UK seen up 42 / DAX up 120 / CAC up 59 / EStoxx50 up 39

The U.S. House of Representatives approved another stopgap bill to keep the federal government from shutting down, hours after President Donald Trump said he would “love” to see a shutdown if immigration legislation were not included.

US MARKETS (% move from European close):

Dow Jones 2.79 24912.77

S&P 500 2.40 2695.14

Nasdaq 2.52 7115.883

VIX -23.32 29.98

The U.S. markets had another volatile session but a late afternoon rally helped to reverse some of the previous days’ losses as they closed near the session highs. The S&P finished the day up 1.7%, up 2.4% from the European close, while the Nasdaq finished the day up 2.1% and the Dow finished up 2.3%. 9 out 11 S&P sectors ended in the positive led up by the tech, up 2.8%, material, up 2.8%, and consumer discretionary, up 2.5%, sectors. Meanwhile ending in the negative was the utility, down 1.5%, and real estate, down 0.2%, sectors. Trading volumes on the day were again good and well above recent averages.


Sanp up 25% rev surges 72% on user growth, advertising gains – Twitter up 2% on read thru / Akamai Tech up 5% 4Q adj EPS beats highest est / Pioneer Natural resources up 3% boosts div, approves stock repurchase program, 4Q adj EPS beats est / Disney up 2.7% theme parks deliver as ‘Star Wars’ shines less brightly / Michael Kors up 2.5% reports pre-mkt today / Microchip Tech down 5.7% 4Q adj EPS view midpoint misses est – watch ASML, INFINEON, STMICRO on read across / Cerner down 2% 1Q adj EPS view misses lowest est

DUE TODAY: MDU Resources, Ball Corp, Xcel Energy, Berry Global, Cognizant Tech, Jacobs Engine, Zayo, Carlyle, Exelon, STERIS, Michael Kors, GGP, CDW, Humana, Jones Lang LaSalle, Intercontinental Exchange, BGC Partners

AFTER MARKET: NXP Semiconductor, NetEase, Prudential Financial, XPO Logistics, Black Knight, ANGI Homeservices, Cincinnati Financial, Fisery, CSRA, Twenty-First Century Fox, Crown Holdings, Coherent, Take-Two Interactive Software, AMERCO, Essex Property Trust, Tesla, IAC, Torchmark, Allstate, Tyler Tech, O’Reilly Automotive, Yum China Holdings


Most ADR’s up 1% to 2.5% along with the market move …. GEMALTO up 3.5%, SOC GEN up 3.5%, TOTAL up 3%, SAP up 3%, ASML up 3%, VOLKSWAGEN up 3% RECKITT BENCKISER down 2.5%, SEADRILL down 1%, RANDGOLD RESOURCES down 1%


Nikkei 0.16 21645.37

Hang Seng -0.54 30429.67

Shanghai Comp -1.83 3308.96

Australia 0.75 5876.81

Asian markets opened higher with solid gains, as they followed the U.S. again, but have fallen away during the session with China and HK now trading lower while Japan is well off its session highs. Data wise Japan’s labor cash earnings rose 0.7% YoY in Dec, vs est 0.5%, which follows the 0.9% rise previously, while the real cash earnings fell 0.5% YoY in Dec, that’s down from 0.1% increase prior. Japan’s leading index in Dec came in at 107.9, vs est 108.1, which follows the 108.3 reading previously, while the coincident index came in at 120.7, vs est 120.5, which follows the 117.9 reading prior. Australia’s Performance of Construction Index score came in at 54.3 for Jan, that’s up from 52.8 in Dec.

HTC up 2%

JAPAN TOBACCO down 6%, BRILLIANCE down 3%, SAMSUNG ELEC down 3%, NEWCREST down 2.5%

M & A:

– VODAFONE is said to be in talks to sell stake in Indus Towers for $5Bn, ET reports

– LUNDIN PETROLEUM CEO says the company is “opportunistic” on acquisitions and is looking at both assets and companies, Dagens Industri reports

– FNAC DARTY: SFAM says bought more than 11% of Fnac Darty for E335m to become the second-biggest shareholder, says stake is strategic long-term investment, doesn’t rule out raising its holding based on market opportunities but doesn’t plan to take control of Fnac Darty

– SAFRAN says will issue 26.65m preferred shares on Feb 13th in exchange for 88.85m ZODIAC AEROSPACE shares tendered to subsidiary exchange offer


