[NEW YORK] Volatility in the US stock market is getting harder to ignore with each passing day, a trend Goldman Sachs Group Inc says is poised for a reversal.

The Standard & Poor' s 500 Index rose 0.5 per cent yesterday and moved 1.3 per cent from its lowest to highest levels. That' s the 14th straight swing of more than 1 per cent intraday, the longest stretch since an 18-day run ending on June 21, 2012, data compiled by Bloomberg show.

Daily moves in the US equity benchmark have almost doubled from 2014 as oil' s decline spurred concerns about deflation and earnings estimates fell the most since 2009. While investors are the most rattled they' ve been since Europe' s debt crisis more than two years ago, an accelerating US economy should calm them down, according to a Jan. 20 client note from Goldman Sachs derivatives strategists.

" The rollercoaster markets have been on has been unsettling for the public at large to see," Mark Luschini, the chief investment strategist for Philadelphia-based Janney Montgomery Scott, which oversees about US$68 billion in assets, said by phone. His message to clients: " Don' t let it shake you out of your positions. The fundamentals haven' t changed." Even as crude prices have been cut in half since June, gross domestic product grew at a 5 per cent annual rate in the third quarter, the most in 11 years, and the US labor market just capped its best year since 1999.

US stocks rose for a third day as energy shares rallied and speculation grew that the European Central Bank will provide more stimulus. The S& P 500 has climbed 2 per cent following its second five-day slide this year as investors have weighed earnings reports and oil held above an almost six-year low set Jan 13.

The S& P 500 has posted an average move of 0.85 per cent each day in 2015, almost double the daily price change of 0.53 per cent in 2014, the calmest year in US stocks since 2006. Shares in the US benchmark gauge have endured intraday moves of at least 1 per cent every day this year, including one of its most volatile sessions in three years on Jan. 13.

In that period, the Chicago Board Options Exchange Volatility Index has declined 16 per cent from a one-month high. The VIX is derived from the cost of options on S& P 500 and amounts to a forecast for stock swings in the next 30 days.

Goldman Sachs analysts led by Krag " Buzz" Gregory predicted the gauge of trader anxiety will average 16 in 2015, about three points below its closing level of 18.85 yesterday, according to the note. With the current state of the US economy, the VIX' s current level should be around 15, the strategists wrote.

" In mid-cycle, the market has overcome many of the residual volatility spikes that occur coming out of a recession and the early stage of the business cycle," they wrote. Equities are also " a safe distance away from the imbalances usually associated with the end of US expansions," they wrote.

' The Norm' Heightened volatility in other markets, especially in oil, is keeping the VIX elevated right now, according to the note. The strategists expect the VIX to retreat with the economy expanding at a rate of more than 2.5 per cent and manufacturing growth strong enough to keep the Institute for Supply Management' s manufacturing index between 55 and 60.

" Low volatility is the norm, not an anomaly at this stage of the business cycle," they wrote. " If the economy does remain robust as our economists expect, the gravitational pull for volatility is down, not up, at this stage of the business cycle." Goldman Sachs' s prediction for the VIX in 2015 would represent an increase of 13 per cent from its mean of 14.18 in 2014, data compiled by Bloomberg show. If true, this year would be the highest annual average for the VIX since 2012.

Bank of America Corp, JPMorgan Chase & Co and Barclays Plc derivatives strategists predicted in December that daily volatility will increase for equities in 2015. Deutsche Bank AG and Credit Suisse Group AG made similar predictions this month, saying the end of Federal Reserve stimulus and intermittent panic about the rate of global growth will lead to more equity upheaval.

While current VIX levels don' t signal panic, they are justified given weakness in other asset classes and speculation around the future path of US monetary policy, according to Eric Augustyn, head of options strategy for Wells Fargo Investment Institute.

" Everybody' s been expecting higher volatility and we' ve finally gotten it," Augustyn said by phone from Charlotte, North Carolina. His firm oversees US$1.6 trillion in assets. " A lot of equity volatility we' ve seen in the US is related to commodities, currencies and even Europe. I don' t think we' re extraordinarily high, but we' re in a place where the VIX is fairly valued." Even as the US market faces the prospect of continued global turmoil, profit for S& P 500 companies is still forecast to grow 0.8 per cent for the fourth quarter of 2014, according to Bloomberg data. The International Monetary Fund made the steepest cut to its global-growth outlook in three years, with diminished expectations almost everywhere except the US.

