UK seen up 10 / DAX flat / CAC down 6 / EStoxx50 down 4


China and Taiwan are closed today.

US MARKETS were closed:

Dow Closed 25219.38

S&P Closed 2732.22

Nasdaq Closed 7239.465

VIX Closed 19.46

DUE TODAY: Ecolab, Six Flags Ent, Allegion, Noble Energy, MGM Resorts, MGM Growth Properties, Enable Midstream Partners, Energen, Public Storage, Genuine Parts, Westlake Chemical, Home Depot, Wabtec, NiSource, Avangrid, Henry Schein, KAR Auction Services, Domino’s Pizza, Medtronic, Duke Energy, Walmart

AFTER MARKET: Flour, Extra Space Storage, Ternium, Verisk Analytics, EnLink Midstream, Vectren, American Water Works, Devon Energy, Newfield Exploration, Concho Resources


Nikkei -1.01 21925.10

Hang Seng 0.04 31126.98

Shanghai Closed 3199.16

Australia -0.01 5940.90

Asian markets are trading a bit mixed so far this as Japan leads to the downside with solid losses, HK re-opens and has swung about but is currently trading little changed while Australia has pared earlier losses to trade around its flat line, China remains closed. Data wise Japan’s machine tool orders YoY in Jan came in at 48.8%, unchanged from previously. Australia’s weekly ANZ-Roy Morgan consumer confidence index dropped 3.5%, building on the 2.6% decline of the previous week that followed extreme volatility in financial markets. The RBA’s Feb minutes failed to provide any real surprises. Elsewhere, Assistant Governor of the RBA, Michelle Bullock, sees few signs that financial stress is building in Australia despite weak wage growth and high levels of indebtedness, she expressed confidence that tighter lending standards are helping to address building financial stability risk and states the bank is monitoring rollover risk for investors with fixed rate interest-only loans.

GEELY up 3.5%


M & A:

– FIDESSA in advanced talks for possible £36.47 per share offer from TEMENOS in cash & div deal, FIDESSA to recommend offer at this level if firm bid made

– ABERTIS: HOCHTIEF intends to adjust terms of offer for Abertis, if Abertis’s shareholders meeting approve E0.40 gross div

– UNIBAIL CEO says has no current intention to change Westfield offer, says the offer is “full and fair” and continues to have support of Unibail, Westfield boards and Lowy family


– BHP BILLITON 1H rev $21.78Bn vs est $21.5Bn, underlying Ebitda up 14% to $11.24Bn vs est $11.58Bn, underlying profit $4.05Bn vs est $4.34Bn, net income $2.02Bn, interim div $0.55 vs est $0.4725, says production forecasts unchanged from Jan update, on track for productivity gains of $2Bn over two years through FY19 & reaffirms capex forecast, CEO says selling shale assets into a firming oil market

– HSBC 4Q rev $12.4Bn, adj pretax profit $3.6Bn vs est $4.06Bn, 4Q interim div 21c, FY CET1 ratio 14.5%, says it’s optimistic about global economy, expects major economies to show reasonable growth in 2018, says $188m loan impairment charges driven by Steinhoff, Carillion, says share buyback could be possible in Q2….. trading down 1.5% in HK

– HEIDELBERGCEMENT 4Q sales E4.26Bn, RCOBD E892m, says Italcenti synergy target achieved 1 year early, raises synergy target to E550m by end of 2018

– ENAGAS FY rev E1.38Bn, in line, Ebitda E1.1Bn, in line, Ebit E732.1m vs est E729.8m, net income E490.8m vs est E494.5m, proposes div E1.46

– GALP 4Q adj Ebitda E489m vs est E504.6m, adj net E186m vs est E162.8m, refining margin $4.9/BBL

– EDENRED FY rev E1.34Bn vs est E1.33Bn, Ebit up 18.1% to E437m YoY, net profit up 37% to E247m YoY, proposes div of E0.85, confirms will reach mid-term org growth goals in 2018, CEO says economic situation ‘remains difficult’ in Brazil, would like to strengthen position in Asia

