UK seen down 9 / DAX flat / CAC down 2 / EStoxx50 up 3

U.S. President Trump says that his long-awaited plan to help rebuild the nation’s infrastructure would result in about $1.7Tn in overall investment over the next 10 years, a larger figure than he previously announced.

North Korea sent a rare announcement addressed to “all Koreans at home and abroad”, saying they should make a “breakthrough” for unification without the help of other countries, its state media said.

US MARKETS (% move from European close):

Dow Jones -0.19 26252.12

S&P 500 -0.10 2837.54

Nasdaq -0.28 7415.059

VIX -0.09 11.47

The U.S. markets had a mixed day, in a rollercoaster season, as they moved lower early afternoon to pare gains, rallied a touch mid-afternoon and then traded sideways into the close, with the Nasdaq underperforming throughout the session. The S&P finished the day down 0.1%, down 0.1% from the European close, while the Nasdaq finished the day down 0.6%, and the Dow finished up 0.2%. 6 out of 11 S&P sectors ended in the positive led up by the financial, up 0.7%, telecom, up 0.7%, consumer discretionary, up 0.4%, and material, up 0.4%, sectors. Meanwhile leading to the downside was the tech, down 0.9%, utility, down 0.6%, sectors. Trading volumes on the day were good and above recent averages.


Varian Medical Systems up 12.5% boosts FY rev growth forecast / Dolby Laboratories up 8.7% 2Q adj EPS view beats highest est / Xilinx up 5% 3Q net rev beats highest est / Lam research up 4.5% 2Q adj EPS beats highest est / F5 Networks up 2.7% 1Q result beat est / Teradyne down 4% 1Q adj EPS view midpoint misses est / Williams Cos down 1% block of 8.6m shares is said to be offered at $32.75 per share / Ford Motor down 0.5% vows ‘fitness’ boost as rev boom fails to propel profit

DUE TODAY: Flex, Northrop Grumman, TAL Education, Alaska Air, Sherwin-Williams, JetBlue Airways, American Airlines, Southwest Airlines, Microsemi, Celgene, Fiat Chrysler, McCormick & Co, Praxair, Old Republic, East West Bancorp, L3 Tech, Helmerich & Payne, American Electric Power, Biogen, Avnet, Raytheon, Alliance Data Systems, Caterpillar, 3M, Union Pacific, Freeport-McMoRan

AFTER MARKET: Intel, Western Digital, PerkinElmer, Maxim Integrated Products, Celanese, Arthur J Gallaher, CVB Financial, Intuitive Surgical, Western Alliance, E*TRADE Financial, Starbucks, KLA-Tencor


Reckitt Benckiser up 1%

RELX down 1.5%, SEADRILL down 1%, SHIRE down 1%


Nikkei -1.13 23669.49

Hang Seng -0.40 32827.12

Shanghai Comp -0.17 3553.34

Australia -0.08 6050.02

Asian markets are mainly trading with slight losses at the moment, although Japan is the exception as they leads to the downside, underperforming the other markets. Data wise Japan’s Supermarket Sales rose 0.9% YoY in Dec, which follows the 0.6% decline previously.

SAIC up 2%, NEWCREST up 2%

ESPRIT down 16.5% after profit warning, L’OCCITANE down 3%, FAST RETAILING down 2.5%, PRADA down 2%

M & A:

– CLARIANT: Saudi Sabic buys 24.99% of Clariant from North 40 and Corvex, deal value not provided, Sabic says currently has no plans for full takeover of Clariant, Clariant intends to engage with Sabic over coming weeks

– RIO TINTO: Yancoal is said to be back in talks with Rio Tinto about potentially buying Hail Creek and Kestrel coal mines in Queensland, which could sell for more than $2Bn, The Australian reports

– PETS AT HOME placing of 62m shares, or 12.3% stake, as KKR to sell remaining stake, price guidance 170p to mkt, BoAML and Numis are bookrunners

– ENGIE to buy slightly more than 50% of ELECTRO POWERS SYSTEMS at E9.50 per share, sees transaction completed in 1Q

– KOENIG & BAUER CFO says syndicated credit lines of more than E350m will create “financial leeway for strategic investment and acquisitions,” Boersen-Zeitung reports

– NETS says Swedish regulator grants approval for takeover by Hellman & Friedman

– LONDON STOCK EXCHANGE mentioned in the press after reports yesterday that the Children’s Investment Fund believes that consolidation in the sector is inevitable and that the company could fetch £15Bn


– ZUMTOBEL warns again, adjusts 2017/18 forecast now sees adj Ebit of about E15-E25m based on decline of rev of about 8% vs previous forecast for adj Ebit of about E50m-E60m on decrease of rev of about 5%, citing a sharp drop in revenues in UK, the most important single market of Zumtobel, and aggressive price competition in lighting and components business and revenue that has not yet been realised due to internal operating issues

– NORDEA 4Q NII E1.11Bn vs est E1.15Bn, net fee & comm income E839m vs est E855.8m, net income E624m vs est E686.8m, CET1 ratio 19.5% vs est 19.3%, div E0.68 vs est E0.67, says confident that net profit will grow in 2018, sees higher revenue and lower costs, CEO confident shareholders will approve HQ move plan

– STMICROELECTRONICS 4Q rev $2.47Bn vs est $2.36Bn, adj op profit $428m vs $357.3m, gross margin +40.6% vs est +39.9%, net income $308m, CFO Ferro to step down in line with CEO retirement plan, Deputy CEO Jean-Marc Chery to become next Pres. & CEO

– SOFTWARE 4Q total rev E268.4m vs est E270.1m, non-IFRS Ebita up 9% to E98.4m vs E90.2M YoY, non-IFRS margin 36.7% vs 34.2% YoY, sees FY non-IFRS margin 30% to 32%

– BELIMO FY sales CHf579.9m, to publish full 2017 results on Mar 12th

– ARYZTA reduces FY18 Ebitda guidance, now sees FY18 adj Ebitda down about 15% vs FY17, says weakened towards end of 2Q in Europe, U.S.