" Once earnings start to wash over everybody, the macro stuff starts to go down the list and it becomes more of a company-by-company basis and what managements are saying about their outlooks," Kevin Divney, chief investment officer at Beaconcrest Capital Management LLC, said by phone. " When we come through earnings season, we' re going to see that the US economy is pretty healthy."

 

 

 

[NEW YORK] Wall Street finished higher Wednesday for the third straight session, shrugging off global growth worries in expectation the European Central Bank will announce aggressive stimulus measures Thursday.

Strong earnings by Netflix and UnitedHealth buoyed some of the trade, while IBM shares sank on its poor fourth-quarter report.

The Dow Jones Industrial Average finished up 39.05 points (0.22 per cent) at 17,554.28.

The broad-based S& P 500 added 9.57 (0.47 per cent) at 2,032.12, while the tech-rich Nasdaq Composite gained 12.58 (0.27 per cent) at 4,667.42.

Eyes were on the ECB' s policy meeting Thursday, with multiple inside-source reports all but convincing the markets that it would embark on a quantitative easing program of 50 billion euros ($58 billion) a month for purchases of sovereign bonds, to keep longer-term interest rates low.

" They basically leaked the package for tomorrow, so some of the surprise for tomorrow got in the tape today," said Mace Blicksilver, director of Marblehead Asset Management.

Blicksilver said earnings surprises like that of Netflix also fueled the buying.

Netflix shares soared 17.3 per cent after reporting strong profit gains and that its membership rolls expanded by 4.3 million to 57.4 million in the fourth quarter. The streaming video firm said they expect to top 61 million subscribers by the end of the current quarter.

Leading healthcare group UnitedHealth beat expectations for earnings in its fourth quarter, driving its shares up 3.5 per cent.

That offset the impact on the Dow of the 3.1 per cent fall in IBM' s shares. The computing giant reported another poor quarter. Revenues in all its markets fell for a total decline year-on-year of 12 percent to US$24.1 billion. Earnings per share were off 3.8 per cent to US$5.54, still better than what analysts expected.

" We are making significant progress in our transformation, continuing to shift IBM' s business to higher value, and investing and positioning ourselves for the longer term," said Ginni Rometty, IBM' s chairman, president and chief executive.

Warren Buffett' s huge investment firm Berkshire Hathaway, the largest shareholder in IBM, took collateral damage, falling 1.0 per cent.

Microsoft sagged 1.0 per cent as it unveiled the upcoming Windows 10 operating system, which aims to harmonise the diverse array of connected gadgets in people' s lives.

Big online services also propelled the indices. Alibaba added 3.35 per cent, Amazon 2.8 per cent and Google 2.3 per cent.

Bond prices fell. The yield on the 10-year US Treasury rose to 1.85 per cent from 1.81 per cent Tuesday, while the 30-year jumped to 2.44 per cent from 2.40 per cent. Bond prices and yields move inversely.

 

 

Yen Rises After BOJ Retains Stimulus Plan Ringgit Extends Slide

By Chikako Mogi - 21 Jan 2015 12:03:26 pm

Dollar at Almost 10-Year High on Diverging Policy Kiwi Slumps

By Rachel Evans - 21 Jan 2015 6:18:35 am

Jan. 20 -- World Economic Forum Founder and Executive Chairman Klaus Schwab talks about the Swiss National Bank' s decision to abandon its foreign-exchange limit on the franc. He speaks with Bloomberg Television' s Erik Schatzker in Davos, Switzerland. (Source: Bloomberg)

[NEW YORK] US stocks closed little changed on Tuesday after the International Monetary Fund reduced its growth forecasts for 2015 and 2016, increasing speculation central banks would take more aggressive policy moves to spark economic improvement.

The lower forecasts implied less demand for fuel through 2016, contributing to another fall in crude oil, although some bullish results from major energy companies kept the sector afloat. The S& P energy index eked out a gain of 0.09 per cent.

The IMF cut its forecasts for both years by 0.3 percentage points and advised advanced economies to maintain accommodative monetary policies to avoid increases in real interest rates as cheaper oil increases deflation risk.

