2018Mar

FC: GLOBAL MARKETS AND NEWS ROUND-UP / OUTLOOK March 13, 2018 at 07:10AM

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UK seen down 11 / DAX up 2 / CAC flat / EStoxx50 down 2

Chancellor Philip Hammond is due to make his first UK Spring Statement today.

US MARKETS (% move from European close):

Dow Jones -0.24 25178.61

S&P 500 -0.15 2783.02

Nasdaq -0.11 7588.324

VIX -0.88 15.78

The U.S. markets started the week on a mixed note as they traded a fairly tight range sideways over the afternoon in a subdued session. The S&P finished the day down 0.1%, little changed from the European close, while the Nasdaq outperformed to finish the day up 0.4% and the Dow underperformed to finish the day down 0.6%. 6 out of 11 S&P sectors ended in the negative led down by the industrial, down 1.2%, health care, down 0.4%, and financial, down 0.4%, sectors. Meanwhile leading to the upside was the real estate, up 0.5%, utility, up 0.4%, technology, up 0.3%, and consumer discretionary, up 0.3%, sectors. Trading volumes on the day were light and below recent averages.

AFTER HOUR MOVERS:

Nothing of note

DUE TODAY: HD Supply

AFTER MARKET: China Lodging Group, Gates Industrial

ADR MOVERS SINCE EUROPEAN CLOSE:

SEADRILL up 3%, NORSK HYDRO up 1.5%

ASIAN MARKETS:

Nikkei 0.66 21968.10

Hang Seng -0.30 31500.56

Shanghai Comp -0.33 3315.74

Australia -0.36 5974.71

Asian markets are mainly trading with modest losses so far this morning while Japan is the exception as they pare openinglosses to move into the positive. Data wise Japan’s producer prices were flat MoM in Feb, vs est 0.2% increase, which follows the 0.3% gain in Jan, YoY producer prices advanced 2.5%, in line. Export prices were down 1.1% on month and up 0.8% on year, while import prices eased 0.1% on month and jumped 4.4% on year. Australia’s number of home loans declined 1.1% MoM in Jan, vs est 1% decline, which follows a fall of 2.3% in Dec. Australia’s business conditions just hit yet another record high, as the NAB business conditions in Feb rose by 3 points to a reading of +21, meanwhile the reading for business confidence dipped by 2 points to a reading of +9. Australia’s ANZ Roy Morgan Weekly Consumer Confidence Index declined by 2.5% last week to a reading of 116. Elsewhere, China will merge its banking and insurance regulators in a move to plug regulatory loopholes that have enabled risky forms of shadow banking.

SAMSUNG up 4%

NOBEL down 6%, NEWCREST down 2%

M & A:

– BROADCOM / QUALCOM: President Donald Trump issues order to blocked Broadcom $117Bn hostile bid for Qualcomm over national security concerns, quashing what could have been the biggest-ever tech deal

– E.ON makes public offer for INNOGY of E40 per share, sees E600m-E800m annual synergies from deal by 2022. E.ON FY adj net E1.4Bn vs est E1.33Bn, sees 2018 FY adj Ebit E2.8Bn-E3Bn & adj net E1.3Bn-E1.5Bn, in line, FY div E0.30, in line

– LEGAL & GENERAL is said to be about to unveil today a deal to pay £315m to acquire the 52% of Cala Group that it does not already own, Sky News reports

– NATIXIS has bought stakes in three M&A boutiques in the UK, China and France

– STEINHOFF to sell as many as 450m shares of KAP Ind, or about 17% stake, in placing, will still maintain 26% stake after sale

– SAMPO placing of 10.6m shares, or about 1.9% stake, Solidium is the seller and held around 67m shares before the sale

– VEOLIA ENVIRON placing of about 26.1m shares, or about 4.6% stake, as Qatari Diar sells its entire holding

– ALTICE started exclusive talks with Tofane Global to sell its international wholesale voice carrier business in France, Portugal and the Dominican Republic

– DAIMLER: Morgan Stanley is sole adviser on sale of E400m of bonds, warrants exchangeable into Daimler stock, bonds, warrants are due in 3 years, nine months, price range is 102.75 to 104.5 of par

– PURETECH HEALTH to raise up to $100m in placement of new shares

– VONOVIA has surpassed the minimum acceptance threshold of 50% plus 1 share for its takeover offer for BUWOG at the end of the initial acceptance period

COMPANY NEWS:

– RWE FY rev E44.6Bn vs est E46.4Bn, adj Ebitda E5.76Bn vs est E5.4Bn-E5.7Bn, adj net income E1.23Bn vs est E1.0Bn-E1.3Bn, 2018 ord div to rise to E0.70, sees 2018 adj Ebitda of E4.9Bn-E5.2Bn & adj net income of E0.7Bn-E1.0Bn

– HANNOVER RE 4Q gross written premiums E4.31Bn vs est E4.19Bn, Ebit E558m vs est E431.4m, net income E409.7m vs est E290.5m, FY div E5.00, expectation of 2018 net income over E1Bn confirmed

– ILIAD FY rev E4.99Bn, broadly in line, Ebitda E1.78Bn, broadly in line, maintains 2020 Ebitda margin guidance, says signed up close to 1m new mobile subscribers in 2017

– AURELIUS FY rev E4.05Bn vs est E3.81Bn, Ebitda E627.7m vs est E669.8m, FY div E5

