2018Feb

FC: GLOBAL MARKETS AND NEWS ROUND-UP / OUTLOOK March 09, 2018 at 07:03AM

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UK seen up 8 / DAX flat / CAC flat / EStoxx50 flat

President Trump signed two proclamations that implemented the tariffs on steel and aluminium imports, but exempted Mexico and Canada. However, Mr. Trump said he will give other nations the opportunity to justify why they should also not be included, emphasizing that he is seeking “fairness.”

Office for Budget Responsibility will estimate effect of EU divorce payments on public finances in an annex to its economic and fiscal outlook, FT reports.

UK officials are said to see no Brexit deal till next year.

US MARKETS (% move from European close):

Dow Jones 0.20 24895.21

S&P 500 0.26 2738.97

Nasdaq 0.08 7427.945

VIX -1.43 16.54

The U.S. markets ended the day with modest gains as they swung up and down just above their flat line over the afternoon with a spike in the last half an hour, as Trump spoke, leaving them near their highs on the session. The S&P finished the day up 0.4%, up from the European close, while the Nasdaq also finished up 0.4%. 10 out 11 S&P sectors ended in the positive led up by the consumer staple, up 0.9%, health care, up 0.7%, and utility, up 0.7%, sectors. Meanwhile ending in the negative was the energy, down 0.1%, sector. Trading volumes on the day were light and below recent averages.

AFTER HOUR MOVERS:

Mattel down 5% & Hasbro down 2.5% fall as Toys ‘R’ Us is said to ready liquidation of U.S. operations / Marvel down 1% 4Q results

DUE TODAY: Nothing of note scheduled

AFTER MARKET:

ADR MOVERS SINCE EUROPEAN CLOSE:

TENARIS up 1%, TELECOM ITALIA up 1%

SEADRILL down 1.5%, LINDE down 1%

ASIAN MARKETS:

Nikkei 0.47 21469.20

Hang Seng 1.05 30975.67

Shanghai Comp 0.54 3306.01

Australia 0.34 5963.23

Asian markets are trading with modest gains so far this morning, led up by HK and Japan, although Japan are somewhat off their highs of the session. Data wise China’s CPI rose by 1.2% MoM in Feb, leaving the change on a year earlier at 2.9%, vs est 2.5%, the highest level since Nov 2013. Meanwhile PPI rose 3.7% YoY in Feb, vs est 3.7%, which follows the 4.3% increase previously. Japan’s household spending rose 2.0% YoY in Jan, vs est 0.95% fall. Japan’s M2 money stock was up 3.3% YoY in Feb, coming in at ¥987.4Tn, in line, down from 3.4% in Jan. Elsewhere, the BoJ stayed the course with its monetary stimulus at Governor Kuroda’s final policy meeting before his new term begins next month. China’s commerce ministry says that it “resolutely opposed” a move by U.S. President Donald Trump to impose tariffs on steel and aluminium imports and called for the U.S. to withdraw the measures as quickly as possible.

GEELY up 5%

NEWCREST down 2%

M & A:

– BHP BILLITON: RD Shell & Blackstone are said to eye $10Bn bid for BHP U.S. shale assets, Sky reports. BHP CFO says interest high for shale sale

– DELIVERY HERO placing of 1.38m shares at E38.30 per share as pre-IPO Holders GA, Avala sell their stake, Citi, Goldman and MS are joint bookrunners

– ELECTRO POWER SYSTEMS says ENGIE completes buy of about 51% share at E9.50

– RICHEMONT says Italy’s market regulator Consob has reopened the review period for its offer for YOOX NET-A-PORTER

COMPANY NEWS:

– SCHOUW FY rev DKr17.03Bn, in line, Ebit DKr1.04Bn, sees 2018 Ebitda in the range of DKr1,665-1,805m

– EURAZEO FY rev rises 16% to E4.95Bn, net income E441m vs pro forma net income of E525m YoY, NAV per share E78.2, proposes div E1.25 also plans bonus share issue of 1 new share for 20 shares held, CFO says start of year going ‘very well’

– SPIE FY rev E6.13Bn, Ebita E388m, Ebita margin +6.3%, net income E110.4m, FY div E0.56, sees improvement of org growth and to continue bolt-on acquisitions in 2018

– SCHWEITER FY net rev from cont ops CHf980.2m vs est CHf1Bn, Ebitda CHf114.4m vs CHf112.3m YoY, Ebitda margin +11.7%, Ebit CHf87.3m, net income CHf172m vs CHf70.6m YoY, FY div CHf40 vs est CHf42.33 & plans to pay special div of CHf5, says demand in the Wind business expected to remain somewhat softer in 1H & 3A Composites made successful start to new FY

