>>> Asian Update

Asia Mid-Session Market Update: Kospi outperforms as impeached but defiant Park vacates Blue House; Japan wholesale inflation accelerates; Western Australia elects Labor candidate

***Friday US markets on close: Dow +0.2%, S&P500 +0.3%, Nasdaq +0.4%***
- Best Sector in S&P500: Utilities
- Worst Sector in S&P500: Real Estate
- Biggest gainers: ULTA +4.6%; EL +3.5%; ENDP +2.8%
- Biggest losers: TDG -4.3%; SLG -2.0%; HES -2.0%
- At the close: VIX 11.7 (-0.6pts); Treasuries: 2-yr 1.36% (flat), 10-yr 2.58% (-2bps), 30-yr 3.17% (-1bp)

***Politics***
- (FR) France IFOP daily presidential poll for March 10th: Second round poll: Macron 25.5% v 25% prior , Le Pen 26.0% v 26.0% prior; Fillon 19.5% v 19.0% prior
- (AU) Opposition Labor party's Mark McGowan wins Western Australia premier elections - press

***Key economic data:***
- (JP) JAPAN JAN CORE MACHINE ORDERS M/M: -3.2% V -0.1%E; Y/Y: -8.2% (biggest decline in 8 months) V -3.7%E
- (JP) JAPAN FEB PPI (CGPI) M/M: 0.2% (4-month low) V 0.2%E; Y/Y: 1.0% (2-year high) V 1.0%E
- (NZ) New Zealand REINZ Feb House Sales Y/Y: -14.2% v -14.7% prior

***Asia Session Notable Observations, Speakers and Press***
- Asian equity markets are tracking the optimism on Wall St on Friday, where a robust NFP print was solid enough to confirm healthy labor market and solidify expectations of a Fed hike this week but not too great that would magnify the case for more than 3 hikes this year. Korea's Kospi is leading the charge as impeached Pres Park has vacated presidential palace, but struck a defiant tone that "the truth will come out" about the controversial allegations of corruption against her office. Australia's ASX200 is underperforming, as mining and energy shares slump on lower commodity prices.
- In FX, USD/JPY has retreated in line with US Treasury yields after NFP did not produce the blowout seen in the AFP report earlier. EUR/USD however has maintained its momentum toward 1-month high of 1.07 in the wake of more hawkish ECB sentiment last week. GBP traded with a softer tone after press reports that PM May could trigger Article 50 as soon as Tues, March 14th, but also that UK is drawing up contingency plans for the unlikely event it has to walk away from talks with the European Union without a deal.
- Economic docket was largely limited to 2nd tier data from Japan, where rising regional wholesale inflation has sent PPI to a 2-year high on annualized basis.


China
- (CN) China equities raised to Overweight at Goldman Sachs on reflation
- (CN) China Commerce Min Zhong Shan: Trade war between China and US would harm both economies; vows stronger oversight of companies investing overseas
- (CN) PBoC Deputy Gov Gongsheng: China should prevent household leverage from rising - Chinese press
- (CN) China Banking Regulatory Commission (CBRC) ofifcial Yu Xuejun: China could consider a reduction to the Reserve Requirement Ratio (RRR) to ensure that liquidity does not drop when the PBoC's medium-term lending facility and pledged supplementary lending instruments expire
- (CN) China National Development and Reform Commission (NDRC) Vice Chairman Ning Jizhe: survey-based unemployment rate in 31 major cities was about 5% in Jan-Feb - press

Japan
- (JP) Japan Cabinet approval rating -5pts to 50% - Mainichi
- (JP) BoJ data shows that at the end of Jan, Japan bank holdings of JGBs fell to ¥79.59T, the first time below ¥80T since 2003 - Nikkei

Australia
- (AU) Australia Treasurer Morrison: Macroprudential measures have had a positive effect; working to ease pressure on rising house prices
- (AU) Opposition Labor party's Mark McGowan wins Western Australia premier elections - press
- (AU) Westpac: Labor's victory in Western Australia elections slightly increases the risks of a downgrade for state's AA+/negative rating
- (NZ) New Zealand Institute of Economic Research (NZIER) Survey: Raises FY16/17 CPI forecasts to 1.7% from 1.4%; Lowers FY17/18 inflation 1.7% from 1.8%

Korea
- (KR) According to a survey by Korea International Trade Association (KITA), 56.2% of businesses say deployment of THAAD has hurt business - Korean press
- (KR) South Korea Customs Service: Exports in the first 10 days of March rose 19.3% y/y - Korean press
- (KR) South Korea's impeached President Park has vacated the presidential palace on Sat, two days after court ruling - press

