UK seen down 18 / DAX down 63 / CAC down 20 / EStoxx50 down 16

A US Senior Administration Official says in the very near future, new tariffs on China are expected, adding tariffs aimed at tech and IP, could cover more than 100 products but the final number is unknown. Meanwhile, a source who has discussed the matter with the White House cites that the Trump administration is looking to impose tariffs on $60Bn of goods from China.

U.S. President Donald Trump told U.K. Prime Minister Theresa May he backs her “all the way” as she confronts Russia’s Vladimir Putin over the poisoning of a former spy on British soil.

US MARKETS (% move from European close):

Dow Jones -0.43 25007.03

S&P 500 -0.36 2765.31

Nasdaq -0.37 7511.012

VIX 1.68 16.35

The U.S. markets ended the day on a lower note they sold off late afternoon to close near the lows of the session. The S&P finished the day down 0.6%, down 0.4% from the European close, while the Nasdaq underperformed to finish the day down 1%. 8 out of 11 S&P sectors ended in the negative led down by the technology, down 1.2%, and financial, down 1.1%, sectors. Meanwhile ending in the positive was the real estate, up 0.3%, health care, up 0.2%, and utility, up 0.2%, sectors. Trading volumes on the day were light and below recent averages.


Insulet up 2.3% closed up 1.9% after presenting at Barclays Global Health Care Conf




ADIDAS up 2%

TENARIS down 2%, SEADRILL down 1.5%, RIO TINTO down 1%


Nikkei -0.87 21777.29

Hang Seng -1.30 31189.66

Shanghai Comp -0.26 3301.74

Australia -0.66 5935.31

Asian markets are lower across the board this with solid losses, as they follows Wall St’s direction, with HK leading to the downside. Data wise China’s industrial production grew 7.2% YoY in the first two months of 2018, vs est 6.1%, which follows the 6.2% growth in the previous month. Urban fixed-asset investment, meanwhile, rose 7.9% in the first two months of 2018, vs est 7%, climbing from 7.2% growth in Dec Investment by state-controlled firms to the end of Feb grew 9.2% while that for the private sector rose 8.1%. China’s retail sales of consumer goods grew 9.7% YoY to reach 6.1Tn yuan in the first two months of 2018, the expansion was slightly slower than the 10.2% rise seen in 2017. Japan’s core machine orders rose 8.2% MoM in Jan, vs est 5.6%, which follows the 11.9% fall in Dec. Australia’s Westpac-MI consumer sentiment index rose 0.2% to 103.0, just off the four-year peak of 105.1 set in Jan this year.

NOBEL up 6%

L’OCCITANE down 3%, BRILLIANCE down 2.5%, FAST RETAILING down 2.5%, GEELY down 2%

M & A:

– SOC GEN is said to be leading bidder for COMMERZBANK’S Equity Markets & Commodities business, Handelsblatt reports

– ABERTIS agrees to sell 57% of Satellite unit for at least E656m

– GKN: Dana CFO says a secondary listing in the UK is “absolutely an option” if GKN shareholders require it to support Dana’s cash-and-stock purchase of GKN’s automotive unit

– INNOGY Executive Board takes note of EON public takeover offer

– B2HOLDING offering prices 36.9m shares at NKr20.25 per share


– ADIDAS will buy back as much as E3Bn of its stock over the next three years, FY net sales E21.2Bn, broadly in line, op profit E2.1Bn, in line, plans div E2.60 vs est E2.49, sees 2018 net from cont ops rise to E1.615Bn-E1.675Bn & annual net income cont ops growth 22-24% until 2020

– LENZIG FY rev E2.26Bn, Ebitda E502.5m, Ebit E371m, net income E281.7m, FY div E3 & proposes spec div op E2, sees challenging market environment

– SYMRISE FY sales E3Bn, in line, Ebitda E630.3m, FY div E0.88 vs est E0.93, aims to growing faster than relevant markets in ’18, sees Ebitda margin about 20%

– INDITEX FY sales E25.3Bn, broadly in line, Ebitda E5.28Bn vs est E5.35Bn, gross margin +56.3% vs est +56.4%, net income E3.37Bn vs est E3.34Bn, proposes div E0.75

– BRENNTAG FY sales E11.74Bn vs est E11.63Bn, op Ebitda E836m vs est E834.4m, FY div E1.10 vs est E1.11, sees 2018 growth in op gross profit, op Ebitda

– SGL CARBON FY sales cont ops E860.1m vs est E844.1m, Ebit E49m, sees 2018 sales up about 10%, 2020 sales E1.1Bn with 15% ROCE & 2022 sales E1.3Bn with Ebit margin at least 10%

– SNAM FY total rev E2.53Bn, Ebitda E2.01Bn, in line, FY div E0.2155, raises net income avg growth target to 4.5% per year in 2017-21, to propose new buyback plan of up to E500m

– CLAS OHLSON 3Q sales SKr2.75Bn, in line, op profit SKr349m vs est SKr381.3m, says Feb sales increased by 2% to SKr518m

