TheChek News Flow

U.S. equities finished mostly higher on Wednesday, but financial shares struggled following the Fed's latest policy directive. Small caps showed relative strength, pushing the Russell 2000 higher by 0.6%. As expected, the Federal Open Market Committee raised the fed funds target range by 25 basis points to 1.25%-1.50% on Wednesday, marking the third rate hike of 2017. Chicago Fed President Evans and Minneapolis Fed President Kashkari--the FOMC's two most dovish members--dissented, saying they preferred to keep the target range unchanged. The Fed's so-called "dot plot" revealed that the median FOMC member still anticipates three rate hikes in 2018 and two in 2019. Both figures were unchanged from the projections released in September, even though the central bank acknowledged that overall inflation and core inflation have declined this year and are running below 2.0%. The flattening of the yield curve weighed heavily on the financial sector, which is second only to technology in terms of weight, representing nearly 15.0% of the broader market. The financial space dropped 1.3%, mitigating gains registered in most other areas. seven of eleven sectors finished in the green, but gains were limited; no group advanced more than 0.5%. US After Hours NDSN +11.8%, BAND +11.4%, PIR -25.3%, ABM -10.1% following earnings/guidance. Chinese shares declined after a surprise hike in short-term interest rates by China’s central bank, though there was little impact more broadly in Asia as investors digested the Federal Reserve’s latest rate increase of its own, and an updated economic outlook. China’s domestic equity markets were lower and Hong Kong’s Hang Seng Index fell. Japanese equities dipped and South Korea’s gained. The dollar was flat after sliding yesterday along with U.S. Treasury yields in the wake of the Fed keeping 2018 monetary-tightening plans as is despite boosting its growth projection. The Australian dollar hit a five-week high after better-than-expected jobs figures.

Nikkei -0.28% HangSeng -0.31% CSI -0.60% Shanghai -0.36% Shenzen -0.08%

Eur$ 1.1820 CNH 6.6108 CNY 6.61111 JPY 112.74 GBP 1.3427 CHF 0.9853 RUB 58.7258 WTI$ 56.76 +0.28%

S&P +0.07% Eurostoxx -0.23% FTSE -0.25% Dax -0.32% SMI -0.25%

Macro :

- Cohen Is Said to Jar Investors With Lockup as Long as 3 Years

- FOMC Hikes by 25bp, Keeps Gradual Pace; Few Changes to Statement

Keep an eye on :

- ACS SM : ACS Wins Long Island Railroad Contract

- AIR FP : Airbus COO Bregier Says It’s Up to Board to Decide on Succession

- AIR FP : Airbus Chairman Sees Need for Some Changes in Senior Mgmt: FT

- AIR FP : Airbus Is Said Set to Win Delta Order on About 100 A321neo: CNN

- AIR FP : Bombardier in Component Management Pact W/ Air Philippines

- AKSO NO : Aker Solutions Gets NOK3B Subsea Services Pact With Statoil

- ATC NA : Altice USA, Charter & Comcast in Pact to Form New Interconnect

- ATO FP : Atos Confirms Gemalto Bid at EU46/Shr After Rejection

- CRG IM : Banca Carige Says Unsold Rights to Be Offered From Dec. 15

- BDT GY : Bertrandt FY Ebit Falls by A Third As Sales Stay Stable

- AM FP : Dassault Aviation to Halt Falcon 5X Program on Engine Issues (1)

- AM FP : *DASSAULT PLANS TO PULL PLUG ON SAFRAN SILVERCREST CONTRACT: FT

- DBK GY : Deutsche Bank ‘Constructive’ on Home Products, Beverages

- DTE GY : T-Mobile Reports Conversion of Mandatory Conv. Preferred Stock

- DIS US : Disney Deal Is Said to Likely Value Fox at Just Over $40/Shr:WSJ

- ERICB SS : Ericsson Rises; CM Research Sees Net Neutrality Reversal Boost

- GTO NA : Atos Confirms Gemalto Bid at EU46/Shr After Rejection

- GTO NA : Gemalto Rejects Atos Unsolicited EU46/Share Takeover Bid

- NHY NO : Norsk Hydro to Invest NOK1.3B in Husnes Plant in Norway

- NSG NO : Norske Skog Hires Evercore; Sale Process to Begin Imminently

- REZT SS : HNA Reduces Stake in Rezidor to 64.7% From 70.4%, DI Reports

- RYA LN : Ryanair Spanish Unions Plan to Strike Dec. 30: Efe

- STL NO : Statoil Awards Subsea Contracts Worth More Than NOK8B

- SNH GY : Steinhoff to Restate 2016 Consolidated Financial Statements

- TSLA US : Tesla’s World-Beating Battery Dispatches 100MW for First Time

- TEVA IT : Neos Sues Teva to Block Generic of Cotempla ADHD Drug

- UBSG SW : UBS Wealth Chief Zeltner to Step Down From Board at Year-End

- VOW3 GY : Bosch Faces Potential EU20b Battery Investment: Handelsblatt

- WG/ LN : Regulator to Oppose BP’s Buy of Woolworths Gasoline Stations

- ZC FP : Zodiac Aerospace First Quarter Organic Sales -6.9%

* BT Upgraded to Buy at UBS

* BT Upgraded to Buy at UBS