62% of STOXX 600 constituents traded lower yesterday.
73% of the shares trade above their 20D MA vs 76% Friday (below the 20D moving average).
43% of the shares trade above their 200D MA vs 44% Friday (above the 20D moving average).
The Euro Stoxx 50 Volatility index added 1.17pt to 21.83.
The 10yr Bund yield fell 2bps to 0.21% (below its 20D MA). The 2yr-10yr spread fell 2bps to -71bps (above its 20D MA).
SECTORS vs STOXX 600
3mths relative high: none
3mths relative low: none
FR 09:00: Mar P Markit France Manufacturing PMI, exp.: 50.2 FR 09:00: Mar P Markit France Services PMI, exp.: 49.5 FR 09:00: Mar P Markit France Composite PMI, exp.: 49.6 GE 09:30: Mar P Markit/BME Germany Manufacturing PMI, exp.: 50.8 GE 09:30: Mar P Markit Germany Services PMI, exp.: 55 GE 09:30: Mar P Markit/BME Germany Composite PMI, exp.: 54.1 GE 10:00: Mar IFO Business Climate, exp.: 106 GE 10:00: Mar IFO Current Assessment, exp.: 112.7 GE 10:00: Mar IFO Expectations, exp.: 99.5 EC 10:00: Mar P Markit Eurozone Manufacturing PMI, exp.: 51.4 EC 10:00: Mar P Markit Eurozone Services PMI, exp.: 53.3 EC 10:00: Mar P Markit Eurozone Composite PMI, exp.: 53 UK 10:30: Feb CPI MoM, exp.: 0.4% UK 10:30: Feb Retail Price Idx, exp.: 260.2 UK 10:30: Feb RPI MoM, exp.: 0.5% UK 10:30: Feb PPI Input NSA MoM, exp.: 0.5% UK 10:30: Feb PPI Output NSA MoM, exp.: 0% UK 10:30: Feb Public Finances (PSNCR) UK 10:30: Feb Public Sector Net Borrowing, exp.: 5.1B GE 11:00: Mar ZEW Survey Current Situation, exp.: 53 GE 11:00: Mar ZEW Survey Expectations, exp.: 5.4 EC 11:00: Mar ZEW Survey Expectations
UK – IRELAND
HSBC has sold its loans written to Irish oil & gas explorer Petroceltic International Plc at appx. 30% of face value, reported Bloomberg citing sources with knowledge of the deal.
Wolseley, Bellway: 1H results expected.
Auto & Parts, construction & materials and basic resources shares fell most in London on Monday.
Travel & Leisure: Thomas Cook Group (-3.95% to 92.5p) reached a new 3-month relative low against the STOXX Europe 600.
Stock(s) 50D MA cross under: AA Limited (-1.86% to 273.8p).
Barclays was downgraded to “hold” from “buy” at HSBC.
SSP Group was added to “European Analyst Focus List” at JPMorgan.
GERMANY – AUSTRIA
ECB: Monthly indicators on government debt securities (10:00 CET)
Conference: 1st International Conference Automotive Cyber Security
HeidelbergCement announced the selling of a E1B, 7-year eurobond with a fixed coupon of 2.25% p.a., saying: “The proceeds will be utilised for general corporate purposes and especially to pre-fund the upcoming Italcementi acquisition.”
OMV AG has asked Morgan Stanley to help manage the sale of its Turkish unit OMV Petrol Ofisi AS, reported Bloomberg citing sources with knowledge of the matter.
Rational: FY results expected.
Salzgitter, Evotec: 4Q results expected.
DE – Stock/STOXX Europe 600 ratio(s) 50D MA cross over: Bayer (+3.26% to E102.5).
AT – Stock(s) 50D MA cross under: Erste Group Bank AG (-1.7% to E24.82).
