WSE: After start on Wall Street

After yesterday’s rise in the S&P500 index by 1.4 percent and finishedthe session in the region of 2,076 points all indications shows that the index performs another step north and approach to the area of 2,100 pts., which previously stopped demand and caused a correction. Investors now have to speculate about a possible continuation of the growth and return to 2100 points.

On the Warsaw market bulls do everything to get the highest possible quotations closing, which will build a margin of safety for tomorrow’s day off on the Warsaw Stock Exchange. The higher today’s closing on the WIG20 means more space for a potential withdrawal on Friday morning.

NBB business climate for Belgium declines to -2.8 in May

The National Bank of Belgium (NBB) released its business survey on Wednesday. The business climate declined to -2.8 in May from -2.4 in April. Analysts had expected the index to decrease to -2.6.

The business climate index for the manufacturing sector was down to -6.3 in May from -4.9 in April due to a less favourable assessments of stock levels.

The business climate index for the services sector rose to 12.7 in May from 10.8 in April due to a more favourable assessment of activity.

The business climate index for the building sector increased to -2.6 in May from-3.2 in April due to a more favourable assessment of current order books.

The business climate index for the trade sector climbed to -4.6 in May from -7.2 in April due a rise in demand.

Wall Street. Stocks before the bell

(company / ticker / price / change ($/%) / volume)


3M Co

MMM

169.29

0.66(0.3914%)

338

ALCOA INC.

AA

9.56

0.14(1.4862%)

19949

ALTRIA GROUP INC.

MO

63.92

0.13(0.2038%)

550

Amazon.com Inc., NASDAQ

AMZN

706.99

2.79(0.3962%)

16663

American Express Co

AXP

65.26

0.39(0.6012%)

839

Apple Inc.

AAPL

98.5

0.60(0.6129%)

208668

AT&T Inc

T

38.56

0.06(0.1558%)

2553

Barrick Gold Corporation, NYSE

ABX

16.78

-0.13(-0.7688%)

167947

Boeing Co

BA

128

0.50(0.3922%)

691

Cisco Systems Inc

CSCO

28.6

0.13(0.4566%)

7156

Citigroup Inc., NYSE

C

46.23

0.37(0.8068%)

17500

Deere & Company, NYSE

DE

80

0.36(0.452%)

647

Exxon Mobil Corp

XOM

89.75

0.08(0.0892%)

10303

Facebook, Inc.

FB

118.12

0.42(0.3568%)

77114

Ford Motor Co.

F

13.35

0.06(0.4515%)

42475

Freeport-McMoRan Copper & Gold Inc., NYSE

FCX

11.45

0.34(3.0603%)

176329

General Electric Co

GE

29.97

0.12(0.402%)

14693

General Motors Company, NYSE

GM

31.18

0.13(0.4187%)

841

Goldman Sachs

GS

158.4

0.81(0.514%)

450

Google Inc.

GOOG

723

2.91(0.4041%)

4977

Hewlett-Packard Co.

HPQ

12.15

0.24(2.0151%)

6846

Home Depot Inc

HD

134.3

0.94(0.7049%)

1135

HONEYWELL INTERNATIONAL INC.

HON

114.76

0.39(0.341%)

100

Intel Corp

INTC

31.24

0.18(0.5795%)

8270

International Paper Company

IP

41.51

0.53(1.2933%)

227

Johnson & Johnson

JNJ

112.93

0.24(0.213%)

313

JPMorgan Chase and Co

JPM

64.83

0.29(0.4493%)

25199

Microsoft Corp

MSFT

51.96

0.37(0.7172%)

42395

Nike

NKE

57

0.41(0.7245%)

470

Pfizer Inc

PFE

34.12

0.02(0.0586%)

1538

Procter & Gamble Co

PG

81.03

0.06(0.0741%)

100

Starbucks Corporation, NASDAQ

SBUX

55.21

-0.23(-0.4149%)

13856

Tesla Motors, Inc., NASDAQ

TSLA

218.75

0.84(0.3855%)

8787

The Coca-Cola Co

KO

44.4

0.03(0.0676%)

300

Twitter, Inc., NYSE

TWTR

14.17

0.14(0.9979%)

101290

Verizon Communications Inc

VZ

49.7

0.12(0.242%)

1225

Visa

V

79.51

0.13(0.1638%)

183

Wal-Mart Stores Inc

WMT

70.42

0.18(0.2563%)

310

Walt Disney Co

DIS

99.97

0.46(0.4623%)

1183

Yahoo! Inc., NASDAQ

YHOO

36.63

-0.90(-2.3981%)

145450

Yandex N.V., NASDAQ

YNDX

19.76

0.28(1.4374%)

7400

Upgrades and downgrades before the market open

Upgrades:

Hewlett Packard Enterprise (HPE) upgraded to Buy from Hold at Needham

Hewlett Packard Enterprise (HPE) upgraded to Buy from Hold at Cross Research


Downgrades:


Other:

Tesla Motors (TSLA) target lowered to $242 from $252 at RBC Capital Mkt
Hewlett Packard Enterprise (HPE) target raised to $16 from $13 at Mizuho

Company News: Hewlett Packard Enterprise (HPE) posts Q1 earnings in-line with analysts’ estimates

Hewlett Packard Enterprise reported Q2 FY 2016 earnings of $0.42 per share, in-line with analysts’ consensus of $0.42.

