>>> What to look at today - 18th of January 2023

Markets whipsawed Wednesday in the wake of the Bank of Japan’s policy meeting, with many Asian equity indexes swinging between gains and losses while Japanese stocks rallied alongside a sharp drop in the yen. US share futures and Treasuries reversed earlier declines and a gauge of dollar strength rose after the BOJ kept its monetary settings unchanged. The yen depreciated as much as 2.6%, the most in almost three years. The moves in Japan’s 10-year government bond yields were even more dramatic — first breaching the central bank’s 0.5% ceiling, then tumbling 15 basis points from an intraday peak. oil contracts traded higher as traders looked to a revival in Chinese demand this year after data showed the economy fared better than expected last quarter. Iron ore rose for a second day as China’s improving economic. Gold extended a drop for a third day as the dollar strengthened.  Overnight in the US, Goldman Sachs Group Inc. shares fell after the lender reported a drop in investment-banking fees in the fourth quarter. Morgan Stanley, which also reported Tuesday, was buoyed by revenues from its asset and wealth management divisions, pushing its stock higher. Overnight in the US, Goldman Sachs Group Inc. shares fell after the lender reported a drop in investment-banking fees in the fourth quarter. Morgan Stanley, which also reported Tuesday, was buoyed by revenues from its asset and wealth management divisions, pushing its stock higher. US After Hours OLED +6.3% on OLED evaluation agreement, MRNA +6.1% after RSV vaccine meets efficacy endpoints, IBKR +2.8%, UAL +1.4% on upbeat Q4 earnings; BGFV -7.7% on lackluster Q4 guidance, OLO -3.7% on COO resigning.

Nikkei +2.50% Hang Seng +0.14% CSI -0.09% Shanghai +0.10% Shenzen +0.25%

Eur$ 1.0783 CNH 6.7794 CNY 6.7774 JPY 131.10 GBP 1.2285 CHF 0.9233 RUB 68.9925 TRY 18.7845 WTI$ 81.05 +1.09% Gold 1,901.25 -0.39% BTC 21,255 -0.39% ETH 1,581 -0.02%

S&P +0.14% Nasdaq +0.18% EuroStoxx +0.31% FTSE -0.01% Dax +0.29% SMI +0.19%

Macro :
- Goldman Sees Bullish Sentiment Growing Over Non-US Assets
- Citadel Hires Ex-Balyasny, Snow Lake Managers in Asia Expansion
- BofA Stays Bullish on Asia EM Stocks as China Uncertainty Clears
- *EUROPE CAR SALES JUMP 15% IN DECEMBER LED BY GERMANY, ITALY

Keep an eye on :
- AAPL US : Apple Postpones AR Glasses, Plans Cheaper Mixed-Reality Headset
- ASM NA : ASMI Prelim 4Q Net Sales About EU720M, Est. EU634.7M
- BALN SW : Michael Mueller Named CEO of Baloise From July 1
- BARC LN : Barclays Promotes Two in Expansion of Offerings for Hedge Funds
- BARN SW : Barry Callebaut 1Q Sales Misses Estimates
- BAS GY : BASF Prelim FY Adjusted Ebit Meets Estimates
- BAS GY : BASF, Eramet Plan $2.6 Billion Nickel Smelter in Indonesia
- BNP FP : BNP to Unveil Financial Impact of Bank of West Sale on Feb 7
- BP/ LN : BP Mulls Construction of New Hydrogen Hub in Germany
- BRBY LN : *BURBERRY 3Q RETAIL COMP SALES +1%, EST. +1.43%
- CAST SS : Castellum Names Joacim Sjoeberg as Acting CEO
- CON GY : Continental Expects to See Lower-Than-Expected Cash Flow in 2022
- DMP GY : Dermapharm: FY Guidance Under ‘Significantly’ Higher Uncertainty
- DBN GY : Deutsche Bahn Is Said to Consider Reviving Sale of Arriva Unit
- DOV IM : Efesto Fund Gets More Than €400m in UTP Contributions in Italy
- ENEL IM : Enel Replaces Entire Hybrid Bond Early Amid January Credit Boom
- EQT SS : EQT FY Adjusted Ebitda Meets Estimates
- ERA FP : BASF, Eramet Plan $2.6 Billion Nickel Smelter in Indonesia
- ERICB SS : Ericsson CEO Welcomes Critic Cevian’s Bid for First Board Seat
- ERF FP : Eurofins Acquires Assets to Set up Hyderabad Laboratory Campus
- EXN FP : Exclusive Networks Appoints Nathalie Bühnemann as CFO
- FLS DC : FLSmidth Sees 2023 Revenue DKK23B to DKK24.5B, Est. DKK23.97B
- GLEN LN : Glencore Mine in Peru Faces Restricted Operations Amid Protests
- GTT FP : GTT Gets Orders for LNG Carrier, Ethane Carriers Tank Design
- INGA NA : ING Weighs Buying Controlling Stake in India’s IDBI Bank: ET
- TKWY NA : Just Eat Orders Drop in Latest Quarter Amid Online Food Slowdown
- JYSK DC : Jyske CEO Sees DKK1b Annual Boost From Takeover, Finans Says
- MRNA US : Moderna Has a Seat at the $10 Billion RSV Table: React
- PAY LN : Paypoint Gets FCA Approval of Appreciate Group Acquisition
- REP SM : Repsol 4Q Refining Margin $18.9/bbl vs $4.4/bbl Year Earlier
- CFR SW : Richemont 3Q Sales at Constant Exchange Rates Misses Estimates
- SNH GY : Pepco Group Holder Steinhoff Offers ~34.5m Shares
- TELIA SS : Telia Starts Talks With Nordic Staff to Continue Job Cuts
- TNXT IM : Tinexta Subsidiary Infocert to Acquire 65% of Ascertia in UK
- VOD LN : Emirates Telecoms Raises Stake in Vodafone Group to 12%
- VOD LN : Airtel Will Not Oppose Vodafone’s Bid To Sell Indus Stake: ET
- VOW GY : VW ESG Prospects Beset by Execution Challenges, Rocky Governance

