Early premarket gappers
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Gapping up:
- HA +177.4%, GERN +5.5%, APXI +5%, NSA +2.7%, SANA +2.5%, ATLX +2.5%, SPOT +1.3%, IDYA +1.2%, GDHG +1.2%, CI +1.2%
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Gapping down:
- ALK -10.7%, TRUP -8.8%, SN -4.1%, EOSE -3.4%, CLCO -2.5%, VALE -1.2%, BA -0.7%, SCHW -0.6%, BHVN -0.5%
Weekend Reading Summary
Macro Related:
- A US destroyer and several commercial ships were attacked in the Red Sea (USO, XLE). WSJ
- Supreme Court will hear case this week that could make wealth taxes unconstitutional. FT
- China borrowers are defaulting in record numbers (FXI). FT
- Israel increased attacks on southern Gaza (EIS). WSJ
Stock Specific:
- Positive views on SMCI and VRT. Barron's
- Positive views on CRL & LH. Barron's
- Positive view on RPM International (RPM). Barron's
- Positive view on Newmont (NEM). Barron's
- Positive views on CCI, AMT, SBAC. Barron's
- Positive views on HPE, CSCO, TXN, ON, NXPI, TSEM, INTC, GLW, OKTA, CIEN, IBM. Barron's
- Shortage of air traffic controllers are leading to dangerous mistakes (JETS, UAL, AAL, DAL, LUV, SAVE, HA). NY Times
- Supreme Court will hear case on if Perdue Pharmaceuticals' bankruptcy protects it against civil lawsuits from opioid crisis. The case could have implications for other companies who use bankruptcy system to shield from lawsuits (JNJ, MCK, CAH, ENDPQ, ABBV). NY Times
- Boeing (BA) eliminated from Air Force One Doomsday plane competition. Reuters
- UBS (UBS) aiming to expand in US markets. Reuters
- Toyota (TM) halts some production in its Tianjin venture. Reuters
- Cryptocurrency execs say Bitcoin could reach 100K next year (BITO, BTC, MSTR, COIN, HOOD). CNBC
>>> Up
* 3M Co Raised to Equal-Weight at Barclays; PT $107
* Ashtead Technology PT Raised to 700 pence at Berenberg (+)
* Autostore Raised to Buy at ABG; PT 23 kroner
* BBVA Raised to Outperform at KBW; PT 13 euros
* BBVA Raised to Outperform at KBW; PT 13 euros
* BFF Bank PT Raised to 13 euros from 10.50 euros at Jefferies
* Coca-Cola Europacific Raised to Buy at Goldman; PT $70
* DS Smith Raised to Overweight at Barclays; PT 360 pence
* General Motors Raised to Buy at Mizuho Securities; PT $42
* J. Martins Raised to Outperform at Bernstein; PT 26 euros
* Pan African Cut to Add at Peel Hunt; PT 20 pence
* Proximus Raised to Overweight at JPMorgan; PT 13 euros
* PVA TePla Raised to Buy at Stifel; PT 27 euros
* Rolls-Royce Raised to Overweight at JPMorgan; PT 400 pence
* Royal Unibrew Raised to Hold at Deutsche Bank (+)
* Softcat Raised to Buy at HSBC; PT 1,540 pence
* Telenor Raised to Buy at Goldman; PT 144 kroner
* Telia Raised to Buy at Goldman; PT 35 kronor
>>> Down
>>> Down
* 1&1 Cut to Neutral at Goldman; PT 20 euros
* AB InBev Cut to Hold at Deutsche Bank (+)
* Clariane SE Cut to Sell at AlphaValue/Baader
* Diageo PT Cut to 2,500 pence from 2,700 pence at RBC
* Feintool Cut to Underperform at ZKB (+)
* Freenet Cut to Neutral at Goldman; PT 29.50 euros
* Frontier Developments Cut to Hold at Jefferies; PT 170 pence
* Future PLC Cut to Underperform at Jefferies; PT 730 pence
* Glencore Cut to Equal-Weight at Barclays; PT 475 pence
* IMCD Cut to Underweight at JPMorgan; PT 120 euros
* INWIT Cut to Neutral at Goldman; PT 13.50 euros
* IPC Cut to Sector Perform at ATB Capital; PT 126.80 kronor
* Pan African Cut to Add at Peel Hunt; PT 20 pence
* Roche Cut to Sell at Intron Health; PT 200 Swiss francs
* Swisscom Cut to Underweight at JPMorgan; PT 508 Swiss francs
* Vossloh Cut to Hold at Deutsche Bank; PT 44 euros
* Wihlborgs Cut to Hold at DNB Markets; PT 90 kronor
