>>> US Early premarket gappers

Early premarket gappers

  • Gapping up:
    • NFLX +13.4%, SRNE +11.3%, PSO +7.4%, PCAR +6.5%, HSTM +3.5%, EXPI +2.9%, DIS +2.6%, BHP +1.9%, IDEX +1.8%, FULC +1.8%, CFG +1.6%, ACRS +1.5%, ROKU +1.4%, ZION +1.3%, FAST +1%, EBAY +0.9%, IAG +0.9%, SSRM +0.8%, TCRR +0.7%, ASML +0.7%, AZEK +0.6%
  • Gapping down:
    • GEVO -21.8%, ACRX -11.5%, BNGO -10.6%, PERI -8.3%, MRUS -6.1%, LAC -6%, CTMX -4%, JBHT -3.7%, CYRX -3.4%, SYRS -2.9%, UCBI -2.1%, PASG -1.9%, CRSR -1.8%, FULT -1.4%, PUMP -1.1%, USFD -1%, BK -0.7%, IBKR -0.6%

FT : BioNTech vaccine found effective against Covid-19 variant

BioNTech vaccine found effective against Covid-19 variant
Laboratory-based study shows mutations were neutralised by antibodies in blood of vaccinated patients

The Covid-19 vaccine developed by BioNTech and Pfizer is likely to be as effective against a rapidly spreading strain of the virus that was first discovered in the UK, a laboratory-based study by the companies has shown.

The variant, known as B.1.1.7, has a high number of mutations, which has led to concerns that could bypass the immune defences built up by vaccines being rolled out worldwide, a large proportion of which have been made by BioNTech and Pfizer.

However, researchers at BioNTech’s headquarters in Mainz found that a test-tube version of the virus carrying all the new strain’s mutations was neutralised by antibodies in the blood of 16 patients who had received the vaccine in previous trials, half of whom were over 55 years old.

In a paper that has yet to be peer-reviewed, the companies said there was “no biologically significant difference in neutralisation activity” between the results of the lab tests on surrogate versions of the original strain of the coronavirus, sequenced in China last January, and the new variant.

But the authors warned that the “ongoing evolution of Sars-Cov-2 necessitated continuous monitoring of the significance of changes for maintained protection by currently authorised vaccines”.

The test is the first of its kind to be completed by a major vaccine maker, as companies rush to check their jabs hold up against the new variant.

Pfizer and researchers at the University of Texas had already checked it against one of the most worrying changes in the new variant that emerged in the UK and South Africa, in a lab study published earlier this month.

Moderna and Oxford/AstraZeneca, which are both in the process of testing their vaccines, have previously said they expected their jabs to protect against B.1.1.7.

But a group of scientists in South Africa have warned that vaccines could be less effective against the 501Y.V2 strain that is driving a second wave of Covid-19 infections there, because it has an extra mutation in a key part of the spike protein that the virus uses to enter human cells.

A study of serum from 44 South Africans, who had previously been infected with earlier versions of the Sars CoV-2 virus, found that 90 per cent were not fully protected against the new variant — and the antibodies in about half the sample were not at all protective.

Salim Abdool Karim, chief adviser to the South African government on Covid-19, said: “Vaccine antibodies are different and may or may not be impacted. We have no empirical evidence yet on whether vaccines are effective against the 501Y.V2 variant. Studies are under way.”

Even if vaccines still work well against the current variants, vaccine makers and regulators are starting to prepare for the virus to mutate further.

If vaccines become significantly less effective, the companies will need to adapt their formulations and manufacture new batches. BioNTech’s researchers said that unlike longstanding flu jabs, the point at which the shot would have to be tweaked to fight any new strain “has not been established for Covid-19 vaccines”.

Previously, BioNTech has said that it could tweak its vaccine to tackle a new strain in roughly six weeks. But it would be up to regulators to decide what evidence they will require to be satisfied that a modified product is safe and effective, and whether they will necessitate further clinical trials.

FT : Burberry leaves forecast unchanged as pandemic forces store closures

Burberry leaves forecast unchanged as pandemic forces store closures
Coronavirus restrictions shut 15% of stores worldwide but Asia shows some recovery

Burberry left its financial forecasts unchanged after reporting a 9 per cent decline in same-store sales during the third quarter.

The British luxury goods group, which is moving further upmarket under Italian chief executive Marco Gobbetti, said more than a third of stores worldwide are subject to reduced opening hours or other operating restrictions and 15 per cent of them are closed altogether.

Mr Gobbetti said the group’s new collections “resonated well with new, younger clientele as well as existing customers” and that “localised plans and digital capabilities helped drive growth in rebounding markets”.

“While the short-term outlook remains uncertain due to Covid-19, we are well placed to accelerate when the pandemic eases,” he added.

Gross margins benefited from Burberry’s increased focus on full-price sales and lower levels of markdown, but this was offset by lower tourist traffic in key world cities and coronavirus-related restrictions.