The company’s quarterly revenues amounted to $12.711 bln (+1.3% y/y), beating consensus estimate of $12.336 bln.

The company also issued guidance for Q3 and FY2016, projecting Q3 EPS of $0.42-0.46 (versus analysts’ consensus estimate of $0.48) and FY2016 EPS of $1.85-1.95 (versus analysts’ consensus estimate of $1.88)

Hewlett Packard Enterprise also announced plans for a tax-free spin-off and merger of its Enterprise Services business with Computer Sciences (CSC).

HPE rose to $18.06 (+11.14%) in pre-market trading.

Foreign exchange market. European session: the euro traded mixed against the U.S. dollar after the release of the positive economic data from Germany

Economic calendar (GMT0):

(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)

01:30 Australia Construction Work Done Quarter I -2.9% Revised From -3.6% -1.5% -2.6%

06:00 Germany Gfk Consumer Confidence Survey June 9.7 9.7 9.8

06:00 Switzerland UBS Consumption Indicator April 1.40 Revised From 1.51 1.47

08:00 Germany IFO – Business Climate May 106.7 Revised From 106.6 106.8 107.7

08:00 Germany IFO – Expectations May 100.5 Revised From 100.4 100.8 101.6

08:00 Germany IFO – Current Assessment May 113.2 113.2 114.2

09:00 Switzerland Credit Suisse ZEW Survey (Expectations) May 11.5 17.5

The U.S. dollar traded mixed against the most major currencies ahead of the release of the U.S. preliminary services PMI data.

The euro traded mixed against the U.S. dollar after the release of the positive economic data from Germany. German Ifo Institute released its business confidence figures for Germany on Wednesday. German business confidence index rose to 107.7 in May from 106.7 in April, exceeding expectations for an increase to 106.8. April’s reading was revised up from 106.6.

“Business confidence in German industry and trade has improved in all four main sectors. In construction a new record high has even been reached,” Ifo President Clemens Fuest said.

“The German economy is growing at a robust pace,” he added.

Market research group GfK released its consumer confidence index for Germany on Wednesday. German Gfk consumer confidence index climbed to 9.8 in June from 9.7 in May. Analysts had expected the index to remain unchanged at 9.7.

“Private consumption will remain an important pillar of the German economy over the next few months. GfK therefore still stands by the forecast it made at the start of the year that real private consumer spending will climb by around 2 percent in 2016. This figure stood at 1.9 percent in 2015,” Gfk noted.

The British pound traded higher against the U.S. dollar in the absence of any major economic data from the U.K.

The Canadian dollar traded lower against the U.S. dollar ahead of the Bank of Canada’s interest rate decision. The central bank is expected to keep its interest rate unchanged.

The Swiss franc traded mixed against the U.S. dollar. ZEW Institute and Credit Suisse Group showed on Wednesday that Switzerland’s economic sentiment index climbed to 17.5 in May from 11.5 in April.

“Economic expectations have reached their highest assessment balance since October 2015,” the ZEW said.

UBS released its consumption index for Switzerland on Wednesday. The UBS consumption index increased to 1.47 in April from 1.40 in March. March’s figure was revised down from 1.51. The increase was driven by positive trends in tourism and new car registrations.

EUR/USD: the currency pair traded mixed

GBP/USD: the currency pair climbed to $1.4695

USD/JPY: the currency pair rose to Y110.27

The most important news that are expected (GMT0):

13:45 U.S. Services PMI (Preliminary) May 52.8

14:00 Canada Bank of Canada Rate 0.5% 0.5%

14:00 Canada BOC Rate Statement

14:30 U.S. Crude Oil Inventories May 1.31 -2.5

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Orders

EUR/USD

Offers : 1.1160-65 1.1200 1.1230 1.1250 1.1280-85 1.1300 1.1325 1.1355-60

Bids: 1.1125-30 1.1100 1.1080 1.1065 1.1050 1.1030 1.1000


GBP/USD

Offers : 1.4635 1.4650 1.4670 1.4685 1.4700 1.4750

Bids: 1.4600 1.4585 1.4550 1.4500 1.4480 1.4465 1.4450 1.4420-25 1.4400


EUR/GBP

Offers : 0.7635 0.7650 0.7675-80 0.7700-05 0.7730 0.7755-60

Bids: 0.7600-10 0.7580 0.7565 0.7550 0.7530 0.7500


EUR/JPY

Offers : 122.80 123.00 123.30 123.60 123.80 124.00 124.30 124.50 124.70-75 125.00

Bids: 122.50 122.25 122.00 121.70 121.50 121.20 121.00


USD/JPY

Offers : 110.20-35 110.50 110.65 110.80 111.00 111.50

Bids: 109.85 109.65 109.50 109.20 109.00 108.75 108.50 108.30 108.20 108.00


AUD/USD

Offers : 0.7220-25 0.7250 0.7260 0.7280 0.7300 0.7325-30 0.7350

Bids: 0.7175-80 0.7155-60 0.7130 0.7100 0.7080 0.7065 0.7050