Dow -0.33% S&P -0.23% Nasdaq +0.06% Russell -0,64%
US Market closed lower, pushed by Crude. WTI$ closed at $50.40/bbl -5.3% after the EIA inventory report that show a much higher build than the consensus (8.2mil vs 2mil estimates)Energy closed the day at the bottom of the leaderboard with a loss of 2.5%. The rate-sensitive utilities (-1.5%) and real estate (-1.5%) groups also finished solidly lower amid an increase in interest rates following a better than expected ADP National Employment Report, which clobbered consensus estimates; the reading showed that a whopping 298,000 private-sector jobs were added in February (consensus 180,000).
Following today's economic data, the CME Fed Watch Tool now assigns an implied probability of 90.8% to a March rate hike, up from 81.9% on Tuesday. Furthermore, the market expects to see another rate hike by the September meeting. At the top of the day's sector standings were the health care (+0.3%) and consumer discretionary (+0.3%) sectors with the latter space receiving a boost from retailers. The technology (+0.1%), financials (unch), and materials (+0.1%) sectors finished near their flat lines while the telecom services (-0.4%), consumer staples (-0.3%), and industrials (-0.4%) groups finished with modest losses. US After Hours ELF +16%, SMTC +7% following earnings/guidance, APRI +34.2% on asset sale news/NDA update... TLRD -29%, SPPI -10%, WATT -7% following earnings/guidance. Asia indices are largely lower, tracking the 3rd consecutive down day in the S&P500. Nikkei225 is among the few gainers, helped by weaker JPY in the wake of a blowout ADP jobs report that sent US Treasury yields and USD higher across the board. In FX, USD/JPY approached 114.60 in Asia session, just shy of US hours high, while AUD/USD fell to 7-week lows near 0.75. NZD/USD was also sold off on USD strength, falling below $0.79 for the first time since early Jan. Feb PPI rose for the 6th straight month and to its highest level since Sept 2008 thanks to recent jump in commodity prices. Conversely, CPI fell m/m for the first time in 4 months, and y/y figure hit a 2-year low after a near-3-yr high last month. In Japan, Toshiba was hit especially hard on press speculation of expanded loss related to nuclear ops as well as rising challenges of meeting the deadline for releasing already delayed Q3 earnings report.
Nikkei +0.34% Hang Seng -1.31% CSI -0.82% Shanghai -0.88%
Eur$ 1.0537 CNH 6.9167 CNY 6.9171 JPY 114.47 GBP 1.2159 CHF 1.0154 RUB 58.8501 WTI$ 50.53 +0.52%
S&P -0.01% EuroStoxx -0.32% Dax -0.26% FTSE -0.46% SMI -0.22%
Macro :
- Draghi’s Forward Planning Keeps Bar High for Stimulus Change
- Oil Slumps to Lowest This Year as Traders Focus on Record Supply
- Bill Gross’s Bond Bear Market Looms as 10-Year Yield Nears 2.6%
Keep an eye on :
- ABI BB : AB InBev Co-Controlling Holder Patrinvest Buys EU50.7m of Stock
- AC FP : Accor Sells 62 Hotels to SNI, to Own Majority of HotelF1 Assets
- AKZA NA : PPG Industries Said to Explore Potential Deal With Akzo Nobel, Chemical Peers Jump as PPG Said to Explore Deal With Akzo Nobel
- AKZA NA : PPG Deal Likely to See Heavy Anti-Trust Scrutiny: Seaport Global
--> Akzo Nobel Rejects Unsolicited Indicative Proposal From PPG
- ATC NA : Altice 4Q Adj. Ebitda Jumps 16%; Co. Sees Profit Growth in 2017
- ALT FP : Altran Technologies Sees Profitable Growth in 2017
- AMG NA : AMG 4Q Revenue Rises 8% to $238m, Ebitda More Than Triples
- SPR GY : Axel Springer 2016 Organic Revenue Growth 4.1%; Raises Dividend
- BOSS GY : Hugo Boss Profit May Rise This Year as Turnaround Takes Shape
- BPOST BB : Bpost Profit, Dividend Forecast Trails Ests.; 4Q Ebit in Line
- BT/A LN : BT to Name Rio Tinto’s Jan Du Plessis as Chairman: FT
- CA FP : Carrefour 2016 Recurring Op. Income EU2.35B; Est. EU2.39B
- CSGN VX : HSBC Sells More U.S. Mortgages to Credit Suisse for $3.4b
- DBK GY : Deutsche Bank’s Qatar, China Investors Said to Back Rights Offer
- DBK GY : Deutsche Bank Will Struggle to Reach ROTE Above 5%: Berenberg
- ELIOR FP : Elior Largest Shareholders May Vote Against CEO Pay: L’Agefi
- ENGI FP : Engie to Take Part in Suez’s Capital Increase for About EU240m
- EOAN GY : EON to Post 2016 Net Loss of More Than EU12.4b: Handelsblatt
- HSBA LN : HSBC Sells More U.S. Mortgages to Credit Suisse for $3.4b
- LIN GY : Linde 4Q Profit Misses, Says Praxair Deal on Schedule
- MMB FP : Lagardere Expects ’Good Year’ in 2017, CEO Says
- MOR GY : MorphoSys FY Rev. Misses Est., Cash Position EU359.5m at yr end
- PLT IM : Lactalis’ Sofil Raises Offer Price on Parmalat to EU3/Share
- SCAB SS : Carnegie Raises SCA Stake, Wants to Split Company in Three: DI
- SEV FP : Suez and CDPQ to Buy GE Water for EU3.2b Enterprise Value
- SEV FP : Engie to Take Part in Suez’s Capital Increase for About EU240m
- SFR FP : SFR FY Ebitda Slips 0.6%; Co. Sees Revenue Stabilizing in 2017
- SYNN VX : SYT/ChemChina Mofcom Review Said to See Little Opposition: PaRR
- TRE SM : Tecnicas Reunidas Raised to Neutral at Credit Suisse, PT EU34
- UN01 GY : Uniper Forecast 2017 Adj. Ebit to Fall to EU0.9b-EU1.2b, Uniper Hedged >80% of 2018 Sweden Outright Power at EU21-25/MWh
- LANS NA : Van Lanschot Client Assets Rise 10%, Dividend More Than Doubles