2018Jan

FC: GLOBAL MARKETS AND NEWS ROUND-UP / OUTLOOK January 15, 2018 at 06:57AM

fcfx

UK seen up 6 / DAX up 29 / CAC up 6 / EStoxx50 up 6

MARKET HOLIDAYS:

U.S. is closed today for Martin L. King Day

US MARKETS (% move from European close):

Dow 0.11 25803.19

S&P 0.21 2786.24

Nasdaq 0.17 7261.062

VIX -0.88 10.16

The U.S. markets ended the week on a positive as they all finished at new record highs and near the highs of the session to continue the strong start to the year. The S&P finished the day up 0.7%, up 0.2% from the European close, while the Nasdaq also finished up 0.7%. 8 out of 11 S&P sectors ended the day in the positive led up by the consumer discretionary, up 1.3%, energy, up 1%, financial, up 0.9%, and industrial, up 0.9%, sectors. Meanwhile leading to the downside was the real estate, down 0.7%, and utility, down 0.6%, sectors. Trading volumes on the day were good and just above recent averages.

AFTER HOUR MOVERS:

Viacom down 2% rose 9.6% at close on report Shari Redstone seeking CBS merger

ADR MOVERS SINCE EUROPEAN CLOSE:

CARREFOUR up 1.5%

ASIAN MARKETS:

Nikkei 0.26 23714.88

Hang Seng 0.34 31520.76

Shanghai -0.26 3420.15

Australia 0.12 6077.08

Asian markets have started the week mainly on a higher note with HK leading the way while China underperforms as they trade just below their flat line. Data wise Australia’s Melbourne Institute Inflation rose 0.1% MoM in Dec, which follows the 0.2% rose previously, and was up 2.3% YoY vs 2.7% previously. Japan’s Machine Tool orders rose to 48.3% YoY in Dec from 46.8% previously. Japan’s M2 Money Stock was 3.6% YoY in Dec, down from 4.0% previously NEWCREST up 3% BRILLIANCE down 2%

M & A:

– VASTNED RETAIL announces its intention to make a voluntary and conditional public takeover bid of €57.50 per share in cash for all not owned shares in VASTNED RETAIL BELGIUM

– GKN: Carlyle is said to be weighing a bid for GKN after they rejected an approach from MELROSE INDUSTRIES, Sunday Times reports

– PREMIER FOODS is said to be in talks to sell its soup and noodles brand Batchelors to Nissin Foods, Sunday Times reports

– ROLLS-ROYCE confirms reviewing strategic options for L’Orange, is said to seek $700m from sale, to maintain close ties to L’Orange, either as owner or as key customer, irrespective of the outcome of the strategic review

– ATLANTIA is said to be in exclusive talks with IRB Infrastructure to acquire its operational road assets portfolio in a $2Bn deal, ET reports

– AIR FRANCE-KLM is said to still be interested in ALITALIA sale process, Il Sole reports

– SAETA YIELD is said to be in talks to be bought by Brookfield Asset Mgmt

– PARTNERS GROUP sells its remaining stake in VAT GROUP

COMPANY NEWS:

– CARRILLION to take steps to enter into compulsory liquidation

– METRO 1Q sales rose 0.2% to E10.1Bn, comp sales up 0.8%, says sales held back by fewer trading days & Russia decline, keeps 2017/18 FY guidance unchanged

– FRAPORT Dec airport passengers rose 7.3% YoY to 4.57m, Air Freight fell 5.1% YoY to 170.7k metric tons

– CLAS OLHSON sales rose 4% in Dec to SKr1.26Bn, in local currencies sales increased by 7% YoY in Dec

– AKER BP holds a Capital Markets day – says increased reserves by 202m BOE in 2017, produced 135.6k BOE per day in 4Q, 2018 production expected at 155-160 MBOEPD, will increase dividends to $450m in 2018, ambition to grow div further by $100m annually to 2021

– VOLKSAWGEN Brand to invest $3.3Bn in North America through to 2020 as part of a plan to lift the brand to achieve break-even operating profit in North America by 2020. Volkswagen sets delivery record with 6.23m vehicles in 2017, up 4.2% on previous year

– FIAT CEO sees room to double profit by 2022 on global Jeep push, says half of cars sold by 2025 to have some electrification, Marchionne plans to hand over to new ‘top dog’ in 2019

– AIRBUS may pay E70-80m fine in Eurofighter Case, Sueddeutsche reports

– BBVA to increase number of Board Members to 15 from 13, Expansion reports

EUROPEAN EX-DIV’S:

Kering €2 / Elecnor €0.054445

COMMODITY SNAPSHOT (% move from European Close):

Gold 0.77 1341.55

Copper 0.91 54590

Oil 1.26 64.45

Natural Gas 0.26 3.144

EUR/USD 0.47 1.2211

GBP/USD 0.39 1.374

RESEARCH HIGHLIGHTS:

FDR cut to underweight from neutral at JPM / WERELDHVAE raised to overweight from neutral at JPM / GRAND CITY PROPERTIES cut to neutral from overweight at JPM / TLG IMMOBILIEN cut to neutral from overweight at JPM / LONDONMETRIC PROPERTY cut to neutral from overweight at JPM / LAND SECURITIES raised to overweight from neutral at JPM / SHAFTSBURY cut to neutral from overweight at JPM / UNITE GROUP cut to neutral from overweight at JPM / ROCHE cut to sell from hold at SocGen / JOHNSON MATTHEY raised to buy from hold at Berenberg / ESSILOR raised to add from reduce at AlphaValue

STILL TO COME:

NUMBERS: Watkin Jones

UPDATES: Flughafen Zurich / Yoox Net-A-Porter / Acacia Mining / Rio Tinto

TODAY’S AGENDA:

AGM’s / EGM’s etc: Marine Harvest

ROADSHOWS / INVESTOR DAYS:

CONFERENCES:

UniCredit/Cheuvreux German Corporate Conf – Freenet / ProSiebenSat.1 / Fresenius Medical Care / Vonovia / BUWOG / Siltronic / Deutsche Wohnen / Innogy / LANXESS / LEG Immobilien / Wacker Chemie / Rheinmetall / Linde / MorphoSys / Evotec

MACRO:EU: German, French, Italian and Wuro Zone Bloomberg Economic Survey, Euro Zone Trade Balance

US: Closed

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