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FC: GLOBAL MARKETS AND NEWS ROUND-UP / OUTLOOK August 31, 2017 at 07:12AM

UK seen up 10 / DAX up 39 / CAC up 20 / EStoxx50 up 11
MARKET HOLIDAYS:
Egypt, Malaysia, Saudi Arabia & UAE are all closed today, half day trading in Turkey
US MARKETS (% move from European close):
Dow Jones 0.13 21892.43
S&P 500 0.23 2457.59
Nasdaq 0.47 6368.309
VIX -0.09 11.22
The U.S. markets ended the day with solid gains, in their fourth consecutive positive session, as they trended upwards earlier afternoon then traded broadly sideways into the close. The S&P finished the day up 0.5%, up 0.2% from the European close, while the Nasdaq outperformed to finish the day up 1.1%, up 0.5% from the European close, and the Dow slightly underperformed to finish up 0.1%. 8 out 11 S&P sectors ended the day in the positive led up by the tech, up 0.8%, consumer discretionary, up 0.7%, material, up 0.7%, and health care, up 0.6%, sectors. Meanwhile leading to the downside was the telecom, down 0.6%, and utility, down 0.4%, sectors. Trading volumes on the day were light and below recent averages.
AFTER HOUR MOVERS:
Nothing of note
DUE TODAY: Campbell Soup, Lululemon Athletica, Dollar General,
AFTER MARKET: Palo Alto Networks, Cooper Cos
ADR MOVERS SINCE EUROPEAN CLOSE:
SEADRILL down 3.5%, CARREFOUR down 3.5%
ASIAN MARKETS:
Nikkei 0.69 19641.10
Hang Seng -0.78 27876.86
Shanghai Comp -0.40 3350.33
Australia 0.71 5710.20
Asian markets are trading mixed so far this morning as Japan and Australia follow cues from the U.S. with solid gains while China and HK are trading with solid losses. Data wise China official manufacturing PMI in Aug came in at 51.7, vs est 51.3, a tick down from 51.4 in Jul, while the official services PMI meanwhile fell to 53.4 in Aug from 54.5 in Jul. Japan’s industrial production fell 0.8% MoM in Jul, which follows a revised 2.2% rise in Jun. Australia’s private capital expenditure expanded a seasonally adjusted 0.8% on quarter in Q2 of 2017, standing at A$28.275Bn, vs est 0.2% increase, on a yearly basis, capex was down 3.0%. Private sector credit in Australia was up 0.5% MoM in Jul, in line, down from 0.6% in Jun, on a yearly basis credit expanded 5.3% vs est 5.4%. Elsewhere, BoJ board member Masai says she is confident that the economy is getting closer to achieving the bank’s elusive inflation target, countering market views that slow wage growth and fragile consumption will constrain price growth.
L’OCCITANE up 2%
BRILLIANCE down 3%
M & A:
– ASTRAZENECA is said to have made a bid for Daiichi Sankyo last year, Nikkei Business reports
– INTRUM JUSTITIA and Lindorff total merger costs now total some SKr2.8Bn, Dagens Industri reports
– CITYCON & KLOVERN creatye JV to acquire shopping center, estimates total investment of E260m-E290m
COMPANY NEWS:
– BOUYGUES 1H sales E15.16Bn vs E14.67Bn YoY, net E240m vs E28m loss YoY, confirms FY outlook
– CFE 1H rev E1.46Bn vs est E1.54Bn, Ebitda E226m vs est E220m, EPS E2.68 vs est E2.55, backlog E4.92Bn
– VOLKERWESSELS 1H rev E2.67Bn, Ebitda E90m vs E75m YoY, Ebitda margin 3.4%, adj net E36m, expects FY Ebitda & net to increase, sees FY Ebitda margin in line with medium term goals
– BUWOG FY Ebitda E188.1m, recurring FFO E117.2m, EPRA NAV/Hare E23.90, sees FY18 recurring FFO of at least E125m, proposes div of E0.69
– PERNOD RICARD 2016-17 profit from recurring ops E2.39Bn vs est E2.41Bn, raises FY div 7% to E2.02, targets 2017-18 org growth recurring ops profit 3%-5%
– STRABAG 1H rev E5.65Bn, order book E16.5Bn, output vol E6.3Bn, Ebit loss E32.6m, loss E60.4m, confirms FY guidance
– METRO 3Q sales E9.34Bn vs est E9.15Bn, LfL sales +2.6%, Ebit ex-items E230m vs est E229m, provided no financial outlook for fiscal year ending Sept 30, 2017 because of the demerger; says will give forecast in annual report
– CARREFOUR 1H Ebit E621m vs est E674.6m, says 1H performance to impact FY results & 2H to remain difficult in some countries
– FIELMANN 2Q sales E353.5m vs est E353.6m, net E43.3m
– EIFFAGE 1H rev E7Bn vs est E6.86Bn, op profit up 7.4% to E727m YoY, net E174m vs E133m YoY, sees improved results, says is in exclusive talks to buy Saipem’s marine works unit for an undisclosed amount, says would consider increasing stake in APRR, says “APRR is an asset that we like a lot”
– CECONOMY 3Q rev rose 1.1% to E4.74Bn, in line with company-collected consensus, Ebit-loss narrowed to E61m from E83m YoY, reiterates FY outlook