– CARLSBERG FY sales DKr61.8Bn vs est DKr62.32Bn, org vol growth -2%, adj Ebit DKr8.88Bn vs est DKr8.81Bn, net income DKr1.26Bn vs est DKr4.87Bn, FY div DKr16, sees 2018 trans impact on op profit of DKr450m

– RIO TINTO FY underlying profit $8.63Bn vs est $8.69Bn, FCF from ops $13.88Bn, net income $8.76Bn, final div $1.80, sees capex at around $5Bn in 2018, says production guidance is unchanged from 4Q ops review, plans additional $1Bn buyback to be completed by end 2018

– SANOFI 4Q sales E8.69Bn, in line, business EPS E1.06 vs est E1.15, business net falls 17% to E1.33Bn vs est E1.43Bn, proposes div E3.03, sees 2018 business EPS growing 2% to 5% with takeovers, says 4Q sales reflect strong Dupixent launch, offset by declines in U.S. diabetes, Renagel

– HANDELSBANKEN 4Q NII SKr7.78Bn vs est SKr7.65Bn, net fee and comm income SKr2.5Bn, in line, op profit SKr5.0Bn, net income SKr3.76Bn vs est SKr4.25Bn, CET1 ratio 22.7% vs est 23.2%, FY div SKr5.50, loan loss SKr1.08Bn vs est SKr409m increasing from SKr217m in 3Q due to 2 exposures

– ABN AMRO 4Q op income E2.43Bn vs est E2.22Bn, underlying profit E542m, CET1 ratio 17.7%, in line, final div E0.80, says 2018 div pay-out target of 50% of sustainable profit

– RAIFFEISEN BANK FY NII E3.21Bn, net fee and comm income E1.72Bn, pretax profit E1.61Bn, net income E1.12Bn, provision for loan losses E287m, CET1 fully-loaded 13%, says outlook and proposed dividend will be published with the annual report on 14 March

– HANNOVER RE FY preliminary net income E950m vs est E823.1m, says FY18 net income should be above E1Bn

– TALANX FY gross written premiums E33.1Bn, profit about E670m, plans at least flat div, group-wide net large loss burden E1.6Bn

– STOREBRAND 4Q premium rev NKr6.3Bn, net income NKr473m vs est NKr498.3m, solvency II 172%, FY div NKr2.50, to propose special div if solvency margin above 180%

– SWISSCOM FY net rev CHf11.66Bn, broadly in line, Ebitda CHf4.3Bn, in line, net income CHf1.57Bn, FY div CHf22, sees 2018 net rev around CHf11.6Bn & Ebitda of around CHf4.2Bn

– OSRAM 1Q rev E1.03Bn, in line, adj Ebitda E172m vs est E151m, adj Ebitda margin 16.7%, confirms FY18 rev & adj Ebitda targets, aiming for div of at least E1.11 in FY2018

– H LUNDBECK FY rev DKr17.23Bn, in line, Ebit DKr4.41Bn vs est DKr4.51Bn, FY div DKr8, sees FY rev DKr17.2Bn to DKr18Bn vs est DKr17.96Bn & Ebit DKr4.8Bn to DKr5.2Bn vs est DKr4.94Bn

– DELIVERY HERO FY rev E544.2m, CEO says ”we look forward to updating the market further in April and remain confident for the outlook in 2018”

– AKER SOLUTIONS 4Q rev NKr6.4Bn vs est NKr5.91Bn, orders NKr13.4Bn, Ebitda NKr458m, adj EPS NKr0.55, says no div payment be made for 2017, outlook for oil services remains challenging

– STATOIL 4Q adj op income $4.0Bn vs est $3.74Bn, adj net $1.3Bn vs est $1.22Bn, div $0.23, sees org capex of about $11Bn in 2018, targets $12Bn in FCF from 2018 to 2020

– MELEXIS 4Q rev E132.7m, in line, Ebit E36m vs est E32.4m, EPS E0.62, sees FY rev +12% to +15% vs est +9%, final div E2.10 vs est E0.80

– ORANGE BELGIUM 4Q service rev E274.8m vs est E275.6m, org service rev -1.1% vs +2.4% QoQ, sees FY adj Ebitda E280m to E300m vs est E293.1m

– GN STORE NORD FY rev DKr9.59Bn, in line, Ebita DKr1.74Bn, FY div DKr1.25 vs est DKr1.47, to propose a new one-year share buyback program of Dkr1Bn

