62% of STOXX 600 constituents traded higher yesterday.
78% of the shares trade above their 20D MA vs 79% Tuesday (above the 20D moving average).
34% of the shares trade above their 200D MA vs 34% Tuesday (above the 20D moving average).
The Euro Stoxx 50 Volatility index added 0.21pt to 28.06.
The 10yr Bund yield fell 4bps to 0.18% (below its 20D MA). The 2yr-10yr spread fell 3bps to -78bps (below its 20D MA).
SECTORS vs STOXX 600
3mths relative high: none
3mths relative low: Travel & Leisure, Real Estate
UK : Feb RICS House Price Balance, exp.: 50% FR 07:30: 4Q F Non-Farm Payrolls QoQ, exp.: 0.2% GE 08:00: Jan Trade Balance, exp.: 17B GE 08:00: Jan Current Account Balance, exp.: 17B GE 08:00: Jan Exports SA MoM, exp.: 0.8% GE 08:00: Jan Imports SA MoM, exp.: 0.8% GE 08:00: 4Q Labor Costs SA QoQ FR 08:45: Jan Industrial Production MoM, exp.: 0.8% FR 08:45: Jan Manufacturing Production MoM, exp.: 0.5% EC 13:45: ECB Main Refinancing Rate, exp.: 0.05% EC 13:45: ECB Deposit Facility Rate, exp.: -0.4% EC 13:45: ECB Marginal Lending Facility, exp.: 0.3%
UK – IRELAND
Amec Foster Wheeler, Michael Page International, Aviva, Morrison Supermarkets, Stock Spirits Group FY results expected
Oil & Gas, utilities and insurance shares gained most in London on Wednesday.
Rolls-Royce Holdings and Restaurant Group were downgraded to “neutral” from “buy” at Goldman Sachs.
Auto Trader Group was upgraded to “buy” from “neutral” at Goldman Sachs.
G4S PLC was downgraded to “equalweight” from “overweight” at Barclays.
Intu Properties was upgraded to “outperform” from “neutral” at Macquarie.
GERMANY – AUSTRIA
ECB: Governing Council of the ECB: monetary policy meeting in Frankfurt; Publication of Monetary Policy Decision at 13:45 CET, followed by press conference at 14:30 CET
K+S Group posted FY15 results: “Revenues up 9 % to E4.2 billion; Operating earnings (EBIT) up 22% to E782 million (…) Adjusted Group earnings increased to E542 million last year (2014: E367 million).” The Co proposed a dividend of E1.15 per share, up 28% YoY. On the outlook, the Co said: “revenues in the 2016 financial year should therefore decrease moderately year over year, while operating earnings EBITDA and EBIT are expected to be significantly lower than in the same period in the previous year. Adjusted Group earnings after taxes should follow developments in operating earnings and thus also be significantly below last year’s numbers.”
Hugo Boss announced FY15 results: “Group’s sales increased by 9% to EUR 2,809 million in 2015 (2014: EUR 2,572 million). (…) The consolidated net income attributable to the equity holders was 4% short of the prior-year value at EUR 319 million, due to higher depreciation and amortization and increased financial expenses (2014: EUR 333 million).” The Co maintained a dividend of E3.62 per share. On FY16 outlook, the Co added: “HUGO BOSS expects to be able to increase sales in fiscal year 2016 by a low-single-digit percentage rate, adjusted for currency effects. (…) Further investments in the transformation of the business model and the brand will, however, lead to a decrease at a low-double-digit percentage rate in operating profit (adjusted EBITDA before special items).”
Hannover Re posted FY15 results: “Group net income increases by 16.7% to EUR 1.15 billion (…) Dividend proposal raised for 2015: EUR 3.25 per share plus special dividend of EUR 1.50 per share.”
LEG Immobilien reported FY15 net income up 39.9% YoY to E217.7M on rental income of E436.1M, up 11.8% YoY. The Co proposed a dividend of E2.26 per share.
Deutsche Boerse announced the sale of International Securities Exchange to NASDAQ for a total cash consideration of $1.1B.
Volkswagen said the U.S. chief, Michael Horn will leave the Co.
Siemens’s supervisory board member Werner Wenning may replace Gerhard Cromme as chairman, reported Rheinische Post without citing sources.
Immofinanz sold 10M Buwog shares at E17.1 apiece (8.9% discount to yesterday’s closing price) for E171M in accelerated bookbuilding.
RWE was downgraded to “sell” from “neutral” at UBS.
Linde, RTL Group FY results expected
Carrefour reported FY15 results: “Increase in net sales: E76.9bn, +3.0% on an organic basis (…) Increase in net sales: E76.9bn, +3.0% on an organic basis (…) adjusted net income, Group share: E1,113m, +7.1%” The Co proposed a dividend of E0.70 per share. On FY16 outlook, the Co expected “total investments of between E2.5bn and E2.6bn.”
