UK seen up 25 / DAX up 79 / CAC up 29 / EStoxx50 up 20

The U.S. Senate voted to reopen the government and provide funding through February 8, as Republican leadership managed to secure Democratic support, passing a short-term funding measure 81-18, by promising to consider immigration legislation in early February. More specifically, Democrats are looking for Republicans to address the fate of the so-called “Dreamers”–immigrants who were illegally brought to the U.S. as children.

US MARKETS (% move from European close):

Dow Jones 0.62 26214.6

S&P 500 0.61 2832.97

Nasdaq 0.55 7408.031

VIX 0.91 11.03

The U.S. markets started the week on a positive note, jumping to new record highs helped by the Senate vote to reopen Govt, as the markets moved higher early afternoon and then again into the close to finish at the session highs. The S&P finished the day up 0.8%, up 0.6% from the European close, and the Nasdaq finished up 1%, while the Dow slightly underperformed to finish the day up 0.3%. 9 out 11 S&P sectors ended in the positive led up by the telecom, up 2.3%, and energy, up 2.1%, sectors. Meanwhile leading to the downside was the material, down 0.2%, and industrial, flat, sectors. Trading volumes on the day were good and just above recent averages.


ResMed up 12% 2Q rev tops highest analyst est / Netflix up 9% year-end subscriptions surge / First Solar up 5% & Whirlpool up 3% Trump imposes tariffs on imported solar cells, washing machines / Verizon Comms up 2.5% gains before earnings today / TD Ameritrade up 2% year adj view midpoint above est / ONEOK up 2% sees 2018 net income $955m-$1.16Bn vs est $874m /

DUE TODAY: United Continental, State Street, New Oriental Education & Technology, Prologis, Huntington Bancshares, Synovus Financial, Waters Corp, Fifth Third Bancorp, Johnson & Johnson, Proctor & Gamble, Verizon Comms, TD Ameritrade, Kimberly-Clark, Webster Financial, Travelers Cos,

AFTER MARKET: Texas Instruments, Sterling Bancorp, Capital One Financial, Total System Services


GKN up 1.5%, RECKITT BENCKISER up 1.5%, REPSOL up 1%


Nikkei 1.29 24124.15

Hang Seng 1.35 32830.09

Shanghai Comp 0.84 3530.95

Australia 0.75 6036.96

Asian markets are trading higher across the board with solid gains, as they follow the strong lead by the U.S. overnight, led up by Japan and HK. Data wise Australia’s weekly ANZ-Roy Morgan Australian consumer confidence index declined by 3.3% to a reading of 119.4, falling sharply from a four-year high the previous week. The BoJ held interest rates steady at -0.1%, as expected. We also saw the release of the BoJ’s quarterly report which showed no changes to inflation and GDP forecasts with FY2018/19 & FY2019/20 core CPI expected at +1.4% and +1.8%, respectively. The report also showed inflation is forecast to hit 2% around FY2019/20. They also mentioned that inflation is likely to continue to move towards 2% target, adding CPI is accelerating but moves are still weak. Japan’s Nationwide Department Store Sales fell 0.6% YoY in Dec, vs a 2.2% gain previously. Japan’s All Industry Activity Index rose 1.0% MoM in Nov, vs est 0.8%, which follows the 0.3% increase previously.

GEELY up 7%

HTC down 2.5%

M & A:

– MAERSK is said to be close to selling it’s drilling unit to a joint venture including it’s biggest shareholder AP Moller Holdings and an unknown drilling industry company, Berlingske reports

– AXA to buy Chicago-Based Maestro Health for $155m

– VINCI is said to have joined up with First State Investments for a potential bid for French energy-services company Idex which may be valued around E1Bn, Les Echos reports

– MASMOVIL placing of around 11% stake, seller is a company controlled by funds advised by Providence Equity Partners, Deutsche & JPM are bookrunners

– REFRESCO Boards support offer of E20 per share by PAI Partners and Cubalibre

– PARTNERS GROUP has agreed to sell Trimco on behalf of its clients to funds advised by Affinity Equity Partners for $520m

– AIR BERLIN creditors are said to agree to sell Niki to Lauda, APA reports

– VOLVO: Geely is said to have paid a premium of almost 20% when it bought Cevian Capital’s stake in Volvo, Dagens Industri reports


– SGS FY rev CHf6.35Bn, adj Ebitda CHf1.25Bn, net income CHf621m, FY div CHf75, sees 2018 solid org rev growth

