71% of STOXX 600 constituents traded lower yesterday.
77% of the shares trade above their 20D MA vs 83% Monday (above the 20D moving average).
38% of the shares trade above their 200D MA vs 41% Monday (above the 20D moving average).
The Euro Stoxx 50 Volatility index added 0.28pt to 23.24.
The 10yr Bund yield rose 1bp to 0.28% (above its 20D MA). The 2yr-10yr spread fell 3bps to -77bps (below its 20D MA).
SECTORS vs STOXX 600
3mths relative high: none
3mths relative low: Travel & Leisure
EC 08:00: Feb EU27 New Car Registrations UK 10:30: Feb Claimant Count Rate, exp.: 2.2% UK 10:30: Feb Jobless Claims Change, exp.: -9.1k UK 10:30: Jan ILO Unemployment Rate 3Mths, exp.: 5.1% UK 10:30: Jan Employment Change 3M/3M, exp.: 144k EC 11:00: Jan Construction Output MoM UK 13:30: U.K.’s Osborne Makes Budget Speech to Parliament
UK – IRELAND
Smiths Group: 1H results expected
Hikma Pharmaceuticals: FY results expected.
Travel & Leisure: Intercontinental Hotels (-2.35% to 2783p) reached a new 3-month relative low against the STOXX Europe 600.
Stock/STOXX Europe 600 ratio(s) 50D MA cross over: Moneysupermarket.com Group (+4.95% to 343.6p)
Stock/STOXX Europe 600 ratio(s) 50D MA cross under: Balfour Beatty (-3.74% to 249.5p), Standard Chartered (-4.04% to 464p).
Stock(s) 50D MA cross over: Moneysupermarket.com Group (+4.95% to 343.6p)
Stock(s) 50D MA cross under: Whitbread (-2.34% to 3840p).
GERMANY – AUSTRIA
Munich Re announced plans to buy back up to 11M shares for a maximum amount of E1B. And the Co said it targets a profit of E2.3B-2.8B for FY16.
Fraport reported that FY15 net income rose 17.8% YoY to E277M, group result increased 18.0% to E297M and EBITDA were up 7.4% to E849M on revenue of E2.60B, up 8.5%. The Co proposed maintaining dividend at E1.35 per share. On the FY16 outlook the Co said: “The Executive Board expects Group revenue of up to appx. E2.65B. (…) expects a Group EBITDA of between around E850M and appx. E880M (…) expects the Group result to be appx. at the previous year’s level or slightly above it. (…) intends to hold the dividend per share at least stable for fiscal year 2016 at E1.35.”
Brenntag announced that FY15 net income grew 8.4% YoY to E368M and operating EBITDA were up 11.1% to E807M on sales of E10.35B, up 3.3% (-4.6% FX adjusted). The Co proposed raising dividend by 11.1% to E1.00 per share.
Bilfinger proposed suspending 2015 dividend citing exceptional losses and restructuring expenses.
Immofinanz AG: 3Q results expected.
Zodiac Aerospace reported that 1H revenue rose 7.1% YoY (-1.8% organic decline) to E2.49B. The Co said: “Aircraft Interiors activities are continuing to weigh on the Group’s profitability and their growth forecasts for 2015/2016 have been downgraded. The recovery and industrial transformation plans for the Seats branch are proving long and costly, especially at its seat shell manufacturing site at Santa Maria, California. (…) The Group anticipates current operating income for the 2015/2016 financial year to come in close to that of 2014/2015.”
Sodexo announced that it has secured a 10-year contract worth A$2.5B from Rio Tinto to deliver integrated facilities management services in the mining firm’s extensive operations in Pilbara region in Australia.
Eurazeo said it has agreed to acquire Glion Institute of Higher Education and Les Roches International School of Hotel Management from Laureate Education, adding: “Eurazeo will invest over SF220M based on an Enterprise Value of approximately SF380M.” The Co is expected to release FY results.
Stock(s) 50D MA cross over: Safran (+3.73% to E57.59).
SPAIN – PORTUGAL – GREECE
Banks: Santander (-4.43% to E4.31) closed at a 3-month relative low against the STOXX Europe 600.
Financial Services: Bolsas Y Mercados Espanoles (-2.03% to E27.21) reached a new 3-month relative low against the STOXX Europe 600.
ES – Stock/STOXX Europe 600 ratio(s) 50D MA cross under: Zardoya Otis (-2.51% to E9.7)
GR – Stock/STOXX Europe 600 ratio(s) 50D MA cross over: OPAP (+3.76% to E6.62).
Delhaize Group reported that the stake in the Co held by Davidson Kempner European Partners LLP has fallen to 2.86% from 3.50% previously. Separately the Co and Ahold announced that the Belgian Competition Authority has approved the Cos’ merger on the condition that they divest a number of stores, adding; “These divestments will include 13 existing stores in total and consist of 8 Albert Heijn stores, 5 Delhaize franchised stores (…) Earlier this week, shareholders of both companies approved the merger. The transaction is expected to be completed in mid-2016.”
Ageas: Fitch Ratings upgraded the rating of Ageas SA/NV (the ultimate holding company of the Ageas group) to “A” from “A-“, outlook “stable”. The rating firm said: “The rating actions follow Ageas’s announcement that it has reached a settlement agreement with several claimant organisations with regard to all civil proceedings related to the former Fortis group for events that occurred in 2007 and 2008. (…) The upgrade of Ageas SA/NV’s IDR reflects Fitch’s expectation that the Amsterdam Court of Appeal will declare the settlement binding for all eligible Fortis shareholders.”
Relx reported that it had bought back 178K shares at E15.2855 per share yesterday (March 15).
Finmeccanica, Snam Rete Gas: FY results expected.
Food & Beverage: Campari (+2.1% to E8.53) reached a new 3-month relative high against the STOXX Europe 600.
Stock/STOXX Europe 600 ratio(s) 50D MA cross under: Banca Popolare Di Milano (-4.62% to E0.71).
Stock(s) 50D MA cross under: Gruppo BPER (-3.28% to E5.01), Banca Popolare Di Milano (-4.62% to E0.71).
Dufry reported that it swung to a FY15 net loss of SF79M from a net income of SF52M a year earlier, citing higher amortization related to takeovers of Nuance and World Duty Free. EBITDA rose 25.6% to SF724M on turnover of SF6.14B, up 46.3% (-5.3% organic decline).
Stock/STOXX Europe 600 ratio(s) 50D MA cross under: Swatch Group (-2.45% to SF346.7).
SCANDINAVIA – DENMARK
SE – Stock/STOXX Europe 600 ratio(s) 50D MA cross over: Hexpol (+2.17% to SEK84.9)
Stock/STOXX Europe 600 ratio(s) 50D MA cross under: SKF (-2.29% to SEK140.7).
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