The European Central Bank is expected to announce on Thursday a program of bond buying to boost the region' s flagging economy. " Any sense at all that the ECB disappoints, you will see the markets correct rather harshly," said Ken Polcari, Director of the NYSE floor division at O' Neil Securities in New York. " You can speculate all you want and investors can take the market higher all they want, but until the ECB comes out and says it, you are not really going to know." The Dow Jones industrial average rose 3.66 points, or 0.02 per cent, to 17,515.23, the S& P 500 gained 3.12 points, or 0.15 per cent, to 2,022.54 and the Nasdaq Composite added 20.46 points, or 0.44 per cent, to 4,654.85.

US crude settled down 4.7 per cent to US$46.39 per barrel, after hitting an intraday low of US$45.89, while Brent settled down 1.8 per cent at $47.99.

Halliburton Co and Baker Hughes Inc warned that a fall in drilling activity would hurt 2015 results, though the companies also reported better-than-expected fourth-quarter profits. Halliburton rose 1.8 per cent to US$39.83 while Baker gained 1.2 per cent to US$57.26.

Johnson & Johnson fell 2.6 per cent to US$101.29 as the biggest drag on both the Dow and S& P 500 after adjusted earnings beat expectations but revenue missed forecasts.

Morgan Stanley reported a drop of 81 per cent in revenue from trading fixed-income securities, currencies and commodities, though earnings rose on a sharp drop in legal costs. Shares dipped 0.4 per cent to US$34.75.

FXCM Inc plummeted 87.3 per cent to US$1.60 on volume of over 91 million shares, its most active day ever. The retail foreign exchange laid out details of a rescue loan after US$200 million of losses on last week' s shock removal of the cap on the Swiss franc.

NYSE declining issues outnumbered advancers 1,894 to 1,207, for a 1.57-to-1 ratio on the Nasdaq, 1,639 issues fell and 1,128 advanced, for a 1.45-to-1 ratio favoring decliners.

The S& P 500 posted 47 new 52-week highs and 17 new lows the Nasdaq Composite recorded 70 new highs and 109 lows.

 

 

It was nine months ago when Li-Ka-Shing the richest man in Aisa had sold all his major assets in China.

In 2013 when he started dumping his Chinese property holdings he was being ridiculed and criticized. Everyone was bullish on China&rsquo s real estate market.

It turns out you don&rsquo t want to bet against a man with a track record like Li&rsquo s.

Li Ka-shing&rsquo s grasp for major trends is unmatched. And he demonstrated his shrewdness and insight yet again when China&rsquo s real estate market went into correction mode last year.

He got out right at the peak of the market

He recognized that China&rsquo s major credit bubble isn&rsquo t sustainable. Behind closed doors, the bosses in Beijing know it too.

A recent report by the chief economist at the Bank of Singapore reveals that the Chinese leadership is desperately trying to conceal the effects of excessive credit and engineer a &lsquo soft landing&rsquo .

And yet Chinese credit expansion continues.

Data from the Bank of International Settlements shows that in 2014 credit expansion&rsquo s share of GDP growth soared by 14%.

Since the end of 2008, credit expansion has accounted for 79% of China&rsquo s GDP growth.

Historical data and analysis shows that such levels of credit expansion inevitably lead to a lot of bad debts that can&rsquo t be repaid.

We&rsquo ve already seen first ever Chinese corporate defaults as a result of these policies, and we can expect more.

The long-term trend for China is of course, positive, but this doesn&rsquo t mean it&rsquo s going to be a smooth ride along the way. Nothing goes up or down in a straight line.

Right now, renminbi assets are falling and renminbi is weakening. Capital is fleeing China in fear of a major credit crunch.

Li was one of the first to spot this trend, and he got out.

Moreover, he&rsquo s hedging his bets across the board.

His most recent move is to restructure his investment companies and move them to the Cayman Islands.



 

Li is being very prudent&ndash moving his money and his assets far away to safe, stable locations so that no single government has control over him.

Until now he was very much dependent on a single jurisdiction. He resides in Hong Kong and has Hong Kong SAR citizenship. His business interests were centered in Hong Kong and China as well.

Now, Hong Kong is an incredible place. The banks are well-capitalized, the government is solvent, and there&rsquo s a lot of economic opportunity.

But no matter how safe you think your home country might be, it NEVER makes sense to be completely dependent on one place.

