UK seen up 3 / DAX up 10 / CAC up 12 / EStoxx50 up 6

President Trump is planning to offer Canada and Mexico a temporary exemption from new tariffs on steel and aluminum imports, reversing his original insistence that the measures apply to U.S. allies as well as nations like China, is said to be about to sign tariffs today.

North Korea is said to have promised to halt development of intercontinental ballistic missiles, but said the pledge was dependent on “U.S. attitude,” South Korea’s Chosun Ilbo newspaper reports.


Russia is closed toady

US MARKETS (% move from European close):

Dow Jones 0.35 24801.36

S&P 500 0.41 2726.8

Nasdaq 0.54 7396.648

VIX -6.33 17.76

The U.S. markets ended the day little changed as they staged an afternoon rally after hitting the lows of the session early to mid-afternoon of down 1% as investors contemplated the resignation of White House Chief Economic Advisor Gary Cohn. The S&P finished the day down 0.1%, up 0.4% from the European close, while the Nasdaq slightly outperformed to finish the day up 0.3% and the slightly underperformed to finish the day down 0.3%. 8 out 11 S& sectors ended in the negative led down by the consumer staple, down 0.9%, and energy, down 0.8%, sectors. Meanwhile leading to the upside was the technology, up 0.6%, real estate, up 0.5%, and health care, up 0.5%, sectors. Trading volumes on the day were broadly in line with recent averages.


Thor Ind up 3.3% 2Q net sales beat est / Caesars Ent up 3% 4Q results / Devon Energy sells Southern portion of Barnett shale position for $553m / Guidewire Software down 2.5% to offer $200m of stock, $300m of convertible Sr notes / Costco down 0.7% outshines other discounters but broader concerns linger

DUE TODAY: Marvell Tech, Vail Resorts, Dell Technologies, Int Game Tech, Kroger

AFTER MARKET: ZTO Express Cayman, Pagseguro Digital, VICI Properties, The Cooper Cos


GW PHARMA up 4.5%, AKZO NOBEL up 1%


Nikkei 0.54 21368.07

Hang Seng 1.66 30699.64

Shanghai Comp 0.26 3280.12

Australia 0.69 5942.87

Asian markets are trading higher across the board this morning with HK leading to the upside with decent gains. Data wise Japan had a current account surplus of ¥607.4Bn in Jan, vs est ¥437.4Bn, which follows the ¥797.2Bn surplus in Dec, the trade balance reflected a deficit of ¥666.6Bn, vs est of ¥691.0Bn shortfall. Exports were up 12.7% on year to Y6.226Tn yen, while imports advanced an annual 8.1% to Y6.893Tn. Japan’s GDP upgraded to 1.6% annualized growth in Q4, revised up from the 0.5% growth initially reported. Australian trade has rebounded from a surprisingly large deficit at the end of last year, to record an unexpectedly large surplus in Jan of $1.05Bn, a more than $2Bn turnaround on the $1.1Bn deficit the month before. While total exports on goods and services jumped 4%, a 2% drop in the big import bill from Dec also helped. China’s trade surplus totalled $33.74Bn in Feb, vs est $5.7Bn deficit. In dollar terms, exports jumped 44.5% YoY in Feb, vs est 11.0% increase, while imports climbed 6.3% YoY in Feb, vs est 8.0%.

PRADA up 2%

M & A:

– RENAULT: French Govt denies plan to sell Renault stake to Nissan, denying a report out yesterday

– ATLANTIA & ACS are said to be exploring dividing up ABERTIS, Expansion reports

– ROYAL KPN to sell U.S.-based unit iBasis to Tofane Global, details not disclosed

– ACCOR: Australian regulator won’t oppose Accor’s purchase of Mantra

– EVOTEC and SANOFI in exclusive talks to create an Evotec-led Infectious Disease open innovation R&D platform


– AKZO NOBEL FY rev E14.58Bn, rev from cont ops E9.43Bn, Ebit E1.53Bn, Ebit from cont ops E928m, net income E832m, FY div E2.50, confirms 2020 guidance, says full separation of specialty on track for April & on track to achieve E110m savings in 2018

– MERCK FY rev E15.3Bn, in line, adj Ebitda E4.41Bn, in line, proposes div E1.25, sees moderate org growth & slight percentage drop in adj Ebitda in 2018

– LINDE FY rev E17.1Bn, vs est E17.24Bn, adj op profit E4.21Bn, in line, proposes div E7.00 includes E3.10 1Q div, sees 2018 adj rev flat or up as much as 4% & adj op profit flat or up to 5%

