UK seen up 39 / DAX up 128 / CAC up 48 / EStoxx50 up 31

Saudi Arabia says that it would rather see an undersupplied Oil market than end a deal with OPEC and Russia to withhold production.


China, South Korea and Taiwan are closed today, half day trading in Hong Kong, Malaysia and Singapore

US MARKETS (% move from European close):

Dow Jones 0.84 24893.49

S&P 500 0.85 2698.63

Nasdaq 0.91 7143.617

VIX -1.33 19.26

The U.S. markets ended the day with decent gains, in the 4th consecutive positive session, as they trended steadily upwards over the afternoon to close at the highs of the day. The S&P finished the day up 1.3%, up 0.9% from the European close, while the Nasdaq finished the day up 1.9%. 7 out 11 S&P sectors ended in the positive led up by the financial, up 2.3%, technology, up 2%, and consumer discretionary, up 1.6%, sectors. Meanwhile leading to the downside was the utility, down 1.2%, telecom, down 0.7%, and real estate, down 0.6%, sectors. Trading volumes on the day were ok and just above average but below the volumes that accompanied the sell-off.


TripAdvisor up 17% 4Q adj Ebitda, rev beat est / CenturyLink up 13% 4Q results / Teva Pharma up 6.5% Buffett’s Berkshire takes new stake / Cisco Systems up 5.5% gives bullish outlook, adds $25Bn to buyback program / Agilent Tech up 3% 1Q results beat est / Marathon Oil up 2.7% 4Q adj EPS cont ops beat est / The Chemours Co up 2% 4Q adj EPS beats highest est / CF Ind up 1.5% 4Q sales top highest est / Applied Materials up 1% projects sales indicating chip boom rolls on – watch ASML & INFINEON on read across / NetApp down 9% 4Q adj EPS view midpoint misses est / Equinix down 3.5% FY adj Ebitda view misses lowest est, to buy Informart Dallas in $800m deal / Marriot Int down 3% FY adj Ebitda view below est / Cimarex Energy down 2.3% 4Q results / Allison Transmission down 1.5% 4Q results

DUE TODAY: Coca-Cola European Partners, Kimco Realty, Waste Mgmt, CommScope, Huntington Ingalls Ind, ICON, Global Payments, Yandex, Pilgrim’s Pride, Targa Resources, Sonoco, EQT Midstream, EQT Corp, EQP GP, West Pharma, Reliance Steel, US Foods, Zoetis, Incyte

AFTER MARKET: Andeavor, SS&C Tech, CBS, Digital Realty Trust, Enbridge Energy, Consolidated Edison, Spectra Energy, Western Gas, LogMeIn, Arista Networks, Garden Denver, Andeavor Logistics, Healthcare Trust of America, Flowserve, Cognex


Most ADR’s up 0.5% to 1.5% along with the market move ….. RECKITT BENCKISER up 3%, RIO TINTO up 2%, TENARIS up 2%, CREDIT SUISSE up 1.75% SEADRILL down 6%


Nikkei 1.47 21464.98

Hang Seng 1.97 31115.43

Shanghai Comp Closed 3199.16

Australia 1.16 5909.00

Asian markets are trading higher across the board this morning, as they follow cues from the U.S, with decent gains while China is closed as they begin the weeks’ holiday for Chinese New Year. Data wise Japan’s core machinery orders fell 11.9% MoM in Dec, vs est 2% decline, which follows the 5.7% increase in Nov, the highest level since Jun 2008. Japan’s industrial production rose 2.9% MoM in Dec, which follows the 2.7% increase previously, YoY industrial production was 4.4%, while capacity utilization rose 2.8% MoM in Dec, after being flat previously. Australia’s unemployment rate for Jan was 5.5%, in line, down from the revised 5.6% Dec figure, while employment grew by 16,000 in seasonally adj terms in Jan, vs est 15,000. Australia’s consumer inflation expectation came in at 3.6% in Feb, down from 3.7% previously.

NEWCREST up 3.5%, SAMSUNG up 3%, BRILLIANCE up 2.5%

M & A:

– TELECOM ITALIAN: F2i fund is said to make offer for Telecom Italia’s media unit, offer is said to be well below the E350m Telecom Italia is seeking

– HEIDELBERGCEMENT sells stake in Lehigh White for $140m

– REFRESCO says offer for company cleared by antitrust authorities

– COCA-COLA HBC mentioned in the Telegraph after analysts say stroing figures improve the chances of African’s bottling unit being snapped up


– AIRBUS FY rev E67Bn, in line, adj Ebit E4.3Bn vs est E4Bn, FCF E3.74Bn, FY div E1.50, expects to deliver around 800 commercial planes in 2018