– EDMOND DE ROTHSCHILD SUISSE 1H net inflows CHf800m, net CHf34.6m, solvency ratio 25%, AUM CHf119Bn
– VONTOBEL increases profitability targets, now targets 2020 net new money grow 4% to 6%, RoE over 12% & payout ratio of over 50%
– ACKERMANS 1H net income rose 58% to E133.5m YoY, sees 2H results “will be in same range as those of first 6 months”
– MDXHEALTH 1H rev $24.3m, Ebitda $1.4m, still sees FY sales +55% to +75%
– ARKEMA sees ’no way to prevent’ explosion at flooded Texas plant, there’s an “unprecedented” six feet of water in Crosby plant
– VIVENDI: Italy government technical commission is said to be meeting again to discuss possible use of veto power against Vivendi, an option known as “golden power,” Il Sole 24 Ore reports
– TOTAL CEO says oil market demand too low vs supply, says Port Arthur shutdown may cost ‘a few million’
– BHP BILLITON says ending power agreement with Oz Minerals as in advanced stages of internal approvals for expansion that could increase output at Olympic Dam copper mine in South Australia to 280k-330k tons/year over medium-term
– VOLKSWAGEN’S Autoeuropa car plant in southern Portugal says 41% of its workers took part in the strike held on Wednesday
– STOLT-NIELSEN says all company assets in Houston suffered no material damage, no reports of spills
– BONE THERAPEUTICS names Jean-Luc Vandebroek as CFO
– SANTHERA gets marketing authorization for Raxone in Israel
– AMER SPORTS holds a Capital Markets day
EUROPEAN EX-DIV’S:
Biotest €0.05 / Stada Arzneimittel €0.72 / Hostelworld €0.051 / Kingspan €0.11
UK:
Ascential 1.8p / Auto Trader 3.5p / Cambian 27.1p / Centamin $0.025 / Chemring 1p / Croda Int 35p / Foxtons 0.43p / G4S 3.59p / Global Ports 21.6p / GlobalData 3p / Hammerson 10.7p / Hochschild Mining $0.0138 / Impellam 7p / InterContinental Hotels $0.33 / John Wood Group $0.111 / LondonMetric Property 1.85p / NCC Group 3.15p / National Express 4.26p / Robert Walters 2.75p / Secure Trust Bank 18p / St Jame’s Place 15.41p / Stagecoach 8.1p / Stock Spirits €0.0238 / Ulta Electronics 14.6p / Esure 4.1p Total UK 100 Index Points = 1.22
COMMODITY SNAPSHOT (% move from European Close):
Gold -0.34 1303.31
Copper 0.59 52720
Oil -0.88 45.92
Natural Gas -0.27 2.937
EUR/USD -0.26 1.1874
GBP/USD 0.06 1.2921
RESEARCH HIGHLIGHTS:
Goldman pushing BRUNELLO CUCINELLI, rates new buy / Exane pushing UBS, rates new outperform / Exane pushing JULIUS BAER, rates new outperform / Exane bearish on DEUTSCHE BANK, rates new underperform / Renaissance pushing EVRAZ, rates new buy / Berenberg pushing BARCO, rates new buy / CARREFOUR cut to neutral from overweight at JPM, Natixis & Jefferies, cut to reduce from hold at HSBC / PROVIDENT cut to hold from buy at Jefferies / BHP BILLITON cut to underperform from sector perform at RBC / KAZ MINERALS raised to buy from hold at Jefferies / ANTOFAGASTA raised to buy from hold at Jefferies / CENTRICA raised to hold from underperform at Jefferies / RAIFFEISEN raised to hold from sell at VTB Capital / HEIDELBERGCEMENT raised to buy from hold at Citi /
STILL TO COME:
NUMBERS: Hays / Eddie Stobart Logistics / KBC Ancora (After Mkt) / Isra Vision / Capital Stage / Irish Continental / Aumann / EXOR / Restaurant Group / Ladbrokes Coral / Arrow Global / STO SE & Co / MBB / Etex / Chesnara / Jimmy Choo / Total Produce / Grafton / CPI Property / Melrose Ind / D’ieteren / Vivendi (After Mkt)
UPDATES: Tetragon Financial / Steinhoff Int
TODAY’S AGENDA:
AGM’s / EGM’s etc: Victoria / AddTech / Elis / Berendsen (Shareholders Meeting)
ROADSHOWS / INVESTOR DAYS: Saab (Analyst & Investor Meeting) / Vontobel (Investor Day) / Chesnara (Analyst Meeting) / Vopak (Roadshow) / Gjensidige Forsikring (Roadshow) / Evonik Ind (Roadshow) / PSP Swiss Property (Roadshow) / Pandora (Roadshow) / thyssenkrupp (Roadshow)
CONFERENCES:
Commerzbank TMT & Consumer Conf – Jenoptik / Infineon Tech / Siltronic / Software / Dialog Semiconductor / Freenet / Bilfinger / Credit Suisse European Telecoms Conf – BT Group Simmons European Energy Conf – Statoil / Noble Energy
MACRO:
EU: German retail Sales, Unemployment Change, Unemployment Claims Rate, French CPI, PPI, Italian Unemployment Rate, CPI, Euro Zone Unemployment Rate, CPI Estimate, CPI Core
US: Challenger Job Cuts, Initial Jobless Cuts, Continuing Claims, Personal Income, Personal Spending, PCE Deflator, PCE Core, Chicago Purchasing Manager, Bloomberg Consumer Comfort, Pending Home Sales

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