UK seen up 29 / DAX up 26 / CAC up 15 / EStoxx50 up 9

The European Commission is said to be preparing to take a “hard line” over plans to “roll over” 50 free trade agreements during the Brexit transition period, a move that would threaten British exports, the Telegraph reports.

US MARKETS (% move from European close):

Dow 0.90 24538.06

S&P 0.97 2691.25

Nasdaq 1.22 7257.867

VIX -17.96 19.59

The U.S. markets ended the week on a bit of a mixed note as the S&P traded around its flat line for most of the afternoon before moving higher in the last hour along with the Nasdaq while the Dow underperformed to end the day lower. The S&P finished the day up 0.5%, up 1% from the European close, while the Nasdaq outperformed to finish the day up 1.1% and Dow finished down 0.3%. 7 out of 11 S&P sectors ended in the positive led up by health care, up 1%, and tech, up 1%, sectors. Meanwhile leading to the downside was the real estate, down 0.4%, and material, down 0.3%, sectors. Trading volumes on the day were ok and just above recent averages.


Nothing of note




Most ADR’s up 0.5% to 1% along with the market move ….. TENARIS up 2%, DEUTSCHE BANK up 2%, ASML up 2%, BHP BILLITON up 2%, RBS, CARREFOUR, NORSK HYDRO, UBS, ANGLO AMERICAN, BARCLAYS, INFINEON, VOLKSWAGEN and STATOIL all up around 1.5%


Nikkei -0.66 21042.09

Hang Seng -1.31 30182.14

Shanghai -0.10 3251.15

Australia -0.57 5895.03

Asian markets are trading lower across the board to start the week lead down by HK while China slightly outperforms with slim losses. Data wise Japan Nikkei Services PMI fell to 51.7 in Feb, down from 51.9 in Jan. China’s Caixin/Markit services PMI fell to 54.2 in Feb, down from Jan’s 68-month high of 54.7. Australia’s AIG Performance of Service Index fell to 54.0 in Feb, that’s down from 54.9 in Jan. Australia’s total job advertisements dipped 0.3% in Feb, from Jan when they jumped 6.2%. Australia’s company operating profits in advanced a seasonally adjusted 2.2% QoQ in Q4, vs est 1.5% increase, on a yearly basis, profits climbed 4.3%. Australian building approvals soared by 17.1% to 19,851 in Jan, vs est 5% increase, recovering after an ugly plunge in Dec, YoY total approvals increased by an impressive 12%. Australian consumer prices are predicted to slow in Feb, the latest survey from TD Securities and the Melbourne Institute revealed, with prices expected to ease 0.1% on month, which follows the 0.3% monthly increase in Jan. Elsewhere China’s Premier Li Keqiang says China aims to expand its economy by around 6.5% this year, the same as in 2017.

BYD up 2.5%, FAST RETAILING up 2.5%

NOBEL down 6.5%, SAMSUNG down 2%, MAZDA down 2%

M & A:

– AXA to buy XL Group for $57.60 per share, total consideration $15.3Bn

– BASF is said to be in talks with BAYER to buy Veg Seeds unit, Reuters reports

– SIEMENS Healthineers price range set at E26 to E31 per share, Siemens sees gross proceeds of E3.90Bn to E4.65Bn, depending on the final offer price

– ROLLS-ROYCE is said to have hired consultant Alvarez & Marsal to streamline the business, Sunday Times reports

– ARCELORMITTAL: VTB Capital’s Vice Chairman says ArcelorMittal is “spoiling” the bidding game for Essar Steel and its “illegal bid” should not be cleared as its doesn’t meet eligibility criteria as per current Insolvency and Bankruptcy Code. ARCELORMITTAL says confident in integrity of Essar sale process, bid for Essar Steel remains eligible

– AEROPORTS DE PARIS: France’s Transport Minister says government hasn’t made any decisions on selling its holdings in companies including Aeroports de Paris

– AENA is said to be ready to buy foreign airports, El Mundo reports

– DIALOG SEMICONDUCTOR CEO says they are well positioned to remain independent, won’t adopt protective measures to fend off possible takeovers, Euro am Sonntag reports

