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Daily Market Update - 27/06/2017

US: S&P closed +3bps, unchanged  from the London close, on volumes -16% vs the 30 day average. U.S. equities were essentially unchanged on the session, with the market seemingly keen on a quiet start to the summer. Active futures were up 30bps from the overnight session, rallying even higher into the open albeit somewhat sharply selling off back to unchanged by 11am, where they caught support. The afternoon session featured meandering within a 2436-2440 band, with futures eventually closing on the low side of that range. All SPX sectors traded within a percent of their previous close, with utilities the outperformer on the day up 78bps, and tech the laggard down 59bps. The 10Y yield was unchanged at 2.14% and the dollar index appreciated 14bps to 97.41.
Investec saying that good news for Cairn Homes as residential developers will now be able to submit planning applications directly to An Bord Pleanala as legislation being passed in Dail.
Allied Irish sedol changes back to original line today and code to ALBK ID.
WSJ Reports Sprint enters 2-month exclusive talks through late July with Charter Communications, Comcast to explore wireless deal
Gold futures sold off late yesterday on ‘fat finger’ trades, regain levels back
Deutsche Bank  was not the only international lender found to have conducted “mirror trades” to circumvent regulations and send money out of Russia in the last few years, the Bank of Russia said, declining to name other institutions involved.
Bankia SA agreed to acquire Banco Mare Nostrum SA as Spain seeks to recoup the costs of bailing out the two nationalized lenders.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said that the number of employees at his bank will continue to rise as the firm hires more technology workers and expands overseas.
BNP Paribas  is climbing into the top tier of European investment banks as the industry’s struggling giants retreat. Bloomberg
WSJ says food label companies awaiting Amazon’s squeeze after Whole Foods takeover.
The European Union’s antitrust watchdog will as of today hit Alphabet Inc.’s Google with a fine of more than €1 billion, or over $1.12 billion, and demand changes to the company’s business practices, WSJ
Warren Buffett’s Berkshire Hathaway Inc. has made its second big real-estate bet in two weeks. Announced a stake of 9.8% in Store Capital Corp.
Investors in the Bloomberg Barclays European Banks CoCo Index, which indicates the performance of European banking CoCos and included Banco Popular’s CoCos until they were wiped out, have turned in a loss of 0.32% month-to date through June 23, but a 10.8% return year-to-date.
Markets lower after open, Europe – 25 BPs.