UK seen up 17 / DAX down 16 / CAC down 3 / EStoxx50 seen flat



US MARKETS (% move from European close):

Dow 0.06 25283

S&P 0.19 2747.71

Nasdaq 0.12 7157.387

VIX -1.24 9.52

US cash equity markets were mixed at the closing bell although all three major bourses did manage to inch to fresh record highs in the afternoon (DJIA -0.05%, S&P +0.17%, NASDAQ +0.29%). Earnings season is due to begin later this week and could test investor appetite for stocks while mildly hawkish comments from FOMC officials over the weekend may also have tempered gains. In fixed, Treasuries ended the session near the unchanged line following a lacklustre session. In Fed space, we heard from Atlanta Fed President Bostic (v) said he is comfortable continuing with a slow removal of policy accommodation but cautioned that doesn’t necessarily mean as many as three or four moves per year. Meanwhile, San Francisco Fed Governor Williams (v) said inflation targeting has the problem of inflation on average being less than target and could be solved by price level targeting. In FX, the US Dollar was higher against the Euro but was unchanged against the Pound and Yen after reversing earlier gains. Elsewhere, oil prices were slightly higher versus Friday’s close with US crude futures settling at $61.73 (+$0.29). Data wise, US consumer credit rose by $27.95 Bln (f/c +$18.00 Bln) in November


Seagate Tech +1.3% prelim 2Q rev beats estimate, Allergan +0.6% provides preliminary 2018 views,

DUE TODAY: Acuity Brands, SYNNEX Corp



Saipem +5.4%, Seadrill +1.62


Nikkei 0.57 23849.99

Hang Seng 0.21 30965.20

Shanghai 0.15 3414.71

Australia 0.09 6135.81

Asian equity markets advanced on Tuesday (NIKKEI +0.6 %, S&P/ASX +0.1 %, SHANGHAI COMPOSITE +0.1 %) despite Wall Street’s mixed close. Investors are also keeping an eye on inter-Korean talks which take place today for the first time in two-years. In FX, the Yen saw broad strength after the BoJ cut its purchases of 10-25 year JGBs to ¥190 Bln and over 25 year to ¥80 Bln by ¥10 Bln each. Meanwhile, the Aussie Dollar caught a bid after positive building approval data for November – up 11.7% (f/c -1.3%) m/m and 17.1% (f/c +4.6%) y/y. On the data front elsewhere, Japanese labour cash earnings gained 0.9% (f/c +0.6%) y/y in November, while real cash earnings rose 0.1% (f/c -0.1%) y/y, their first rise in 11-months. In Europe, the UK’s BRC sales like-for-like increased 0.6% (f/c +0.3%) y/y in December. In other news, the PBoC set the yuan mid-point at 6.4968 against the Dollar and skipped OMOs for the 12th consecutive day.

Prada +2.03%, Espirit +1.92%, Nomura +1.18%, Fast Retailing +1.17%, Brilliance -2.38%, Geely -3.6%, Samsung Elec -3.6%, Nobel -4.44%

M & A:

-ATLANTIA Spain’s market regulator reiterated its approvals of Atlantia’s offer for Abertis after the government said the Italian company hadn’t sought the correct approval

-ALLGEIER announced it has completed the 100% purchase of ANECON Software Design

-ALTICE said it plans to spin off its US business and revamp European operations in a bid to reverse its current fortunes

-VEDANTA is said to have submitted the highest bid for bankrupt Electrosteel Steel

-SANTANDER has started negotiations to save Duro Felguera from bankruptcy


-GECINA has divested or secured the sale of €571 of real estate assets and financial shareholdings

-ALANTRA PARTNERS is considering moving its HQ from Madrid to London in a bet the UK capital will remain the centre of European business and finance even after Brexit

-ALTICE said it plans to spin off its US business and revamp European operations in

-DASSAULT AVIATION delivered 49 new Falcon aircraft in 2017 more than its forecast for 45 deliveries and at the same level as the previous year

-AIR LIQUIDE said it expects a positive impact on cash flow and earnings from 2018 onwards from US tax reform

-EUROPCAR hired Luc Peligry as CFO and a member of its executive committee

-AIRBUS is seeking more alliances with private Chinese companies to become suppliers. Elsewhere the company is hoping for 50-100 firm A320 Neos with some A330s from China

-ASTON MARTIN is targeting a valuation of as much as £5bn in a potential IPO according to sources

-GLAXOSMITHKLINE CEO Emma Walmsley has replaced around 50 if the top 125 managers since taking over last year as she seeks to bring new skills and ideas and increase diversity to the team

-BAUER reduced 2017 FY earnings forecast due to unexpected outcome of long-standing arbitration proceedings

-SIKA saw sales grow by more than 10% in 2018 with a record net profit for 2017 final year expected

-AIR FRANCE reported December passenger traffic in revenue passenger-kilometer rose 3.4%, with load factor rising 0.7 to 86.1%


Nothing due

COMMODITY SNAPSHOT (% move from European Close):

Gold 0.09 1318.47

Copper 0.29 54540

Oil 1.12 62.16

Natural Gas 0.46 2.852

EUR/USD -0.18 1.1957

GBP/USD -0.01 1.357


SKF cut to sell at SOCGEN, ROTORK & IMI raised to buy at SOCGEN, BATS cut to hold at DZ BANK, MOTHERCARE cut to underweight at JPM, WACKER NEUSON initiated hold at BERENBERG, ACCOR raised to neutral at CSFB, CARNIVAL raised to outperform at CSFB, SODEXO cut to underperform at CSFB, UNIPER raised to buy at UBS, ZURICH AIRPORT raised to buy at SANTANDER


NUMBERS: Continental, Ferrexpo, Games Workshop, Morrison, Persimmon, Robert Walters, Safestore, SIG, Stock Spirits,


EU: GE Industrial Production SA Nov, GE Industrial Production WDA YoY, GE Trade Balance Nov, GE Current Account Balance Nov, GE Exports SA Nov MoM, GE Imports SA Nov MoM, FR Trade Balance Nov, FR Current Account Balance Nov, IT Unemployment Rate Nov, EC Unemployment Rate Nov,

US: NFIB Small Business Optimism Nov, US JOLTS Job Openings Nov

Read More… Like : GLOBAL MARKETS AND NEWS ROUND-UP / OUTLOOK January 09, 2018 at 07:08AM

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