Equities: Diverging trends in Europe and US

Equities across the Atlantic

Total derivative volumes across Eurex were -4% behind last year in March with only Index product volumes in the black. March US options trading volumes remained essentially flat (1% m/m, -8% y/y). Volatility returned to unfavourable (low) levels after a more turbulent start to the year.

Primary activity: deceleration in April

After a strong March, activity showed significant slowdown in all three areas: completed M&A -52%, total ECM -46% and total DCM -31% m/m. Announced M&A was the only sweet spot with an 11% m/m increase. Grossed up Q2 15 figures show somewhat smaller but significant declines compared to last year’s exceptionally strong Q2 and also versus Q1 15. We continue to expect strong M&A activity in the coming quarters.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

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