42% of STOXX 600 constituents traded lower yesterday.
73% of the shares trade above their 20D MA vs 73% Monday (below the 20D moving average).
43% of the shares trade above their 200D MA vs 43% Monday (above the 20D moving average).
The Euro Stoxx 50 Volatility index added 0.21pt to 22.04.
The 10yr Bund yield rose 2bps to 0.23% (above its 20D MA). The 2yr-10yr spread rose 2bps to -69bps (above its 20D MA).
SECTORS vs STOXX 600
3mths relative high: Chemicals, Construction, Industrial 3mths relative low: Travel & Leisure
No major economic data
UK – IRELAND
Royal Dutch Shell: Australia’s Woodside Petroleum announced that it and its partners (including Shell) have decided not to progress with the Browse Floating LNG project in Australia, citing “an extremely challenging external environment”.
Kingfisher, Phoenix Group: FY results expected.
Chemicals, technology and health care shares gained most in London on Tuesday.
Banks: Barclays (-2.06% to 157.2p) closed at a 3-month relative low against the STOXX Europe 600.
Industrial Goods & Services: DCC (+1.7% to 5985p) and Wolseley (+1.66% to 3928p) reached a new 3-month relative high against the STOXX Europe 600.
Technology: Micro Focus International (+4.84% to 1537p) reached a new 3-month relative high against the STOXX Europe 600.
Travel & Leisure: TUI AG (-2.79% to 975p) and Thomas Cook Group (-4.27% to 88.55p) closed at a 3-month relative low against the STOXX Europe 600.
Stock/STOXX Europe 600 ratio(s) 50D MA cross over: Halma (+1.68% to 877.5p), IG Group (+6.29% to 803p).
Serco Group and Direct Line Insurance were downgraded to “reduce” from “hold” at HSBC.
GERMANY – AUSTRIA
ECB: Press conference by Ms Nouy and Ms Lautenschläger on the occasion of the publication of the SSM Annual Report in Frankfurt, Germany (10:30 CET)
Siemens may purchase Areva’s 50% stake in Adwen, a 50-50 wind power joint venture between Areva and Spain’s Gamesa, reported German newspaper Sueddeutsche Zeitung citing sources.
Deutsche Euroshop reported that FY15 net income surged 74.3% YoY to E309M (EPS up to E5.73 from E3.29) and funds from operations (FFO) grew 2.4% to E123M (FFO per share up to E2.29 from E2.23). Net asset value (EPRA NAV) rose 18.0% to E2.11B or E39.12 per share. The Co proposed raising dividend by 3.8% to E1.35 per share. On the outlook it said: “Funds from operations (FFO) of between E2.26 and E2.30 per share are anticipated for the current financial year. The Co is then projecting a 3.5% increase for 2017, taking the figure to E2.34 to E2.38 per share.”
SGL Carbon announced that FY15 net loss widened to E295M from E247M a year earlier and recurring EBIT rose to E33M from E3M on sales of E1.32B, up 1% YoY. On the outlook the Co said: “For the current fiscal year, SGL Group anticipates a slightly declining level of Group sales, mainly due to the price pressure in the graphite electrode business, which is expected to continue. For this reason, the Co expects a marked decline in recurring Group EBIT. (…) On the whole, however, a further Group loss is anticipated, which is however expected to substantially improve over 2015.”
First Sensor, Leoni, Freenet: FY results expected.
Construction & Materials: HeidelbergCement (+1.86% to E74.58) closed at a 3-month relative high against the STOXX Europe 600.
Personal & Household Goods: Osram Licht (+1.99% to E45.13) closed at a 3-month relative high against the STOXX Europe 600.
DE – Stock/STOXX Europe 600 ratio(s) 50D MA cross over: MTU Aero Engines (+1.67% to E84.13).
DE – Stock(s) 50D MA cross under: Fraport (-2.28% to E52.34).
Bourbon Chairman Jacques de Chateauvieux may take the Co private, reported Bloomberg citing sources familiar with the situation.
Sanofi and Regeneron Pharmaceuticals announced positive topline results from a Phase 3 study for evaluating Praluent (alirocumab) in patients undergoing LDL Apheresis Therapy.
Faiveley Transport said it has obtained contracts from Alstom to supply HVAC (heating, ventilation and refrigerated ventilation) and braking systems for the new MP14 Paris metro trains. The Co added: “The contracts for the first 35 MP14 trains, each comprised of 8 cars, amount to nearly E15M with up to 217 trains to be delivered over a period of 15 years.”
Hermes: FY results expected.
Industrial Goods & Services: Safran (+1.74% to E61.85) closed at a 3-month relative high against the STOXX Europe 600.
Stock(s) 50D MA cross under: Groupe Eurotunnel (-3.75% to E9.63).
SPAIN – PORTUGAL – GREECE
Banco BPI: Moody’s placed the Bank’s “Ba3” rating on review for downgrade, saying: “The review for downgrade was triggered by increased downside risks to BPI’s credit profile, stemming from (1) the lack of visible advances in solving the Bank’s breach of the regulatory large exposure limits, in relation to its exposure to Angola (Ba2 review for downgrade), before the European Central Bank’s (ECB) imposed deadline of 10 April 2016; and (2) heightened risks associated with its Angolan exposures.”
Relx reported that it had bought back 177K shares at E15.2641 per share yesterday (March 22).
Enel reported that FY15 net income soared to E2.20B from E517M a year earlier and EBIT were up to E7.69B from E3.09B, citing lower depreciation, amortisation and impairment losses. Revenue edged down 0.2% to E75.66B. The Co proposed a dividend of E0.16 per share and confirmed its 2016 targets.
Mediaset announced that FY15 net income plunged to E4M from E24M a year earlier, citing a E25M special tax charge. Revenue was up 3.2% to E3.5B. The Co proposed maintaining dividend at E0.02 per share.
Stock(s) 50D MA cross over: Banca Popolare Di Milano (+2.97% to E0.71).
Credit Suisse said: “We are announcing an increase to our 2018 cost reduction target from SF3.5B gross savings to at least SF4.3B, driving our absolute operating cost base below SF18B by 2018. For 2016, we aim to achieve SF1.7B in cost savings. (…) We are reducing the RWA targets from $83B-$85B to $60B by end-2016. The 2016 leverage target has been reduced from $380B to $290B.”
Baloise Holding was downgraded to “neutral” from “overweight” at JPMorgan.
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