Li understands that. Hedging your bets is crucial.

He has already acquired a second passport (Canada), and now he&rsquo s moving certain business interests and cash assets abroad.

In doing so, Li is also making sure that the wealth he worked to build over his entire life will be properly safeguarded for his family.

It&rsquo s hard to imagine he&rsquo ll be worse off for doing any of this. And if the worst happens, Li will be much better off for following his instincts.

This is good advice for anyone.

Remember: rational, successful people have a Plan B.

Rational, successful people take steps to minimize their downside risk.

 

 

 

Regulators may have been concerned that stock gains, partly driven by margin financing, are too rapid, according to Hao Hong, a strategist at Bocom International Holdings Co. in Hong Kong. The move came after the Shanghai Composite Index surged 63 percent in six months and brokers including Citic and Haitong announced plans to raise more money to lend to clients.

 

&ldquo Brokerage shares are likely to get hit,&rdquo Hong said before the market opened today. &ldquo After all, margin financing is one of the reasons for people to be bullish on brokerage stocks, and these stocks have run particularly hard.&rdquo

 

Citic and Haitong, the nation&rsquo s biggest brokers by market value, announced plans for share sales that will help fund an expansion of businesses including margin financing. Those two and Guotai Junan were the three largest by assets in a 2013 ranking by the Securities Association of China.

 

&ldquo The regulators are doing this to cool down the stock market,&rdquo said Castor Pang, head of research at Core-Pacific Yamaichi in Hong Kong. &ldquo Stock market sentiment will definitely go down.&rdquo

[HONG KONG] Asian equity markets mostly rose Monday following a rally on Wall Street and a strong pick-up in oil prices, but Shanghai plunged almost six percent after Chinese regulators suspended three major brokerages over rule violations.

The euro continued to struggle against the dollar and yen ahead of this week' s European Central Bank (ECB) meeting that is expected to see it unveil a vast bond-buying scheme to kickstart the eurozone economy.

Tokyo rose 0.52 per cent, Sydney added 0.90 per cent, Seoul advanced 0.92 per cent and Singapore put on 0.24 per cent.

However, Shanghai dived 5.88 per cent in the first few minutes, while Hong Kong gave up 0.62 per cent.

Regional investors were given a positive lead from New York, where all three main indexes finished the week on a high thanks to a jump in oil prices.

The Dow rose 1.10 per cent, the S& P 500 added 1.34 per cent and the Nasdaq rallied 1.39 per cent.

Crude rallied after the the International Energy Agency said there were signs " the tide will turn" in the market after tumbling towards six-year lows.

While it foresaw prices sliding in the short term, the Paris-based agency said it expected a potential rebalancing of the market in the second half of the year.

The comments sent US benchmark West Texas Intermediate (WTI) for February surging US$2.44 Friday, while Brent for March jumped US$2.50.

However, on Monday the two contracts retreated slightly. WTI eased 50 cents to US$48.19 a barrel and Brent fell 44 cents to US$49.73.

In Shanghai shares plunged after the China Securities Regulatory Commission (CSRC) on Friday suspended three brokerages from opening new margin trading accounts for three months after rule violations were found in an inspection.

The news was a blow for Chinese stocks, which have surged in recent weeks thanks to an interest rate cut in November and driven by liquidity and margin trading - investors using borrowed funds to trade on the markets with only a small portion of money put down as deposit.

The three brokerages - Citic Securities, Haitong Securities and Guotai Junan Securities - are among the country' s biggest.

" The CSRC' s punishment of the three brokerages for rule violations for margin trading business last Friday was a punch to the market," BOC International analyst Shen Jun told AFP.

Eyes are now on the release Tuesday of economics growth data for 2014, with an AFP survey predicting expansion of 7.3 per cent, down from 7.7 per cent in 2013 and the slowest annual rate since 1990 after the Tiananmen Square crackdown.

On currency markets the euro fetched US$1.1564 and 135.76 yen, against US$1.1566 and 135.87 yen in New York Friday.

The single currency is facing selling pressure ahead of the ECB meeting on Thursday that analysts are forecasting will see the introduction of sovereign bond purchases, known as quantitative easing (QE).

The scheme essentially entails the bank printing euros in order to boost lending and fight off deflation. However with more cash in circulation demand for the single currency weakens and on Friday the unit sank below US$1.1500 for the first time since November 2003.