– JCDECAUX FY adj Ebit E358% up 1.9% YoY, adj op margin gains 1.1% to E653.5m, div E0.56, expects 1Q org rev growth of around 2%

– SCHMOLZ + BICKENBACH FY rev E2.68Bn, in line, adj Ebitda E222.7m, adj Ebitda margin +8.3%, Ebit E88m, expects that the special long steel industry will continue to grow in 2018, both in terms of sales volume and the value of products, as it anticipates a further shift towards more demanding production and steel applications

– AXEL SPRINGER FY rev E3.56Bn, in line, adj Ebitda E645.8m vs est E651.8m, adj Ebitda margin +18.1%, FY div E2, sees low to mid-1-digit pct rev growth & low 2-digit pct adj Ebitda growth in 2018

– UNIPER FY sales E72.2Bn vs est E67.2Bn, adj Ebit E1.11Bn, in line with prelim, proposes FY div E0.74 vs est E0.68, still sees 2018 adj Ebit E0.8Bn-E1.1Bn

– AIR FRANCE-KLM Feb passenger traffic rises 4.4% to 6.8m, passenger load factor rises 1.6 points to 86.8%, cargo traffic +0.7%

– CASINO FY rev E37.8Bn, in line, trading profit E1.24Bn, in line, French org sales +0.1%, FY div E3.12, sees 2018 trading profit org growth above 10% & FCF from ops ex-items above E1Bn

– DRAEGERWERK FY net sales E2.57Bn, FY div E0.40 vs est E.20, still sees FY sales in local fx +2% to +5%

– LEG IMMOBILIEN FY FFO I E295.3m, FFO I per share E4.67, in line, EPRA NAV per share E83.81, FY div E3.04 vs est E3.05, still sees FY FFO I E315m to E323m & 2019 FFO I at E338m-E344m

– HUGO BOSS FY adj Ebitda E491m vs est E499m, sees faster sales growth & op profit stable in 2018

– BOSKALIS FY rev E2.34Bn, in line, order book E3.5Bn, Ebitda E437m, net income E150m, FY div E1.00, says mixed market picture to continue

– AMG 4Q rev $280.7m, Ebitda $33m, net income $14.3m, FY div E0.28 vs est E0.27, says can commit to turning present Ebitda level into $200m, or more, in fiscal year ending Dec 31, 2020

– BRUNELLO CUCINELLI FY rev E503.6m, Ebitda E87.5m, net income E42.1m, FY div E0.27 expects dividend increase in 2018

– SOMFY FY recurring op profit E168.4m vs E177.6m YoY, recurring op margin 13.5%, Ebitda E215.9m vs E216.8m YoY, net income E159.9m vs est E141m YoY, proposes div E1.30, says environment should remain favourable in the short term for its various businesses, resulting in 2018 sales growth, sees FY recurring op margin stable to slightly higher

– CIT FY rev E714.3m vs est E692.9m, Ebitda E81.1m, net income E27.3m vs est E34.2m, 2017 addressed mail volume -5.6%, bigger drop than guidance, expects addressed mail to drop 5% to 6% in 2018, sees ”slight” increase in rev in 2018

– GW PHARMA ADR’s spikes as much as 4.3% after positive commentary on CNBC

– METSA Board CEO Mika Joukio says the company is likely to reach its Americas deliveries target level of 500,000-550,000 metric tons by 2020

– CRÉDIT AGRICOLE Consumer Finance and BANKIA entered exclusive negotiations aiming at establishing a joint-venture in the consumer finance business in Spain

– DURO FELGUERA sees E100m-E125m capital increase, sees major dilution of current shareholders

– AIRBUS: Virgin Atlantic cancelled its order for six Airbus SE A380 superjumbos, finally acknowledging that the world’s largest passenger aircraft has no place in its fleet after years of deferring a decision on the double-decker

– HUSQVARNA recalls 160 motorcycles due to crash hazard, CPSC reports

– TELECOM ITALIA: Elliott is said to aim to oust VIVENDI-named TELECOM ITALIA directors, Sole reports

– CANAL PLUS will restore distribution of TF1’s TV channels, after a request by regulator CSA and a statement by France’s culture minister saying that free-to-air channels must be freely available to clients served by satellite

– HUGO BOSS extends CEO Mark Langer’s contract by 3 years

– BAYER: FDA says it continues to monitor safety of Bayer’s Essure, continues to believe that Essure may be appropriate for some women based on our current information, it recognizes that serious problems have been associated with its use

