Dow +0.03% S&P +0.0% Nasdaq +0.03% Russell -0.38%
Nasdaq at record as APPLE +2.7% closed at record (Drexel bullish call). JD earnings led nasdaq100 (NDX). Macro non-event and 2017 Ira Sohn Investment Conference took center stage (some individual names reacted). Rates higher helped banks, but copper lower on China trade balance, and leaned on commodities again. $16.9b worth of M&A was announced in North America yesterday, so put a floor to the market. Also JPY recouped 113, so helped sentiment. Energy subgroups acted well too (as Crude rallied +60bps on chatters on prodn cut extension). Overall volumes weak, came at 6.27bn shares, so down -4% vs 20day ave. Earnings pick up today as 23 of SPX due with EPS (TMT a focus, specifically media). Though we did not have any major macro data, the CESIUSD index (+ve macro index) fell again today. Note that VIX closed at 9.77 (down -8%), historic low. FN +9%, QTNA +8%, TDOC / MAR / RGR +5% higher following earnings/guidance, RAD +3.2% on M&A update... HTZ -17%, OTEX -10%, CBI -6% following earnings/guidance. Asia indices mixed after a flat day on Wall St where S&P500 hit record intraday high and Vix saw a multi-year low. Australia underperforming ahead of the release of its FY17/18 budget, with retailers slumping on much weaker than expected Aussie Retail Sales. CBA shares also trading lower following Q3 results. AUD/USD fell nearly 40pips toward 0.7350 on the release.- Japan wage inflation posted its biggest y/y decline in nearly 2 years, and BOJ Gov Kuroda noted central bank is prepared to do more policy adjustment if needed, sending USD/JPY pair to session highs near 113.40.
Nikkei -0.15% Hang Seng +0.38% CSI -0.58% Shanghai -0.38%
Eur$ 1.0924 CNH 6.9108 CNY 6.9071 JPY 113.36 GBP 1.2954 CHF 0.9989 RUB 58.3793 WTI$ 46.36 -0.15%
S&P -0.04% EuroStoxx +0.30% FTSE +0.16% Dax +0.12% SMI +0.12%
Macro :
- Berkshire Eyeing German Cos But High Prices Remain Obstacle: HB
- Oil’s Drop No Threat to Stocks as in 2015, Morgan Stanley Says
- China April Retail Auto Sales Fall 1.7% on Year: PCA
- Saudi Arabia Has Better Chance to Join FTSE Russell Than China
Keep an eye on :
- ABE SM : Atlantia Said Mulling EU16/Share Bid for Abertis: Confidencial
- ADEN VX : Adecco 1Q Revenue Beats Estimates Up 7% as Italy Surges
- AGFB BB : Agfa-Gevaert 1Q Revenue Beats Est.
- AKZA NA : Elliott Files Enterprise Chamber Petition Regarding Akzo EGM
- MO US : Philip Morris, Altria Combination by 2019 Has 50/50 Chance: BI
- BCP PL : BCP 1Q Net Income EU50.1m
- CNA LN : Centrica CEO Suggests Taxpayers May Pay Some Clean-Energy Costs
- COFB BB : Cofinimmo Spends EU21m on Expansion in Dutch Health-Care Assets
- CBK GY : Commerzbank Posts 1Q Net Income of EU217m vs EU74m Estimate
- DAI GY : DHL, Daimler Team Up to Fend Off Amazon’s Logistics Challenge
- DIA IM : DiaSorin 1Q Ebit Beats Est.
- DLG GY : Dialog Semiconductor 1Q Revenue Up 12%; Sees Further Rev. Growth
- EOAN GY : EON 1Q Adjusted Net Falls 20% to EU525m, Missing Estimate
- ZIL2 GY : ElringKlinger 1Q Sales Beat Highest Est.
- EUCAR FP : Europcar 1Q Revenue EU439m, Hertz Down 15% Post-Mkt; 1Q U.S. Rental Car Revenue Falls 4% Y/y
- FRA GY : Frankfurt Airport April Traffic Jumps 10% as Group Debt to Rise
- G1A GY : GEA Group Wants to See 2Q Business Before Giving FY Forecast
- SDF GY : K+S 1Q Operating Income Beats Est.
- MRL SM : Popular to Sell Stake in Merlin, El Confidencial Reports
- MUV2 GY : Munich Re 1Q Operating Profit Misses Est.
- NYR BB : Marshall Wace Expands Nyrstar Short Position as Och-Ziff Reduces
- NOVN VX : Novartis Reports New 11.1% Altimmune Passive Stake
- ORK NO : Orkla 1Q Revenue Misses Est.
- PNDORA DC : Pandora 1Q Net Beats Estimates; FY Outlook Maintained
- PLT IM : Parmalat Sees FY Rev. Change In Constant Currency +4%
- SAN FP : Sanofi Plans to Keep Cepia Ingredients Unit, Les Echos Reports
- SY1 GY : Symrise 1Q Sales Miss Est.
- TSLA LN : Social Capital’s Palihapitiya Likes Tesla 2022 Convertible Bonds
- TSN US : Tyson May Mull M&A Again After Integrating AdvancePierre: CEO
- UN01 GY : Uniper Profit Falls 41% as One-Time Trading Effects Don’t Repeat