– GEBERIT FY Ebitda CHf772m vs est CHf806.8m, Ebit CHf621.7m vs est CHf699.9m, net income CHf527.4m vs est CHf520m, FY div CHf10.40, says ”situation in the construction industry should be generally favourable in 2018”

– GALENCIA FY adj Ebit CHf148.2m, adj net CHf124.4m, FY div CHf1.65 vs est CHf1.60, is targeting 2018 sales growth of 2% to 3% & stable Ebit

– HUBER + SUHNER FY Ebit CHf58.1m, Ebit margin +7.5%, net income CHf42.1m, FY div CHf1.10 vs est CHf1.12, says ”has started the 2018 financial year on a positive note”

– MORPHOSYS FY rev E66.8m vs est E65.8m, Ebit loss E67.6m, in line, sees FY rev E20m-E25m & Ebit loss E110m-E120m

– FORFARMERS FY rev E2.22Bn vs est E2.16Bn, adj Ebitda E101.4m vs est E100.8m, net income E58.6m, expects to close Tasomix deal in coming months

– TAMEDIA FY rev CHf974.2m, EWbitda CHf245.2m, Ebitda margin +25.2%, Ebit CHf180.7m, Ebit margin +18.6%, net income CHf146.9m, FY div CHf4.50

– WACKER CHEMIE says after a good FY 2017 sees 2018 sales rising by low-single-digit percentage, Ebitda growing ‘slightly’ more than sales & Ebitda margin rising ‘slightly’, FY div E2.50 vs est E2.87, plans spec payout E2

– BASIC-FIT FY rev E326m vs est E328.7m, adj Ebitda E100.5m, Ebitda margin +30.8%, adj net E23.6m vs est E27.9m, says confident to open around 100 clubs in 2018

– AIRBUS: India grounds all Airbus A320Neo jets with faulty Pratt engines

– ANGLO AMERICAN’S Brazilian iron-ore operations suffered a burst pipeline, leading the company to cease some mining activities as it looks into the cause of the accident

– MONTEA signs new transactions in Belgium and France

– MONTE PASCHI names Andrea Rovellini as CFO

– GEMALTO holds a Capital Markets day

– OMV holds a Capital Markets day

EUROPEAN EX-DIV’S:

Nothing of note

COMMODITY SNAPSHOT (% move from European Close):

Gold 0.09 1319.49

Copper 0.00 51240

Oil 0.16 61.31

Natural Gas -0.04 2.794

EUR/USD 0.11 1.2328

GBP/USD 0.01 1.3886

RESEARCH HIGHLIGHTS:

Berenberg pushing WORLDLINE, rates new buy / MedioBanca pushing MOLECULAR MEDICINE, rates new outperform / TOTAL raised to overweight from equal weight at BarCap / MEDIASET cut to underweight from neutral at JPM / M6 cut to underweight from neutral at JPM / NEINOR cut to neutral from buy at BPI / BIOMERIEUX raised to buy from hold at HSBC / PANDOX raised to overweight from equal weight at MS / LONDONMETRIC PROPERTY raised to equal weight from underweight at MS / ICADE cut to equal weight from overweight at MS / NORSK HYDRO cut to equal weight from overweight at MS / FLSMIDTH cut to equal weight from overweight at MS / METSO raised to overweight from equal weight at MS / EDENRED raised to reduce from sell at AlphaValue / WARTSILA cut to reduce from buy at AlphaValue / BCP raised to add from sell at AlphaValue / AURUBIS raised to buy from hold at Bankhaus Lampe / HELVETIA cut to hold from buy at Cheuvreux / UNIPOL raised to buy from hold at Cheuvreux / AUSTEVOLL SEAFOOD raised to buy from hold at Cheuvreux / EUROPEAN TOBACCO, OIL SERVICES, MEDIA cut to neutral at SocGen

STILL TO COME:

NUMBERS: Reply / Terreis / DMG Mori / Rothschild / Tod’s / XLMedia / TCS Group / Inficon / Fevertree / Restore / John Menzies / Computacenter / TP ICAP / Smart Metering / Close Brothers / Cairn Energy / Antofagasta (9:30am) / bpost (After Mkt)

UPDATES: Fraport / Flughafen Wien / Getlink

TODAY’S AGENDA:

AGM’s / EGM’s etc: Bankiter / Hannover Re / Roche / GN Store Nord / Uponor / BB Biotech / Novozymes / Abertis /

ROADSHOWS / INVESTOR DAYS: XLMedia (Investor Meeting) / Volkswagen (Investor Conference) / Innogy (Roadshow) / Givaudan (Roadshow) / HUGO BOSS (Roadshow) / Avanza Bank (Roadshow) / EDP (Roadshow) / Ambu (Roadshow) / Proximus (Roadshow) / Sunrise Comms (Roadshow)

CONFERENCES:

BoAML European Internet & Tech Disruption Conf – ASML / Siltronic Barclays Global Healthcare Conf – Philips / Fresenius Medical Care / Coloplast Barclays Leisure and Transport Conf – Elior Group Goldman Sachs European Chemicals Conf – Wartsila / Kone / Ericsson Cowen & Co. Health Care Conf – Roche / Galapagos / Argenx JP Morgan Aviation, Transportation & Industrials Conf – Airbus SpeedNews Aviation Industry Suppliers Conf – Rolls-Royce

MACRO:

EU: French Total Payrolls, Private Sector Payrolls, Italian Unemployment Rate Quarterly

US: NFIB Small Business Optimism, CPI, CPI Core Index, Real Ave Weekly Earnings

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