* Wizz Air Cut to Sell at Deutsche Bank; PT 1,550 pence
>>> Initiation
* Wizz Air Cut to Sell at Deutsche Bank; PT 1,550 pence
>>> Initiation
* ArcelorMittal Reinstated Buy at Jefferies; PT 33 euros
* Coca-Cola Femsa ADRs Rated New Buy at Jefferies; PT $100.58
* Fortnox Rated New Buy at Jefferies; PT 70 kronor
* GBL Resumed Neutral at Citi; PT 78 euros (+)
* Salzgitter Reinstated Hold at Jefferies; PT 30 euros
* Schott Pharma Rated New Equal-Weight at Barclays; PT 30 euros
* SSAB Reinstated Hold at Jefferies; PT 78 kronor
* Tecan Rated New Equal-Weight at Morgan Stanley
* Veolia Rated New Buy at Intesa Sanpaolo; PT 34.70 euros (+)
* Voestalpine Reinstated Hold at Jefferies; PT 29.50 euros
>>> Call
* Voestalpine Reinstated Hold at Jefferies; PT 29.50 euros
>>> Call
* ArcelorMittal Is Preferred European Steel Name at Jefferies
* BBVA Raised to Outperform at KBW With New Street-High Target (+)
* JPMorgan Strategists Warn Market Already Pricing in Soft Landing (+)
* Roche Eyes Obesity Market Opportunity With Carmot Deal: Vontobel (+)
* Tecan New Equal-Weight at Morgan Stanley on Near-Term Risks
* Tecan New Equal-Weight at Morgan Stanley on Near-Term Risks
- Orange (FTE TH) +4.1%
- Rolls-Royce (RRU TH) +3.8%
- Orsted (D2G TH) +2.5%
- Ørsted Kicks Off Construction of Carbon Capture Project in Denmark
- Rubis (BYN TH) +2.3%
- Worldline (WO6 TH) +2.2%
- CaixaBank (48CA TH) +2.1%
- Coloplast (CBHD TH) +1.6%
- Burberry (BB2 TH) +1.4%
- Solvay (SOL TH) +1.3%
- BAE (BSP TH) +1.2%
- Shell (R6C0 TH) -1.1%
- TotalEnergies (TOTB TH) -1.1%
- Glencore (8GC TH) -1.1%
- Ryanair (RY4C TH) -1.2%
- Ryanair Nov. Load Factor 92%
- Nokia (NOA3 TH) -1.3%
- Anglo American (NGLB TH) -1.3%
- Iron Ore Extends Weekly Decline With Demand Outlook Uncertain
- Freenet (FNTN TH) -1.4%
- Freenet Cut to Neutral at Goldman; PT 29.50 euros
- Leonardo (FMNB TH) -1.4%
- UPM-Kymmene (RPL TH) -1.4%
- ASMI (AVS TH) -1.6%
DAX:
- Siemens Energy (ENR TH) +1.4%
- Rheinmetall (RHM TH) +1.1%
MDAX:
- RTL (RRTL TH) +0.9%
- Freenet (FNTN TH) -1.1%
- Freenet Cut to Neutral at Goldman; PT 29.50 euros
- United Internet (UTDI TH) -1.3%
SDAX:
- PVA TePla (TPE TH) +3.5%
- PVA TePla Raised to Buy at Stifel; PT 27 euros
- Suess MicroTec (SMHN TH) -1.5%
- Vossloh (VOS TH) -2.2%
- Vossloh Cut to Hold at Deutsche Bank; PT 44 euros
- Kontron (KTN TH) -3.3%
- 1&1 (DRI TH) -3.7%
- 1&1 Cut to Neutral at Goldman; PT 20 euros
Treasuries slipped and gold fell from session highs on Monday, as markets pared some of the Friday moves that defied Federal Reserve Chair Jerome Powell’s reminder that policymakers are in no hurry to cut interest rates. Yields rose across tenors in Treasuries, with those of the benchmark 10-year trading around 4.25%. US government bonds had rallied Friday as swaps priced in a reduction by May, even after Powell said the central bank is ready to hike further if needed, while also noting that policy is “well into restrictive territory.” Meanwhile, gold slipped from earlier intraday highs, trading around $2,085.34 an ounce and still on track for a record close. Bitcoin climbed nearly 3% to the highest since April 2022, continuing its multi-month rise on expectations of new exchange-traded fund approvals in the US. Asian shares were mixed, with gains in Australian and Korean stocks, while Japanese equities fell. S&P 500 futures were steady. Hong Kong and mainland China stocks were on the back foot. Shares of distressed developer China Evergrande Group, however, surged as much as 22% after a Hong Kong court again postponed a decision on whether the world’s most-indebted property developer should be wound up.