Casino Group announced that it has completed the disposal of its stake in Thailand-listed Big C Supercenter to the TCC group, saying: “The disposal proceeds amount to E3.1B, allowing a E3.3B deleveraging of the Group with a capital gain of E2.4B.”
Alcatel-Lucent: S&P upgraded the Co’s rating to “BB+” from “B+”, outlook “positive”. The rating firm said: “We regard Alcatel-Lucent as a core subsidiary of Finland-based technology company Nokia Corp. (BB+/Positive/B) following the recent completion of their merger. Nokia controls about 90% of Alcatel-Lucent shares, so the ratings and outlook on Alcatel-Lucent and Alcatel-Lucent USA mirror the long-term corporate credit rating and outlook on the parent.”
Vetoquinol posted FY15 net income of E24M, down from E26M a year earlier, and EBITDA up 3.5% YoY to E51M on sales of E343M, up 8.7%. The Co proposed a dividend of E0.41 per share.
Stock/STOXX Europe 600 ratio(s) 50D MA cross under: L’Oréal (-1.67% to E156.4), Zodiac Aerospace (-2.71% to E18.34).
Stock(s) 50D MA cross over: Dassault Aviation (+1.68% to E1033.65).
SPAIN – PORTUGAL – GREECE
Repsol: S&P affirmed the Co’s rating at “BBB-“, outlook “negative”. The rating firm pointed out: “The CreditWatch resolution and affirmation reflect our belief that Repsol’s management has the capacity to meaningfully decrease debt, and is committed to doing so, through the rapid implementation of credit-enhancing measures. Repsol’s 30.01% stake in Gas Natural SDG S.A. (BBB/Stable/A-2) is a key source of financial flexibility, alongside other assets with low correlation to the oil price, and management last year issued two E1B hybrid instruments.”
EC: Europe, let’s cooperate!
Relx reported that it had bought back 175K shares at E15.2665 per share yesterday (March 21). Separately Fitch Ratings affirmed the Co’s rating at “BBB+”, outlook “stable”.
Enel Green Power reported that FY15 net income plunged 53.8% YoY to E166M and EBITDA were down 6.0% to E1.83B on revenue of E2.99B, down 0.3%.
Enel, Mediaset: FY results expected.
Stock(s) 50D MA cross over: Banca MPS (+3.95% to E0.62).
Partners Group reported that FY15 net income grew 6% to SF396M and EBITDA were up 6% to SF367M on revenue of SF619M, up 8%. The Co proposed raising dividend by 24% to SF10.50 per share. On the outlook the Co said: “The firm reconfirms expected 2016 gross client demand of E7B-9B (2015 guidance: E6B-8B), together with -E2.5B to -E3.5B in tail-down effects from the more mature Partners Group programs and potential redemptions from liquid and semi-liquid programs (2015 guidance: -E2B to -E3B).”
Baloise Holding announced that FY15 net income dropped 27.9% YoY to SF512M (EPS down to SF10.96 from SF15.15), citing non-recurring gains in the previous year. The Co proposed maintaining dividend at SF5.00 per share.
Actelion announced that authorities in Australia and New Zealand have approved the Co’s orally active selective IP prostacyclin receptor agonist Uptravi (selexipag) for the treatment of pulmonary arterial hypertension.
Stock(s) 50D MA cross under: Richemont (-1.77% to SF63.7), Swatch Group (-2.29% to SF336.9).
SCANDINAVIA – DENMARK
Genmab A/S announced the launch of clinical studies of daratumumab in combination with atezolizumab (anti-PD-L1 antibody) in a solid tumor and multiple myeloma, saying; “The studies will be conducted under a clinical trial collaboration agreement between Genmab’s licensing partner for daratumumab, Janssen Biotech, Inc., and Genentech, a member of the Roche Group.”
Banks: Nordea (-1.81% to SEK81.55) reached a new 3-month relative low against the STOXX Europe 600.
SE – Stock(s) 50D MA cross over: Unibet Group (+3.29% to SEK92.65).
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