WHAT HAPPENED OVERNIGHT IN THE US:
· SPX at record close (1877), DOW through 16400 (closed 16421), NDX lagged, ending -0.18% (Bio-Tech’s -2.5%)
· European markets ok: no new developments Ukraine/Russia, ECB/BOE keep rates on hold: SX5E +0.28%. Peripherals outperform (Italy +0.42%, Spain +0.87%).
· Emerging markets holding firm: Brazil +1.1%.
· DOW +0.38%, SPX +0.17%, NDX -0.18%
WHAT’S UP THIS MORNING IN THE EAST:
· Asian markets a little firmer: MXAP +0.3% - cautious – Ukraine/Russia, NFP out of US.
· China -0.1%: NPC remains in focus re: policy/strategy/implementation. Possible corporate bond defaults gaining some attention as Shanghai Chaori Solar, looks set to default on March 2017 coupon due today (the number of publicly trade
· Japan +0.84%: weaker YEN the obvious catalyst (102.97 touched 103.16).
· Australia +0.3%: Energy related and Miners providing momentum. Parities +0.5%. (AUD at 90c, off earlier level at 91.1c)
SOUTH AFRICAN NEWS:
· Expect JALSH +0.15%.
· From SA close: Gold +$7 (1351), Plat +$2 (1486)
· ZAR at 10.62 (overnight range: 10.5925 / 10.6300)
· Futures: SPX +0.13%
TODAYS KEY DATA POINTS:
· SA earnings: ARI, LHG
· 8am: SA Gross Reserves $49.75bln, Net Reserves $45.27bln
· 9.45am: France Trade Balance
· 1pm: German Industrial Production 0.8%m/m, 3.9% y/y.
· 3.30pm: Trade Balance -$38.5bln, Non-farm Payroll 146k, Unemployment Rate 6.6%
· US earnings: Foot Locker, Big Lots