI to Reassess Snap Inclusion in USA Index at May Review
- TMG NA : De Mol Raises TMG Cash Offer to EU6.50 P/S Amid Takeover Battle
- TWX US : Sprint Wins $139.8 Million Verdict Against Time Warner Cable
- UBER IPO : Uber Said to Have Used Greyball Tool to Deceive Authorities: NYT
- UN01 GY : Uniper sells 25% stake in Yuzhno-Russkoye field for EUR 1.749 billion