May 19, 2017 - Market Update

Short recap

Asia mixed on strong US data but political turmoil

Europe opening higher

Risk off only one day

China to normalize relations with South Korea

Brazil – after last year’s impeachment the new president Temer in the same shoes

ECB speakers defended the status quo, no clear path yet

Trump mess may push markets to reprice the risk

Trump visiting Saudi Arabia on Saturday, Aramco to sign business contracts

US job market keeps tightening

NAFTA talks to start in Aug

HF managers refocussing abroad as Trump trade fades

Equities

Bain Capital eyeing Toshiba

Deutsche Bank rebuilding reputation by asking former execs to participate financially at covering the bill they left for misconduct

Danone betting on synergies (WhiteWave) and cost cutting

Alibaba announced USD 6 bln buyback

Bombardier facing a probe on price dumping, action initiated by Boeing

Bonds

10-yr Trys yield at 2.24% (important 2.15% as an indicator of risk)

10-yr Bund yield at 0.35%

Upcoming

ECB’s Praet (0900 GMT), Constancio (1200 GMT) speaking

Fed’s Bullard (1315 GMT), Willaims (1740 GMT) speaking

Iran presidential elections - impact on security and oil production

Raisi an orthodox cleric, promoting isolation

Rouhani globalist who negotiated the nuclear deal

May 24 – former FBI director James Comey to testify before Senate (1330 GMT)

May 25 – OPEC/Non-OPEC meeting

June 8 – ECB meeting

June 8 – UK elections

June 11/18 – French Legislative (Parliamentary) elections (a big question mark for Macron to gain majority)

June 13/14 – FOMC meeting – market pricing rate hike at 65%

Should you have any questions feel free to contact me anytime.

Good luck Champs!

Mr Hawk

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