Asian equity markets sprung right back into rally mode with steady gains, even though participation was still limited by the Easter holiday that kept Australia and Hong Kong traders away. Nikkei225 led the rally with nearly a 1% rise as USD/JPY rose over 60pips to 113.60 on the heels of more bullish comments from Fed's Bullard calling April and June meetings as "live" events for potentially more tightening. Shanghai Composite benefited from improving industrial profits data and more upbeat China Beige Book. China Industrial Profits for Jan-Feb - spread out due to the seasonality around Lunar New Year - showed their first rise after 7 straight months of decline. China Beige Book, released over the weekend, also pointed to improving profits in Q1, but also noted declining staffing, as quarterly Capex hit a 5-year low and 33% of companies reduced their investments. Beige Book report further noted payrolls growth by private companies was at a 4-year low. Helping sentiment was a report in Chinese press that the state pension fund will begin to invest in A-share market this year with estimated flows of about CNY600B. The timing outline for the announcement follows recent State Council decision to allow up to 30% of Pension Fund assets to be invested in equities. Also of note, China lockup shares expected to be released into the market this week was down to just over CNY25B from over CNY100B last week.
Nikkei +0.77% Hang Seng Closed Shanghai -0.73%
Eur$ 1.1167 CNH 6.5247 CNY 6.5155 JPY 113.58 GBP 1.4152 CHF 0,9771 RUB $67.80 WTI$ 39.96
S&P+0.35% EuroStoxx Closed Dax Closed SMI Closed
Macro :
Dijsselbloem Says ECB Actions Unusual Because of Unusual Times
Bond Rally Seen on Collision Course With Inflation as Fed Punts
Behind U.S. GDP Data Is Reason for Recession Worry: Weak Profits
Keep an eye on :
- ABG SM : Abengoa Presents Standstill Request, Has 75% Creditor Support
- AZN LN : Astrazeneca Says Japan Approves Tagrisso for Patient Treatment
- BMPS IM : Paschi Denies Press Report on ECB Request for Capital Increase
- BMPS IM : Monte Paschi Said to Seek Buyers for EU200m of Secured Bad Loans
- CABK SM : Santoro’s Silva Says Co. Willing to Restart Talks with CaixaBank
- CRG IM : Apollo Bids for Carige Bad Loans, May Add Capital: Messaggero
- CRG IM : Banca Carige may sell 52%-59% stake to Apollo if non-binding offer accepted - Messaggero
- CNHI IM : CNH Industrial Sees ~$500m Charge Related to Probe of Unit
- DB1 GY : Deutsche Boerse, LSE Mull Using Dutch Legal Entity: Telegraph
- EDF FP : EDF Confirms Goal to Start Flamanville Reactor in 4Q 2018
- EDF FP : EDF Would Shoulder CGN Share of Hinkley Point Cost Overruns: JDD
- ENI IM : Eni Declines Comment on WSJ Report of Exxon Mozambique Interest - http://on.wsj.com/1RAWKTa
- FER SM : Ferrovial Said in Lead to Win Laing O’Rourke Unit Auction: AFR
- FCC SM : FCC Seeks Help From Creditors on Debt, Expansion Reports
- GBB FP : Bourbon Says Two Crew Members Abducted in Nigeria Freed
- OMG LN : Old Mutual’s wealth management unit could see joint bid from Bain and Carlyle, Advent also interested - Sunday Times
- PST IM : Italy Weighing Sale of Second Stake in Poste This Year: Ansa
- PFD LN : John Paulson urges Premier Foods to engage - FT - http://on.ft.com/1UpqQQA
- PFD LN : Premier Foods CEO open to talks with McCormick at right price; pension contribution could be too much for McCormick
- PFD LN : Premier Foods shareholders would settle for sale at 65p per share - Daily Telegraph
- RNO FP : Nissan to Use Japan Battery for Japan Leaf Cars: Nikkan Kogyo
- RENFE IPO : Renfe Exec Says Train Operator Should Be Publicly Listed: FT
- CFR VX : Chopard Co-President Sees Consumer Caution in Some Regions: SZ
- RDSA NA : Neptune Oil confirms interest in Shell’s North Sea assets - Daily Telegraph
- RWE GY : RWE Plans to Cut 2,000 Jobs by 2018, Says HR Officer Tigges: WAZ
- SAF FP : Safran Said to Evaluate Security Division Sale: Les Echos
- SAP GY : SAP Extends Contracts of CEO, CFO, Sales Chief to 2021: Reuters
- SRG IM : Thyssengas may receive bid from Snam - Il Sole 24 Ore
- SN/ LN : Zimmer Biomet Says Deferred Prosecution Agreement Ongoing
- SOF BB : Sofina Net Asset Value Climbs 12% in 2015; Dividend Tops Est.
- SPIE FP : Spie Gets EU30m Investment From La Caisse
- SYNN VX : Syngenta Says ChemChina Deal Poses No Food Safety Risks: WSJ
- URKA LI : Acron Said to Have Sold Uralkali Stake, Interfax Reports
- VIE FP : Veolia Sold EU700m of Convertibles by Private Placement: Gide
- VIV FP : Canal+ to Pay beIN Sports More Than EU1.5B, BFM Business Says
- VOW3 GY : Volkswagen, Porsche Recall More Than 800,000 SUVs on Pedal Issue
- VOW3 GY : VW Superv’y Board Considers New Strategy Committee, dpa-AFX Says
- VOW3 GY : VW CEO Loses Fight to Restore Hatz to Post After Scandal: BamS
- YHOO US : Microsoft Said to Mull Backing Potential Yahoo Buyers: Re/Code - http://on.recode.net/1Sl6pjT