– FINGERPRINT CARDS warns 4Q earnings to be lower than market expectations, sees rev falling 62% to SKr615.3m YoY, op profit falling to negative SKr40.6m, gross margin to decline to 21% from 44%

– SILGRO FY Ebitda E174m, net income E81m, div E1.40, expects 2018 markets to continue growth at prior pace, to complete transaction for retail activities in 2018, deal could be sale or partnership

– ELIOR 1Q rev E1.69Bn vs E1.59Bn YoY, org growth 4.7%, sees FY org growth of at least 3%, while change in scope from acquisitions to date should result in revenue growth of more than 2%

– ZOOPLUS FY sales E1.11Bn, says sales increased 22% in 2017 with double-digit growth in all 30 regional markets, number of registered new customers in 4Q rises 38% YoY

– HUBER + SUHNER FY rev CHf774m, orders CHf826m, full earnings due Mar 13th

– ECONOCOM FY rev E2.98Bn vs est E2.81Bn, org rev growth +11.2%, net debt E280m vs E185.2m YoY, says 2017 adj Ebitda exceeded E150m

– TOD’s FY sales E963.3m vs est E966.2m, sales at constant fx rate -3.1%, Chairman says 2018 will be transition year

– EDP says 2017 electricity output rose 0.1% YoY and installed capacity increased 6.4% YoY to 26.8 gigawatts

– SONAE FY rev E5.55Bn, says 2017 online sales surpassed E100m

– SEMPERIT sees 2017 loss, skips dividend, starts restructuring, single-digit negative Ebit will be reported for last quarter of 2017, after restructuring, targets Ebitda margin of around 10%

– CARREFOUR: French Minister Le Maire says Carrefour making right choice in investing in digital, to watch job cuts carefully

– RIO TINTO cancels Fluor Rail Service’s contract to maintain Pilbara heavy haul railway, The Australian reports

– EDF says French strike notice likely to affect Hydro Plants

– SCHNEIDER in $4.5m pact for Advanced Microgrid in Milford, Connecticut

– NORSK HYDRO CEO says better balance in Aluminum market, DN Reports

– NOVARTIS: Spark in pact with Novartis, Novartis to commercialize investigational voretigene neparvovec when and if approved in Europe and all other markets outside the U.S.

– SAGE holds a Capital Markets day



Custodian REIT 1.6125p / Fenner 2.8p / NCC Group 1.5p / Pennon 11.97p / RWS 5.2p / Secure Income REIT 3.5p Total UK 100 Index Points = 0.0

COMMODITY SNAPSHOT (% move from European Close):

Gold 0.86 1365.12

Copper -0.30 53750

Oil 2.02 66.28

Natural Gas -1.81 3.48

EUR/USD 0.38 1.2443

GBP/USD 0.60 1.4308


Berenberg pushing LONDON STOCK EXCHANGE, rates new buy / DZ Bank pushing SOLVAY, rates new buy / SMITH & NEPHEW raised to overweight from neutral at JPM / GRAINGER raised to overweight from neutral at JPM / SUEZ raised to neutral from underweight at JPM / PANDORA cut to equal weight from overweight at MS / HELLA raised to buy from hold at Jefferies / BARRY CALLEBAUT cut to sell from hold at Mirabaud / VASTNED cut to hold from buy at Berenberg / VTG cut to hold from buy at Berenberg / BARCLAYS cut to underperform from neutral at MedioBanca / OPHIR ENERGY cut to equal weight from overweight at BarCap / MONCLER cut to hold from buy at SocGen / BUNZL raised to buy from neutral at Goldman / NEXT raised to outperform from sector perform at RBC / H&M cut to sector perform from outperform at RBC / AEROPORTS DE PARIS raised to hold from underweight at Santander


NUMBERS: Topdanmark / Lagercrantz / Euronav / Bankiter / Blue Prism / Renishaw / KAZ Minerals / Castellum / Diageo / Sky / NCC / Kone (10:45am) / Essity (11am) / LVMH (After Mkt)

UPDATES: Restaurant Group / Daily Mail & General trust / ITE Group / Countryside Properties / Close Brothers / CMC Markets / Altran tech / De’ Longhi / St James Place / Boiron (After Mkt) / Agta Record (After Mkt) / JCDecaux (After Mkt) / Anglo American / Lenta / Greene King / Kier Group / Somfy


AGM’s / EGM’s etc: RDI REIT / ITE Group / Countryside Properties

ROADSHOWS / INVESTOR DAYS: Topdanmark (Business Update Call) / Sky (US Analysts and Investors Meeting) / Vienna Ins (Roadshow)



EU: German GfK Consumer Confidence, IFO Business Climate, IFO Expectations, IFO Current Assessment, Italian Industrial Sales, Industrial Orders, UK Finance Loans for Housing, CBI Retailing Reported Sales, CBI Total Dist Reported Sales, Euro Zone ECB Main Refinancing Rate, ECB Marginal Lending Facility, ECB Deposit Facility Rate

US: Advance Goods Trade Balance, Wholesale Inventories, Retail Inventories, Initial Jobless Claims, Continuing Claims, Bloomberg Consumer Comfort, New Home Sales, Leading Index, Kansas City Fed Manufacturing Activity

Read More… Like : GLOBAL MARKETS AND NEWS ROUND-UP / OUTLOOK January 25, 2018 at 07:09AM

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