– RESTAURANT GROUP is said to have invited bids for the site of its flagship Chiquito restaurant in Leicester Square, Sunday Times reports

– SOLOCAL has launched strategic review of certain non-core business assets and sites and may execute “at least” another transaction in coming months after the disposal of its real estate classifieds business

– PROXIMUS CEO sees possible acquisition in Belgium, Les Echos reports

– IBERDROLA is said to put engineering firms on sale, El Confidencial reports

– SLIGRO sells EMTE to consortium Jumbo and Coop, aim to complete transaction in 2018


– SILTRONIC FY div E2.50, sees 2018 sales ‘well over’ E1.3Bn & Ebitda margin ‘close to’ 40%, says closes FY 2017 successfully and “despite the strong euro being expected to have quite a large negative impact on sales and EBITDA, we are confident to be able to further increase sales and EBITDA margin”

– REFESCO 4Q rev E520m, adj Ebitda E50m, adj EPS E0.31, adj net E25m, FY adj EPS E1.00 vs est E1.10, will refrain from paying a div over 2017, CEO says ”2017 was for Refresco strategically very good year and financially challenging”

– EMMI FY Ebit CHf206m vs est CHf 202.9m, Ebit margin +6.1%, net income CHf162m vs est CHf152.7m, FY div CHf10 vs est CHf6.56, sees FY Ebit CHf205m to CHf215m

– HELVETIA FY business volume CHf8.64Bn, IFRS net CHf402.9m vs est CHf419.6m, combined ratio 91.8%, in line, FY div CHf23 vs est CHf22.95

– ACS wins Boston Bridge Project, Expansion reports

– ELIOR wins E800m 8-year catering contract for Barcelona Airport

– LAFARGEHOLCIM stops share buyback program with CHf581m completed

– DAIMLER: Geely hasn’t yet raised Board seat issue with Daimler, Chairman Li Shufu says. Daimler Board is said to oppose technology-sharing with Geely, FAS reports

– INTERSERVE is said to plan 1,000 more job cuts by end of 2018, FT reports

– PADDY POWER BETFAIR CFO Alex Gersh said to step down, Sunday Times reports

– NORSK HYDRO names CFO Eivind Kallevik interim Head Bauxite and Alumina

– SANTHERA’S Idebenone PPMS trial finds no difference vs placebo


Nothing of note

COMMODITY SNAPSHOT (% move from European Close):

Gold 0.42 1325.7

Copper -0.29 51780

Oil 0.95 61.39

Natural Gas -0.63 2.687

EUR/USD -0.19 1.2289

GBP/USD 0.07 1.3785


OMV double upgrade to overweight from underweight at JPM / MORRISON & TECSO raised to buy from hold at Jefferies / BNP PARIBAS raised to buy from hold at Jefferies / NOVOZYMES cut to underweight from neutral at JPM / STRAUMANN raised to hold from sell at Berenberg / DEUTSCHE TELEKOM cut to equal weight from overweight at BarCap / IBREDROLA cut to reduce from add at AlphaValue / CIE AUTOMOTIVE cut to sell from hold at SocGen / Credit Suisse bearish on PROSIEBEN, rates new underperform


NUMBERS: Altarea / bet-at-home.com / United International Enterprises / Eurofins Scientific / Brembo / SIAS / Abcam / Ulta Electronics



AGM’s / EGM’s etc: Refresco

ROADSHOWS / INVESTOR DAYS: thyssenkrupp (Roadshow) / Givaudan (Roadshow) / Vopak (Roadshow)


Citi Global Property CEO Conf – Aroundtown / IMMOFINANZ Daiwa Investment Conf – Ericsson / ASML HIMSS Conf – Philips


EU: Italian, French, German, UK & Euro Zone Markit Services PMI, Markit Composite PMI, UK New Car Registrations, Official Reserves Changes, Euro Zone Sentix Investor Confidence, Retail Sales

US: Markit Services PMI, Markit Composite PMI, ISM Non-Manufacturing Composite

Read More… Like : GLOBAL MARKETS AND NEWS ROUND-UP / OUTLOOK March 05, 2018 at 07:09AM

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