UK seen up 11 / DAX up 88 / CAC up 21 / EStoxx50 up 16

London’s property market has moved out of its boom phase and home sellers need to be more realistic about their price demands, according to Rightmove.


U.S., Canada, China, Hong Kong, Greece and Taiwan are all closed today, settlement holiday in India.

US MARKETS (% move from European close):

Dow -0.38 25219.38

S&P -0.35 2732.22

Nasdaq -0.51 7239.465

VIX 6.81 19.46

The U.S. markets ended the week on a relatively flat note as they gave back their morning gains over the afternoon. The S&P finished the day flat, down from the European close, while the Nasdaq finished the day down 0.2%. 6 out of 11 S&P sectors ended the day in the positive led up by the utility, up 0.8%, health care, up 0.7%, and real estate, up 0.7%, sectors. Meanwhile leading to the downside was the consumer discretionary, down 0.4%, material, down 0.3%, energy, down 0.3%, and technology, down 0.2%, sectors. Trading volumes on the day were ok and above average helped by the options expiry.


Nothing of note


TENARIS up 3.5%, NORSK HYDRO up 1%, VIVENDI up 1% BHP BILLITON down 1.5%, RANDGOLD RESOURCES down 1.5%, RIO TINTO down 1.5%, RELX down 1%, ASML down 1%


Nikkei 1.97 22149.21

Hang Seng Closed 31115.43

Shanghai Closed 3199.16

Australia 0.64 5941.60

The Asian markets that are open today are trading higher so far this morning with decent gains in Japan as they lead to the up side while Australia’s gains are more modest. Data wise Japan’s Reuters Tankan manufacturers index fell to 29 in Feb, while non-manufacturing was unchanged at 33. Japan had a merchandise trade deficit of ¥943.417Bn in Jan, vs est for a shortfall of ¥1,003.6Bn, which follows the ¥358.7Bn deficit in Dec. Exports advanced 12.2% YoY in Jan, vs est 9.4%, up from 9.3% in the previous month and Imports climbed 7.9%, vs est 7.7%, down from 14.9% a month earlier. Elsewhere, China says proposed U.S. tariffs on imported steel and aluminium products are groundless and that it reserves the right to retaliate if they are imposed.



M & A:

– SIEMENS is said to be announcing IPO of Health-Care unit as early as today

– LLOYDS and STANDARD LIFE ABERDEEN are said to have ended talks over merging their insurance businesses after they disagreed over control of the combined entity

– TELECOM ITALIA: F2i has made a joint binding offer with RAI WAY for TELECOM ITALIA’S media unit Persidera

– VOLKSWAGEN’s Renschler, head of the VW Truck & Bus unit, doesn’t rule out an IPO of the division this year, Handelsblatt reports

– VIVENDI CEO says to list Universal Music when time is right

– AKER reaches pact to buy Hess Ghana, total consideration of transaction is $100m

– ACCOR: ACCC plans to announce its decision on Accor’s proposed purchase of Mantra Group on March 8th

– RD SHELL CEO says wants to expand its presence in Norway and sees particularly large opportunities in the North and Norwegian seas, NRK reports

– BAYER Chairman is confident following positive signals from European Commission that it will receive antitrust approvals for Monsanto acquisition, Rheinische Post reports


– EURONEXT FY rev E232.3m vs est E535.5m, Ebitda E297.8m vs est E295.6m, FY div E1.73, confirms 2019 target of an Ebitda margin of 61%-63%, says to continue acquisitions, keep 50% div payout

– RED ELECTRICA FY rev E1.94Bn, Ebitda E1.52Bn, in line, Ebit E1.03Bn, in line, net income E669.8m, broadly in line, to pay div of E0.6639

– BERTRANDT 1Q rev E249.1m, Ebit E17.8m, Ebit margin 7.1% vs 7.2% YoY, expects to continue growing during the 2017/2018 financial year

– SOPRA STERIA FY rev E3.85Bn, net income E171.4m, FY div E2.40, targets 3%-5% org sales growth in 2018 & slight op margin improvement in 2018

– SANTANDER Chairman reiterates goal of growing cash dividend & reaching double-digit growth in EPS in 2018

– IBERDROLA is set to update its 2016-2020 strategic plan on Wednesday to take it to 2022, is said to be set to announce increase in investments to up to E29Bn, a program of divesting non-strategic businesses, efficiency plan of up to E1Bn mostly affecting Spain and Brazil, El Confidencial reports

– DAIMLER: U.S. investigators have detected software in Mercedes cars which may have been used for the sole purpose of passing diesel emission tests, Bild am Sonntag reports

– CREDIT SUISSE is said to be spending CHf1.3m to fund assistant professorship for five years at University of Basel with a focus on blockchain technology, NZZ reports

– BANKIA is said to sign accord to cut 2,000 jobs through Sep 2019, program is voluntary, requests for resignations to be accepted by bank Feb 21-Mar 2

– RIO TINTO’S top executive says the miner is primed to invest in aluminum growth projects as China’s sweeping restructuring of its capacity takes shape

– SWISS RE completes 20107 public buy-back program

– N BROWN is said to be about to announce Matt Davies as Chairman this week, Sky reports


METRO €0.70

COMMODITY SNAPSHOT (% move from European Close):

Gold -0.59 1347.27

Oil 1.32 62.36

Natural Gas 1.64 2.604

EUR/USD -0.27 1.2411

GBP/USD -0.23 1.4023


AKZO NOBEL raised to equal weight from underweight at BarCap / CAPGEMINI raised to buy from hold at HSBC / AIR FRANCE-KLM raised to buy from hold at HSBC / ENEL cut to hold from buy at HSBC / AA cut to sell from hold at Berenberg / SOFTCAT raised to buy from hold at Berenberg / WORLDLINE cut to underperform from neutral at Credit Suisse


NUMBERS: Industria Macchine Automatiche / Poste Italiane / Fidessa / Spectris / Reckitt Benckiser / Vicat (After Mkt)



AGM’s / EGM’s etc:

ROADSHOWS / INVESTOR DAYS: Ipsen (Roadshow) / BE Semiconductor (Roadshow) / Carlsberg (Roadshow)



EU: ECB Current Account, Italian Current Account, Euro Zone Construction Output

US: Closed

Read More… Like : GLOBAL MARKETS AND NEWS ROUND-UP / OUTLOOK February 19, 2018 at 07:04AM

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