Asian equity markets traded mostly positive with ASX 200 (+1.8%) among the leaders, following an RBA rate cut, while poor China PMI figures increase stimulus hopes. ASX 200 was led by financials after Big-4 bank ANZ recovered from opening losses on optimism regarding the bank’s direction, while a 25bps rate cut by the RBA further boosted sentiment. Elsewhere, Chinese markets were mixed with the Shanghai Comp (+1.7%) undeterred by further poor data in which Caixin Manufacturing PMI failed to meet estimates and posted a 14th consecutive month in contraction territory, as the recent data misses increased hopes for additional easing. As a reminder Japanese markets were shut due to Constitution Day and will next re-open on Friday.

FTSE   **As a reminder UK markets were closed yesterday for May Day bank holiday**

HSBC (HSBA LN) – 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%. (BBG)

Stories of note from yesterday and over the weekend

AstraZeneca (AZN LN) - The FDA have approved the first generic version of the Co.’s Crestor. (BBG)

BT (BT/A LN) – Co. is set to let competitors use its Ducts and poles in a bid to boost competition. (BBG)

BP (BP/ LN) – Co. has stopped its fight regarding USD 1bln spill payments to seafood industry. (BBG)


Companies paying dividend:

FTSE 250: DS Smith PLC (GBP 0.040), Essentra PLC (GBP 0.140), Foreign & Colonial Investment Trust PLC (GBP 0.027), Jardine Lloyd, Thompson Group PLC (GBP 0.195), Mercantile Investment Trust PLC (GBP 0.130)



BMW (BMW GY) – 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. (BBG)

Commerzbank (CBK GY) – 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. (BBG)

Deutsche Lufthansa (LHA GY) – 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. (BBG)

Hugo Boss (BOSS GY) – Co. reports Q1 Ebitda Ex-items EUR 93.5mln vs. Exp. EUR 96mln, Q1 sales EUR 642.6mln vs. Exp. EUR 647mln. (BBG)



BNP Paribas (BNP FP) – 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%. (BBG)

Cie de Saint-Gobain (SGO FP) – Co. has acquired Buitex, a Co. specialising in the manufacturing of wood fibre insulation products. (BBG)


Companies paying dividend: CAC 40: L'Oreal SA (EUR 3.10)





Banco Commercial (BCP PL) – Q1 net USD 46.7mln vs. Exp. USD 70.4mln. (BBG)

Solvay (SOLB BB) - Co. to sell 70.59% stake in Argentine unit Solvay Indupa to Unipar Carbocloro with the transaction based on total enterprise value of just over USD 200mln. (BBG)

Phillips (PHIA NA) – Co. have announced its intention to proceed with lighting unit IPO. (BBG)

Companies paying dividend: IBEX: Banco Santander SA (EUR 0.05), Industria de Diseno Textil SA (EUR 0.30) AEX: SBM Offshore NV (EUR 0.21) PSI 20: ATX: Verbund AG (EUR 0.35) BEL 20: UCB SA (EUR 1.10), Anheuser-Busch InBev SA/NV (EUR 2.00) ISEQ: FTSE MIB: UniCredit SpA (EUR 0.12), CNH Industrial NV (EUR 0.13)



UBS (UBSG VX) – 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%. (BBG)

Swisscom (SCMN VX) – Co. reports Q1 revenue CHF 2.89bln vs. Exp. CHF 2.9bln, Q1 net income CHF 364mln vs. Prev. CHF 351mln a year ago and maintains outlook. (BBG)

Companies paying dividend: SMI: Adecco SA (CHF 1.50) SMI Mid-Cap: GAM Holding AG (CHF 0.65)

Companies going ex-dividend: SMI Mid-Cap: Galenica AG (CHF 18.00), Baloise Holding AG (CHF 5.00)




Companies paying dividend: OMX: Sampo Oyj (EUR 2.15)

Companies going ex-dividend: OBX: Norsk Hydro ASA (NOK 1.00)



The Energy sector found itself lagging slightly as oil finished the day in the red for the first time in a week, down over USD 1.00/bbl. However, led by Consumer Discretionary and Financials all other sectors closed in the green resulting in the major indices closing in positive territory. The DJIA finished up 0.66% at 17,891.16, S&P 500 finished up 0.78% at 2,081.39 and the NASDAQ-100 up 0.92% at 4,381.30.

Best Performing Sectors in the S&P 500: Consumer Discretionary (+1.39%), Financials (+1.11%), Consumer Staples (+1.03%)

Worst Performing Sectors in the S&P 500: Energy (+0.03%), Materials (+0.36%), Industrials (+0.44%)

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