>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: EBF -3.6%

Select metals/mining stocks trading lower: EGO -3.8%, HMY -3.2%, ABX -2.6%, GFI -2.6%, SLW -1.9%, HL -1.7%, NEM-1.6%, GOLD -1.5%, GDX -1.3%, AG -1%, AU -0.9%

Other news: RGLS -49.5% (receives verbal notice from the FDA that its IND for RG-101 for the treatment of chronic hepatitis C virus infection has been placed on clinical hold), SAND -9.3% (announces $50 mln bought deal financing at $4.45/share), BUFF-3% (Blue Buffalo commences secondary offering of 15 mln shares of its common stock on behalf of selling shareholders), SYT-1.3% (enters into global development and distribution agreement with The Stockton Group)

Analyst comments: MTOR -1.7% (downgraded to Underweight from Neutral at Piper Jaffray), MBLY -1.4% (downgraded to Neutral from Buy at Goldman), LB -1.2% (downgraded to Underperform from Neutral at BofA/Merrill), ATHM -0.6% (downgraded to Underperform from Neutral at Credit Suisse)

>>> US Early premarket gappers

Early premarket gappers

Gapping up: RLOC +233.9%, MRNS +22.6%, PUK +11.6%, LYG +6.1%, BT +4.5%, RYAAY +4.4%, FCX +4.2%, SDRL +4.1%,RBS +4.1%, BBL +4.1%, MRO +3.7%, VOD +3.7%, CSIQ +3.6%, HLF +3.5%, OAS +3.4%, RIG +3.3%, LC +3.3%, POT+3.2%, VRX +3%, HL +2.8%, JOY +2.7%, NVO +2.7%, BHP +2.7%, MU +2.6%, RIO +2.6%, DB +2.5%, XRX +1.8%, MEET+1.7%, SCTY +1.7%, CYRX +1.7%, ZYNE +1.6%, TSLA +1%

Gapping down: RGLS -50.1%, SAND -7.3%, EBF -3.7%, ABX -3.4%, AU -3.2%, SLW -2.6%, AG -2.6%, NEM -2.5%, BUFF-2.4%, GOLD -2.2%, GDX -2.2%, LB -1.6%, NAV -1.5%, CS -1.3%, SYT -1.2%, SLV -1.1%

"Why are you here?" Juncker asks Brexit lawmakers - Reuters News

"Why are you here?" Juncker asks Brexit lawmakers - Reuters News
28-Jun-2016 09:49:21
BRUSSELS, June 28 (Reuters) - European Commission President Jean-Claude Juncker asked lawmakers of Britain's anti-EU UKIP on Tuesday why they had attended a European Parliament session to discuss the consequences of the British vote to leave the bloc.
"We must respect British democracy and the way it has expressed its view," Juncker said in a speech to parliament, words that were greeted by rare applause from the UKIP members present.
"That's the last time you are applauding here... and to some extent I'm really surprised you are here. You are fighting for the exit. The British people voted in favour of the exit. Why are you here?" Juncker continued, breaking from his speech text.
Juncker spoke from a desk next to that of UKIP leader Nigel Farage, who followed the largely French and German speech with headphones and with a British flag planted in front of him.
Before the session began, Farage had gone over to speak to Juncker. Both men appeared relaxed and as Farage made to leave, Juncker pulled him close and gave him an air-kiss on the cheek.
Juncker said he would make no apology for being "sad" at the result of the British vote - "I am not a robot," he said, "I am not a grey bureaucrat."
He urged Britain to explain quickly what it wanted from the EU in terms of a new relationship but insisted he had told his staff to engage in no preliminary talks with British officials until London engages the two-year mechanism for leaving the EU.
"No notification, no negotiation," he said.
On a rare personal note, the 61-year-old former Luxembourg prime minister, struck out at critics, notably in the German press but also among east European governments, who have called on him to stand down following the Brexit vote.
"I am neither tired or sick, as the German papers say," he said. "I will fight to my last breath for a united Europe."

>>> ECB's Draghi: Monetary policy has inevitably created destabilizing spillover

ECB's Draghi: Monetary policy has inevitably created destabilizing spillovers - opening comments from ECB forum in Sintra, Portugal 
- Depressing global inflation has been the slump in demand for energy and commodities linked to the slowdown in emerging markets
- Unconventional tools showes that easy monetary policy is possible at low interest rates
- Divergent monetary policies among major central banks can create uncertainty about future policy intentions, which in turn leads to higher exchange rate volatility and risk premiums 
- Global economy could benefit from global policy coordination

(Makor) European holding companies in light of Brexit - Makor's Bi-weekly mo

European holding companies in light of Brexit-Makor's Bi-weekly monitor

 

Holding companies’ discounts usually tend to tighten in bullish markets and widen in bearish markets. Surprisingly, the volatility of the last days following the Brexit vote did not have a major impact on most of the holding companies’ spreads (at least not yet…). In fact as can be seen in the chart below, in some cases the discount has actually tightened since our previous report two weeks ago (June 14). The two names in which the discount widened significantly and now trade at above the average level, are Renault and Unipol. This week we put our focus on Renault/ Nissan spread (being the worst performer in the portfolio), and discuss our thoughts on it – see page 2. We also point out that the CDI/LVMH spread has performed in line with our expectations (see our report from May 26) and despite market volatility the discount narrowed by 1.7%.

 

Full report attached.

 

(CS) European BAnks Strategy : Close to pricing in full Brexit

European Banks have dropped c.19% post the Brexit vote – this is the biggest 2-day drop since 1995. We remain selective and look at EU banks along the lines of (i) weak/strong capital, (ii) weak/strong economy and (iii) EU/non-EU exposure. We favour well capitalised names and/or a business mix geared outside the Euro area. This points us to UK/Asia banks and dollar earners with large international footprints. Nordic names see limited impact, Eurozone banks less vulnerable in our stress test are Benelux. Names sensitive to a Leave outcome are euro earners.