***Asian Equity Indices/Futures (00:00ET)***
- Nikkei +0.2%, Hang Seng +0.9%, Shanghai Composite +0.4%, ASX200 -0.4%, Kospi +1.2%
- Equity Futures: S&P500 -0.1%; Nasdaq -0.1%, Dax -0.1%, FTSE100 flat

***FX ranges/Commodities/Fixed Income (00:00ET)***
- EUR 1.0675-1.0700; JPY 114.65-114.90; AUD 0.7535-0.7575; NZD 0.6915-0.6940; GBP 1.2155-1.2180
- Apr Gold +0.4% at 1,207/oz; Apr Crude Oil -0.8% at $48.09/brl; May Copper +0.5% at $2.62/lb
- SPDR Gold Trust ETF daily holdings fall 8.9 tonnes to 825.2 tonnes; lowest since Feb 6th; 4th straight decline
- iShares Silver Trust ETF daily holdings fall to 10,268 tonnes from 10,303 tonnes prior; 11-month low
- (CN) PBOC SETS YUAN MID POINT AT 6.8988 V 6.9123 PRIOR (2nd consecutive firmer setting and strongest since March 7th)
- (CN) PBOC to inject combined CNY30B v zero prior (1st injection, after 2 consecutive skips)
- (JP) BoJ data shows that at the end of Jan, Japan bank holdings of JGBs fell to ¥79.59T, the first time below ¥80T since 2003 - Nikkei
- (KR) South Korea sells 5-yr Govt bonds at 1.99%

***Asia equities / Notables / movers***
Australia
- Evolution Mining EVN +6.3%, Northern Star NST +4.8%, Newcrest Mining NCM +5.2% (gold price rises)
- BWP Trust BWP -2.7% (cut at UBS)
- Oil Seach OSH -3.2% (oil price extends decline)

Japan
- Toshiba 6502.JP +3.8% (speculation over Tec stake sale)
- Pioneer 6773.JP +4.7% (raised at MS)
- Toyota 7203.JP flat (annual wage talks with unions)

Hong Kong
- China Lilang Ltd 1234.HK -2.1% (FY16 result)
- ICBC 1398.HK +2.2% (raised at Goldman)
- HSBC 5.hk +2.2% (AIA's Mark Tucker to be new chairman, replacing Douglas Flint; effective Oct 1st); AIA 1299.HK -2.8%
- China Aoyuan Property Group Limited 3883.HK +5.1% (FY16 result)
- China Resources Cement Holdings Limited 1313.HK +8.5% (FY16 result)

>>> Bowleven activist shareholder Crown Ocean Capital’s proposals likely to be a

Bowleven activist shareholder Crown Ocean Capital’s proposals likely to be approved by shareholders - report

Bowleven [LON:BLVN] shareholders are set to approve proposals put forward by the activist shareholder Crown Ocean Capital when they vote on Tuesday, 14 March, The Sunday Telegraph reported.
The newspaper cited informed City sources who said the Bowleven board will probably lose its battle against Crown Ocean, based on proxy votes submitted before the deadline of Friday, 10 March.
Crown Ocean has proposed replacements for the Bowleven board and suggested that the UK-based oil and gas exploration group be converted to a holding company, the item noted.
Bowleven’s market capitalisation stood at GBP 115m (EUR 131m) at the close of trading in London on Friday.

Link to The Telegraph

>>> Toshiba Tec sale being considered by Toshiba, could bring in JPY 100bn - rep

Toshiba Tec sale being considered by Toshiba, could bring in JPY 100bn - report (translated)
12 MAR 2017
Toshiba [TYO:6502] has begun considering the sale of part or all of its shares in Tokyo-based POS cash register subsidiary Toshiba Tec [TYO:6588], the Nihon Keizai Shimbun reported.
The Japanese-language report disclosed, without citing any source, that Toshiba currently holds a 50.02% stake in Toshiba Tec, and the sale of all of its shares in the company would bring in an estimated JPY 100bn (USD 872m).
Toshiba experienced impairment losses at its US subsidiary Westinghouse Electric, the report said. It said the planned sale of its flash memory unit is a primary element of current efforts to raise funds.
Toshiba Tec is financially sound and has little relation to the infrastructure, energy (not including nuclear energy) and information technology sectors that Toshiba is planning to focus on as it rebuilds, the report said. An advisory company has already been selected to find a buyer and to carry out the necessary procedures for the sale of Toshiba Tec, the report added, noting that the size of the stake sale will be determined going forward.
Taiwan-based Hon Hai Precision Industry [TAI:2317] and investments funds are considered potential buyers, the report said.
Other possible sale targets likely being considered by Toshiba include Toshiba General Hospital, as well as shares in semiconductor maker NuFlare Technology and Shibaura Mechatronics, the report added.

