Asia: Japan +0.7% to 19411. Hong Kong +1.5% to 24855. China +2.6% to 3788. India +1.9% to 27976.
Europe: London +0.5%. Paris +1.1%. Frankfurt +1.6%.
Futures: Dow +0.7%. S&P +0.6%. Nasdaq +0.9%. Crude -2.3% to $47.76. Gold -1.1% to $1187.20.
Ten-year Treasury Yield -6 bps to 1.95%
8:30 Personal Income
830 Consumer Spending
10:00 Pending Home Sales
Key earnings before the open
U.S. stock are set to push higher today, building on the moderate gains seen at the tail end of last week, as comments from Federal Reserve Chairwoman Janet Yellen and China’s central-bank chief lend support.
The euro is slipping once again, falling as low as $1.0830 this morning hurt by the uncertainty of whether Greece would be able to strike a deal with its creditors before it runs out of cash. After sending a list of reforms to bailout monitors late last week, both sides held lengthy talks over the weekend, with Greece pledging to finalize the list by Monday. The proposals include measures to increase tax revenue and investment, and would raise some €3B, according to Greek officials.
Chinese stocks took off overnight after policy makers signaled the country had capacity to ease monetary policy and boost sluggish growth at the Boao Forum for Asia on Sunday. PBOC governor Zhou Xiaochuan outlined that China’s policy makers had to be “vigilant” against the risk of disinflation and suggested that the nation had “room to act.”
Russia, Australia, Denmark and the Netherlands have now become the latest countries to join the China-led Asian Infrastructure Investment Bank despite misgivings in Washington. China has set a March 31 deadline to become a founding member of the bank, which is seen as a significant setback to U.S. efforts to extend its influence in the region and balance China’s growing financial clout and assertiveness.
Oil prices are heading south again as traders focus on whether Iran and six world powers will reach a deal that could add more crude to an already oversupplied market if sanctions against Tehran are lifted. Diplomats remain divided over the pace of easing sanctions on the Islamic Republic and the limits to be imposed on its nuclear program, but a deadline to find a preliminary agreement has been set for Tuesday, with a detailed accord coming by the end of June.
Best Buy (BBY) is planning to shutter its Canadian chain Future Shop in a move that will hurt its earnings by $0.10-$0.20 this year. Costing about $200M-$280M in restructuring charges, Best Buy (NYSE:BBY) said it will close 66 of its Future Shops and convert 65 of them into Best Buy outlets.
Although it has not revealed what compromise it is seeking, Fidelity Investments, DuPont’s (DD) sixth largest shareholder, has put pressure on activist Trian Fund Management and the chemical conglomerate to reach a settlement over their “detrimental” proxy fight. Trian, which owns a 2.7% stake in DuPont, is pushing for the appointment of four of its own directors, including Nelson Peltz, at the company’s annual shareholder meeting on May 13.
Cal-Maine Foods (CALM) reported sales grew 11% in the third quarter due to increased demand, especially for specialty eggs, over the holiday period.
Catamaran (CTRX) surges in premarket action after UnitedHealth Group (UNH) said it will buy the pharmacy-benefit manager for around $12.8 billion in cash.
Argentina’s securities regulator has suspended Citibank (C) Argentina from conducting local market operations due to Citigroup’s deal with holdout creditors who are embroiled in a legal battle with the South American nation.
In Asia’s biggest block deal this year, Chevron (CVX) has sold its entire stake in Caltex Australia (CTXAY), the country’s biggest refiner, for A$4.7B ($3.7B).
Horizon Pharma (HZNP) has agreed to acquire Hyperion Therapeutics’ (HPTX) for $46 per share.
Teva Pharmaceutical (TEVA) agree to buy Auspex Pharmaceuticals (ASPX) in a deal valued at $3.2 billion.
Following months of regulatory examination, Reynolds American (RAI) and Lorillard (LO) are expected to meet this week with members of the Federal Trade Commission ahead of a final decision by the agency on whether to allow the companies to merge.