UK seen down 234 / DAX down 640 / CAC down 239 / EStoxx50 down 159

Markets sold off overnight in a brutal session in the U.S. and Asia, however, European future markets and Asian markets are off their lowest points from the morning.


New Zealand is closed today

US MARKETS (% move from European close):

Dow Jones -4.29 24345.75

S&P 500 -3.82 2648.94

Nasdaq -3.71 6967.527

VIX 115.85 37.32

The U.S. markets sell-off intensified over the afternoon yesterday as the markets ended the day with big losses to wipe out the YTD rally so far. The S&P finished the day down 4.1%, down 3.8% from the European close, while the Nasdaq finished the day down 3.8% and the Dow finished down 4.6%. All 11 S&P sectors ended in the negative led down by the financial, down 5%, health care down 4.6%, and industrial, down 4.5%, sectors. Meanwhile outperforming the broader market was the utility, down 1.7%, and real estate, down 2.7%, sectors. Trading volumes to accompany the sell-off were again good and well above recent averages.


Micron Tech up 3% boost 2Q forecast / Skyworks Solutions up 1.5% 1Q adj EPS beats highest est / Lululemon down 2.5% CEO steps down following unspecified misconduct

DUE TODAY: Janus Henderson, Centene, Well Care Health Plan, AmerisourceBergen, Gartner, Graphic Packaging, Emerson Electric, Oaktree Capital, Allergan, Fidelity National Information Services, Archer-Daniel-Midland, Liberty Property Trust, Lennox Int, Laboratory Corp of America, Becton Dickinson, TransDigm, Dunkin’ Brands, AGCO, Aramark, Axalta Coating Systems, AECOM, Bio-Techne, Tapestry, S&P Global, General Motors, Cummins, Arrow Electronics

AFTER MARKET: Walt Disney, Microchip Tech, Plains GP, Plaiuns All American Pipeline, Pioneer Natural Resources, Atmos Energy, Paycom Software, Seattle Generics, Cerner, UDR, Olin, Ultimate Software, Millicom Int Cellular, Akamai Tech, Jack Henry, Match Group, Markel, Gilead Sciences, Anadarko Petroleum, Chipotle Mixed Grill, Snap



Most ADR’s down 1% to 3.5% along with the market move …..VOLKSWAGEN down 5%, DAIMLER down 5%, FRESENIUS down 4.5%, BMW down 4.5%, ASML down 4.5%, ERICSSON down 4.5%, BASF down 4%, Adidas down 4%, TOTAL down 4%


Nikkei -4.73 21610.24

Hang Seng -4.47 30802.83

Shanghai Comp -3.14 3377.82

Australia -3.20 5833.34

Asian markets dive, as they follow the sell-off in the U.S., to be trading with big losses across the board this morning in a brutal day, led down by Japan and HK. Data out today, which has understandably taken a back seat, Australia’s Dec retail sales fell by 0.5% to $ 26.261Bn in seasonally adj terms, vs est 0.2% decline. Australia’s trade balance for Dec fell to a deficit of $1.36Bn, vs est $200m surplus, down from a revised $36m surplus in Nov. Exports were up by $510m or 2.0% for the month, while imports jumped by $1.9Bn or 6.0%. Australia’s Roy Morgan Weekly Consumer Confidence Index rose to 122.7 from 120.9 prior.

HTC down 9%, NOBEL down 6.5%, GEELY down 7.5%, FAST RETAILING down 5.5%, BYD down 5%, NOMURA down 4.5%, BRIDGESTONE down 6%, PRADA down 5%

M & A:

– ACCOR is said to near sale of stake in real estate arm, FT reports

– SANOFI Generics unit, valued at around E2Bn, is said to get bids from EMS and Torrent, Reuters reports

– PRISA: HSBC sells 4.7m Prisa subscription rights at E3, representing up to 24.9m new ordinary shares, or about 4.5% stake, TELEFONICA is said to be considering cutting Prisa stake with rights sale

– OCI placing of about 10.6m shares priced at E19 as Abraaj sells stock, Goldman was sole bookrunner