FT : Iran cracks down on reformists as couple face death penalty

Iran cracks down on reformists as couple face death penalty
US dual national and Iranian connected to art world and foreign diplomats

An Iranian and a US-Iranian dual national were sentenced to death in Iran on Sunday on charges of founding a “cult” and promoting moral corruption.

The defendants, who have not been named, are believed to be a couple involved in the art industry who were arrested in July last year. They ran a leading art gallery in Tehran, the Iranian capital, and were known to associate with foreign diplomats.

Iran has arrested several Iranians holding dual nationality in recent months in a move analysts suggest is intended to intimidate those associated with foreign businesses or who have social connections with foreigners.

Abbas Jafari Dolatabadi, Tehran prosecutor-general, said on Sunday that the man and woman had been sentenced because they established “a new cult” and made “alcoholic beverages, encouraged vice . . . through throwing mixed parties [and] . . . exhibiting and selling obscene images at gallery”.

He said the man was a US-Iranian dual national who owned a large home in an affluent neighbourhood in Tehran where he kept 4,000 litres of alcohol, which is illegal in Iran.

Two reformist Iranian journalists have also been arrested in recent days. Hengameh Shahidi, who is also a human-rights activist, was arrested on Thursday.

Ms Shahidi had previously spent two years in prison for protesting against alleged fraud in the 2009 presidential elections. Ehsan Mazandarani was arrested on Sunday. He had been released from prison earlier this year after being in jailed in November 2015 on charges of acting against national security.

Pro-reform politicians have speculated that the latest crackdown is linked to May’s presidential election, when Hassan Rouhani, Iran’s centrist leader, will seek re-election. Hardliners in Iran commonly resort to politically motivated arrests to discourage reformists before the polls, they say.

A handwritten letter by Ms Shahidi was released on social media on Sunday in which she claimed she had received warning of her imminent arrest. “I see no reason for my arrest . . . unless it is a pre-election plan for broad arrests of political activists and journalists,” she wrote.

(ZH) Hedge Funds Covered The Most S&P Shorts Since The Election, Sold Most USDJP

Hedge Funds Covered The Most S&P Shorts Since The Election, Sold Most USDJPY In Three Years

Looking at the most recent CFTC Commitment of Traders report, BofA makes two notable observations ahead of what may be a volatile week between the Fed's 25bps rate hike announcement on Wednesday, just hours after the Dutch General Election, and on the same day as the US debt ceiling expiration hits.
The first is that HFs short covered the most S&P 500 futures contracts in a week since the US election. Specifically, asset managers increased S&P 500 longs by $1.2bn to $78.7bn; bringing the net position to the highest since August 2015. Meanwhile, Leveraged Funds, i.e. hedge funds, decreased short by $10.2bn to -$16.4bn; net position the least short since December 2014.
Additionally, institutions bought $1.2bn S&P 500 and $0.2bn EM futures last week, but sold other equity indices: -$1.1bn NASDAQ 100, -$0.7bn Russell 2000 and -$0.4bn EAFE. HFs bought $10.2bn S&P 500, but sold other equity indices: -$0.9bn NASDAQ 100, -$0.7bn each of Russell 2000 and EM.
Also of note, as we reported yesterday, despite the exuberant money flow (and short covering) from the FOMO-followers into the broader S&P, not everyone's buying it as speculators have entirely erased their massive record net long position in the small-cap Russell 2000 index, swinging the net position to its first net short since the election.