– NESTLE FY sales CHf89.8Bn, org sales growth 2.4% vs est 2.7%, trading op profit CHf14.7Bn vs est CHf13.34Bn, sees CHf700m restructuring costs, FY div CHf2.35 vs est CHf2.38, sees organic sales growth 2% to 4% for 2018, says no plan to increase L’OREAL stake

– AIR LIQUIDE FY rev E20.35Bn, recurring op income E3.36Bn vs est E3.38Bn, net E2.2Bn vs est E2.037Bn, says it’s confident of net income growth in 2018 & sees positive impact from U.S. tax reform of $50 to $70m

– SCHNEIDER ELECTRIC FY rev E24.7Bn vs est E24.8Bn, adj Ebita E3.65Bn vs est E3.46Bn, proposes div E2.20, sees organic top line growth between 3% and 5%, CFO Babeau sees Aveva deal closing in March

– CAPGEMINI FY rev E12.79Bn, broadly in line, op profit E1.18Bn vs est E1.4Bn, op margin 11.7%, net income E820m vs est E811.3m, normalized EPS E6.22, proposes div E1.70, aims 2018 rev progression of 6% to 7% ex forex & op margin of 12.0% to 12.2%

– ORIFLAME 4Q sales E380.1m vs est E372m, Ebitda E63.5m vs est E54.6m, FY div E2.60 vs est E1.32

– AEGON FY sales E16.22Bn, underlying pretax profit E2.1Bn, in line, net income E2.36Bn vs est E2.01Bn, RoE +8.2%, 4Q solvency II 201%, FY div E0.27, in line

– PLASTIC OMNIUM FY consolidated rev E6.77Bn, in line, Ebitda E933m vs est E935m, net income E425m vs E312m YoY, proposes div E0.67, forecasts “a new improvement” of its results in 2018

– MVV ENERGIE 1Q rev E1.13Bn, adj Ebitda E177m, adj Ebit E0.13m, confirms 2018 outlook

– NEXANS FY sales E4.57Bn vs est E4.59Bn, op margin E272m vs est E280m, net E125m vs est E160m, proposes div E0.70, CEO says “we are now focused on the new Paced for Growth strategic plan for 2018-2022, which is designed to increase the pace of profitable growth”

– BE SEMICONDUCTOR 4Q rev E153.2m, orders E149.4m, Ebitda E55.5m, gross margin +56.3%, net income E43.6m, FY div E4.64

– NORDIC SEMICONDUCTOR 4Q rev $64.4m vs est $62m, Ebit $0.83m vs est $2.4m, loss $0.35m vs est $3.1m profit

– NETENT 4Q rev SKr419m, in line, op profit SKr150m, in line, FY div SKr2.25 vs est SKr2.20, sees conditions for profitable growth in 2018

– ARCADIS FY gross rev E3.22Bn vs est E3.25Bn, org rev -1%, op Ebita E186m, Ebita margin 6.6%, net income E71m, confirms rev growth and improved op margin in ’18

– KUKA 4Q sales E882m, orders E835.1m, Ebit loss E8m, Ebit margin -0.9%, final FY numbers for 2017 as well as 2018 forecast to be published on March 22

– KUNGSLEDEN FY rental income SKr2.32Bn, in line, income from property management SKr985m, FY div SKr2.20 vs est SKr2.26, says demand for offices strong, especially in Stockholm, commercial rental market remains very good

– NN FY adj op profit E1.59Bn vs est E1.6Bn, net income E2.11Bn vs est E1.85Bn, FY div E1.66 vs est E1.65

– UPONOR 4Q net sales E279.4m vs est E285m, adj op profit E18m vs est E24.4m, EPS E0.19, in line, FY div E0.49 vs est E0.51, sees org net sales, comp op profit to grow from ’17

– IPSEN FY sales E1.91Bn, in line, core op profit E503.6m vs est E489.3m, FY div E1.00, sees FY core op margin at least 28%, sees 2018 sales above 16%

– PANDOX 4Q income from property management SKr571m, Ebitda SKr597m, EPRA NAV SKr144.54, FY div SKr4.40 vs est SKr4.721, says outlook for 2018 is stable

– TAKKT FY sales E1.12Bn, broadly in line, Ebitda E150.3m vs est E150.7m, EPE E1.47 vs est E1.43, proposes unchanged div of E0.55, sees stronger 2018 than 2017

– STRAUMANN FY rev CHf1.11Bn, in line, org rev +18%, Ebitda CHf324m, Ebit CHf284m, Ebit margin +25.5%, net income CHf276m, FY div CHf4.75, says aims to increase the dividend in the future

– GRIEG SEAFOOD 4Q rev NKr1.72Bn vs est NKr1.93Bn, Ebit NKr150.6m vs est NKr260.3m, net income NKr198.3m vs est NKr180.8m, harvest vol 18,667 metric tons, lower than guided in Q4, says results impaired by PD-affected fish in Rogaland

