- Elia Group (E4S TH) +2.1%
- NN Group (2NN TH) +1.8%
- Siemens Energy (ENR TH) +1.8%
- Siemens Energy Sees Gains in 2024 Driven by Asset Sales (1)
- Vodafone (VODI TH) +1.8%
- Glencore (8GC TH) +1.3%
- ASR Nederland (A16 TH) +1.2%
- Siemens (SIE TH) +1%
- Siemens Energy Sees Gains in 2024 Driven by Asset Sales (1)
- Diageo (GUI TH) +1%
- Rio Tinto (RIO1 TH) +0.7%
- Infineon (IFX TH) +0.6%
- Infineon Sees 2024 Segment Result Margin About 24%, Est. 24.6%
- GEA Group (G1A TH) -0.7%
- Fresenius Medical (FME TH) -0.8%
- Hermes (HMI TH) -0.8%
- Ahold Delhaize (AHOG TH) -0.9%
- Ahold Delhaize Lacks Catalysts, Morgan Stanley Downgrades
- Nibe (NJB TH) -1.7%
- Nibe 3Q Operating Profit Misses Estimates
DAX:
- Siemens Energy (ENR TH) +2.3%
- Siemens Energy Sees Gains in 2024 Driven by Asset Sales
- Siemens (SIE TH) +1.1%
- Infineon (IFX TH) +0.9%
- *INFINEON SEES 2024 SEGMENT RESULT MARGIN ABOUT 24%, EST. 24.6%
MDAX:
- Delivery Hero (DHER TH) +1.4%
- Nordex (NDX1 TH) +1.3%
SDAX:
- Ceconomy (CEC TH) +12%
- China’s JD.com Shows Interest in Ceconomy Stake: Manager Magazin
- SFC Energy (F3C TH) +5.1%
- Thyssenkrupp Nucera AG & Co KGaa (NCH2 TH) +3.1%
- Dermapharm (DMP TH) +2.1%
- Dermapharm 9M Adjusted Ebitda EU243.8M
- Aroundtown (AT1 TH) -1%
- Heidelberger Druck (HDD TH) -1.1%
- KWS Saat (KWS TH) -1.5%
>>> Up
* CaixaBank Raised to Outperform at KBW; PT 5.93 euros
* Compass Group Raised to Buy at Deutsche Bank; PT 2,400 pence
* Elia Group Raised to Buy at Citi; PT 112 euros
* Oxford Instruments Raised to Buy at HSBC; PT 2,440 pence
* Sobi PT Raised to 325 kronor from 310 kronor at RBC
* UniCredit Raised to Buy at AlphaValue/Baader
>>> Down
* UniCredit Raised to Buy at AlphaValue/Baader
>>> Down
* Ahold Delhaize Cut to Equal-Weight at Morgan Stanley
* Banco BPM Cut to Market Perform at KBW; PT 7.21 euros
* BayWa Cut to Hold at DZ Bank; PT 37 euros
* BayWa Cut to Hold at DZ Bank; PT 37 euros
* Beauty Health Cut to Hold at Jefferies; PT $1.50
* Entain Cut to Hold at CBRE Research
* Horizonte Minerals Cut to Hold at Cantor; PT 45 pence
* Reply Cut to Hold at SocGen; PT 112 euros
* Sabaf Cut to Neutral at Mediobanca SpA; PT 18.70 euros
>>> Initiation
* American Express Rated New Overweight at Barclays; PT $184
>>> Initiation
* American Express Rated New Overweight at Barclays; PT $184
* ASR Nederland Reinstated Buy at Goldman; PT 49.50 euros
* Washtec Rated New Buy at Berenberg; PT 43 euros
>>> Call
* Ahold Delhaize Lacks Catalysts, Morgan Stanley Downgrades
>>> Call
* Ahold Delhaize Lacks Catalysts, Morgan Stanley Downgrades
* Elia Raised to Buy at Citi Following Belgium Tariff Approval
* Sobi PT Boosted to Street-High at RBC After Strong Third Quarter
* Washtec New Buy at Berenberg on Capital Return, Cash Generation
Stocks and currencies in Asia rallied after an unexpected inflation slowdown bolstered bets that the Federal Reserve’s aggressive hiking cycle is over. Treasuries extended their advance. MSCI Inc.’s Asia Pacific Index jumped about 2%, with all markets in the green. Futures for US stocks also advanced after the S&P 500 climbed the most since April. South Korea’s won led gains among Asian currencies. The offshore yuan strengthened to its highest since August. Traders are now gearing up for what may be a fundamental shift in the investment landscape. Fed swaps indicate the odds of another hike have fallen to almost zero — with the market pricing in a 50 basis-point rate cut by July. Fed officials welcomed the latest data showing receding inflation, while adding that there’s still a ways to go before it reaches the central bank’s 2% target. Sentiment was further supported by the Chinese central bank’s decision to inject the largest amount of cash since 2016 into the banking system as it sought to boost growth, while maintaining