>>> US After Hours Summary: OLED +6.3% on OLED evaluation agreement, MRNA +6.1%

After Hours Summary: OLED +6.3% on OLED evaluation agreement, MRNA +6.1% after RSV vaccine meets efficacy endpoints, IBKR +2.8%, UAL +1.4% on upbeat Q4 earnings; BGFV -7.7% on lackluster Q4 guidance, OLO -3.7% on COO resigning

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: IBKR +2.8%, UAL +1.4%, UCBI +0.9%

Companies trading higher in after hours in reaction to news: OLED +6.3% (OLED evaluation agreement with Seiko Epson), MRNA +6.1% (RSV vaccine meets efficacy endpoints), CSTL +1.5% (presents at 2023 Winter Clinical Dermatology Conference), TUSK +0.3% (subsidiary puts frac spread into operation), CLB +0.2% (reorganizing corporate structure, redomestication), LOB +0.1% (files mixed shelf)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: BGFV -7.7% (guidance), PRGS -1.9%, AUY -0.2% (Q4 and FY22 production results)

Companies trading lower in after hours in reaction to news: FULC -5.6% ($100 mln public offering), OLO -3.7% (COO to resign), QGEN -1.9% (launches EAZ2 Connect MDx), GH -1.3% (to showcase new data), PBR -0.5% (exceeds its oil and natural gas production target), BLCO -0.2% (acquires AcuFocus), KRP -0.1% (files $125 mln mixed shelf; common units by selling unitholders)

>>> US Gapping down


Gapping down
In reaction to earnings/guidance:

  • MHK -5.2% (guidance), WHR -3% (completes strategic review; issues guidance), GS -2.3%, TRV -1.5% (guidance)

Other news:

  • IQ -7.9% (proposes offering of 76500000 American Depositary Shares each representing seven Class A ordinary shares)
  • OMGA -5.5% (to Present Trial-in-Progress Poster for Phase 1/2 MYCHELANGELO I Study)
  • PTNR -3.2% (announces receiving a letter from the Ministry of Communications stating it is satisfied that the agreement with BEZEQ)
  • RIO -1.7% (reports FY22 production; Pilbara operations increased 1% yr/yr)
  • ORLA -1.2% (achieves high end of increased 2022 production guidance and provides 2023 guidance)
  • GOLD -1.2% (Q4 Gold Production) .

Analyst comments:

  • COLD -2.1% (downgraded to Hold from Buy at Truist)
  • KIM -1.6% (downgraded to Hold from Buy at Truist)
  • LGF.A -1.6% (downgraded to Hold from Buy at Truist)
  • AOS -1.1% (downgraded to Hold from Buy at Loop Capital)
  • EXR -1% (downgraded to Hold from Buy at Truist)
  • MAA -1% (downgraded to Hold from Buy at Truist)

>>> US Gapping up


Gapping up
In reaction to earnings/guidance:

  • DCFC +30.2% (guidance), ADMA +4.7% (guidance), SBNY +4.2%, SI +3%, BOOM +1.8% (CEO steps down; sees Q4 revs above expectations), PAC +0.7%, EDU +0.7%

Other news:

