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DAILY MARKET OVERVIEW
Today's Top Market Headlines – Jun 8, 2017
Euro Area Proves Stronger as First- Quarter Growth Revised Up

·Gross domestic product rose 0.6% vs flash estimate of 0.5%
·ECB said to lift projections for growth, cut inflation outlook
The euro-area economy grew faster at the start of the year than previously
estimated as domestic demand bolstered output.
Gross domestic product in the currency bloc rose 0.6 percent in three months
through March, the European Union’s statistics office said Thursday, revising
it from 0.5 percent. The expansion was driven exclusively by spending and
investment. Trade didn’t contribute to growth.
The data come as the European Central Bank wraps up its two-day Governing
Council meeting in Tallinn, where officials discussed the future path of
monetary policy. While a significant change in tone is not expected, investors
will be listening carefully to the words President Mario Draghi will choose to
describe the state of the recovery.
by Maria Tadeo
June 8, 2017, 12:00 PM GMT+3 June 8, 2017, 12:38 PM GMT+3
Source: https://bloom.bg/2sj54Wx

Alibaba Sales Forecast Tops All Estimates as New Forays Pay Off

·The internet titan is predicting a rise of up to 49% this year
·Cloud, media and marketing will drive revenue expansion

Alibaba Group Holding Ltd. forecast sales growth that topped every analyst’s
estimate, defying expectations that growth must slow by dint of a decelerating
economy and its own sheer scale.
China’s largest e-commerce company forecast 45 to 49 percent revenue growth in the
year ending March, sustaining a near-unbroken run of 40 percent-plus annual rises and
underscoring how investments into businesses beyond its bread-and-butter of online
shopping are paying off. The company’s German shares rose as much as 5.2 percent.
by Lulu Yilun Chen
June 8, 2017, 10:15 AM GMT+3 June 8, 2017, 11:37 AM GMT+3
Source: https://bloom.bg/2qZqBQc

Euro Weakens as U.S. Stocks Fluctuate Before Comey: Markets Wrap

·Oil crawls back after tumbling Wednesday on stockpiles report
·Pound, gilts weaken as traders weigh risk of hung Parliament
The dollar rose versus the euro and European shares erased gains after Mario
Draghi signaled that inflation in the region remains tepid, overshadowing
improved prospects for the economy. U.S. stocks opened little changed as
investors await James Comey’s Senate testimony.
The S&P 500 fluctuated before the former FBI director’s appearance, with
markets watching for clues on the fate of the Trump administration’s policy
agenda. U.K. assets were weighed down by risks of shock outcomes as British
voters head to polls in a general election. The euro faded after the European
Central Bank policy decision and commentary. Crude slumped below $45.50 a
barrel.
by Cecile Gutscher
June 8, 2017, 1:13 AM GMT+3 June 8, 2017, 4:32 PM GMT+3
Source: https://bloom.bg/2s6cHQe

Snap Is Most- Shorted Tech IPO of 2017 as Lockup Expiration Nears

·Short interest in Snapchat parent rises to 28% of free float
· Facebook faced half as much shorting at same point after IPO

Snap Inc. is the most-shorted tech initial public offering of the year, with a growing
number of traders betting the stock will fall.
Investors are skeptical that the company, which owns the Snapchat photo-sharing app,
can grow quickly enough to justify its valuation — now at about $23 billion — given
aggressive competition from Facebook Inc., which has been copying some of
Snapchat’s features. That’s helped drive short interest in Snap up to 28 percent of the
free float, or shares available to be traded publicly, according to data from Markit
Group Ltd. The increase comes before the first lockup expiration on the shares — on
July 30 — when certain stakeholders and executives will be free to unload their
positions for the first time since the March 1 IPO.
“It looks like short sellers are positioning themselves for a dramatic selloff in Snap’s
stock price after the lockups expire,” Anthony DiClemente, an analyst at Nomura
Instinet, wrote in a research note on Wednesday.
by Alex Barinka and Sarah Frier
June 8, 2017, 1:00 PM GMT+3
Source: https://bloom.bg/2siWmHR