UK seen up 40 / DAX up 99 / CAC up 29 / EStoxx50 up 17

US MARKETS (% move from European close):

Dow Jones 0.83 24874.76

S&P 500 0.51 2720.94

Nasdaq 0.54 7330.703

VIX 2.63 18.73

The U.S. markets started the week on a higher note as they mainly climbed steadily over the afternoon to close near their session highs. The S&P finished the day up 1.1%, up 0.5% from the European close, while the Nasdaq finished the day up 1% and the Dow finished up 1.4%. All 11 S&P sectors ended in the positive led up by the utility, up 2%, real estate, up 1.4%, material, up 1.4%, and financial, up 1.4%, sectors. Meanwhile just underperforming the broader market was the health care, up 0.9%, and technology, up 0.9%, sectors. Trading volumes on the day were ok and a touch above recent averages.


Nordstrom down 2.3% Board rejects buyout proposal from family

DUE TODAY: Target, Donaldson

AFTER MARKET: Guidewire Software, H&R Block, Ross Stores, Autodesk


BMW up 1.5%, DAIMLER up 1%, COMMERZBANK up 1%


Nikkei 1.79 21417.76

Hang Seng 2.15 30528.37

Shanghai Comp 0.75 3281.23

Australia 1.14 5962.44

Asian markets are trading higher across the board this morning as Japan, HK and Australia all have decent gains while China slightly underperforms with more modest gains. Data wise Australia’s current account deficit climbed to a seasonally adjusted A$14.024Bn in Q4 ’17, vs est A$12.2Bn shortfall, which follows the A$11.013Bn deficit in the prior quarter. The deficit on goods and services rose A$2.064Bn from A$11.017Bn in Q3 to A$13.081Bn in Q4, while net exports of GDP fell 0.5%, vs est 0.6%. Australian retail sales rose 0.1% MoM in Jan, vs est 0.4% increase, coming in at A$26.263Bn, that follows the 0.5% contraction in Dec. Elsewhere, the RBA wraps up its March monetary policy and leaves interest rates unchanged at 1.5%, as expected, as wage growth and inflation remained low.

BYD up 5.5%, ESPRIT up 4%, SAMSUNG up 4%, LI & FUNG up 3%, FAST RETAILING up 2.5%

M & A:

– INTERCONTINENTAL HOTELS CEO says the company is close to announcing the purchase of a luxury brand that would complement its existing portfolio, Reuters reports …. Belmond in the U.S. rises on the back of it

– FIAT CHRYSLER is said to be mulling Magneti Marelli listing to its shareholders via a Milan listing that will not raise money by selling new shares, Reuters reports

– TELECOM ITALIA: Elliott is said to build TELECOM ITALIA stake to take on VIVENDI

– WILLIAM HILL: CrownBet is said to be set to buy William Hill’s Australian Business in a deal worth over A$200m, which could be announced later on today, AFR reports


– LINDT & SPRUENGLI FY Ebitda CHf764m vs est CHf759.4m, Ebit CHf595.4m vs est CHf597.7m, FY div CHf930, buyback program max amount CHf500m, sees org growth in 2018 of about 5%, confirms long-term growth target of 6%-8%

– THALES FY sales E15.8Bn vs est E15.59Bn, order intake E14.92Bn vs E16.51Bn YoY, Ebit E1.54Bn, in line, Ebit margin 9.8% vs 9.1% YoY, adj net income E982m vs est E978m, sees 2018 org sales groth of 4%-5% & Ebit at E1.62Bn-E1.66Bn, says outlook doesn’t take into account planned purchase of GEMALTO, may need to update outlook based on effective completion date of transaction

– ONTEX FY adj Ebitda E266.4m, adj EPS E1.65 vs est E1.73, adj FCF E71m vs E131.1m YoY, FY div E0.60, expects low single-digit LFL rev growth in broadly flat hygiene markets & sequential improvement in adj Ebitda margins in 2H

– ZUMTOBEL 9M rev E908.1m, adj Ebit E20.5m, loss E1.7m, still sees FY rev down 8% & adj Ebit E15m to E25m

– TKH 4Q rev E386.1m, org rev +5.5%, Ebita E38.6m, adj net E28.7m, FY div E1.20, raises medium-term targets for ros, roce and says ”investment year 2017 provides a solid base for realization of growth in profit from 2018 onwards”

– EUROFINS SCIENTIFIC FY rev E2.97Bn, in line, FY div E2.40, sees 2018 rev at E3.7Bn & adj Ebitda of E700m, says agriculture segment bucked the industry trend by improving considerably and energy segment closed the year at a ‘similarly high level’ to 2016

– BAYWA FY rev E16.1Bn vs est E16.21Bn, Ebit E171.3m, FY div ER0.90 vs est E0.93

– VONOVIA FY FFO I climbs 21% to E920.8m, adj Ebitda E1.34Bn vs E1.19Bn YoY, plans div of E1.32, confirms 2018 forecast, CFO Kirsten to step down, von Roeder named successor

– EVONIK IND 4Q sales E3.57Bn, in line, adj Ebitda E474m vs est E484m, adj Ebit E233m vs est E284m, sees 2018 adj Ebitda E2.4Bn-E2.6Bn, reports sale of Methacrylates Business

– BUCHER FY Ebitda CHf318m vs est CHf310.4m, Ebit CHf226m vs est CHf216.6m, profit CHf168m, div CHf6.50 vs est CHf5.95, says “in light of the robust order book and the positive market environment, the Group is expecting both sales and the profit for the year to increase for 2018 as a whole”