Oil traded lower amid sustained skepticism that the latest supply cuts by OPEC+ will turn the market’s tide. This week, traders will be monitoring for clues to the health of the global economy with Australian growth, Chinese inflation and US non-farm payrolls data all due. The Reserve Bank of Australia is expected to sound hawkish as it keeps its rate on hold on Tuesday after governor Michele Bullock warned inflation is now homegrown. While the cooler-than-expected inflation will keep the RBA on hold, “sticky ‘homegrown’ services inflation will ensure a tightening bias is retained,” Tony Sycamore, an analyst at IG Group in Sydney, wrote in a note to clients. “A rate hike in February hinges on the outcome of the December quarter inflation due for release in late January.” US airline stocks will be in focus when Wall Street reopens Monday after Alaska Air Group Inc agreed to buy rival Hawaiian Holdings Inc.’s Hawaiian Airlines in a deal valued at $1.9 billion. Investors will also keep watch on geopolitical tensions in the Middle East. Israel has resumed its military operation in Gaza, a US warship was attacked in the Red Sea and Houthi rebels in Yemen said they had carried out operations against two Israeli ships.
Nikkei -0.60% Hang Seng -0.57% CSI -0.51% Shanghai -0.18% Shenzen -0.22%
Eur$ 1.0869 CNH 7.1421 CNY 7.1386 JPY 146.75 GBP 1.2675 CHF 0.8711 RUB 91.0267 TRY 28.9440 WTI$ 73.86 -0.82% Gold 2,076 +0.17% BTC 41,418 +4.25% ETH 2,250 +3%
S&P -0.18% Nasdaq -0.32% EuroStoxx +0.03% FTSE -0.15% Dax +0.14% SMI +0.05%
Macro :
- Bitcoin Hits $40,000 Level for the First Time Since May 2022
- Europe’s €460 Billion China Exposure Faces Early 2024 Test
- US Approves $2 Billion Sale of Military Devices to Australia
- US Approves $2 Billion Sale of Military Devices to Australia
- Stoxx Europe 600 Replaces 7 Companies (Adevinta, Cranswick, BCO Comercial Portugues, Swissquote ‘R’,Zealand Pharma, Vallourec and Tag Immobilien were added Ams-Osram, Energean, Nordic Semiconductor, Nel, Kindred Group, Genus and CNH Industrial were deleted)
Keep an eye on :
- AC FP : Saudi Arabia Buys 49% of Rocco Forte’s Luxury Hotel Chain: FT
- AIR FP : Airbus notched a single order this year for its worst-selling plane
- ALO FP : Worldline, Alstom May Exit CAC 40 in Review, Les Echos Says
- BA US : Boeing Cut From US Air Force ‘Doomsday Plane’ Competition: Rtrs
- CON GY : Continental Under Pressure to Find EV Path After Stumbles
- DHL GY : Teamsters Union Authorizes Strike at DHL Cincinnati Hub
- ELI BB : Elia Group to Buy 35.1% Stake in energyRe Giga
- 3333 HK : Evergrande Faces Final Chance to Avoid Liquidation by HK Court
- 3333 HK : Evergrande Winding-up Hearing in Hong Kong Adjourned to Jan. 29
- FTCH US : Point72 Reports 5.3% Passive Stake in Farfetch
- FLTR LN : Wolters Kluwer to Replace Flutter Entertainment on Euro Stoxx 50
- GAZP RM : Russian Gas Glut Shows Austria Still in Kremlin’s Energy Orbit
- HHFA GY : Tokyo to Launch Hydrogen Trading Market, Governor Says: Asahi
- HYL BB : Hyloris Says Partner Padagis Got US FDA Approval for Podofilox
- NOVOB DC : $11 Billion Obesity Market in 2024? Novo to Lead as Lilly Debuts
- PHNX LN : Phoenix Group Reports IPO on Abu Dhabi Securities Exchange
- RIO LN : Rio Tinto Approves New Solar Farm to Power Amrun Bauxite Ops
- ROG SW : Roche to Buy Carmot Therapeutics for Up to $3.1B
- RWE GY : RWE CEO Says Europe Still Vulnerable to Gas Supply Shocks: FT
- LOCAL FP : Solocal Seeks Bondholder Approval to Postpone Coupon Payment
- STJ LN : Somerset Assets Plunge as St. James’s Place Cuts Ties, FT Says
- SHLN SW : Swiss Life Says Matthias Aellig to Succeed Patrick Frost as CEO
- TKO FP : Tikehau to Invest in Japan Energy Transition, Cybersecurity
- UBSG SW : UBS’s Ermotti to Find Potential Successor Within Three Years
- UBSG SW : UBS Sells Credit Suisse Jet Used by Ex-Chair Horta-Osorio: FT
- VWS DC : Vestas Agrees to Expand DTEK’s Onshore Wind Farm in Ukraine
- WEN US : Activist Blackwells Said to Push for Wendy’s Board Changes
- WKL NA : Wolters Kluwer to Replace Flutter Entertainment on Euro Stoxx 50
- WLN FP : Worldline, Alstom May Exit CAC 40 in Review, Les Echos Says