Dow-0.98% S&P -1.20%Nasdaq-1.45% Russell-1.47%
US MArket closed lower as uncertainty about economy grows. Gain in JPY & volatility in Oil continue to be in focus. All ten sectors ended their day beneath their flat lines with financials (-1.9%), telecom services (-1.4%). technology (-1.4%), and materials (-1.3%) leading the downside. Conversely, utilities (UNCH), energy (-0.6%), and industrials (-0.7%) ended with the slimmest losses. A downturn in European banks led to a tumble in the heavyweight financial sector (-1.9%). WTI crude ended its day down 2.4% ($36.84/bbl). Volume were in line with average @ 913mil shares. DEPO +7% after Starboard discloses active stake; GPS -9% following weak March sales, State-side. Fed chair Yellen joined her predecessors Bernanke, Greenspan, and Volcker at a panel hosted by CNN's Zakaria in New York. Her comments largely retained the mixed-dovish policy stance, cheering the progress made on employment and also acknowledging the challenge of reaching 2% inflation target. She again referred to the headwinds from global economy in justifying a gradual trend of rate increases, though she also refuted her critics who called December rate hike a mistake. On inflation, Yellen noted the 2% is not a ceiling, implying that the FOMC could tolerate some overshooting with extended timing of accommodation. Yellen's predecessor Bernanke most notably stated that a recession in 2016 is not any more probable than in the prior years, and that the risk of slowing economy is fairly constant. He once again defended the Fed policies during his term, suggesting that all the risks his critics listed never came to pass. Looking forward, Bernanke said the way out of the Fed's balance sheet build-up is to stop reinvesting interest and allow assets to roll off. Later in the session, the FOMC's solo dissenter George, who voted for a 25bp hike last month, again stated that fundamentals and labor markets are relatively strong, urging the Fed not to delay rate hikes. Note that earlier in the day, a survey put the odds of the next move on rates in June at around 75%. Asian equity markets are generally softer in the final trading session of the week, tracking the selling on Wall St that erased overnight gains. Australia's base metals were particularly weak as copper prices fell sharply in US hours. Cabinet officials in Tokyo continued to dial up the growing uneasiness over rising Yen. Fin Min Aso remarks produced the most direct response of weaker Yen as he stated that rapid FX moves are most undesirable and could result in govt action.
Nikkei +1.34% Hang Seng-0.50% Shanghai -0.94%
Eur$1.1365 CNH 6.4884 CNY 6.4794 JPY 108.70 GBP 1.4067 CHF 0.9569 RUB$67.8768 WTI$38.04(+2.09%)
S&P+0.33% EuroStoxx +0.32% Dax +0.42% SMI+0.38%
Macro :
U.S. Feb. Consumer Credit Rose $17.2b, Est. Up $14.9b
- White House Says Congress Has to End Tax Avoidance:Rtrs
- Greek Bailout Talks to Be Completed Soon, Govt Official Says
- FCC Seeks to Revamp Business Bulk Data Service Oversight: WSJ
- Blackstone to Shut Alternative Mutual Fund After Fidelity Pulls
Keep an eye on :
- ABBN VX : ABB Group Grows Business to Over $1b in India; Targets More: ET
- AAPL IM : FBI’s IPhone Hack Doesn’t Work on Newer Models: Verge
- AF FP : Air France-KLM March Passengers Rise 4.6% to 7.2m
- BA/ LN : BAE Systems to Produce Assault Amphibious Vehicles for Japan
- BO DC : Bang & Olufsen Says Sparkle Roll Buys Shares; Has 13.1% Stake
- BMW GY : BMW CEO Says Taking Part in Formula E Racing Possible
- DL NA : Delta Lloyd Received Subscriptions For ~96.15% Shares Offered
- EDF FP : EDF Engineers Say Hinkley Point Can Be Built on Time: Reuters
- EDF FP : EDF Stake Held by French State at 84.9%, Voting Rights at 90.7%
- GAM SM : Gamesa Receives Two Orders in China to Supply Turbines
- GRF SM : Grifols Buys Interstate Companies Stake: Confidencial
- SDF GY : K+S CEO Steiner May Have Known About Waste Irregularities: Wiwo
- MDVN US : Medivation Takeover Appeal Boosted by Latest CHMP Opinion: JMP
- PFC LN : Petrofac Confirms Internal Probe Into Alleged Breach of Conduct
- RLYP US : Merck, Sanofi, Galenica May Be Among Relypsa Bidders: BTIG
- SAN FP : Sanofi Bought Back 18.8M Shares Totaling EU1.4 Billion in 1Q
- GLE FP : SocGen Filed Defamation Proceedings Against Melenchon, Kerviel
- UCG IM : UniCredit CEO: Institutions Working on Banks Capital Solution
- VRX US : Valeant Actively Discussing Sale of Bausch and Lomb Unit: FBN
- VIV FP : Vivendi Said to Acquire Berlusconi’s Pay-TV Unit in Swap Deal
- YHOO US : Verizon Said to Proceed With Yahoo Bid as Google Weighs Offer