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* * *
The second notable observation in last week's CFTC report according to BofA's Jue Xiong, is that institutions sold the most JPYUSD futures since February 2013. Asset Managers increased their JPY short by -$1.7bn to -$4.8bn; net position near 3-year low (4.4%tile), while leveraged funds increased short by -$0.4bn to -$2.9bn.
* * *
Finally, BofA notes that in light of the recent move wider in credit spreads, Hedge Funds may "get hurt" as they are increasing negatively correlated to the bond risk premium. Short Bias and Managed Futures are the only two strategies that provide positive correlation, i.e. benefit from higher credit spread. Macro strategy also offers better diversification in this aspect. The one-year correlation between diversified HF performance and S&P 500 price return has declined from the three-year and five-year relationship, suggesting that HFs are less relying on market exposure.
The details:


The one-year correlation between diversified HF performance and S&P 500 price return has declined from the three-year and five-year relationship, suggesting that HFs are less relying on market exposure. However, the correlation with S&P 500 varies substantially among different HF strategies. Short Bias is the only strategy that offers negative correlation or most diversification effects. Macro and Managed Futures also have lower correlation with the equity market. It is worth to point out that performance of the Merger Arbitrage strategy seems increasingly correlation to the S&P 500.
Diversified HF performance are increasing negatively correlated to the credit spread or bond risk premium. In other words, when credit spread increase, performance of HFs is expected to deteriorate. Short Bias and Managed Futures are the only two strategies that provide positive correlation, i.e. benefit from higher credit spread. While macro strategy also offers better diversification in this aspect. However, most other strategies are positioning for even lower credit spread.
Keep an eye on bond yields and spreads, especially with the 10Y blowing, but not fully crossing, the recent post-election highs.

(ZH) The 3 Biggest Picture 'Long-Short' Trades In The World

The 3 Biggest Picture 'Long-Short' Trades In The World

8 years after the beginning of "Bull & Fed's Excellent Adventure", BofA's Michael Hartnett is starting to have his doubts.
The bull market catalyst - extraordinary, unprecedented central bank policies - is fading globally and the so-called "Humpty-Dumpty' Trade looms:
The Fed has hiked 2 times in past 10 years; March 15th will be the 2nd hike in 3 months and they will continue tightening until “event”
This is the "great fall" in risk assets catalyst = hawkish Fed & weaker EPS in H2 - BofAML suggests buy long-dated SPX puts (June FOMC/ECB = volatility); accumulate gold; avoid “ZIRP winners”…CRE, HY, EM debt, NZ$

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But Hartnett suggests there are still opportunities among the "Biggest Picture" trades...
1. Long Robots, Short Humans
"You can’t build a wall to keep the robots out"
  • Number of global robots by 2020 = 2.5 million; in 2010 was 1 million
  • Until we “tax the robots” (which we are likely to end up doing) Disruption, Demographics, Debt likely caps rise in inflation & interest rates
  • The “deflationary D’s” won’t prevent cyclical rise in inflation; but are likely to prevent a secular rise in inflation
2. Long Main Street, Short Wall Street
Economic Nationalism is back
  • Electorates are voting for trade & immigration policies to boost wages on Main Street, not for central banks to support stock & bond prices on Wall Street

3. Long Global, Short US Stocks
A multipolar world looms
  • US equities @ all-time highs; global equities 27% below all-time peak in 2007
  • US equities trade on 3.0X book; non-US equities trade on 1.3X book
  • Japan & Europe to outperform US stocks

>>> China Commerce Min Zhong Shan: Trade war between China and US would harm bot

China Commerce Min Zhong Shan: Trade war between China and US would harm both economies - press 
- Says: “Many American and western friends think that China can’t live without the US, and they’re half right... Similarly, the U.S. also can’t live without China.. Our common mission is to enhance cooperation, manage differences and achieve healthy, stable and sustainable development of our bilateral economic and trade ties."
- Looking fwd to meeting US Commerce Sec Ross; States: “I noticed that Mr. Ross used to be an excellent entrepreneur, a good negotiator and, I can say, he’s very excellent... I’m willing to deal with excellent people, because excellent people are good at thinking strategically for the long term.”

