UK seen up 14 / DAX up 29 / CAC up 9 / EStoxx50 up 5

US MARKETS were closed:

Dow Jones Closed 25803.19

S&P 500 Closed 2786.24

Nasdaq Closed 7261.062

VIX Closed 10.16

DUE TODAY: UnitedHealth, IHS Markit, First Republic Bank, Comerica, Bank of the Ozarks, Citigroup

AFTER MARKET: CSX Corp, Pinnacle Financial Partners, Interactive Brokers


Nikkei 1.00 23951.81

Hang Seng 1.51 31811.98

Shanghai Comp 0.15 3415.62

Australia -0.47 6048.64

Asian markets are mainly trading higher this morning led up by decent gains in HK and Japan while China’s gains are more modest and Australia is the exception as it trades slightly lower. Data wise Japan’s producer prices rose 0.2% MoM in Dec, vs est 0.4%%, which follows the upwardly revised 0.5% gain in Nov, YoY producer prices jumped 3.1%, vs est 3.2%. Japan’s Tertiary Activity Index climbed 1.1% MoM in Nov, vs est 0.4%, which follows a 0.2% rise in Oct. Australia’s new motor vehicle sales rose 4.5% MoM in Dec, up from Nov’s mere 0.1% lift, with figures showing that 103,743 new vehicles were sold Dec. Australia’s ANZ-Roy Morgan Consumer Confidence index increased 1.2% to 123.5 points, extending its rise from the first week of the year and leaving it at the highest level since Oct 2013.


M & A:

– PARTNERS GROUP to sell 43.83% stake in Silicon Ranch to RD SHELL for minimum proceeds of $193m and up to $217m depending on company achieving predetermined milestones

– RYANAIR says it’s interested in buying parts of insolvent Niki

– CONTINENTAL is said to have hired JPMorgan to advise on strategic options including separation of its current businesses, Reuters reports

– SIKA buys majority stake in Italy’s Index Construction Systems which has annual sales on CHf115m

– TELECOM ITALIA Board is said to meet tomorrow to revise CANAL PLUS JV


– RIO TINTO 4Q Pilbara iron ore shipments 100% 90m tons vs est 88.7m, mined copper output 148.6k tons vs est 137.5k, aluminium production 887k tons vs est 888k, bauxite production 13.762m tons vs est 13.1m, hard coking coal production 2.322m tons vs est 2.1m, reaffirms 2018 output targets

– NETENT warns 4Q total rev below market expectations at around SKr419m, citing lower-than-expected rev growth, op profit is expected to be about SKr150m, says business continued to generate a solid cash flow in 4Q and the dividend for 2017 will be at least in line with 2016

– LINDT & SPRUENGLI FY sales CHf4.09Bn, in line, org sales up 3.7%sees 2017 op margin in line with long-term target, confirms mid-to-long sales growth target of 6-8% & improvement of op margin by 20-40 Bps

– MARINE HARVEST 4Q total harvest volume 113k tons vs est 111k, op Ebit E177m vs E259m YoY

– FACC 3Q rev E205.3m, Ebit after one-off effects E15.9m, sees 2017/18 op result of E45m-E50m & sales of E740m-E750m, targets sales of E1Bn in 2020/21

– PSA 2017 vehicle sales rose 15.4% to 3.6m vehicles as Middle East-Africa sales rose 61.4% to 618,800 and China, SE Asia sales fell 37.4% to 387,300

– HUGO BOSS 4Q sales up 5% to E735m, online sales up 42%, sees U.S. tax reform charge of E12m for 2017, still sees 2017 adj Ebitda ‘largely the same’ YoY

– SCANDIC HOTELS sees 4Q adj Ebitda of around SKr330m vs SKr392m YoY, citing declining earnings in the Swedish operations and non-recurring costs for central functions

– ABN AMRO says 4Q results will include several incidentals, impact of incidentals is expected to be not material, sees added restructuring provision of around E100m

– RATIONAL FY sales E702m, Ebit E188m, Ebit margin +26.7%

– YOOX NET-A-PORTER FY net rev E2.1Bn, CEO says 4Q performance very solid

– FERROVIAL is said to take CARILLION’S contracts with UK Army, Expansion reports

– BMW is betting an overhauled 5 Series sedan and new X2 crossover will boost sales this year, CFO says those models, plus an updated X3 utility vehicle, should carry BMW to gains in all markets, including the U.S. and China

– DAIMLER: Mazda and Mercedes-Benz apply for investment incentives on their plans to produce electric vehicles here, Bangkok Post reports

– COLAS wins railway maintenance contracts in France & UK worth E300m

– ABN AMRO starts digital Forex Platform for SME Companies

– AIRBUS CEO Tom Enders slammed Brexit and U.S. President Donald Trump’s pro-America trade policies as presenting twin threats to its business, while singling out the UK’s vote to leave the European Union as posing the bigger issue

– EVS BROADCAST EQUIPMENT names Pierre de Muelenaere Chairman

– NOVARTIS: The FDA has accepted Novartis unit Sandoz’s Biologics License Application for proposed biosimilar adalimumab to the reference medicine Humira

– PANDORA holds a Capital Markets day

– SIEMENS holds a Capital Markets day


Solvay €1.38 / Prosegur Cia de Seguridad €0.02912 / Tecnicas Reunidas €0.667

COMMODITY SNAPSHOT (% move from European Close):

Gold -0.01 1341.01

Copper -0.86 54140

Oil -0.02 64.47

Natural Gas -1.24 3.118

EUR/USD 0.07 1.2271

GBP/USD -0.07 1.3795


Barclays bearish on UBS & CREDIT SUISSE, rates both new underweights / HUNTING double upgrade to overweight from underweight at MS / Berenberg & Barclays both pushing SABRE INSURANCE, rates new buy / INCHCAPE cut to hold from buy at Berenberg / RPC cut to hold from buy at Berenberg / FIRST DERIVATIVES cut to hold from buy at Berenberg / ASB FOODS raised to overweight from equal weight at Barclays / PREMIER OIL cut to sector perform from outperform at RBC / ZURICH INS raised to outperform from sector perform at RBC / SCOR raised to sector perform from underperform at RBC / UMICORE cut to underperform from neutral at Credit Suisse


NUMBERS: Schoeller-Bleckmann / NCC Group

UPDATES: JD Sports / Flughafen Wien / Ashmore / Dunelm / Virbac / GL Events / Casino / Greggs


AGM’s / EGM’s etc:



UniCredit/Cheuvreux German Corporate Conf – Deutsche EuroShop / Talanx / ElringKlinger / IMMOFINANZ / Dialog Semi / Brenntag / Deutsche Beteiligungs / Takkt


EU: German Wholesale Price Index, CPI, French Budget Balance, Italian CPI, Trade Balance, UK Bloomberg Economic Survey, CPI, CPI Core, RPI, PPI Input, PPI Output, House Price Index

US: Empire Manufacturing

Read More… Like : GLOBAL MARKETS AND NEWS ROUND-UP / OUTLOOK January 16, 2018 at 07:03AM

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