UK seen up 3 / DAX up 22 / CAC down 4 / EStoxx50 up 2

Senators Mike Lee and Susan Collins will support GOP tax bill, boosting its chances to pass this week, CNBC reports.

US MARKETS (% move from European close):

Dow Jones -0.12 24792.2

S&P 500 -0.05 2690.16

Nasdaq 0.05 6994.758

VIX 1.28 9.53

The U.S. markets have started the week before Christmas on a positive note, excited by the promising outlook for the GOP’s tax reform bill, as they maintained their morning gains over the afternoon. The S&P finished the day up 0.5%, down 0.1% from the European close, while the Nasdaq slightly outperformed to finished the day up 0.8%. 8 out of 11 S&P sectors ended in the positive led up by the material, up 1.5%, telecom, up 1%, financial, consumer discretionary and technology, all up 0.8%, sectors. Meanwhile underperforming the broader market was the utility, down 1.2%, consumer staple, down 0.1%, and health care, flat, sectors. Trading volumes on the day were good and just above recent averages.


Nothing of note

DUE TODAY: Darden Restaurants, Carnival, FactSet Research

AFTER MARKET: Micron Tech, FedEx, Red Hat


Nothing of note


Nikkei -0.15 22868.00

Hang Seng 0.86 29301.52

Shanghai Comp 0.65 3289.09

Australia 0.54 6071.79

Asian markets are mainly trading higher this morning, as they follow cues from the U.S., with HK leading to the upside, while Japan is the exception as they pare earlier gains to underperform. Data wise Japan’s machine tool orders YoY in Nov came in at 46.8%, which follows the 46.9% reading previously. Elsewhere, the RBA’s Dec minutes shows they expect employment growth to continue over the coming quarters but noted concern over household consumption and the outlook for higher wages, the RBA opted to hold rates at 1.50%, unchanged for a sixteenth month.

NOBEL down 11.5%, LI & FUNG down 4.5%

M & A:

– THALES CEO sees no obstacles to completing GEMALTO deal

– DASSAULT SYSTEMES CEO says no plan to dismantle GEMALTO, says Gemalto to open new markets for Thales, such as telco, Les Echos reports

– GREENYARD is said to explore acquisition of Dole Food, in a deal that could be valued at over $2.5Bn including debt, Reuters reports

– FRESENIUS CEO says company to take active part in consolidation, says won’t be looking at big acquisitions, but will still take part in market consolidation if pressure continues, especially in U.S. market, Handelsblatt reports

– SCHMOLZ + BICKENBACH’S offer for Asco Industries French assets includes total financial commitment of E134m

– GENERALI to sell non-life run-off portfolio UK to Compre Group

– SKANSKA sells office building in Poznan, Poland, for E73m


– CECONOMY 4Q Ebitda E302m, Ebit before special items E244m, sees at least mid-single-digit earnings growth this year, sales to advance “slightly”, to propose div E0.26

– ROSNEFT says it can raise oil production above 5m barrels a day by 2022 from its current assets, shifting its focus after a years-long $100Bn acquisition spree

– TECHNICOLOR sees adj Ebitda around E370m in 2017, says it is in talks on its patent licensing

– LLB GROUP is aiming to increase business volume to more than CHf70Bn, through organic growth as well as acquisitions in Liechtenstein, Switzerland and Austria

– BMW 2017 deliveries of Electrified Models exceed 100,000 cars, says has sold 200,000 plug-in hybrid or fully battery-powered vehicles worldwide since all-electric i3 model was introduced in 2013

– HUGO BOSS CEO sees FY2018 growth above estimated 3-4% market, says should be “noticeably” above the market growth, Frankfurter Allgemeine Zeitung reports

– NOVO NORDISK CEO Lars Fruergaard Jorgensen says he targets a more “flexible and agile” organization to tackle the challenges the insulin maker faces, Borsen reports

– SANTANDER has been notified by ECB that it has to maintain CET1 Phased-in of at least 8.655%

– H&M Chairman says the company’s CEO Karl-Johan Persson has support internally, from the board and from larger shareholders, Svenska Dagbladet reports

– BHP says may quit World Coal Association on climate differences, also deliberating on future membership of U.S. Chamber of Commerce following a study of differences in climate and energy policy positions between company and industry associations to which it belongs

– CORBION proposes re-appointment of CFO for new four-year term


Befimo €2.59 / TOTAL €0.62 / Atresmedia €0.45 / Enagas €0.584 / Viscofan €0.62

COMMODITY SNAPSHOT (% move from European Close):

Gold 0.02 1263.88

Copper -0.36 53320

Oil -0.23 57.32

Natural Gas 0.18 2.762

EUR/USD -0.05 1.1798

GBP/USD -0.06 1.3388


NATIONAL GRID raised to outperform from neutral at Macquarie / H&M cut to hold from buy at DNB Markets / NOS cut to equal weight from overweight at MS / SAGA cut to sector perform from outperform at RBC / AB FOODS cut to sector perform from outperform at RBC / INFINEON cut to hold from buy at Bankhaus Lampe / ALSTRIA OFFICE cut to hold from buy at Bankhaus Lampe / VOESTALPINE raised to buy from hold at SocGen


NUMBERS: Exel Ind / Carnival



AGM’s / EGM’s etc: Kobenhavns Lufthavne / Davide Campari-Milano (Shareholders Meeting) / London Stock Exchange (Shareholders Meeting) / Mersen (Shareholders Meeting)

ROADSHOWS / INVESTOR DAYS: Maersk (Business Update Call) / Deutsche EuroShop (Roadshow)



EU: German IFO Business Climate, IFO Expectations, IFO Current Assessment, Euro Zone Construction Output, Labour Costs

US: Housing Starts, Building Permits, Current Account Balance

Read More…: GLOBAL MARKETS AND NEWS ROUND-UP / OUTLOOK December 19, 2017 at 07:04AM

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