the rate on one-year policy loans. The latest economic report pointed to a mixed recovery in China, with retail sales beating estimates but the contraction in property investment deepening. The meeting between Chinese President Xi Jinping and his US counterpart Joe Biden is also closely watched for potential thawing of tensions. Tencent Holdings Ltd. reports earnings later in the day. The ten-year Treasury yield fell another 2 basis points, adding to Tuesday’s 19 basis point plunge. Australian and New Zealand bonds rallied while Japan’s 10-year yield slipped to the lowest level in a month. The dollar extended its weakness in Asia after declining 1.2%, its biggest drop in a year. The yen fell, partly unwinding its strong rally seen in the previous day. The Japanese currency remained on the back foot after the nation’s third-quarter economic growth shrank. Equities have rallied in November on bets the Fed is done with rate hikes, with the S&P 500 up more than 7% in the span — and heading toward its best month since October 2022. Tesla Inc. led gains in megacaps on Tuesday and Nvidia Corp. rallied for a 10th straight session. Investors also turned the most bullish on bonds since the global financial crisis amid “big conviction” that rates will move lower in 2024, according to the latest Bank of America Corp. fund manager survey. Meanwhile, US Houselawmakers overcame partisan animosity Tuesday to pass a temporary government funding bill that greatly lowers the risk of a shutdown. The legislation now goes to the Senate where majority Democrats are expected to back it, even though it doesn’t include the Ukraine and Israel aid they support. Oil steadied after a short-lived relief rally as the market digested differing views on the supply and demand outlooks. Gold edged higher. US After Hours Pretty quiet after hours; ALC -4.6% lower on earnings, also VREX -10.3%, GETY -6.3%, NU -2.7%; ARCT +14.2%, DADA +2.7% higher on earnings.
Nikkei +2.52% Hang Seng +3.59% CSI +0.61% Shanghai +0.47% Shenzen +0.58%
Eur$ 1.0875 CNH 7.2469 CNY 7.2434 JPY 150.69 GBP 1.2489 CHF 0.8888 RUB 90.6067 TRY 28.6464 WTI$ 78.62 +0.46% Gold 1,967 +0.13% BTC 35,620 +0.10% ETH 1,985 +0.16%
S&P +0.31% Nasdaq +0.35% EuroStoxx +0.12% FTSE +0.24% Dax +0.10% SMI +0.27%
Macro :
- Elliott’s Top London Trader Bayliss Left Firm This Month: FT
- Hedge Funds Add Amazon, Meta, Cut TSMC: 13F Wrap
- Plans for London’s Largest Development Project Shrink Again
- European Travel, Leisure EPS Momentum Faces Myriad Challenges
Keep an eye on :
Keep an eye on :
- AGFB BB : Agfa-Gevaert 3Q Revenue Misses Estimates
- AIR FP : Airbus Nears Accord with Ethiopian for Widebody Aircraft
- AIR FP : Airbus Nears Accord with Ethiopian for Widebody Aircraft
- AKSO NO : Aker Solutions Wins Norfolk Vanguard East Offshore Wind Contract
- ALB US : Billionaire Lithium Crashers Hamper Australian Deals, Miners Say
- ALKB DC : ALK-Abello 3Q Ebitda Beats Estimates
- ALSN SW ; Also to Buy Target Holding GmbH; No Terms
- ALO FP : Alstom Charts Cost-Cutting Course to Slash €2 Billion in Debt
- ALL LN : Atlantic Lithium Rejects Major Holder Assore’s Non-Binding Bid
- ASML NA : Samsung Electronics Sold 1.17m Shares of ASML in 3Q (Nov. 14)
- AUSS NO : Austevoll Seafood 3Q Ebit NOK592M
- BARC LN : Barclays Starts Marketing Dollar AT1 Bond After UBS Issuance
- BONAVA SS : Bonava 3Q Adjusted Operating Profit SEK32M
- CLI LN : CLS Holdings Sees Earnings in Line With Expectations
- COFA FP : Coface 9M Revenue Misses Estimates
- DMP GY : Dermapharm 9M Adjusted Ebitda EU243.8M
- DFDS DC : DFDS Narrows FY Ebitda Before Significant Items Forecast
- ENEL IM : Italy’s Enel Picks HSBC to Sell India Green Portfolio: Mint
- FCT IM : Fincantieri 9M Revenue EU5.38B Vs. EU5.32B Y/y
- GLEN LN : Canada to ‘Carefully’ Review Glencore Deal for Teck’s Coal