– INTERPARFUMS FT rev E430m, op income E60m, op margin 14.2%, net E40m, FY div E0.67, CEO says positive YTD results confirm FY rev goal

– TECAN FY sales CHf548.4m vs est CHf553.2m, Ebitda CHf105.3m vs est CHf103.2m, Ebitda margin +19.2%, net income CHf66.5m, FY div CHf2 vs est CHf2.03, sees 2018 Ebitda margin of more than 19% of sales

– SIEGFRIED FY sales CHf750.5m vs est CHf759.8m, Ebitda CHf114m, Ebitda margin +15.2%, net income CHf39.7m, FY div CHf2.40 vs est CHf2.25, sees 2018 sales growth at mid-single-digit percentage rate, Ebitda margin expected to ”improve significantly”, confirms mid-term guidance

– BPOST 4Q rev E955.1m vs est E843m, adj Ebitda E151.4m vs est E148m, IFRS net E67.1m vs est E76.9m, sees FY Ebitda at E560m to E600m & FY div of at least E1.31 vs est E1.38

– ROTHSCHILD FY rev E1.91Bn vs E1.71Bn YoY, op income E456m vs E386m YoY, net income E236m vs E179m YoY, to propose div E0.68

– TOD’S FY Ebitda E160.5m, Ebit E111.8m, net income E71m, FY div E1.40, CEO says results are in line with expectations

– SPORTECH is said to be about to announce profit warning today, Sky reports

– RAIFFEISEN BANK proposes 2017 div E0.62, confirms preliminary results, fully-loaded CET1 ratio after div 12.7%

– RHEINMETALL to get Australian Armored vehicle order worth E2Bn

– WPP CEO Martin Sorrell is facing a huge cut in his pay package following investor criticism and a dismal year

– VEOLIA CEO has asked his Chief Compliance Officer to begin an investigation following media reports alleging misconduct at its OTV unit

– SIKA Board rejects founders’ push for board seat ahead of AGM

– GLAXOSMITHKLINE treatment for metachromatic leukodystrophy granted orphan status by FDA

– NOVARTIS, Teva agree to drop lawsuit over patent for Jadenu


GN Store Nord DKr1.25 / Novozymes DKr4.50 / Uponor €0.24

COMMODITY SNAPSHOT (% move from European Close):

Gold 0.00 1325.59

Copper 0.29 51650

Oil 0.25 60.66

Natural Gas -0.65 2.771

EUR/USD 0.03 1.2395

GBP/USD -0.04 1.397


Berenberg pushing GALAPAGOS, rates new buy / BBVA pushing ALBA, rates new outperform / CECONOMY cut to hold from buy at Independent Research / WACKER CHEMIE raised to hold from sell at Nord/LB / SCOR cut to hold from buy at HSBC / GRIFOLS raised to hold from reduce at HSBC / MASMOVIL cut to hold from buy at Cheuvreux / FORFARMERS raised to buy from hold at Cheuvreux / AXEL SPRINGER cut to sell from hold at Berenberg / INMARSAT raised to hold from sell at SocGen / SEB raised to overweight from equal weight at BarCap / KONGSBERG cut to hold from buy at SEB


NUMBERS: Direct Energie / Tessenderlo / Ascopiave / MARR / Stef / Virbac / Deutz / Industria Macchine Automatiche / BKS Bank / Ansaldo STS / Diebold Nixdorf / Leonardo / ASTM / ACEA / Permanent TSB / Advanced Medical Solutions / VW Morrison / Marshalls / Dignity / Forterra / Picanol / Hikma Pharma / Balfour Beatty / EMIS / Prudential / Burford Capital / Verbund

UPDATES: Aeroports de Paris / TFF Group


AGM’s / EGM’s etc: Pandora / Alma Media / Fiskars / Sydbank / Carlsberg / Axfood

ROADSHOWS / INVESTOR DAYS: E.ON (Analyst Meeting) / Prudential (Board Meeting) / Flughafen Zurich (Roadshow) / GEA Group (Roadshow) / ISS (Roadshow) / HUGO BOSS (Roadshow) / Avanza Bank (Roadshow) / SPIE (Roadshow) / Ambu (Roadshow) / Proximus (Roadshow)


Barclays Global Healthcare Conf – Roche / Novartis / DBV Tech Berenberg European Investor Forum – Innogy Carnegie Nordic Healthcare Seminar – Kone / Wartsila / SKF Eiffel Conf – EDP JP Morgan Aviation, Transportation & Industrials Conf – Maersk Nordic Capital Goods Seminar – Outotec SpeedNews Aviation Industry Suppliers Conf – Airbus / Rolls-Royce


EU: German CPI, Italian Retail Sales, Euro Zone Industrial Production, Employment

US: MBA Mortgage Applications, Retail Sales, PPI Final Demand, PPI Ex Food and Energy, Business Inventories

Read More… Like: GLOBAL MARKETS AND NEWS ROUND-UP / OUTLOOK March 14, 2018 at 06:58AM

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