– SALMAR 4Q op rev NKr2.8Bn vs est NKr2.55Bn, op Ebit NKr707.2m vs est NKr702.5m, net income NKr299.1m, harvest vol 39,900 metric tons, FY div NKr19, sees costs in 1Q in line with 4Q

– IMERYS FY rev E4.6Bn, broadly in line, current op income E648m vs est E642m, net income E368m vs E293m YoY, proposes div E2.075, forecasts higher FY 2018 current net income

– AEROPORTS DE PARIS Jan passenger traffic rose 4.5% to 7.6m

– NORWEGIAN AIR SHUTTLE 4Q rev NKr7.84Bn vs est NKr7.74Bn, Ebitda loss NKr652m, loss NKr927m vs est NKr502.6m loss

– FDR FY rental income E589m, recurring EPS E5.31, proposes div E4.50, targets 2018 EPRA EPS growth of around 3%

– MERCIALYS FY rental rev E185m, in line, Ebitda E155m vs est E157.2m, FFO E114m, FY div E1.09, says 2018 organic growth expected to exceed +2%

– LISI FY rev E1.64Bn, in line, org rev +3.6%, Ebit E171.4m vs est E169.9m, net income E108m vs est E111.4m, FY div E0.48

– BCP NII E1.39Bn, net income E186.4m, CET1 fully loaded 11.9%

– INTERCONTINENTAL HOTELS certain devices at hotel may have been infected with malware and actors had access to names, credit card numbers

– SAIPEM gets new onshore E&C Contract in Oman worth about $750m

– ANTOFAGASTA gets final nod on $1.1Bn Chile project

– RENAULT is said to extend Ghosn CEO term today, AFP reports

– AGFA-GEVAERT says De Man joins to become CFO as of May 9

– ASTRAZENECA granted FDA orphan drug status for Selumetinib

– SIEMENS GAMESA RENEWABLE ENERGY holds a Capital Markets day


CECONOMY €0.26 / Unilever €0.3585 / TGS NOPEC Geophysical NKr1.57


AstraZeneca $1.90 / Avon Rubber 8.21p / BP $0.10 / Conviviality 4.5p / Games Workshop 35p / Hargreaves Lansdown 10.1p / Mountview Estates 200p / PZ Cussons 2.67p / Rank Group 2.15p / Renewables Infrastructure 1.6p / RD Shell $0.47 / Unilever 31.55p Total UK 100 Index Points = 24.55

COMMODITY SNAPSHOT (% move from European Close):

Gold 0.47 1353.6

Copper 0.00 52360

Oil 3.47 61.48

Natural Gas -0.31 2.589

EUR/USD 0.49 1.2466

GBP/USD 0.33 1.4011


LEG IMMOBILIEN double upgrade to buy from sell at National Bank / SWEDISH MATCH raised to neutral from underweight at JPM / BODYCOTE raised to overweight from neutral at JPM / AEROPORTS DE PARIS cut to reduce from hold at HSBC / OLD MUTUAL raised to buy from hold at Renaissance / THYSSENKRUPP raised to reduce from sell at AlphaValue / TULLOW OIL cut to equal weight from overweight at BarCap / EVONIK raised to buy from hold at DZ Bank / BOLIDEN raised to buy from hold at Cheuvreux / BEIJER ALMA raised to hold from sell at SEB


NUMBERS: FastPartner / Hufvudstaden / Investment AB / RELX / Wilh Wilhelmsen / ConvaTec / Primary Health Property / St Gallen Kantonalbank / Lancashire Holdings / Attendo / Indivior / Technopolis / Nibe Industries / Georgia Healthcare / Lifco (10.30am) / Vivendi (After Mkt) / Ocean Yield (After Mkt)

UPDATES: Pharmagest Inter@ctive / Strabag / Guerbet


AGM’s / EGM’s etc: Paragon Banking

ROADSHOWS / INVESTOR DAYS: Wartsila (Roadshow) / Marine Harvest (Roadshow) / Givaudan (Roadshow) / AstraZeneca (Roadshow) / Coca-Cola HBC (Roadshow)


Barclays Diagnostics Deep-Dive Investor Conf – Roche Goldman Sachs Technology and Internet Conf – STMicro LEERINK Partners Global Healthcare Conf – AstraZeneca / Sanofi


EU: French ILO Unemployment Rate, Italian Trade Balance, General Govt Debt, Euro Zone Trade Balance, EU27 New Car Registrations

US: Empire Manufacturing, Initial Jobless Claims, Continuing Claims, PPI Final Demand, PPI Ex Food and Energy, Philadelphia Fed Business Outlook, Industrial Production, Manufacturing Production, Capacity Utilization, Bloomberg Consumer Comfort, NAHB Housing market Index, Total Net TIC Flows

Read More… Like : GLOBAL MARKETS AND NEWS ROUND-UP / OUTLOOK February 15, 2018 at 07:07AM

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