– EURAZEO completes talks to acquire Idinvest Partners, Eurazeo to invest a total of E230m to acquire about 70% of Idinvest

– ASR completes purchase of GENERALI Nederland

– ABERTIS: More reports ATLANTIA is planning to increase its bid for Abertis


– BNP PARIBAS 4Q rev E10.53Bn vs est E10.42Bn, equities trading rev up 12% YoY, FICC rev down 27%, net E1.43Bn, in line, CET1 11.8%, confirms 2020 goals, sees ROE above 10% in 2020, sees ‘more favorable’ interest rates environment

– SWEDBANK 4Q NII SKr6.33Bn, broadly in line, net income SKr4.74Bn vs est SKr4.6Bn, CET1 ratio 24.6% vs est 24%, FY div SKr13.00 vs est SKr12.90, says aims to be market leader in cost efficiency, decided to accelerate pace of investment

– INTESA SANPAOLO 4Q rev E4.71Bn vs est E4.33Bn, net fee & comm income E2.15Bn, NII E1.84Bn, CET1 fully-loaded 14%, net income E1.43Bn vs est E1.09Bn, FY div E0.203, expects higher 2018 net vs 2017, sees cash div payout ratio 85% on 2018 earnings

– MUNICH RE 4Q gross written premiums E12.1Bn vs est E11.93Bn, op profit E864m vs est E907m, preliminary net income E530m vs est E595m, reinsurance combined ratio +103.9% vs est +97.3%, FY div unchanged at E8.60 vs est E8.90, FY net E375m vs est E434m

– TOMTOM 4Q rev E220m, gross margin +59%, FY adj EPS E0.26 vs est E0.25, sees FY rev about E800m vs est E856.7, & adj EPS about 0.25 vs est E0.33

– TIETO 4Q net sales E409.6m vs est E411.1m, adj op profit E49.3m vs est E47.4m, EPS E0.50 vs est E0.41, FY div E1.40 vs est E1.33, sees FY adj Ebit growing from 2017

– AMS 4Q rev E1.06Bn, Ebit E128.5m vs est E126.7m, proposes div E0.33, sees 1Qrev of $440m to $490m & adj op margin to reach 17%-20%

– PROSAFE 4Q rev $76.7m vs est $75.1m, Ebitda $40.1m vs est $37.7m, EPS 6c, net income $4.9m vs est $10.1m, vessel utilization 36.1%

– PANDORA FT rev DKr22.78Bn, in line, Ebitda DKr8.51Bn, in line, net income DKr5.77Bn vs est DKr5.88Bn, to increase buybacks to DKr4Bn, or around 6.5m shares,

– AXFOOD 4Q net sales SKr11.83Bn, broadly in line, op profit SKr398m vs est SKr426.2m, FY div SKr7.00 vs est SKr6.25, says to continue high investment level, sees capital expenditures in range of SKr900m–SKr1,000m

– JENOPTIK FY rev E748m, Ebit margin +10.4%, Ebit nearly E78m, sees FY rev E790m to E810m & Ebit margin +10.5% to 11%

– DATWYLER FY net rev CHf1.29Bn, Ebit CHf162.6m, Ebit margin +12.6%, net income CHf123.7m, FY div CHf3, targets 2018 rev of CHf1.35Bn to CHf1.4Bn & Ebit margin target range 12% to 15%

– IDORSIA 4Q rev CHf158m, op income CHf71m, non-GAAP op income CHf79m, net income CHf68m, guidance for ’18 non-Gaap op. expenses around CHf390m

– RESURS 4Q op income SKr808m vs est SKr781.3m, op profit SKr371m, EPS SKr1.45 vs est SKr1.32, FY div SKr3.30 vs est SKr3.25

– ALK-ABELLO 4Q rev DKr763m vs est DKr793.8m, Ebitda DKr61m, sees FY rev DKr2.7Bn & Ebitda loss DKr50m

– PSA’s spokesman denies that they will report an operating loss of significantly more than E1Bn during 2017 by Handelsblatt, says figure doesn’t exist inside Opel/Vauxhall and isn’t available

