Global News:
In Asia stocks were mixed on Tuesday as a weaker than expected Caixin manufacturing survey was shrugged off and investors eyed U.S. jobs data at the end of the week. The Shanghai Composite Index was last up 1.39% to 2,979.05. The Caixin Manufacturing PMI for April came in at 49.4, below the 49.9 expected.
The U.S. dollar fell below 106.00 yen for the first time in about 18 months on Tuesday, as the yen rose against the Australian dollar after Australia’s central bank cut interest rates to a record low of 1.75%. The dollar last traded at 105.97 yen, down 0.4% on the day. The euro hit its strongest level since last August at $1.1543. The euro last stood near $1.1539, steady on the day. The Australian dollar was down 1.26% to $0.7571 and it fell 1.5% against the yen to 80.36 yen.
Oil prices rose on Tuesday as the dollar fell to an 18-month low against the yen, potentially spurring fuel demand, but gains were restricted by rising Middle East output that renewed concerns of a global supply overhang. The international Brent crude benchmark was trading at $46.04 per barrel, up 21 cents from its last close. U.S. WTI crude futures were 20 cents up at $44.98 a barrel.
In the U.S. stocks closed higher and near session highs Monday, with the Nasdaq Composite snapping a seven-day streak of losses after data showed slow-but-steady economic growth unfolding in the U.S. The S&P 500 rose 0.8% to 2,081.43. The Dow Jones Industrial Average added 0.7%, to 17,891.16 and the Nasdaq Composite Index increased 0.9%. Amazon (NASDAQ:AMZN) increased 3.7%, after its biggest one-day gain in nine months on Friday followed better-than-estimated earnings. Wells Fargo & Co. (NYSE:WFC) and Bank of America Corp (NYSE:BAC) climbed at least 1.2%. Halliburton Co. (NYSE:HAL) added 1.8% and Baker Hughes Inc. (NYSE:BHI) fell 2% after ditching their $28 billion merger.
Economic Calendar
- 09:30 GMT+1 UK Manufacturing PMI
- 23:45 GMT+1 NZD Employment Change q/q
- 23:45 GMT+1 NZD Unemployment Rate
European Equity Pre-Market Earnings
- HSBC (LON:HSBA) – Co. Q1 pre-tax profit USD 6.11bln vs. Prev. USD 7.06bln, Q1 Adj pre-tax profit USD 5.43bln vs. Exp. USD 4.30bln with a loan impairment charges at USD 1.6bln, while Co. states is confident of reaching cost goal by end-2017 and also of note shares in Hong Kong were up by almost 2%.
- BMW (DE:BMWG) – Co. reports Q1 pretax EUR 2.37bln vs. Exp. EUR 2.46bln, Q1 Ebit EUR 2.46bln vs. Exp. EUR 2.52bln, Q1 revenue EUR 20.9bln vs. Exp. EUR 22.3bln.
- Commerzbank (DE:CBKG) – Co. reports Q1 net income EUR 163mln vs. Exp. EUR 160.5mln, Q1 revenue before loan loss provision EUR 2.31bln vs. Exp. EUR 2.29bln, expects it to be more challenging to reach 2015 net profit.
- Deutsche Lufthansa (DE:LHAG) – Co. reports Q1 Adj. Ebit loss EUR 53mln vs. Prev. loss of EUR 167mln a year ago, Q1 net loss EUR 8mln vs. Prev. profit of EUR 425mln, additionally they confirm forecast for 2016 Adj. Ebit to be slightly above the previous year.
- BNP Paribas (PA:BNPP) – Co. Q1 net income EUR 1.81bln vs. Exp. EUR 1.26bln, Q1 revenue fell 2% Y/Y to EUR 10.8bln vs. Exp. EUR 10.6bln, while CET1 ratio rose to 11% from 10.9%.
- UBS (SIX:UBSG) – Co. Q1 net income CHF 707mln vs. Exp. CHF 735mln, Q1 pretax profit CHF 1.366bln vs. Exp. CHF 1.342bln, while their CET1 ratio was 14% vs. Exp. 14.4%.
- JUST EAT (LON:JE) – Q1 total orders up 57% and company increase FY revenue expectations to GBP 358mln.
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