>>> What to look at this Week End - 11th & 12th of March 2017

Weekly Performance
Dow -0.49% S&P -0.44% Nasdaq -0.15% Russell -2.07% Mexico -0.66% Brazil -3.16% Nikkei +0.70% Hang Seng +0.07% CSI +0.00% Shanghai -0.17% EuroStoxx +0.38% FTSE -0.42% CAC -0.04% Dax -0.53% Ibex +2.12% MIB -0.03% SMI +0.0%
The stock market advance saw a respite this week as legislators in Washington began what is going to be the arduous process of passing healthcare reform. Rising bond yields caught investors' attention testing some key levels. The February jobs data remained robust, surpassing expectations on the payrolls, while suggesting the tightening labor market is starting to translate into upward pressure on wages. The ECB signaled that it is no longer worried about deflation and raised both its inflation and GDP forecasts for this year and next. A growing number of market participants were emboldened in their calls that central banks are falling behind the curve on removing accommodation. By Friday, futures markets were pricing in at least three hikes from the Fed this year, and some analyst were pulling forward their timetable for beginning to shrink the Fed's balance sheet. WTI crude prices careened back through the $50 mark after US crude stockpiles showed another outsized jump. Many pointed to technical/seasonal selling pressures, but nonetheless a 9% weekly decline weighed on stock sentiment. Gold prices fell back below the 200-day moving average to test $1200. For the week, the DJIA fell 0.5%, the S&P500 dropped 0.4%, and the Nasdaq lost 0.2%. 
Bonds continued to decline throughout the week, he 10-year went from 2.49% on Monday to reach a week-high 2.61%. Bonds rallied slightly after NFP. The German 10-year yield rose 7bps, reaching 0.495%, before prices recovered some ground on Friday. 

Macro :
- Fosun Wants to Invest More in Pharmaceutical Sector: Expresso
- Hedge Funds Bet Against Small Caps for 1st Time Since Nov.: CFTC
- Iran Oil Minister Says OPEC Happy With $55-$60/Bbl Crude: Etemad
- May to Ask EU to Return GBP9b When Article 50 Triggered: S.Times
- Schwarzman Sees Donald Trump Dialing Back Criticisms of China

Keep an eye on :
- ABI BB : AB InBev Chief Integration Officer Almeida Buys $10.1m of ADRs
- AIR FP : Airbus CEO Tom Enders Has a Flight Plan for Growth - Barron's
- AIG US : Berkshire Hathaway Should Consider Buying AIG: KBW
- AIRBNB IPO : Airbnb Said to Be Seeking to Hire Senior Executive: Information
- AKZA NA : Akzo Nobel Mobilizes Politicians to Prevent PPG Takeover: FD
- BAYN GY : Bayer CEO Sees EU6b Sales From 6 Pipeline Drugs: Welt am Sonntag
- BITCOIN : U.S. Rejects Application for Winklevoss Bitcoin ETF
- BMW GY : Nissan, Ford, BMW Sue Takata Over Faulty Airbag Losses
- BP/ LN : Exxon-BP Acquisition Talk Resurfaces: Is a Deal Really Likely?
- BT/A LN : BT May Face Price Controls on Broadband Services: Telegraph
- BVS LN : Bovis Homes rejects GBP 3bn bid approach from Redrow
- BVS LN : Bovis Homes Says in Talks With Galliford Try on Possible Merger
- CVRS US : Corindus Rises Post-Mkt as Philips Reports 15.5% Stake in 13D
- DENERG DC : Dong Energy to Join S&P Europe 350, Euro Plus Indexes
- DBK GY : Investigate Deutsche Bank’s Russian Ties: House Fin Cmte Dems
- DWNI GY : Vonovia CFO Kirsten Sees No New Merger With Deutsche Wohnen: BZ
- GE US : General Electric Jumps Amid Speculation About Activism
- GOOGL US : MapR Said to Hire Goldman Sachs as Lead Adviser for IPO
- HSBA LN : HSBC Said to Approach Mark Tucker for Chairman Role, Sky Reports
- ITX GY : Inditex May Raise Dividend Next Week, E.ON May Cut, BDVD Says
- ITV LN : BT may be interested in takeover of ITV following resolution of Openreach regulatory review - The Times
- JCI US : Johnson Controls Said to Explore Sale of Scott Safety: Reuters
- OR FP : The Body Shop attracts interest from CVC; former L’Occitane managing director Jacques Osti working with CVC
- LRD LN :Laird Jumps; Berenberg Says Reshaping May Spark M&A Interest
- MKS LN : M&S Considering Whitbread’s Baker for Chairman: Sunday Times
- NESN VX : Nestle’s Martello Says Yinlu Turnaround ‘Will Take Time’: SaW
- NCLH US : Norwegian Cruise Line Stock Could Rise 20% - Barron's
- UG FP : Peugeot Turned to M&A to Drive Earnings Growth - Barron's
- PHIA NA : Corindus Rises Post-Mkt as Philips Reports 15.5% Stake in 13D
- PAH3 GY : Porsche-Owning Families Want Piech Off Supervisory Board: BamS
- RL US : Ralph Lauren Holder Southeastern Reports 0.04% Stake
- RNO FP : Nissan, Ford, BMW Sue Takata Over Faulty Airbag Losses
- RSDA NA : Shell Drops Plans for Prince Rupert LNG Project in Canada
- RWE GY : RWE CEO Schmitz to Become Personnel Director: Rheinische Post
- SAN FP : Eczema drug from Regeneron tipped for blockbuster status
- SNAP US : Snap Put Volume Accelerates, Reverses Earlier Gains
- SPKE US : Spark Energy Sale Said to Be at Early Stage, DealReporter Says
- TEF SM : Telefonica Weighs Possible Deal W/ Liberty in U.K.: Expansion
- TSLA US : Elon Musk’s Offer ‘Game Changer’ for South Australia: Greens
- THYAO TI : Turkish Air ’16 Loss 47m Liras Vs 2.99b Liras Profit Yr Ago
- UBSG VX : UBS May Move More Jobs From Zurich to Regional Offices: NZZ
- VIRP FP : Virbac to Cut Debt in 2017, Could Consider M&A From 2018: Maree
- VOD LN : Vodafone Near Merger of Indian Unit With Rival Idea: Telegraph
- VOLVB SS : Cevian Capital Raises Volvo Stake by Buying 1m A-Shares: DI
- VOW3 GY : Volkswagen Brands More Autonomous Today, CEO Tells SonntagsBlick
- VNA GY : Vonovia CFO Kirsten Sees No New Merger With Deutsche Wohnen: BZ