– FAGRON FY rev E436.9m vs est E435.8m, org rev +2.7%, adj Ebitda E95.7m vs est E94.2m, EPS E0.65 vs E0.38 loss YoY, sees further growth in rev & profitability

– CAVERION 4Q rev E590.3m vs est E609m, adj Ebitda E3.7m, sees FY rev decreasing from 2017, proposes no div be paid

– MILLICOM INT 4Q rev $1.56Bn, in line, org rev +1.3%, Ebitda $561m vs est $549.3m, FY div $2.64

– ATEA 4Q rev NKr10.02Bn vs est NKr9.61Bn, Ebitda NKr488m, net income NKr265m vs est NKr277.1m, FY div NKr6.50

– KONGSBERG 4Q rev NKr3.76Bn, order book NKr15.63Bn, Ebitda NKr459m, net income NKr265m, FY div NKr3.75

– EDF says it signed agreement with Sogin worth E28m for the treatment of 1,800 tons of metal waste from decommissioning of 3 nuclear power plants in Italy

– ABERTIS says Francisco Reynes stands down as CEO

– GAS NATURAL names Abertis’s Reynes as Chairman, replacing Faine

– BAVARIAN NORDIC says Phase 3 Imvamune study met both primary endpoints

– OHB holds a Capital Markets day


Nothing of note

COMMODITY SNAPSHOT (% move from European Close):

Gold -0.01 1330.48

Copper -0.34 52320

Oil 0.31 63.9

Natural Gas 0.88 2.762

EUR/USD 0.27 1.2395

GBP/USD 0.24 1.3962


EDP RENOVAVEIS, IBERDROLA and ENDESA, all raised to buy from neutral at Haitong / DEUTSCHE BANK cut to underperform from neutral at MainFirst / SANTANDER, CREDIT SUISSE, GENERALI and INTESA all cut to neutral from buy at Hammer Partners / INTESA raised to overweight from neutral at JPM / SPECTRIS raised to overweight from neutral at JPM / LUNDIN PETROLEUM raised to neutral from sell at SpareBank / MEDIASET ESPANA raised to neutral from underperform at BPI / ATRESMEDIA raised to neutral from underperform at BPI / CAPITA cut to hold from buy at HSBC / DIA cut to equal weight from overweight at BarCap / CTT cut to underweight from equal weight at MS / Bpost raised to overweight from equal weight at MS / MUNICH RE raised to buy from hold at Jefferies / ALLIANZ cut to hold from buy at Jefferies / JULIUS BAER raised to buy at Citi / UNICAJA BANCO cut to reduce from hold at Cheuvreux / RENTOKIL raised to outperform from neutral at Credit Suisse / AKZO NOBEL raised to outperform from neutral at Credit Suisse / WARTSILA raised to hold from reduce at Cheuvreux


NUMBERS: Liberbank / Nolato / Savencia / Mycronic / Abertis Infraestructuras / Concentric / Vestas Wind / Redrow / Tullow Oil / Fiskars / Hexagon / Capio / Neste / Catena Media / LeoVegas / Smurfit Kappa / Novozymes / Sampo / Gas Natural / Orion (10am) / FLSmidth (11am) / Vaisala (12pm) / GlaxoSmithKline (12pm) / Vinci (After Mkt) / Banco BPM (After Mkt) / Klepierre (After Mkt) / Marel (After Mkt)

UPDATES: SAS / Finnair / Bellway / Grainger / DCC / Severn Trent / Korian / Neurones / Akka Tech


AGM’s / EGM’s etc: Exel Ind / Grainger / Imperial Brands / Daily Mail & General Trust / Derichebourg (Shareholders Metting)

ROADSHOWS / INVESTOR DAYS: Swedbank (Analyst Meeting) / Hannover Re (Business Update Call) / Wartsila (Roadshow) / Coloplast (Roadshow) / Wacker Chemie (Roadshow) /Senvion (Roadshow) / Ossur (Roadshow) / Fortum (Roadshow) / Ambu (Roadshow) / Topdanmark (Roadshow)


Santander Iberian Conf – Amadeus IT / Mota-Engil ACI Lignofuels Advanced Biofuels & Materials Conf – Corbion


EU: German Industrial Production, French Trade Balance, Current Account Balance, UK Halifax House Prices, Italian Retail Sales

US: MBA Mortgage Applications, Consumer Credit

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

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