Dow-2.32% S&P-2.37% Nasdaq-3.03% Russell-2.72%
US Market closed lower after a volatile start, Global equity markets were focused on action in China, where the CSI 300 Index tumbled 6.9%, ending its day a mere 45 minutes after the opening bell. The index declined 5.0% before prompting a 15 minute halt. This stay was unable to quell selling pressure and once trading was resumed, the index surrendered a further 1.9% before endings its day early, with a loss of 6.9%. Oil traded under the $34.00/bbl level but rallied into the U.S. open, which fostered a brief rebound in equities; however, stocks tumbled to new lows in the early afternoon after Reuters reported that the People's Bank of China is likely to continue devaluing the yuan by as much as 15.0%. WTI crude would eventually back away from its flat line, sliding lower by 2.1% to $33.27/bbl by the end of its pit session. Volume were above average with 1.1bil shares traded. US After Hours LGIH 9.6%, RT +4.6%, CUDA -17.8%, TCS -16.9%, QRVO -10.7%, GPS -7.8%, following earnings/guidance/SSS, FOMX+8.1% on +ve phase 1. Concerns over aggressive currency devaluation by the PBoC, which infected markets throughout the globe over the past 24 hours, have been eased at least temporarily. Policymakers in Beijing have taken note of investor response to their moves on both FX and stocks, as they scrapped the controversial 7% circuit breaker halt for CSI 300 index overnight. Subsequently, in spite of reports that the PBoC under increasing pressure to devalue by an even more aggressive 10-15%, the central bank actually firmed up the midpoint fix for the first time in 9 trading days, producing a powerful short-covering rally. Shanghai Composite opened by over 2% moved even higher, then fell 2% in morning hours, and have since returned from the lunch break to rise by just over 2.5%. China Premier Li noted the govt is also working to reduce overproduction and overcapacity in iron, coal, and steel industries.
Nikkei -0.39% Hang Seng +0.79% Shanghai +2.31%
Eur$ 1.0859 CNY 6.5890 JPY 118.47 GBP 1.4605 CHF 0.9992 RUB$74.66 WTI$33.95 (+2.07%)
S&P+1% EuroStoxx+0.10% Dax +0.22% SMI +0.04%
Macro :
- Fed’s Evans Says ‘We’ll Clearly Be Monitoring’ Events in China
- Blackstone to Bring Hedge Fund Platform Senfina to Britain: Rtrs
- China Policy Advisers Said to Call for Yuan Depreciation: Rtrs
- Top Hedge Fund Says China Should Have Waited on Crash Rule
- Too Much Love for Europe Stocks Proves Costly Amid Global Drop
- Too Big to Value: Why Saudi Aramco Is in a League of Its Own
Keep an eye on :
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- ASSAB SS : Assa Abloy CEO Says Weakness in Chinese Markets Will Continue
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- BG/ LN : Shell Says Buying BG Works With $50/bbl Oil for 2 Yrs: Reuters
- CABK SM : CaixaBank Weighs Possible Repsol Provision: El Confidencial
- DAI GY : Mercedes Overtakes VW as Japan’s Top-Selling Import Car in 2015
- DEXB BB : Dexia to Sell Tower at La Defense, Les Echos Says
- LIN GY : Linde hires Morgan Stanley for Gist sale
- NUM FP : Drahi Complains to Regulator About Canal+ Distribution: Echos
- NUM FP : SFR Says Denoyer Steps Down as CEO, to Become Board Member
- OCDO LN : Ocado said to have attracted takeover interest - Independent
- PAH3 GY : Porsche to Change Catalytic Convertors on Cayennes in US: Welt
- REP SM : CaixaBank Weighs Possible Repsol Provision: El Confidencial
- RNO FP : Renault-Nissan Hires Ogi Redzic to Lead Connected Car Plan
- ROG VX : Roche Says Atezolizumab in Advanced Bladder Cancer ‘Encouraging’
- SAN FP : Sanofi Says Sarilumab Application Accepted for Review by FDA
- SHP LN : Baxalta, Shire Deal May Be Announced as Soon as Monday: Rtrs http://reut.rs/1OPSHHh
- SIE GY : Siemens Agrees to Electrify Iran Rail Lines, Build Coaches: IRNA
- STL NO : Statoil’s Kaarstoe Facility Evacuated After Gas Leak, NTB Says
- SYNN VX : Syngenta Gets EU Approval for Solatenol Fungicide
- TIT IM : Telecom Italia, Oi Said to Start Preliminary Deal Talks: Reuters http://bit.ly/1MWa55P
- TIT IM : Telecom Italia Says There Are No Contacts W/Oi for Merger
- TWX US : Activist Holders May Press Time Warner on Sale, HBO Spinoff: NYP
- TNTE NA : Goldman Sachs Reports 3.5% Stake in TNT Express, Filing Shows
- TTI GY : Fosun Int’l to Increase Stake in Tom Tailor to Over 25%
- VAN BB : Van de Velde 2015 Rev. of EU209m Misses Ests. as 2H Growth Slows
- VIV FP : Drahi Complains to Regulator About Canal+ Distribution: Echos
- VOW GY : VW Said to Weigh Buyback of Thousands of Cars in Talks With U.S.