Bourbon announced FY15 results: “Adjusted EBITDAR increased 7.5% to E547.7 million (…) Net loss, group share, of E76.6 million impacted by a reduced utilization rate and an unrealized foreign exchange loss.” The Co maintained a dividend of E1.00 per share. On FY16 outlook, the Co expected “moderate decline” in adjusted revenues.
Iliad delivered FY15 net income of E334.9M (vs E359.7M expected) and EBITDA of E1.49B (vs E1.48B expected) on revenue of E4.41B (vs E4.43B expected).
Rubis posted FY15 net income up 44% YoY to E170M on revenue of E2.91B, up 4% YoY. The Co increased dividend by 18% YoY to E2.42 per share.
Lagardere announced FY15 results: “Sales totalled E7,193 million, +0.3% on a reported basis and +3.0% like-for-like. (…) Profit – Group share rose to E74 million from E41 million in 2014, chiefly reflecting the rise in Group recurring EBIT and a reduction in income tax expense.” The Co proposed a dividend of E1.30 per share. Separately, the Co was downgraded to “equalweight” from “overweight” at Barclays.
LafargeHolcim: BlackRock reported that it had acquired 3.04% stake of the Co.
Ubisoft announced that Tom Clancy`s The Division has sold through more copies in its first 24 hours than any previous title in history.
Dassault Aviation FY results expected
SPAIN – PORTUGAL – GREECE
Banco Santander: Fitch has revised Santander Totta and Banco Santander Totta’s outlook to “stable” from “positive”, ratings affirmed at”BBB”. The ratings agency pointed out: “The IDRs of Santander Totta and its fully owned bank subsidiary, BST, reflect a high probability of support from its Spanish parent bank, Banco Santander, S.A. (Santander; A-/Stable), in case of need. Fitch believes that Santander Totta’s activities in Portugal are strategically important to Santander, also recently demonstrated by Santander Totta’s acquisition of banking assets and liabilities of Banif in December.”
Ferrovial said it extended the bid for Broadspectrum by 2 weeks until April 4.
EC: Justice and Home Affairs Council; Workshop on EU funding opportunities for the fashion, textiles, and cultural and creative industries
Refresco Gerber reports FY15 results: “Revenue at E2,016.4 million in 2015 compared to E2,036.9 million in 2014, a decrease of 1%, due to passing more favourable input prices on to customers. On a reported basis net profit amounted to E41.8 million (FY 2014: E38.7 million). Net profit, adjusted for one-off items, amounted to E77.8 million compared to E46.7 million last year.”
bpost posted 4Q net income of E95.6M (vs E50.7M a year ago) on EBITDA of E163.2M (vs E131.0M a year ago).
Relx reported that it had bought back 182K shares at E15.2028 per share yesterday (March 9).
Van De Velde announced the purchasing of 4K shares at an average price of E59.69 per share during March 4-8.
Fiat Chrysler Automobiles has told U.S. dealers to close stand-alone Fiat showrooms, and to sell Fiats at domestic brand dealerships instead, reported the WSJ citing the Co’s spokesperson. Separately, the Co recalled 16,119 Compass models and 4,551 Jeep Patriot models in China due to oil leak risks.
Azimut Holding FY results expected
Swiss Re: American International Group announced a two-year reinsurance arrangement with the Co, “under which a share of AIG’s new and renewal U.S. Casualty portfolio will be ceded to the reinsurer.”
Kardex announced FY15 net income up 8.4% YoY to CHF28.5M on revenue of CHF338.5M (vs CHF308M last year). The Co named Jens Fankhaenel as new CEO and Thomas Reist as new CFO.
Sunrise Communications posted FY15 results: “Revenue decrease of 4.8% to CHF 1,976m; Adjusted EBITDA at CHF 627m (-1.8%) with 80 bps margin improvement; Net income of CHF -113m.” On FY16 outlook, the Co said: “revenues are expected to be in the range of CHF 1,890m to CHF 1,930m. Adjusted EBITDA is expected to be between CHF 600m and CHF 620m.”
SCANDINAVIA – DENMARK
Boliden announced the acquisition of Kevitsa mine in Northern Finland from First Quantum for $712M in cash.
Barclays:3.5p, BHP Billiton (BLT): $0.16, CRH: E0.44, Direct Line Insurance Group:8.8p, Domino’s Pizza UK & IRL:11.75p, Hiscox Ltd:16p, Jupiter Fund Management:10.9p, Land Securities:8.15p, Shire:15.32p
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