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Market Update - 12/09/16

Monday, September 12, 2016

Disclaimer: This is an informal commentary by one of our Market Analysts. It should not be taken as investment advice and is made available only on that basis.
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U.S. equities sold off sharply on Friday, breaking 43 straight sessions without a +/- 100 bp move in the S&P-Real Estate (-394 bps), Utilities (-375 bps), and Telecoms (-342 bps) u/performed while Financials outperformed but closed down -140 bps;

Asia: Chinese -A-shares traded sharply lower on overnight global sell-off. Not many positives in the Hong Kong market today. Global risk off following the US move on Friday combined with southbound selling ahead of a 4 day trading hiatus. Japanese Markets decline, following the volatile move lower in the US over the weekend, though USDJPY maintains a 102 handle.

Commerzbank plans to dismantle its investment bank and merge parts of the division with its corporate unit to reduce costs, Frankfurter Allgemeine Zeitung reported.

Democratic presidential nominee Hillary Clinton cancelled a two-day trip to California after her campaign disclosed Sunday that she’s suffering from pneumonia. Issue of her health will move back to centre stage.

The regulator of Frankfurt’s bourse will take its decision on the combination of Deutsche Boerse  and London Stock Exchange Group on legal grounds and won’t be swayed by the location of the new company’s headquarters, a government minister said.

Turkey, Egypt, UAE and Qatar are closed today. In other markets Indonesia, Singapore and Malaysia are closed

Linde and Praxair said to terminate merge talks over location.

Il Sole reporting 5 potential bidders for Pioneer.

FCA in UK requires increase in Aberdeen assets minimum capital requirement.

Samsung weak in Korea on news on Note 7, down 6%.

FT article: September rate rise in US will shock markets.

Green REIT FY results strong, NAV +14.9%, dividend +3c to 4.6%, 3.2% yield.

Davy upgrades Paddy Power Betfair .

Bloomberg piece that says that if banks in London need to move operations due to Brexit, that there are no spare office space in large European cities, Dublin does not have large enough offices.

E.On unit 08:17:53 Uniper will be deleted from DAX, Euro STOXX 50 and MSCI Standard Indices as of the close of today. Citi expects passive outflows of c 24m shares to sell.

Selloff continues, on rate fears , Bonds lower, Euro Stoxx  -2.09%;