Asian equities are somewhat firmer, as the rhetoric from China Premier Li and his release of 2016 economic projections were just as mixed as the US February non-farm payrolls report on Friday which saw slightly higher than expected job growth against lower wages. While the anticipated GDP was set as a range of 6.5-7.0% for the first time in years, investors are taking solace in reassurances that a hard landing will be avoided and that policymakers are ambitious on the fiscal side despite the rise in govt debt levels. China iron ore futures are limit up, oil has rallied about 2% in electronic trade, and gold has retreated. PBoC Dep Gov Yi called FX reserves as stable and ample as markets await the release of monthly FX flows data, while the overall assessment of cross-boder flows was seen as manageable. In Japan, PM Abe pushed for businesses to raise wages with the start of the new fiscal year in April. BOJ Gov Kuroda also spoke extensively in defense of negative rates, stating that lower rates are justified in the fight against deflation even if they produce turbulence in money markets and weigh on the earnings of financials.
Nikkei -0.61% Hang Seng-0.06% Shanghai+0.53%
Eur$1.0992 CNH6.5122 CNY6.5145 JPY113.67 GBP1.4205 CHF0.9940 RUB$71.8976 WTI$36.62 (+1.95%)
S&P-0.10% EuroStoxx-0.23% Dax-0.29% SMI -0.28%
Macro:
- EU Bank Shares Discount Larger Deposit Rate Cut, Goldman Says
- Goldman Sachs Says Iron Ore Rally Is Likely to Be Short-Lived
- China Eases Fiscal Stance to Meet Slower 2016 Growth Target
- Fed to Propose Big Banks Cap Credit Risk to Each Other at 15%
- More Than Half Feb Rally Driven by ’Systemic’ Inflows: Kolanovic
- China Sets 6.5%-7% Economic Growth Target Range for 2016
- U.K. Farmers Say Leaving the EU Would Be Too Great a Risk: Times
- Ulster Unionist Party Says Northern Ireland Better Off in EU
Keep an eye on :
- A2A IM : A2A Buys LGH Controlling Stake for EU113m in Cash and Shares
- MT NA : ArcelorMittal’s Mittal Sees Signs of Steel Mkt Improvement: FT
- BAS GY : BASF Said Working With Advisers to Weigh Counter Bid for DuPont
- BAS GY : BASF Will Struggle to Win DuPont From Dow Chemical: Bernstein
- BATS LN : U.K.’s BAT Said to Hire Centerview as an Adviser: Telegraph
- BLT LN : +5% in Australia on Iron Ore Rally
- CBK GY : Commerzbank Names Martin Zielke as New CEO From April 30
- DOKA SW : Dorma+Kaba 1H Proforma Net CHF67.1M vs CHF94.8M
- EDF FP : EDF CFO Piquemal Said to Resign Over Hinkley Point Disagreement
- EDP PL : Portuguese Electricity Demand Fell 3.1% in February, REN Says
- ELI1V FH : Elisa may now find it near impossible to take over Anvia - Turun Sanomat
- ENI IM : Eni Sees Oil Price Rising in 2H, CEO Descalzi Tells Messaggero
- FCC SM : Slim’s Carso to Make Bid for Spain’s FCC at EU7.60/Shr
- FCC SM : Carlos Slim Aims to Lower FCC Debt Costs in 2016: Expansion
- GAM SM : Gamesa shareholder Iberdrola intends to keep significant stake; wants new company to remain Spanish
- GLEN LN : +10% in HK ON Iron Ore Rally
- Hengdeli (3389 HK) : -7.3% on anti-extravagance policy, Emperor Watch(887) -3.95%
- IP IM : Interpump Sees EU1B Revenue in 2017 Fueled by M&A, Il Sole Says
- KPN NA : KPN Seeks At Least EU300m Savings by End of 2019
- LSCC US : Lattice Semiconductor CFO Joe Bedewi to Leave; Shares Down 10%
- LOGN VX : Logitech CEO Says Ready to Buy ’Sizable’ Company If Suitable
- LSE LN : LSE Group Investor Says ICE Could Fund Takeover Offer: Telegraph
- MRVL US : Marvell Technology Said to Be Open to Sale: NYP
- NOVN VX : Novartis’s Cosentyx Shows Longer Benefit Than Stelara in Study
- OML LN : Old Mutual Said to Be Considering GBP9b Breakup: Sky News
- PFV GY : Busch prepares for merger with Pfeiffer Vacuum by changing legal form - Euro am Sonntag
- PMO LN : Premier Oil in Talks to With Oil Cos. to Merge Parts of Ops: FT
- RIO AU : +4% on Iron Ore Rally
- RR/ LN : Drone-Deal Guarantees Jobs at BAE, Rolls-Royce: Telegraph
- SBRY LN : Sainsbury Expected to Raise Argo Offer to 180p, Telegraph Says
- 005930 KS : Samsung Says It Won’t Buy Jay Z’s Tidal: Variety
- SDRL US : Seadrill Soars 177% in U.S. Amid Short Covering, Bailout Talk
- SUN SW : Investor Vekselberg Mulls Divestitures at Sulzer, SaS Reports
- TC1 GY : Tele Columbus shareholder United Internet could push for full control or sale - Euro am Sonntag
- TIT IM : Telecom Italia Wants Broadband Deal With Metroweb in Weeks: Rtrs
- TEX US : Terex Drops; Zoomlion Hasn’t Submitted Filings: DealReporter
- RIN FP : Vilmorin 1H Loss EU61.1 Mln; Targets Depend on Acreage, Prices
- DG FP : Vinci-Led Group Gets EU4B Germany-Denmark Tunnel Contract: Echos
- CSS FP : Vivarte working on new business plan; could consider selling more assets - Le Figaro
- VIV FP : Vivendi, Mediaset Met to Discuss Alliance on Content: La Stampa
- VOW3 GY : VW Brand Won’t Get 2nd Chance, Unit Chief Diess Tells WAZ
- VOW3 GY : VW’s Poetsch Was Informed of Diesel Affair Sept. 8, 2015: Bild
- VOW3 GY : VW Had Signs of Cheat 4 Months Before Disclosure: Handelsblatt