– SALVATORE FERRAGAMO FY Ebitda E249m, Ebit E186m, net income E114m, FY div E0.38, says contract with CEO Poletto over; Chairman takes ad interim role, approves proposal of stock buyback application, Chairman says luxury goods maker is not for sale

– LAGARDERE FY recurring Ebit E403m, adj net income E217m vs est E243.6m, FCF E283m, FY div E2.30, forecasts stable recurring Ebit in 2018 vs 2017

– ALTRI FY rev E665.8m, Ebitda E191.1m, net income E96.1m, proposes div E0.30

– CGG FY rev up 10% to E1.32Bn, sees 2018 rev at about $1.5Bn, proposes Philippe Salle As Chairman

– KONE wins further orders for Zhengzhou Metro Line in China

– SOCGEN sees potential fine coming from talks over U.S. sanctions

– NORSK HYDRO CEO says had good dialog with Brazil authorities, Dagens Naeringsliv reports

– TF1 is said to have new distribution contract with ORANGE, Le Figaro reports

– ZUMTOBEL: Thomas Tschol takes over from Karin Sonnenmoser as CFO formally from April 1

– SONGA OFFSHORE says CEO Bjornar Iversen resigned

– SANOFI received subpoena in probe of ties to non-profit groups

EUROPEAN EX-DIV’S:

Palfinger €0.47 / DSV DKr2 / NNIT DKr2.3 / Orsted DKr9 / Ossur DKr0.13 / TDC DKr1.05 / Amer Sports €0.70 / Kesla €0.10 / Wartsila €0.69 & 3 for 1 stock split

COMMODITY SNAPSHOT (% move from European Close):

Gold -0.17 1319.31

Copper -0.47 50910

Oil -0.59 60.22

Natural Gas -0.80 2.732

EUR/USD -0.11 1.2318

GBP/USD -0.16 1.3805

RESEARCH HIGHLIGHTS:

ESURE double upgrade to outperform from underperform at RBC / Berenberg bearish on ACACIA MINING, rates new sell / HSBC pushing HOCHTIEF, reinstates at buy / HUGO BOSS raised to hold from buy at Independent Research and to outperform from sector perform at RBC / PENNON & SEVERN TRENT raised to overweight from neutral at JPM / SPAREBANK 1 cut to hold from buy at Beringer Finance / NORWEGIAN FINANS cut to hold from buy at Beringer Finance / DNB raised to buy from hold at Beringer Finance / TOMRA cut to sell from hold at Beringer Finance / JCDECAUX cut to hold from reduce at HSBC / ANGLO AMERICAN raised to buy from hold at Investec / BHP BILLITON raised to buy from hold at Investec / PANALPINA raised to sector perform from underperform at RBC / SMURFIT KAPPA raised to hold from reduce at Cheurveux / TELECOM ITALIA raised to buy from neutral at Goldman

STILL TO COME:

NUMBERS: Unibel / VAT Group / SFS Group / Fromageries Bel / BNP Paribas Fortis / GVC / SIG / Inmarsat

UPDATES: Lufthansa

TODAY’S AGENDA:

AGM’s / EGM’s etc: MVV Energie / Elior / Mapfre / Solocal / Gima TT (Shareholders Meeting)

ROADSHOWS / INVESTOR DAYS: Panalpina (Roadshow) / George Fischer (Roadshow) / OC Oerlikon (Roadshow) / Sunrise Commsn (Roadshow) / Vopak (Roadshow) / Vonovia (Roadshow) / CGG (Roadshow) / Givaudan (Roadshow)

CONFERENCES:

American College of Cardiology Scientific Session – AstraZeneca Deutsche Bank UK Retail Banks Conf – Lloyds

MACRO:

EU: German Trade Balance, Current Account Balance, Exports, Imports, Industrial Production, Labor Costs, French Budget Balance, Industrial Production, Manufacturing production, Italian PPI, UK Visible Trade Balance, Trade Balance, Industrial Production, Manufacturing Production, Construction Output, NIESR GDP Estimate

US: Change in Nonfarm Payrolls, Change in Private Payrolls, Change in Manufacturing Payrolls, Unemployment Rate, Underemployment Rate, Average Hourly Earnings, Labor Force Participation Rate, Wholesale Trade Sales, Wholesale Inventories

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