– BAKKAFROST 4Q rev DKr906.1m vs est DKr674.8m, op Ebit DKr331.2m vs est DKr216.1m, loss DKr21.9m vs est DKr160.7m profit, harvest 11,500 metric tons, FY div DKr10.5

– COVESTRO 4Q sales E3.52Bn, broadly in line, Ebitda E879m vs est E833.7m, proposes div of E2.20 vs est E2.30, sees 2018 Ebitda around ’17 level, 1Q significantly up

– SCANDIC HOTELS 4Q net sales SKr3.74 vs est SKr3.67Bn, adj Ebitda SKr333m vs est SKr325.8m, FY div SKr3.40 vs est SKr3.46, says Vagn Sorensen to step down as Chairman

– SCANDI STANDARD 4Q net sales SKr2.06Bn, broadly in line, adj op profit SKr115.5m, FY div SKr1.80 vs est SKr1.70

– GRAMMER FY rev E1.79Bn, Ebit E65m, Ebit margin +4.5%, sees 2018 increase in rev, op profitability

– POSTE ITALIANE FY rev E33.4Bn vs est E33.88Bn, preliminary net E689m, proposes div E0.42

– VICAT FY rev E2.56Bn, broadly in line, Ebit E247m vs est E258.1m, net income E142m vs est E147.6m, FY div E1.50

– CEWE STIFUNG 4Q sales E234.5m, Ebit E46.1m, says achieves all corporate targets for 2017

– IMPLENIA wins contract for repair of Mülheimer Bridge worth about CHf160m

– MAERSK holds a Capital Markets day

– GALP ENERGIA holds a Capital Markets day


Hermes Int €1.50 / American Shipping $0.08

COMMODITY SNAPSHOT (% move from European Close):

Gold -0.55 1339.95

Oil -0.22 62.36

Natural Gas 2.36 2.643

EUR/USD -0.18 1.2378

GBP/USD -0.19 1.3971


X5 RETAIL GDR’S double downgrade to sell from buy at Renaissance / SKF raised to neutral from underweight at JPM / ZPG raised to overweight from equal weight at JPM / AAREAL BANK cut to hold from buy at HSBC / INNOGY cut to reduce from hold at HSBC / RWE cut to hold from buy at HSBC / ACERINOX raised to buy from hold at Cheuvreux / SUEZ cut to neutral from buy at Citi / WPP cut to hold from buy at Pivotal / PUBLICIS cut to hold from buy at Pivotal / OUTOKUMPU raised to hold from reduce at Cheuvreux / GETLINK cut to underperform from sector perform at RBC / GRAFTON raised to buy from hold at Berenberg / SUNRISE cut to hold from buy at Berenberg / TRAVIS PERKINS cut to hold from buy at Berenberg / RECKITT BENCKISER cut to neutral from outperform at Credit Suisse


NUMBERS: Sydbank / Eramet / Befesa / Worldline / Jyske Bank / DBV Tecnologies / Renewables Infrastructure / Dunelm / Kerry Group / Cnova / Rovi / SimCorp / Green REIT / InterContinental Hotels / Ence Energis y Celulosa (After Mkt) / Alten (After Mkt) / Nexity (After Mkt) Metropole Television (After Mkt) / Deutsche Boerse (After Mkt)



AGM’s / EGM’s etc: OSRAM Licht / Fluidra

ROADSHOWS / INVESTOR DAYS: Heineken (Business Update Call) / BP (Business Update Call) / UDG Healthcare (Investor Meeting) / Ramirent (Roadshow) / BE Semiconductor (Roadshow) / Kemira (Roadshow) / Nordea Bank (Roadshow) / Coloplast (Roadshow) / Wacker Chemie (Roadshow) / FLSmidth (Roadshow) / Avanza Bank (Roadshow) / Vopak (Roadshow) / Barco (Roadshow) /



EU: German PPI, ZEW Survey Current Situation, ZEW Survey Expectations, Euro Zone ZEW Survey Expectations, Consumer Confidence, UK CBI Trends Total Orders, CBI Trends Selling Prices

US: Nothing of note scheduled

Read More… Like : GLOBAL MARKETS AND NEWS ROUND-UP / OUTLOOK February 20, 2018 at 06:56AM

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