– OC OERLIKON FY sales CHf2.85Bn vs est CHf2.77Bn, Ebit CHf219m vs est CHf236.5m, 4Q sales CHf829m, orders CHf830m, Ebit CHf73m, Ebitda margin +14.6%, sees FY sales about CHf3.2Bn & Ebitda margin about 15%, FY div CHf0.35 vs est CHf0.31

– DORMAKABA 1H newt sales CHf1.4Bn, Ebitda CHf210.9m, Ebitda margin +15.1%, sees 2018 org growth about 3.5% vs 4%-4.5% previously, confirms 2018/19 targets

– DEUTSCGE EUROSHOP FY rev E218.5, Ebit E192.4m, EPRA EPS E2.42, FFO per share E2.54, div E1.45, says 2017 rev up 6.5%, EBIT increased by 7.7%, FFO up 14.0%

– LOGITECH INT sees 2019 outlook of high single-digit sales growth in constant fx & adj op income up about 15% from midpoint of its 2018 view

– UK AIRLINES: The U.S. has offered the UK a more limited “Open Skies” aviation deal after Brexit than it has as a member of the European Union, but participants expressed confidence that the lucrative transatlantic market would continue unimpeded

– ALLIANZ Germany anticipates stable growth rate in 2018, sales in 2017 rose almost 8% to record around E35Bn, Boersen-Zeitung reports

– VOLKSWAGEN CEO says new-generation diesel technologies remain part of solution to reducing emissions, even as the fuel has come into “disrepute”

– AIRUBUS: GE sees durability fix for new jet engine in second quarter

– AIRBUS is said to set goal of tripling service revenue from its commercial aircraft business to $10Bn in seven years, Reuters reports

– BHP BILLITON sees China’s price premium for iron ore being ‘long-lived’

– ORANGE CEO Stephane Richard wants to “reduce the weight of the hierarchy” at the French telecom operator, Le Figaro reports

– TIETO says CFO Lasse Heinonen to leave company by August 1st

– TECHNICOLOR names Laurent Carozzi as CFO

– NOVARTIS’ Xolair recommended in new Chronic Urticaria guideline

– GLAXOSMITHKLINE’S Dolutegravir met endpoint in study

– KION holds a Capital Markets day

– SAIPEM holds a Capital Markets day

– SAP holds a Capital Markets day

– COVESTRO to replace PROSIEBENSAT.1 in DAX, changes to be effective March 19th


Gecina €2.65 / Novartis CHf2.80

COMMODITY SNAPSHOT (% move from European Close):

Gold 0.02 1322.35

Copper 0.54 52140

Oil 0.35 62.69

Natural Gas 0.15 2.713

EUR/USD -0.06 1.2335

GBP/USD -0.26 1.383


LAFARGEHOLCIM double upgrade to buy from sell at DZ Bank / DEUTSCHE TELEKOM raised to overweight from equal weight at MS / SWEDBANK rated as top Nordic banking pick at JPM / DNB cut to neutral from overweight at JPM / SIEMENS raised to buy from hold at Nord/LB / PLASTIC OMNIUM raised to buy from neutral at Invest Securities / GLANBIA cut to hold from buy at Jefferies / TRAVIS PERKINS cut to hold from buy at Jefferies / PETROFAC raised to buy from hold at Jefferies / SARTORIUS STEDIM raised to add from reduce at AlphaValue / DE’ LONGHI raised to buy from hold at Berenberg / MTU AERO raised to buy from hold at Berenberg / MONDI raised to outperform from neutral at Credit Suisse


NUMBERS: Yoox Net-A-Porter / VP Bank / Royal Unibrew / Italmobiliare / Apax Global Alpha / Ashtead / Bodycote / Craneware / Headlam / Cairn Homes / IWG / PureCircle / IBstock / Intertek / Rotork / Aggreko / Sirius Minerals / Saipem / Just Eat / D/S Norden / Manitou (After Mkt) / Maisons du Monde (After Mkt)

UPDATES: Icelandair / Norwegian Air Shuttle / McCarthy & Stone


AGM’s / EGM’s etc: Marel / Daetwyler

ROADSHOWS / INVESTOR DAYS: Logitech (Analyst & Investor Day) / Flughafen Zurich (Roadshow) / Telenet (Roadshow) / Gjensidige Forsikring (Roadshow) / DIA (Roadshow) / EDP (Roadshow) / Zalando (Roadshow) / thyssenkrupp (Roadshow) / Givaudan (Roadshow) / Vopak (Roadshow)


Bank of America Merrill Lynch Sun City Conf – Mediclinic Citi Global Property CEO Conf – Merlin Properties / BUWOG Daiwa Investment Conf – Roche Deutsche Bank Media, Telecom and Business Services Conf – ProSieben Exane BNP Motor Show Conf – Gestamp Automocion Exane BNP Paribas Conf – Gjensidige Forsikring


EU: German Markit Construction PMI, Italian, French, German & Euro Zone Markit Retail PMI

US: Factory Orders, Durable Goods Orders, Durables Ex Transportation, Cap Goods Orders Nondef Ex Air, Cap Goods Ship Nondef Ex Air

Read More… Like : GLOBAL MARKETS AND NEWS ROUND-UP / OUTLOOK March 06, 2018 at 07:08AM

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