Sales growth was strongest in Asia-Pacific, where the recovery from the Covid-19 pandemic has been more consistent and same-store sales rose 11 per cent with “strong double-digit growth” in mainland China.

Revenue was down 8 per cent in the Americas and down 37 per cent in Europe and the Middle East, reflecting much lower tourist demand and higher levels of store closures.

Burberry said it expected a “modest increase in border trade compliance costs as well as some incremental duty under the rules of origin” as a result of the UK/EU trade agreement signed in December.

But it warned that it was “looking at ways to mitigate” the impact of the UK government’s decision to scrap the VAT retail export scheme, which allowed non-EU tourists to reclaim VAT.

>>> Stoxx 600 PRe-MArket Indications

  • ASML (ASME TH) +4.6%
    • ASML 1Q Net Sales Forecast Beats Estimates
  • Reckitt (3RB TH) +2.7%
  • Kion (KGX TH) +1.7%
    • Kion Raised to Buy at Stifel; PT 85 euros
  • BP (BPE5 TH) +1.5%
  • Orsted (D2G TH) +1.5%
  • Infineon (IFX TH) +1.3%
  • MorphoSys (MOR TH) +1.3%
  • Orange (FTE TH) +1.2%
  • TeamViewer (TMV TH) +1.2%
  • LEG Immobilien (LEG TH) +1.2%
  • Rational (RAA TH) -0.6%
  • National Grid (NNGF TH) -0.8%
  • Evonik (EVK TH) -0.9%
  • IAG (INR TH) -1.3%
    • British Airways Owner Wins Air Europa Price Cut to $600 Million
  • ProSieben (PSM TH) -1.5%
    • Netflix Soars After Subscriptions Blow Past 200 Million (3)

>>> TradeGate PRe-MArket Indications

DAX:
Infineon (IFX TH) +1.4%
ASML Sales Burst Past Estimates After Chip Boom Continues
Fresenius SE (FRE TH) +0.8%
Daimler (DAI TH) +0.7%
Mercedes Joins Tesla, VW in Compact Electric-Car Race
VW (VOW3 TH) +0.6%
MDAX:
Kion (KGX TH) +2.1%
Kion Raised to Buy at Stifel; PT 85 euros
Aixtron (AIXA TH) +1.6%
ASML Sales Burst Past Estimates After Chip Boom Continues
MorphoSys (MOR TH) +1.2%
Fraport (FRA TH) +1.2%
Telefonica Deutschland (O2D TH) +1.1%
Logitech Reverses, Telefonica Deutschland Payout: EMEA Tech Wrap
Evonik (EVK TH) -0.7%
ProSieben (PSM TH) -1.3%
SDAX:
Hensoldt AG (HAG TH) +3.4%
LPKF (LPK TH) +3.2%
Corestate (CCAP TH) +3%
Home24 (H24 TH) +1.5%
Eckert & Ziegler Strahlen- und Medizintechnik AG (EUZ TH) +1.4%
Bilfinger (GBF TH) -0.6%
Bilfinger Says CEO Tom Blades Won’t Extend His Contract
Suedzucker (SZU TH) -0.7%
Borussia Dortmund (BVB TH) -2.5%

>>> Europe : Brokers Upgrades & Downgrades - 20th of January 2021

>>> Up
* AJ Bell Raised to Hold at Berenberg; PT 400 pence
* Alstom Raised to Buy at Jefferies; PT 55 euros
* Boeing Raised to Hold at Berenberg; PT $215
* Coloplast Raised to Hold at Berenberg; PT 870 kroner
* Diploma Raised to Buy at Berenberg; PT 2,475 pence
* Flow Traders Raised to Outperform at Exane; PT 32 euros
* GEA Group Raised to Buy at Stifel; PT 35 euros
* Hollywood Bowl Raised to Add at Peel Hunt
* Kion Raised to Buy at Stifel; PT 85 euros
* Netflix PT Raised to $700 from $650 at Morgan Stanley
* Royal Mail Raised to Buy at Deutsche Bank; PT 550 pence
* Schindler Raised to Buy at Stifel; PT 265 Swiss francs
* Siemens Healthineers PT Raised to 54 euros at Berenberg
* Signature Aviation Raised to Hold at Berenberg; PT 405 pence
* Spectris Raised to Buy at Berenberg; PT 3,460 pence
* UniCredit Raised to Hold at SocGen; PT 8.10 euros

>>> Down
* Ambu Cut to Hold at DNB Markets; PT 262 kroner
* Britvic Cut to Equal-Weight at Morgan Stanley; PT 850 pence
* Electrocomponents Cut to Hold at Berenberg; PT 890 pence
* Morgan Advanced Cut to Hold at Berenberg; PT 330 pence
* Ryanair Cut to Neutral at JPMorgan; PT 17.50 euros
* Standard Chartered Cut to Neutral at Citi; PT 530 pence
* Total SE Cut to Market Perform at Cowen; PT 51 euros
* Wood Cut to Underperform at Jefferies; PT 260 pence
* Yara Cut to Neutral at Exane; PT 370 kroner