The dollar changed hands at 117.41 yen in the morning, compared with 117.46 yen in New York Friday.

Gold fetched US$1,277.65 an ounce, against $1,257.60 late Friday.

 

 

[NEW YORK] US stocks fell for a fifth straight session Thursday as bank results disappointed and investors fretted over the potential impact of global economic weakness on US earnings.

Energy shares extended recent losses as oil prices settled down more than 4 percent after weak US economic data spurred worries over oil demand. The S& P energy index fell 1.2 per cent. " We' re probably going to see slowing in the global economy, and it will be very difficult to sail through a global recession without getting touched," said Scott Colyer, chief executive officer of Advisors Asset Management in Monument, Colorado.

Suggesting further weakness may be ahead, the S& P 500 index closed below its 120-day moving average and ended for the first time in a month below the 2,000 mark, considered a psychological support level. The CBOE Volatility index notched a fifth day of gains, up 4.2 per cent at 22.39.

Expectations for US fourth-quarter earnings have been scaled back sharply, with growth now estimated at 3.5 per cent, compared with an Oct 1 estimate of 11.2 per cent, according to Thomson Reuters data.

The S& P financial sector dropped 1.3 per cent. Bank of America lost 5.2 per cent to US$15.20, among the S& P 500' s biggest drags, after the second-largest US bank by assets reported a 14 per cent slump in quarterly profit.

Citigroup shares fell 3.7 per cent to US$47.23 after its results.

The Dow Jones industrial average fell 106.38 points, or 0.61 per cent, to 17,320.71, the S& P 500 lost 18.6 points, or 0.92 per cent, to 1,992.67 and the Nasdaq Composite dropped 68.50 points, or 1.48 per cent, to 4,570.82.

The S& P is now down 4.7 per cent from its Dec 29 record high.

Adding to volatility, the Swiss National Bank scrapped its cap on the franc currency in a surprise move.

US-traded Swiss stocks climbed. Credit Suisse was up 1.8 per cent at US$23.22 and Novartis jumped 3.9 per cent to US$100.58 as a strengthening franc made U.S.-dollar denominated stocks cheaper.

Best Buy shares tumbled 14.1 per cent to US$34.30 as the worst performing S& P 500 component. The electronics retailer expects same-store sales growth to be flat to negative in the first two quarters of its fiscal year.

After the bell, shares of Intel dipped 1.1 per cent to US$35.80 following its results.

US producer prices recorded their biggest fall in more than three years in December, while other reports showed mixed signals for manufacturing in New York state and the mid-Atlantic region in January.

About 7.9 billion shares changed hands on US exchanges, above the 7.3 billion average for the last five sessions, according to BATS Global Markets.

NYSE declining issues outnumbered advancers 1,995 to 1,091, for a 1.83-to-1 ratio on the Nasdaq, 2,152 issues fell and 603 advanced for a 3.57-to-1 ratio.

The S& P 500 posted 27 new 52-week highs and 17 new lows the Nasdaq Composite recorded 30 new highs and 134 new lows.

 

[HONG KONG] Hong Kong shares finished higher on Thursday afternoon, reacting to a surge in stock markets on the mainland that were boosted by prospects of more stimulus measures to support economic growth.

The Shanghai index experiencing its biggest rise since Jan 5, as investors bet on an increased chance of policy stimulus after disappointing bank loan data.

The Hang Seng index rose 1.0 per cent, to 24,350.91 points, while the China Enterprises Index gained 1.5 per cent, to 12,190.52 points.

Among the most actively traded stocks on Hong Kong' s main board were Bank Of China, up 1.4 per cent at HK$4.47 China Construction Bank, up 0.9 per cent at HK$6.45 and Hutchison Harbour Ring Ltd, up 13.7 per cent at HK$0.83.

Chinese investment flowing from Shanghai into Hong Kong through the mutual market access pilot programme took up 0.57 billion yuan (US$92.08 million) of the 10.5 billion yuan daily quota.

Total trading volume of companies included in the HSI index was 1.8 billion shares

 

[SHANGHAI] China stocks surged on Thursday with the Shanghai index experiencing its biggest daily rise since Jan 5, as investors bet on an increased chance of policy stimulus after disappointing bank loan data. " Investor sentiment has stablised and the market strengthened on reports from large investment banks that the government will loosen policy," said Li Zheming, an analyst at Datong Securities.