– SANOFI is said to remain committed to its dengue vaccine Dengvaxia despite a health scare in the Philippines, Reuters report

– ASR NEDERLAND & PHILIPS LIGHTING to be added to AEX Index while BOSKALIS WESTMINSTER and SBM OFFSHORE are excluded from AEX index and will move to AMX midcap index


APERAM $0.45 / CRH €0.488 / Greencoat Renewables €0.0261 / Daetwyler Holding CHf3


Ashmore 4.55p / BHP Billiton $1.65 / Dechra Pharma 7.33p / Empiric Student Property 1.25p / Evraz $0.30 / Genus 8.1p / Grafton 10.25p / Jupiter Fund Mgmt 25.8p / Ladbrokes Coral 4p / Land Securities 9.85p / MJ Gleeson 9p / Persimmon 125p / Redde 5.5p / Renishaw 14p / Ricardo 5.75p / Safestore 9.8p / Shire 21.46p / South32 $0.073 / St Mowden 4.26p / Standard Charter $0.11 Thomas Cook 0.6p Total UK 100 Index Points = 8.39

COMMODITY SNAPSHOT (% move from European Close):

Gold 0.36 1328.48

Copper -0.21 51650

Oil -1.31 61.24

Natural Gas -0.18 2.775

EUR/USD 0.11 1.2403

GBP/USD 0.04 1.3896


SEB pushing SAAB, rates new buy / BRITVIC raised to overweight from equal weight at MS / BIFFA cut to hold from buy at HSBC / BARCLAYS raised to neutral from sell at Goldman / BANK OF IRELAND cut to neutral from buy at Goldman / SWEDBANK cut to neutral from buy at Goldman / ENDESA cut to sell from neutral at Goldman / AB FOODS raised to buy from neutral at Goldman / MEDIOBANCA raised to add from reduce at AlphaValue / HUSQVARNA raised to add from reduce at AlphaValue / GLENCORE raised to buy from reduce at AlphaValue / UBM raised to hold from sell at Berenberg / DEUTSCHE PFANDBRIEFBANK cut to hold from buy at Bankhaus Lampe / WIRECARD raised to buy from hold at Bankhaus Lampe / SWISS RE raised to buy from hold at SocGen


NUMBERS: Scandinavian Tobacco / Salvatore Ferragamo / Rallye / Azimut / Dassault Aviation / STADA Arzneimittal / Autogrill / Cellectis / Premier Oil / Origin Enetrprises / Spirent Comms / Alliance Trust / Irish Continental / BioPharma Credit / Domino’s Pizza / Altri / G4S / John Laing / Aviva / Engie / Continental / Lagardere / Cementir



AGM’s / EGM’s etc: Icelandair / Ladbrokes Coral / Orsted / Ossur / Amer Sports / Wartsila / DSV / GVC (Shareholder Meeting)

ROADSHOWS / INVESTOR DAYS: Evotec (Analyst Meeting) / GKN (Analyst & Investor Meeting) / Fiskars (Investor Meeting) / Straumann (Investor Meeting) / Evonik Ind (Roadshow) / Bilfinger (Roadshow) / Arbonia (Roadshow) / Gjensidige Forsikring (Roadshow) / Vopak (Roadshow) / OC Oerlikon (Roadshow) / EDP (Roadshow) / Vonovia (Roadshow) / CGG (Roadshow) / Givaudan (Roadshow)


ACI Operations & Maintenance for Offshore Wind Conf – Orsted ACI World Elastomer Summit – Pirelli / BASF Bryan Garnier TMT Conf – BE Semiconductor / ASM Int / Software Daiwa Investment Conf – Kone Kempen European Property Seminar – Vonovia / Merlin Properties / BUWOG LOND Capital Conf – Aroundtown Deutsche Bank Convertibles Conf – Grand City Properties / Basilea Pharma UBS European Technology Conf – ASML


EU: German Factory Orders, Bank of France Ind. Sentiment, Euro Zone ECB Main Refinancing Rate, ECB Marginal Lending Facility, ECB Deposit Rate

US: Challenger Job Cuts, Initial Jobless Claims, Continuing Claims, Bloomberg Consumer Comfort, Household Change in Net Worth

Read More… Like : GLOBAL MARKETS AND NEWS ROUND-UP / OUTLOOK March 08, 2018 at 07:33AM

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