- GCY GY : Grand City Properties 9M Adjusted Ebitda EU240M
- HOLN SW : Holcim Agrees to Divest Businesses in Uganda, Tanzania
- HUDL NO : Huddlestock Fintech Cancels Planned Subsequent Share Offering
- IFX GY : Infineon 4Q Revenue Beats Estimates, Infineon Sees 2024 Segment Result Margin About 24%, Est. 24.6%
- 992 HK : Lenovo Profit Likely Fell Sharply in Weak PC Market: Preview
- MC FP : Lanvin Group Rises 29%, Most Since Dec. 27: Chinese US Listings
- LSG NO : Leroy 3Q Operational Ebit Misses Estimates
- MANU US : Billionaire Leon Cooperman Takes Stake in Manchester United
- MELE BB : Melexis Owners Rearrange Holding Structure (Nov. 14)
- MSFT US : OpenAI’s Altman Says Pausing New ChatGPT Plus Sign-ups
- NHY NO : Norsk Hydro Received Notice of Markbygden Ett Reorganization
- QFUEL NO : QUANTAFUEL AS 3Q Ebitda Loss NOK76.8M Vs. Loss NOK63.9M Y/y
- RWAY IM : *RAI WAY, EI TOWERS ADVISERS RESUME DEAL TALKS: STAMPA
- RECSI NO : REC Silicon 3Q Ebitda Loss $17.8M Vs. Loss $8.5M Q/Q
- RNO FP : Nissan Finance Boosts Stake in Renault to 15%: AMF
- RNO FP : *RENAULT STILL TARGETS 1H24 FOR AMPERE IPO Renault’s Ampere Sees >10% Profit Margin from 2030 Onwards
- ENR GY : Siemens Energy Sees Fiscal 2024 Net Income of Up to €1b, Siemens Energy Sees Profit in 2024 After Government Intervention
- ENR GY : Siemens, Siemens Energy to Demerge India Business Until 2025
- SIE GY : Siemens, Siemens Energy to Demerge India Business Until 2025
- SOW GY : SoftwareONE 3Q Adjusted Ebitda Margin 20.5%
- SYNT LN : Synthomer Says Performance is Consistent With Expectations
- TIP IM : Tamburi 9M Total Revenue EU1.18M
- TPRO IM : Technoprobe Approves €384.7M Capital Raise for Teradyne
- TTE FP : TotalEnergies Texas FCC Work to Continue to Late Nov.: Reuters
- YPSN SW : Ypsomed 1H Ebit Beats Estimates
China’s economy boosted by stronger retail sales and industrial activity
Property sector and fixed-asset investment disappoint as data release points to mixed picture for recovery
China’s consumer and industrial activity expanded faster than expected in October, adding to hopes of improvement as the economy continues to grapple with a property slowdown, weak trade and an incomplete recovery from the coronavirus pandemic.
Retail sales expanded 7.6 per cent year on year last month, according to official statistics released on Wednesday, compared with forecasts of 7 per cent in a Reuters poll of economists and up from a 5.5 per cent increase in September.
Industrial production climbed 4.6 per cent, marginally exceeding expectations of a 4.4 per cent rise and a 4.5 per cent increase in September as it notched its fastest growth since April.
The monthly gauges, which benefited from a comparison with the final stages of China’s restrictive zero-Covid policy last year, were closely watched for signs of a turnaround in the world’s second-largest economy.
China has suffered from disappointing data this year, with weakness in trade, manufacturing, foreign direct investment and a property sector slowdown compounding pessimism despite authorities lifting pandemic restrictions in January. Authorities in August announced they would cease publishing youth unemployment figures, which had hit record levels.
The indicators published on Wednesday also reflected a mixed picture, with fixed-asset investment missing expectations, rising just 2.9 per cent in the year to October, compared with 3.1 per cent in the year to September.
A spokesperson for China’s National Bureau of Statistics said domestic demand was “still not sufficient” and that manufacturers faced low market demand.
The official purchasing managers’ index showed factory activity unexpectedly contracted last month, while the economy edged back into deflation due to falling pork prices.
