Market Snapshot
Asia: Japan -0.2%, Hong Kong +0.8%, China +1%.
Europe: London +0.35%, Paris +0.2%, Frankfurt -0.3%.
Futures: S&P -0.75%, Dow -0.8%, Nasdaq -0.8%, Crude +3.1%, Gold +1.4%.
Economic News
10:00 ISM Non-Manufacturing Index
10:00 Labor Market Conditions Index
Key earnings after the close
SHLM
Markets
S&P index futures pared back early losses this morning after Friday’s non-farm payroll data which trailed even the most pessimistic forecast. Friday’s disappointing jobs report, which came out while the market was closed for a holiday, has helped spur concerns about the upcoming first-quarter earnings season.
Developing economies are suffering their biggest capital outflows since the financial crisis, with the 15 largest emerging economies seeing their biggest capital outflow since the crisis during the second half of 2014.
Hedge funds increased bullish oil bets by the most in four years as negotiators worked to reach a deal over Iran’s nuclear program. Speculators boosted their net-long position in crude by 21% during the seven days ended March 31, CFTC data show, the biggest percentage increase since March 2011. Short positions declined by the most in three months.
Stocks
Alcoa (AA) will provide the unofficial start of first-quarter earnings season with its report Wednesday after the close.
Hoping to solve expensive roaming charges, Google (GOOG) is in talks with Hutchison Whampoa (HUWHY) for a deal that would allow Americans to use their phones abroad at no extra cost. Hutchison could give Google access to mobile service in the UK, Ireland, Italy, and several more markets.
U.S. federal law enforcement agencies questioned about 10 Herbalife (HLF) members last week for information about their business practices. The company said it is cooperating with requests for information, and “remains confident in the integrity of our business practices.” Separately, Herbalife also received inquiries recently about irregular trading in its stock as part of a broader investigation into possible market manipulation.
Magnum Hunter Resources (MHR) disclosed Friday it had received a Wells Notice from the SEC stating that regulators had made a preliminary decision to recommend an enforcement case. Magnum Hunter says it believes the pending enforcement case relates to internal controls during periods before it filed its annual report for 2012, which identified material weaknesses. The company says it had remediated all of the weaknesses by the end of 2014.
Russian billionaire Mikhail Fridman and his partners are creating a $16B fund to invest in tech and telecom companies in the U.S. and Europe. LetterOne Technology plans to buy struggling telecom companies that require fresh capital, or technology companies that make apps or streaming services that could be used by its global mobile operations. The fund will also act as a holding company for the group’s 48% stake in VimpelCom (VIP) and 13% stake in Turkcell (TKC).
Chinese online game developer Shanda Games (GAME) has agreed to be taken private by Capitalhold in a deal worth $1.9B. Capitalhold will pay $3.55 per ordinary share and $7.10 per ADS for Shanda, a premium of 46.5% to Shanda’s 30-day average price.
Wynn (WYNN) says a proxy-advisory firm on Sunday advised shareholders to protest governance support issues at the casino operator by voting against all board nominees, including dissident nominee Elaine Wynn.