  • NATI +15% (Emerson (EMR) submitted a proposal to acquire NI for $53 per share in cash at an implied enterprise value of $7.6 bln)
  • IPHA +10.4% (Announces Publication of Preclinical Data with a Trifunctional NK Cell Engager in Acute Myeloid Leukemia in Nature Biotechnology)
  • CLLS +7% (Calyxt and Cibus announce the signing of a definitive merger agreement)
  • ARBE +5.9% (files for $100 mln mixed securities shelf offering)
  • ALKS +5% (Alkermes' nemvaleukin alfa (nemvaleukin) granted an Innovation Passport for the treatment of mucosal melanoma under the Innovative Licensing and Access Pathway by the UK Medicines and Healthcare products Regulatory Agency)
  • ARQT +3% (Presents New Phase 2 Long-Term Data Showing Sustained Efficacy and Clearance for a Median of 10 Months with Roflumilast Cream)
  • VTNR +2.6% (provides operational update for Q4 2022; Throughput volumes exceeded prior forecast)
  • LILM +1.4% (appoints Oliver Vogelgesang as CFO)
  • ERJ +1.3% (wins order for 15 new E195-E2 aircraft valued at $1.17 bln)
  • CGAU +1.1% (reports Q4 gold production)
  • DEO +1% (to acquire Don Papa Rum)
  • CLF +1% (increasing current spot market base prices for all carbon hot rolled cold rolled and coated steel products by a minimum of $50 per net ton effective immediately with all new order)

Analyst comments:

  • DNB +3% (upgraded to Buy from Neutral at BofA Securities)
  • CHD +1.4% (upgraded to Outperform from Neutral at Credit Suisse)
  • CDNS +1% (upgraded to Overweight from Neutral at Atlantic Equities)

>>> US Early premarket gappers


Early premarket gappers

  • Gapping up:
    • IPHA +10.1%, ARBE +5.9%, ARQT +4.8%, SBNY +3.9%, DUOL +3%, STR +2.4%, LILM +1.4%, DEO +1.4%, CGAU +1.1%, ERJ +0.9%, PAC +0.7%
  • Gapping down:
    • IQ -8.1%, FSM -4.3%, PTNR -3.4%, WHR -3.1%, RIO -2.2%, HDSN -1.1%, LUV -0.8%, EGO -0.7%, SI -0.5%

>>> Europe : Brokers Upgrades & Downgrades - 17th of January 2023

>>> Up
* Leonardo Raised to Buy at Goldman; PT 11.70 euros
* Nice Ltd ADRs Raised to Overweight at Piper Sandler; PT $227
* Piraeus Bank Raised to Buy at Goldman; PT 2.20 euros
* Swatch Raised to Buy at Jefferies; PT 370 Swiss francs

>>> Down
* Alfa Laval Cut to Hold at SEB Equities; PT 330 kronor
* CA Immo Cut to Hold at Raiffeisen Bank; PT 32.50 euros
* DuPont de Nemours Cut to Hold at Deutsche Bank; PT $80
* Konecranes Cut to Neutral at Goldman; PT 29 euros
* NCC Cut to Hold at Berenberg
* Pfizer Cut to Equal-Weight at Wells Fargo; PT $50
* Quilter Cut to Underweight at JPMorgan; PT 74 pence
* Snap Cut to Market Perform at JMP
* Tesla PT Cut to $180 from $350 at Jefferies
* Unilever Cut to Underperform at Bernstein

>>> Initiation
* ASMI Rated New Underweight at Barclays; PT 230 euros
* Coca-Cola HBC Reinstated Add at Numis; PT 2,200 pence
* Fastenal Rated New Hold at Baptista Research; PT $52.30
* Fiinu Rated New Buy at Panmure Gordon
* Infineon Rated New Overweight at Barclays; PT 47 euros
* Softcat Rated New Buy at Stifel; PT 1,500 pence
* STMicroelectronics Rated New Overweight at Barclays; PT 60 euros

>>> Call
* Barclays Prefers Infineon, STMicro Among European Chip Stocks
* Swatch Raised to Buy at Jefferies on China Consumer Recovery

>>> What to look at today - 17th of January 2023

Asian stocks and US equity futures slid as traders digested data that showed China’s economy growing at the second slowest pace since the 1970s.  An Asian equity benchmark dipped for the second day, with the Hang Seng Index down more than 1%. Contracts for the S&P 500 also fell, with US markets shut Monday. A gauge of global equities traded flat in a sign the rally that’s pushed it to the best start to a year since 1988 has stalled.
Stocks trading in Hong Kong and mainland China were mostly in the red after China said its economic growth last year slowed as Covid restrictions hammered activity. But better-than-forecast fourth quarter and December data add to optimism it may be primed for a recovery. Among those bullish on the recovery are Goldman Sachs Group Inc. and UBS Group AG as the resumption of activity in China promises to unleash over $836 billion of excess savings, and may help ease fears of a global downturn as other central banks continue to tighten policy. A plan by Chinese financial regulators and the nation’s biggest bad-debt management companies to offer support to high-quality developers may shore up positive sentiment as well. Shares rose in Japan, while the yen fell 0.2% against the dollar as traders weighed the prospects of a possible change in policy by the Bank of Japan on Wednesday. The nation’s 10-year yield climbed above the central bank’s ceiling for a third day as traders added to wagers that it will adjust its yield-curve control policy.  Activist investor Ryan Cohen took a stake in Alibaba Group Holding Ltd. and is advocating that the Chinese e-commerce company increase repurchases of its own shares. Some analysts say the move may lift foreign interest in the stock. Earnings reports from Goldman Sachs and Morgan Stanley due Tuesday will provide guidance about the health of the global economy.  Bitcoin dipped, but held above $21,000 in a sign of healthy risk appetite. Elsewhere, oil declined as investors waited for a market outlook from the Organization of Petroleum Exporting Countries that may yield clues about supply and demand in 2023. Gold slid.

