Dow +0.10% S&P +0.13% Nasdaq -0.14% Russell +0.26%
US Market closed near the flat line as a a rally in crude oil and a positive economic outlook from Fed Chair Yellen could not keep equities near their highs. Six sectors ended in the green with energy (+2.1%) leading telecom services (+1.5%) and industrials (+0.4%). Conversely, health care (-0.7%), financials (-0.3%), and utilities (-0.3%) ended with the largest losses. The energy sector (+2.1%) traded lockstep with crude oil as the energy component extended its 2016 advance. WTI crude ended its day higher by 1.3% ($50.38/bbl; +$0.65). Volume were in line with average @ 844m shares. US After Hours PLAY +5%, HQY +5%, PAY -28% following earnings/guidance. Asian equity markets are mixed, echoing a pause in the rally for US indices, as investors look for fresh catalysts beyond the dovish Fed speak and the rebound in oil prices. Today's assessment from World Bank demonstrates the conundrum - global GDP forecast for 2016 was revised down to 3.5% from 4.1%, US target cut to 1.9% from 2.7%, Japan cut to 0.5% from 1.3%, and China maintained at 6.7%. In its accompanying Global Economic Prospects report, World Bank notes "weakness in the global economy has persisted and risks have become more pronounced (as) divergence in economic conditions between commodity exporters and importers has widened." China trade figures were similarly mixed. While the trade surplus was slightly below expectations, market reaction overall was somewhat positive on more constructive components. In Japan, Q1 final GDP report confirmed the economy has averted a technical recession, though concerns remain that the impact of Kumamoto earthquake will plunge the country back into contraction.
Nikkei +0.61% Hang Seng-0.30% CSI -0.39% Shanghai -0.30%
Eur$1.1365 CNH 6.5749 CNY 6.5707 JPY +0.31% GBP 1.4555 CHF 0.9651 RUB 64.6730
S&P+0.02% EuroStoxx -0.33% Dax +0.22% SMI -0.18%
Macro :
- China May Retail Auto Sales Rise 11.4% on Year: PCA
- U.S. April Consumer Credit Rose $13.4b, Est. Up $18b
- Uber’s Kalanick Says North America Business Profitable: Bild
Keep an eye on :
- AF FP : Air France-KLM May Passengers Rise 3.8%; Load Factors Fall
- CS FP : French Floods Insured Damage Estimate EU900m-EU1.4b: AFA
- BCP PL : Banco Comercial Has No Plans To Raise Capital, Reuters Says
- DB1 GY : Deutsche Boerse to Automate Share Index Composition
- EBS AV : Erste Group Holder Uniqa Foundation to Sell About 17.4m Shares for €22.50/share
- EKT SM : UBS Placing About 4.7% of Euskaltel on Behalf of Franklin Mutual, Stake Sold at EU8.70/Shr
- ENGI FP : Engie Job Cuts Announced So Far Total 950, Unions Say: AFP
- FDPA FP : Eurosic Bid Deadline for Fonciere de Paris Extended: Regulator
- HDD GY : Heidelberger Druck Targets Med-Term Annual Sales Growth Up to 4%
- K US : Kellogg Calls Active; Previously Cited as Takeover Target
- NOVN VX : Novartis: New Cosentyx Data in Ankylosing Spondylitis at EULAR
- ORA FP : Orange Not Excluding Partnerships to Create Pan-European Actor
- ROG VX : Roche Gets EU Approval of Avastin Tarceva Combo for NSCLC
- SAN FP : Sanofi R&D Chief Says Disappointment on Praluent Is ‘Artificial’
- TOM2 NA : TomTom Selected by Volvo Cars as Maps, Navigation Provider
- VOD LN : Sky Network in Talks With Vodafone NZ on Potential Combination
- VOLVB SS : Industrivarden Sells Shares in Volvo, Buys in Handelsbanken
- WDH DC : William Demant Looking for More Retail Acquisitions: Rtrs