>>> Barron's Week-End Summary

Barron's weekend summary: positive on BX, NCLH, BLL 
* Cover story: Four exchange traded fund experts-Joel Dickson of Vanguard Group, Mark Wiedman of BLK, Jim Ross of STT and Tony Rochte of Fidelity-discuss the ETF industry and topics such as the active-versus-passive debate. 
* Features: 1) Positive on BX: The alternative-asset manager has been making far more money than rivals, and its shares could see a 40% rise based on more fund raising and an increase in distributable earnings; 2) Positive on NCLH: Shares may have trailed those of other cruise line companies during the past year, but stronger booking trends and higher-paying passengers could send them up by 20%; 3) Positive on BLL: Shares of the world's largest beverage-can maker have dropped amid concerns about its Rexam acquisition, presenting an opportunity for investors to buy in on the cheap;
* Tech Trader: Asking whether SNAP is more like FB or TWTR is the wrong question-the recently listed company's identity crisis is more reminiscent of onetime highflyer GPRO, a camera company that sought to be a media company, much like Snap wants to be. 
* Trader: "A sense of unease hangs over the market, especially after the price of oil fell 9.1% last week, sinking to its lowest level since November. And the market is certainly overdue for a selloff"; "Right now, confidence is surging in the market, but it has yet to translate into tangible gains"; Cautious on GILD: Biotech stocks are on the rise again, but investors are bypassing Gilead because it has yet to produce a blockbuster follow-up for its hepatitis-C treatments. 
* Profile: Arvind Navaratnam of the Fidelity Event Driven Opportunities fund looks for corporate actions that will help him identify mispriced stocks (top 10 holdings: EXTN, MSG, FOX, BCO, ECPG, ADS, DEPO, TIME, FMCC, FNMA). 
* Small Caps: Positive on MPW: Shares of the REIT have taken a hit over concerns about operational and liquidity problems at ADPT, but the selloff appears overdone, and shares are now cheap. 
* Follow-Up: ANET is among smaller firms gaining ground on CSCO, and with a higher share price and greater operating momentum, investors should stick with it; Positive on VC: Shares could add another 20% as revenue and profits rise, and the company could be an acquisition target. 
* European Trader: Positive on Peugeot: French automaker's acquisition of Opel and Vauxhall from GM "is a relatively small deal financially, but strategically smart," as it will make Peugeot Europe's second-biggest car maker. 
* Asian Trader: "To sustain its gains, Hong Kong will need more capital flows from the mainland, because foreigners have not bought into China's recovery story yet. Actively managed funds are still selling." 
* Emerging Markets: Positive on Fomento Economico Mexicano: Mexican conglomerate has seen a rally recently, but shares still look undervalued given the diversity of the company's revenue streams. 
* Commodities: Analysts say sugar prices are likely to remain volatile in the months ahead, as uncertainties over weather conditions and production spark volatility. 
* CEO Spotlight: Profile of Airbus chief executive Thomas Enders, who wants to build on the company's presence in the Asia-Pacific region, North America, and Europe. 
* Streetwise: As the bull market enters its ninth year, investors should keep an eye on crude-and other commodity prices and be prepared for potential surprises.