China’s deeply indebted real estate sector, which has for two years endured a wave of developer defaults and construction delays, remained under pressure in October, with property sales by floor area falling 7.8 per cent, compared with a 7.5 per cent decline in the year to September.
“Once again, there was a divergence between general activity, which moved forward, and anything property related, which continued to flounder,” wrote Robert Carnell, regional head of Asia-Pacific research at ING in a note.
The drawn-out default of Country Garden, once China’s largest private developer by sales, has in recent months added to pressure on policymakers, who have already set the annual target for gross domestic product growth at its lowest in decades, at 5 per cent.
Beijing has stopped short of directly bailing out the property sector, though it has cut important borrowing rates and eased restrictions on real estate purchases. Local governments have also come under pressure to provide liquidity to developers for incomplete housing projects.
The IMF last week raised its annual growth forecast for China to 5.4 per cent, citing policy support for the property market.
In a further signal of China’s fragile consumer appetite, a major online shopping festival this month recorded the weakest growth since data collection began in 2010, according to HSBC analysts.
The total merchandise value of sales for the Singles’ Day shopping holiday on November 11, when online platforms offer steep discounts, rose just 2.1 per cent to Rmb1.14tn ($157bn).
Baupost Group (Seth Klarman) discloses updated portfolio positions in 13F filing: New CLVT TSEM J positions, Exited AMZN UNP
Highlights from Q3 2023 filing as compared to Q2 2023:
- New positions in: CLVT (~22.5 mln shares), TSEM (~2.85 mln), J (~0.49 mln)
- Increased positions in: CRH (to ~3.35 mln shares from ~0.06 mln shares), DG (to ~0.9 mln from ~0.2 mln), WTW (to ~1.6 mln from ~0.9 mln), FIS (to ~6.96 mln from ~6.78 mln)
- Maintained positions in: VRTV (~3.3 mln shares)
- Closed positions in: AMZN (from ~1 mln shares), UNP (from ~0.2 mln)
- Decreased positions in: GTX (to ~6 mln shares from ~26 mln shares), ADV (to ~6.15 mln from ~10.65 mln), EDU (to ~1 mln from ~4 mln), QRVO (to ~0.9 mln from ~2.6 mln), SSNC (to ~2.3 mln from ~3.7 mln), TMQ (to ~2.3 mln from ~3.4 mln), GOOG (to ~3.8 mln from ~4.1 mln), HLF (to ~1.7 mln from ~1.95 mln)
D1 Capital discloses updated portfolio positions in 13F filing: New NU CART INVH PM AMZN CRM LVS positions, Exited AVB MAA UNH PNC LULU
Highlights from Q3 2023 filing as compared to Q2 2023:
- New positions in: NU (~39.7 mln shares), CART (~28.9 mln), INVH (~8.7 mln), PM (~3.1 mln), LVS (~1.58 mln), ENTG (~1.2 mln), AMZN (~0.9 mln), YUM (900K), CRM (195K), MDB (105K)
- Increased positions in: HDB (to ~4.2 mln shares from ~2.98 mln shares), GE (to ~2.65 mln from ~1.46 mln), PODD (to ~1.82 mln from ~0.72 mln), META (to ~1.7 mln from ~0.76 mln), SQ (to ~2.37 mln from ~1.52 mln), MSFT (to ~1.71 mln from ~0.96 mln), VVV (to ~3.29 mln from ~2.6 mln) ELV (to ~0.96 mln from ~0.69 mln), APD (to ~0.2 mln from ~0.13 mln), NVDA (to ~0.15 mln from ~0.14 mln)
- Maintained positions in: WRBY (~14.9 mln shares), TPX (~9.46 mln)
- Closed positions in: AVB (from ~0.81 mln shares), MAA (from ~0.67 mln), UNH (from ~0.5 mln), PNC (from ~0.4 mln), SUI (from ~0.38 mln), LULU (from ~0.37 mln), TKO (from ~0.26 mln), DDOG (from ~0.23 mln), HOOD (from ~0.2 mln), SNOW (from ~0.19 mln), AMD (160K)
- Decreased positions in: DLO (to ~2.74 mln shares from ~5.37 mln shares), HLT (to ~0.68 mln from ~2.05 mln), CPT (to ~1.63 mln from ~2.74 mln), GOOGL (to ~1.46 mln from ~2.29 mln), PCOR (to ~0.81 mln from ~1.27 mln), RIVN (to ~13.48 mln from ~13.91 mln), EQR (to ~2.65 mln from ~2.94 mln), V (to ~0.65 mln from ~0.73 mln), RH (to ~0.33 mln from ~0.36 mln)