Chinese banks extended far less credit in December than expected despite a surprise interest rate cut by the central bank.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 2.9 per cent, to 3,604.12, while the Shanghai Composite Index gained 3.5 per cent, to 3,336.45 points.

Trading volumes recovered slightly after a few days of lacklustre performance earlier in the week.

Among the most active stocks in Shanghai were Bank Of China , up 6.3 per cent to 4.88 yuan Agricultural Bank of China, up 3.8 per cent to 3.87 yuan and CITIC , up 2.2 per cent to 33.39 yuan.

In Shenzhen, Guosen Securities, up 10.0 per cent to 23.97 yuan Vanke, up 5.1 per cent to 13.77 yuan and TCL Corp, up 1.0 per cent to 3.97 yuan were among the most actively traded.

Foreign investment flowing into Shanghai from Hong Kong through the mutual market access pilot programme took up 1.01 billion yuan of the 13 billion yuan daily quota.

Total volume of A shares traded in Shanghai was 28.2 billion shares, while Shenzhen volume was 12.6 billion shares.

 

[NEW YORK] US stocks fell for a fourth day on Wednesday as a World Bank forecast fueled concerns about global economic weakness and copper prices sank, although a late-day rebound in energy shares left the market well off its lows after a volatile session.

The S& P energy index ended up 0.1 per cent after falling as much as 2.6 per cent. It rebounded late in the day as oil prices jumped by the most in more than two years ahead of options expiration. Crude oil prices remained near six-year lows despite the day' s jump, however.

S& P 500 materials and financial sectors were the day' s worst performers, both falling more than 1 per cent.

The price of copper, a key industrial metal, touched its lowest in five and a half years, weighing on shares of producers including Freeport McMoRan Inc, after the World Bank cut its economic growth forecasts for this year and next.

Adding to investor concerns, US retail sales registered their biggest drop in 11 months in December The S& P retail index fell 0.8 per cent. " You look at the obliteration in oil, copper ... there are a lot of questions about worldwide demand and growth," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. " With an earnings season just getting started, there' s a lot of nervousness, given we' ve had six years of up markets. Are we due for a down market?" The Dow Jones industrial average fell 186.59 points, or 1.06 per cent, to 17,427.09, the S& P 500 lost 11.76 points, or 0.58 per cent, to 2,011.27 and the Nasdaq Composite dropped 22.18 points, or 0.48 per cent, to 4,639.32.

US crude oil settled up 5.6 per cent and Brent ended up 4.5 per cent, snapping a four-day slide.

The S& P 500 briefly broke below its 120-day moving average, a technical support level, and hit a new low for the year at 1,988.44. S& P e-minis also broke support and hit an intraday low for the year.

The S& P 500 is now 3.8 per cent below the record high reached on Dec 29.

Shares of copper producer Freeport McMoRan tumbled for a second day. Shares ended down 10.9 per cent at US$18.74 and the stock was the S& P 500' s biggest percentage decliner.

Expectations for US fourth-quarter earnings have fallen sharply in recent months, with growth now estimated at just 3.6 per cent compared with an Oct. 1 estimate for 11.2 per cent, according to Thomson Reuters data.

JPMorgan Chase & Co, the biggest US bank by assets, ended down 3.5 per cent at $56.81 after reporting a 6.6 per cent drop in quarterly profit. Wells Fargo & Co shed 1.2 per cent to US$51.25 after posting quarterly results.

A large trade in the options on the S& P 500' s tracking ETF suggested positioning for a further decline in the market within the next week and a half. A trader paid US$1.23 a contract for 43,830 SPY puts at the US$195 strike price, which corresponds to the 1,950 level on the S& P 500.

Declining issues outnumbered advancing ones on the NYSE by 1,856 to 1,238, for a 1.50-to-1 ratio on the downside on the Nasdaq, 1,743 issues fell and 994 advanced for a 1.75-to-1 ratio favoring decliners.

The benchmark S& P 500 index posted 13 new 52-week highs and 29 new lows the Nasdaq Composite recorded 39 new highs and 130 new lows.

About 8.1 billion shares changed hands on US exchanges, compared with the 7.1 billion average for the last five sessions, according to data from BATS Global Markets.