Nikkei +1,26% Hang seng -1,01% CSI -0,16% Shanghai -0,25% Shenzen -0,08%

Eur$ 1,0824 CNH 6,7668 CNY 6,7623 JPY 128,71 GBP 1,2193 CHF 0,9256 RUB 68,7089 TRY 18,7906 WTI$ 79,26 -0,75% Gold 1,910,50 BTC 21,172 +0,65% ETH 1,569 -0,06%

S&P -0,325 Nasdaq -0,54% EuroStoxx -0,32% FTSE -0,02% Dax -0,32% SMI

Macro :
- China’s Better-Than-Expected GDP Fuels Hopes for Rebound
- China’s Population Starts Shrinking, First Drop Since 1960s
- Goldman, UBS Join Bullish Bets on Global Assets as China Reopens
- Wider Deficit on Higher Imports Could Hit Rupee
- European Car Sales Face 4% Drop in 2022; 2023 Outlook Brighter
- Deliveries of Russian Oil by sea increase 30% over the past week

Keep an eye on :
- ADP FP : ADP: Paris Airports 2022 Traffic at 80.2% of 2019 Levels
- AERO SW : Montana Aerospace Prelim FY Adjusted Ebitda EU115M to EU125M
- AIR FP : Arianespace Names Steven Rutgers Chief Commercial Officer
- AKSO NO : Aker Solutions Wins NOK0.5b-NOK1.5b Subsea Contract in Brazil
- BABA US : Meme Stock Icon Cohen Targets Alibaba in Rare China Activism
- AR4 GY : Aurelius to Apply to End Munich Stock Exchange Inclusion
- BANK LN : Fiinu Rated New Buy at Panmure Gordon
- EN FP : Xavier Niel Applies for French TV Frequency, Le Figaro Reports
- BRBY LN : Burberry Names Giorgio Belloli Chief Digital Customer
- DNO NO : DNO 4Q Kurdistan Gross Operated Production 107,822 Boepd
- ENX FP : Euronext Plans to Extend Clearing to Derivatives in 2024
- 3333 HK : Evergrande Is Said to Propose Two Offshore Restructuring Options
- LSEG LN : Euronext Plans to Extend Clearing to Derivatives in 2024
- FORN SW : Forbo Prelim FY Profit Misses Estimates
- BOSS GY : Hugo Boss Boosts FY Ebit Forecast, Beats Estimates
- IBE SM :
- Ionos IPO : IONOS Is Planning IPO in First Quarter of 2023 in Frankfurt
- KESKOB FH : Kesko Dec. Sales From Continuing Operations EU968.2M
- LISN SW : Lindt & Spruengli FY Operating Margin Forecast Beats Estimates
- MC FP : MS, RBC Positive on Luxury Goods Recovery in China for 2023
- MSFT US : Microsoft to Add ChatGPT to Azure Cloud Services ‘Soon’
- MNG LN : Pressure to Cut DB Pension-Fund Leverage Affects More Than Gilts
- MJH LN : Inflexion Private Equity Among Suitors for MJ Hudson Assets: Sky
- 002714 CH : Muyuan Is Said to Pick CICC, JPMorgan for $1.5 Billion GDR Sale
- NCC LN : NCC Loses Clean Sweep of Buys as Berenberg Sees Earnings Risks
- NDX1 GY : Nordex Prelim 4Q Orders 1.9 GW
- RNO FP : Renault CEO to Visit Japan This Weekend for Nissan Talks: Jiji
- RNO FP : Nissan, Renault on Track to Complete Deal to Revamp Alliance --> Nissan +2,80%
- RNO FP : Renault, Geely Seek to Bring Aramco Into Engine Venture: RTRS
- SAN SM : Santander Bets on Institutional Clients to Grow its Funds Unit
- SOL SM : Soltec Signs €100m Financing Deal for Asset Management Unit
- VOW GY : VW Sees China Market Accelerating After First Quarter
- WEW GY : Westwing Group Prelim FY 2022 GMV EU481 Million, -18% Y/Y