DAILY EUROPEAN EQUITY OPENING NEWS: Airbus (AIR FP) is nearing the biggest deal in its history, negotiating to sell 430 A320neo single-aisle planes valued at more than USD 40bln to US investor Indigo Partners, according to sources
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15th November 2017
Regional stocks were lower, following the lead of their US counterparts, as negative risk sentiment and the stronger domestic currency weighed on Japan’s Nikkei 225 which finished 1.6% lower, although this was off of worst levels. In Australia, the ASX 200 fell 0.6%, with energy stocks and resource names leading the way on the back of softer oil prices and yesterday’s Chinese data respectively. Chinese and Hong Kong markets also fell afoul of risk off sentiment (Shanghai Comp -0.6%, Hang Seng -0.7%), with the tumble in Shanghai metals heaping further weight on industrial names.
OTHER UK COMPANIES
FRESNILLO (FRES LN) UPGRADED TO BUY FROM HOLD AT HSBC
Siemens (SIE GY) – Bombardier CEO confirms they held talks with the co. earlier this week. (Newswires)
K&S (SDF GY) – Q3 revenue EUR 727mln vs. Exp. EUR 774mln, operating profit EUR 12mln vs. Exp. EUR 15.4mln and adj. net EUR 1.5mln vs. Prev. loss of EUR 27.4mln. (Newswires)
Wirecard (WDI GY) – 9M revenue EUR 1.02bln vs. Prev. EUR 719.4mln, EBITDA EUR 286.6mln vs. Prev. EUR 213.9mln and net EUR 168.5mln vs. Prev. EUR 126.3mln. Affirms EBITDA guidance. (Newswires)
Volkswagen (VOW3 GY) – CFO and Chairman offices have been raided by German authorities. (Newswires)
OTHER GERMAN COMPANIES
Lanxess (LXS GY) – Q3 EBITDA EUR 347mln vs. Exp. EUR 340.4mln, Revenue EUR 2.40bln vs. exp. EUR 2.40bln, narrows their FY 2017 EBITDA target. (Newswires)
BMW (BMW GY) UPGRADED TO REDUCE FROM SELL AT ALHPAVALUE
Airbus (AIR FP) – The co. is nearing the biggest deal in its history, negotiating to sell 430 A320neo single-aisle planes valued at more than USD 40bln to US investor Indigo Partners, people familiar with the matter said. (Newswires)
OTHER FRENCH COMPANIES
EDF (EDF FP) – 9-month sales fell 4.3% to EUR 49.7bln, while they also confirm targets. (Newswires)
SANOFI (SAN FP) RAISED TO EQUAL WEIGHT FROM UNDERWEIGHT AT BARCLAYS
Fiat Chrysler (FCA IM) - Tiger Global Management upped its stake in the carmaker by 18.5% to 24.8 million shares as of Sept. 30, 2017. (Newswires)
Ferragamo (SFER IM) – 9M revenue EUR 1bln vs. Prev. EUR 1.01bln, EBITDA EUR 162mln vs. Prev. EUR 216mln and net EUR 79mln vs. Prev. EUR 110mln. (Newswires)
ENEL (ENEL IM) INITIATED WITH AN OUTPERFORM RATING AT BERNSTEIN
Roche (ROG VX) - The co. receives FDA clearance for Ventana MMR IHC Panel for patients with Colorectal Cancer. (Newswires)
Zurich (ZURN VX) – Co. reaffirm that they are on track to achieve 2017-19 financial targets. (Newswires)
YARA (YAR NO) RESUMED WITH A BUY RATING AT BERENBERG
S&P 500 -0.23% at 2,579, Dow Jones -0.13% at 23,409, Nasdaq-100 -0.35% at 6,294; Top sectors: Utilities +1.21%, Cons Stap +0.31%, Cons Disc +0.05%; Bottom sectors: Energy -1.62%, Telecoms -1.42%, Materials -1.22%
With a distinct risk-off tone through the session – some say due to weak China data overnight, others suggest that the continuing difficulties in progressing on tax reform in the US, and others cite the tier-one data and other central bank speakers on the slate for the rest of the week – US stocks were on the back foot.
The energy sector sagged, following a torrid session for crude, in which it finished negative; ConocoPhillips and Exxon were the laggards.
GE endured another tough session, putting in the worst two day fall since 2009 after Monday’s cut to its dividend, as well as the new focus.
There was attention on retail; Home Depot struggled to carve out gains despite an earnings beat and positive guidance; TJX’s earnings were unimpressive, and its comp sales disappointed.
15 Nov 2017 - 06:46- Research Sheet- Source: Newswires
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