>>> Initiation
* Aalberts NV Rated New Overweight at Morgan Stanley
* DWF Group Rated New Buy at Peel Hunt; PT 128 pence
* Global Fashion Group Reinstated Buy at Goldman; PT 16 euros
* Prosus Rated New Buy at Oddo BHF; PT 125 euros
* Sulzer Rated New Equal-Weight at Morgan Stanley

>>> Call
* Berenberg Says Focus on Earnings Momentum in U.K. Industrials
* EDP Renovaveis Resumed Equal-Weight at Morgan Stanley
* Frontier Developments Cut to Hold at Peel Hunt; PT 3,418 pence
* Standard Chartered Down as Citi Downgrades Stock, Cuts Estimates
* Swedish Spectrum Auction Outcome ‘Fairly Benign,’ Jefferies Says
* Wood Gets Only Sell as Jefferies Sees Major Consensus Downgrades

>>> What to look at today - 20th of January 2021

U.S. equity futures rose Wednesday, buoyed by earnings and hopes for more stimulus, while Asian stocks were mixed. The dollar extended its retreat.
Chinese firms trading in Hong Kong saw the bulk of gains, and the Hang Seng Index approached the 30,000 level, but stocks were lower in Japan. Investors weighed comments suggesting a tough line from Joe Biden’s incoming administration toward China. Nasdaq 100 futures outperformed, with Netflix Inc. surging in after-hours trading as it added more customers than expected.
Treasuries were steady, with the yield on 10-year notes trading around 1.09%. Crude oil advanced and gold edged higher.
US After Hours NFLX +12.2% jumps on strong Q4 earnings with net adds being the headline; JBHT -3.7% lower on earnings

Nikkei -0.38% Hang Seng +0.80% CSI +0.74% Shanghai +0.45% Shenzen +1.37%

Eur$1.2154 CNH 6.4640 CNY 6.4652 JPY 103.74 GBP 1.3664 CHF 0.8875 RUB 73.54 TRY 7.4404 WTI$

S&P +0.20% Nasdaq +0.57% EuroStoxx +0.17% FTSE +0.32% DAX +0.09% SMI +0.21%

Macro :
- Global Fund With 41% Gain Makes Climate Top Investment Priority
- Trump Pardons Bannon, Lil Wayne, Broidy, But Not Himself
- ECB Is Capping Bond Yields But Don’t Call It Yield Curve Control

Keep an eye on :
- A2A IM : A2A Sees EU16b Investments in New Plan Through 2030 (Jan. 19)
- ABN NA : ABN Amro, Prosecutor Talks on Settlement in Final Phase: FD
- BABA US : Jack Ma Emerges for First Time Since Ant, Alibaba Crackdown (1)
- ASML NA : ASML 1Q Net Sales Forecast Beats Estimates
- ASML NA : ASML Sales Burst Past Estimates After Chip Boom Continues
- GBF GY : Bilfinger Says CEO Tom Blades Won’t Extend His Contract
- ALBS FP : Biophytis Files for U.S. IPO; Seeks Nasdaq Listing Under ‘BPTS’
- BOSS GY : Frasers Group Says Aggregate Exposure in Hugo Boss ~EU275M
- IAG LN : IAG Confirms Cut to Payment for Air Europa to EU500m From EU1b
- CEC GY : Ceconomy Prelim 1Q Adjusted Ebit About EU346M
- DAI GY : Mercedes Joins Tesla, VW in Compact Electric-Car Race
- EDP PL : EDP to Present Strategic Plan at End of February or Early March
- ENGI FP : SP Group Buys Engie Stake in Chongqing Sino-French Energy
- FNAC FP : Fnac Darty's Solid 4Q Improves 2021's Starting Position: React
- FRAS LN : Frasers Group Says Aggregate Exposure in Hugo Boss ~EU275M
- KPN NA : Royal KPN Files Six Lawsuits Over Telecom Patents
- LOGN SW : Logitech Shares Slip From Record After Results, Call
- PHIA NA : Philips Bid to Block Imports of 3G, 4G IoT Devices to Be Probed
- PST IM : Poste Italiane to Buy Controlling Stake in China’s Sengi Express
- PRS NO : Prosafe 4Q Vessel Utilization 25% vs 23% Year Ago
- CFR SW : Richemont 3Q Sales Beat Estimates
- RLF SW : Relief to Buy All Advita Shares for EU25m in Relief Shares
- STLA US : Stellantis CEO Sees Fiat-PSA Merger Shielding Brands and Jobs
- TIT IM : Telecom Italia Plans to Start Discussions on Board Renewal
- TELIA SS : Telia, Telenor/Tele2 and 3 Buy Spectrum in Swedish 5G Auction
- HO FP : Thales, Ocado Join U.K.-Backed Alliance to Speed Drone Use
- JDW LN : Wetherspoon to Sell 8.37m Shares, