UK seen down 10 / DAX up 2 / CAC flat / EStoxx50 flat

US MARKETS (% move from European close):

Dow Jones -0.05 26210.81

S&P 500 -0.02 2839.13

Nasdaq 0.09 7460.289

VIX 1.65 11.1

The U.S. markets traded a fairly tight range sideways to maintain their morning levels as the S&P and Nasdaq posted new record highs for the third session in a row. The S&P finished the day up 0.2%, little changed from the European close, while the Nasdaq outperformed to finish the day up 0.7%, and the Dow finished a touch under its flat line. 6 out of 11 S&P sectors ended in the positive led up by the real estate, up 1.5%, utility, up 1%, and consumer discretionary, up 0.9%, sectors. Meanwhile leading to the downside was the telecom, down 1.2%, health care, down 0.5%, and consumer staple, down 0.3%, sectors. Trading volumes on the day were ok and broadly in line with recent averages.


United Continental up 3.5% United Airlines sees fares rebounding as overseas slump fades – Delta Air up 1%, Southwest Airlines up 1%, Spirit Airlines up 1%, Alska Air up 1% on read across / Total System Services up 2.5% year adj EPS view exceeds est / QIAGEN up 2% gets expanded FDA clearance for JAK2 test / Sirius XM up 1% adds $2Bn to stock buyback program / Texas Instruments down 5.5% outlook doesn’t meet promise of better economy – Microship Tech down 3%, Maxim Integrated Products down 1.7%, Applied Materials down 1% on read thru – watch INFINEON TECH & STMICRO / Capital One Financial down 1.5% 4Q adj EPS misses lowest est

DUE TODAY: Raymond James, Stanley Black & Decker, TE Connectivity, United Technologies, Rollins, Progressive Corp, Prosperity Bancshares, RPC, Northern Trust, General Electric, Rockwell Automation, General Dynamics, BOK Financial, Royal Caribbean Cruises, Baker Hughes, Comcast, Abbott Laboratories, Amphenol, Norfolk Southern, Illinois Tool Works, WW Grainger

AFTER MARKET: F5 Networks, Varian Medical, Discover Financial Services, LAM Research, Ameriprise Financial, SL Green Realty, Crown Castle, Aspen Tech, Hexcel, United Rentals, Las Vegas Sands, Xilinx, Whirlpool, Teradyne, Ford




Nikkei -0.76 23940.78

Hang Seng 0.06 32949.99

Shanghai Comp 0.10 3550.02

Australia 0.29 6054.66

Asian markets are trading a bit mixed at the moment as Japan leads to the downside while China leads to the upside along with Australia. Data wise Japan’s Dec trade surplus was ¥359Bn, vs est ¥535Bn, as the value of exports rose 9.3% YoY in Dec, vs est 10% increase, and imports increased 14.9% YoY in Dec, vs est 12.4% increase, while Japan’s adjusted trade balance showed a surplus of ¥86.8Bn, vs est ¥276.7Bn. Japan’s Nikkei manufacturing PMI rose to 54.4 in Jan, that’s up from 54.0 in Dec. Australia’s Westpac leading economic index moved higher by 0.27% MoM in Dec, which follows the downwardly revised 0.05% increase in Nov. Japan’s leading index fell to 108.3 in Nov from 108.6 previously, while the Coincident index fell to 117.9 from 118.1 previously.

L’OCCITANE down 2.5%, BYD down 2%

M & A:

– ABERTIS: Spain is said to pressure Abertis shareholder to accept ACS bid, move is sign Madrid wants to block competing Italian offer

– VEOLIA sells U.S. Industrial Cleaning services unit for $120m

– 3I is said to be exploring sale of environmental consultancy Firm SLR, which could be valued at around £130m, about 10x the company’s Ebitda

– AIB CEO says no talks with Irish Govt on further share sale

– CINEWORLD: ISS recommends Cineworld holders vote against REGAL acquisition & rights issue, says deal would add significant financial, operation risk. PIRC, IVIS recommened Cineworld holders vote for Regal deal

– CLIPPER LOGISTICS placing of 8.8m shares, or about 8.8% stake, by directors, including CEO, CFO and Chairman, Numis is bookrunner


– NOVARTIS 4Q net sales $12.92Bn vs est $12.72Bn, core op profit $3.22Bn vs est $3.11Bn, core EPS $1.21 vs est $1.19, core net income $2.82Bn vs est $2.72Bn, sees 2018 net sales up low to mid-single digit & core op income up mid to high 1 digit

– AHOLD DELHAIZE 4Q net sales E15.8Bn, FY pro forma underlying op margin of 3.9%, says FY FCF to be ‘significantly’ ahead of expectations, expected to report FY earnings on Feb 28th

– BARRY CALLEBAUT 1Q sales CHf1.87Bn, sales volume up 8%, says on track for 2018/19 mid-term guidance

– SEB FY sales E6.49Bn, broadly in line, sees FY 2017 op profit from activity rising 30%-35%

– ZUR ROSE FY sales CHf982.9m, full results expected Mar 21st

– GRANDVISION 4Q comparable sales down 0.8%, sees slower, still positive adj Ebitda growth in 4Q, full results expected Feb 28th

– ENEL CEO says impact of tarif move less bad than expected, Electric Cars technology is ready and getting better, looking at mid-size acquisitions in networks

– GENERALI CEO says turnaround plan proceeding well, expects to meet turnaround targets in 2018, new plan to put company in growth phase, not sure we’re at the end of monetary easing, confident in Italy after the elections, President Trump has done the job in U.S.

– SANOFI says unfavourable currency impact in 4Q 2017 sales about 6%-6.5%

– GERRESHEIMER to record $50m-$55m tax benefit in 1Q on U.S. Act

– ANGLO AMERICAN expects to get licenses on Friday that will pave way for it to boost Brazilian iron ore production capacity at Minas Rio mine, Reuters reports

– RBS is said to be selling its executive offices at 280 Bishopsgate, which represents about 20% of its floor space in London, Telegraph reports

– MAERSK in drilling JV talks with possible Norway partners, Borsen reports

– VOLKSWAGEN to invest E450m in Poland in 2018-2019, Rp.pl reports

– GAZPROM says close to YPF drilling accord in Neuquen Basin, EFE reports

– NORDEA’S Vice Chairman says planned move to Helsinki from Stockholm “is reasonable” for most shareholders ahead of a vote about the plan at its AGM in March, Dagens Industri reports

– HEXAGON: Rollen continues as Hexagon CEO as Norway appeals acquittal

– BIOCARTIS & Immunexpress in pact for Sepsis test on Idylla


EVN €0.47

COMMODITY SNAPSHOT (% move from European Close):

Gold 0.42 1343.31

Copper 0.17 52640

Oil 0.05 64.47

Natural Gas 4.53 3.578

EUR/USD 0.28 1.2314

GBP/USD 0.38 1.4033


Berenberg pushing TBC BANK, rates new buy / ELIOR raised to buy from hold at SocGen / NMC HEALTH cut to neutral from overweight at JPM / AMS cut to neutral from overweight at JPM / TELEFONICA raised to hold from sell at DZ Bank / SSAB raised to buy from neutral at Goldman / KLOECKNER raised to buy from neutral at Goldman / DASSAULT SYSTEMES cut to hold from buy at HSBC / CARREFOUR raised to hold from reduce at HSBC and to market perform from underperform at Bernstein / WILLIAM HILL raised to buy from neutral at Goldman / PETROFAC cut to hold from buy at Jefferies / YOOX NET-A-PORTER cut to hold from buy at Jefferies / INWIT cut to underperform from hold at Jefferies / RAI WAY cut to hold from buy at Jefferies / RANDSTAD raised to buy from neutral at Goldman / WIRECARD cut to neutral from buy at Natixis / MAERSK raised to buy from hold at SEB / SUEZ cut to sector perform from outperform at RBC & to underperform from neutral at MedioBanca / MARKS & SPENCER cut to underperform from neutral at Credit Suisse / DIXONX CARPHONE cut to neutral from outperform at Credit Suisse


NUMBERS: Econocom Group / Ansaldo STS / Crest Nicholson

UPDATES: WH Smith / HAL Trust / Sage / J D Wetherspoon / Polymetal Int / Stef / Tod’s / Fresnillo / Antofagasta / Sonae


AGM’s / EGM’s etc: WH Smith



ACI Hydrogen & Fuel Cells Energy Summit – Engie / Eni Barclays Credit Roundtable Conf – Innogy


EU: French, German & Euro Zone Markit Manufacturing PMI, Markit Services PMI, Markit Composite PMI, UK Claimant Rate, Jobless Claims Change, Average Weekly Earnings, ILO Unemployment Rate, French Total Jobseekers, Jobseekers Net Change

US: MBA Mortgage Applications, FHFA House Price Index, Markit Manufacturing PMI, Markit Services PMI, Markit Composite PMI, Existing Home Sales

Read More… Like : GLOBAL MARKETS AND NEWS ROUND-UP / OUTLOOK January 24, 2018 at 07:03AM

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