– PORSCHE doubles E-Mobility investment to over E6Bn by 2022

– MICHELIN is said to pause La Roche-Sur-Yon investment plan, AFP reports

– FLOW TRADERS: Dutch Central Bank informed the company that it intends to complete the formalities that will enable Flow Traders to meet applicable CRR capital requirements, expects div policy to remain unaffected

– BHP BILLITON: Elliott Mgmt has called on BHP to immediately review its dual structure after commissioning research that argues reorganizing as a single company in Australia would add more than $22Bn in value

– AIRBUS: Vistara is said to be in talks with Airbus and Boeing to buy jets worth as much as $8.5Bn. AIRBUS Chief says 51% of its deliveries in 2017 went to Asia Pacific, to deliver first A350-1000 to Qatar Air in few weeks, has massive backlog for aircraft, mulling raising production rate of single-aisle aircraft

– ABENGOA is said to sign Dubai Solar Park contract worth over $600m, Confidencial reports

– RHEINMETALL and Lockheed Martin are said to be teaming up to compete forE4Bn contract to supply German heavy-lift helicopters, Reuters reports

– DIAGEO is said to plan to start bottling three brands of whisky at Kristall factory in Moscow region before end of 1H, Kommersant reports

– GAS NATURAL is said to name Francisco Reynes Chairman, Expansion reports

– GERRESHEIMER: Christian Fischer resigns as CEO

– WIHLBORGS plans to name Ulrika Hallengren its new CEO

– SANTHERA starts expanded access program in U.S. with Idebenone

– ROCHE says IMmotion151 data showed 26% reduced risk


Nothing of note

COMMODITY SNAPSHOT (% move from European Close):

Gold 0.58 1343.33

Copper -1.65 52380

Oil -2.56 63.48

Natural Gas 0.25 2.765

EUR/USD -0.25 1.2384

GBP/USD -0.21 1.3982


Macquarie pushing VONTOBEL, rates new outperform / LSE raised to overweight from neutral at JPM / AIR LIQUIDE raised to hold from sell at Baader-Helvea / AKZO NOBEL raised to hold from sell at Baader-Helvea / LANXESS cut to hold from buy at Baader-Helvea / LOGITECH cut to underweight from neutral at JPM / KRONES cut to sell from hold at Berenberg / KUEHNE + NAGEL raised to hold from underperform at Jefferies / DEUTSCHE POST cut to hold from buy at Jefferies / PANALPINA cut to underperform from hold at Jefferies / DIRECT LINE raised to overweight from equal weight at BarCap / SUNRISE raised to buy from hold at Cheuvreux


NUMBERS: AddTech / FinecoBank / Beni Stabili / Unicaja Banco / Evry / Ocado / St Mowden / Frontier Development / Hargreaves Lansdown / BP / Assa Abloy / Nobia / Valmet (10:30am)

UPDATES: Babcock Int / Icelandair / Norwegian Air Shuttle / Naturex


AGM’s / EGM’s etc:

ROADSHOWS / INVESTOR DAYS: Bolsas y Mercados Espanoles (Investor Day) / Talanx (Roadshow) / Fortum (Roadshow) / Coloplast (Roadshow) / Kone (Roadshow) / Software (Roadshow) / Givauden (Roadshow) / Mota-Engil (Roadshow) / Ambu (Roadshow) / Topdanmark (Roadshow)


HSBC SRI Sustainability Conf – Senvion / ElringKlinger / LANXESS BME & Bankinter Frankfurt European Midcap Conf – Gestamp Automocion BioCapital Europe Conf – Evotec Frankfurt Mid-Cap Conf – Neinor Homes


EU: German Factory Orders, Markit Construction PMI, French Budget Balance, UK New Car Registrations, Italian, French, German & Euro Zone Markit Retail PMI

US: Trade Balance, JOLTS Job Openings

Read More… Like : GLOBAL MARKETS AND NEWS ROUND-UP / OUTLOOK February 06, 2018 at 07:03AM

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