– REPSOL 4Q production rose 5.4% to 715,000 boe/d from 679,000 YoY

– LOGITECH 3Q sales $812m vs est $754.3m, op income $100.3m, EPS $0.48, net income $80.8m, sees FY adj op income $270m to $280m

– BIOMERIEUX FY rev E2.29Bn, in line, 4Q sales +3.8%, rev E614m, sees FY contributive current op profit within goal

– TRYG 4Q pretax profit DKr685m vs est DKr708.8m, combined ratio 86% vs est 86.5%, profit after tax DKr527m vs est DKr559.8m, div DKr1.60, says continued to see a good premium growth for the Group primarily driven by the Danish Private business, says don’t expect extraordinary div in FY 2018

– COM HEM 4Q rev SKr1.81Bn, in line, adj Ebitda SKr722m, in line, reiterates mid-term guidance

– AUTONEUM FY sales CHf2.2Bn, sees FY Ebit margin in line with guidance, to publish final results on Mar 7th

– ARBONIA FY rev CHf1.38Bn, confirms 2017 forecast

– KOMAX FY rev CHf410m, orders CHf449.7m, to publish FY results Mar 20th

– AKER SOLUTIONS wins subsea orders for Troll, Askeladd projects, total estimated value NKr1.5-2Bn

– CARREFOUR is said to be planning to invest E2.8Bn over five years and cut 2,400 jobs, Le Figaro reports

– DEUTSCHE BOERSE Chairman seeks less turbulence after tough 2017, says “we took on a lot in 2016 and 2017 but didn’t reach our goals”

– BANKIA is said to be reducing the number of staff it plans to cut in the process of its merger with Banco Mare Nostrum to 1,800-1,900, Expansion reports

– ADECCO CEO says clients cutting London financial sector investment

– VOLKSWAGEN: AUDI will spend up to E700m to remould its best-selling A4 model earlier than initially planned because of poor sales, Handelsblatt reports

– VOLKSWAGEN expects 2018 China growth to be same as last year’s

– COUNTRYWIDE Board is said to be discussing future of CEO, with announcement about departure of CEO Alison Platt seen possible in next few days, Sky reports

– AREVA to be renamed; new name could be Orano, Les Echos reports


Wereldhave €0.77

COMMODITY SNAPSHOT (% move from European Close):

Gold 0.19 1336.93

Copper 0.19 53570

Oil 0.03 64.03

Natural Gas 1.12 3.251

EUR/USD -0.02 1.2252

GBP/USD 0.06 1.3975


Jefferies pushing BEAZLEY, rates new buy / Bankhaus Lampe pushing TAKKT, rates new buy / Bankiter pushing FERROVIAL, rates new buy / WPP cut to neutral from outperform at Credit Suisse / IMI cut to neutral from outperform at Credit Suisse / DEUTSCHE WOHNEN cut to hold from buy at HSBC / ZALANDO cut to hold from buy at Stifel / SANOFI cut to underweight from equal weight at BarCap / DAILY MAIL cut to sell from neutral at Goldman / CRODA raised to buy from hold at Berenberg / NCC raised to hold from sell at Berenberg / DANSKE BANK cut to sector perform from outperform at RBC / KBC raised to hold from underweight at Santander / ALTICE raised to overweight from equal weight at BarCap / BASF raised to outperform from market perform at Raymond James / CLARIANT cut to underperform from market perform at Raymond James / ING cut to underperform from neutral at credit Suisse / VONOVIA cut to underperform from neutral at credit Suisse / CARGOTEC cut to underperform from neutral at credit Suisse / RENTOKIL cut to add from buy at Peel Hunt / RESTORE cut to add from buy at Peel Hunt / HOMESERVE cut to hold from add at Peel Hunt


NUMBERS: Zuger Kantonalbank / IG Group / Investor AB

UPDATES: EasyJet / Exel Ind / SSP Group / Pets at Home / Vetoquinol / SEB / X5 Retail


AGM’s / EGM’s etc: Marston’s / Mitchells & Butler / Sodexo /


Transport Ticketing Global Conf – Infineon Tech World Economic Forum – Sanofi / Orange


EU: UK Public Finances, Central Govt NCR, Public Sector Net Borrowing, PSNB ex Banking Groups, CBI Trends Total Orders, CBI Trends Selling Prices, CBI Business Optimism, German ZEW Survey Current Situation, ZEW Survey Expectations, Euro Zone ZEW Survey Expectations, Consumer Confidence

US: Richmond Fed Manufacturing Index

Read More… Like : GLOBAL MARKETS AND NEWS ROUND-UP / OUTLOOK January 23, 2018 at 07:20AM

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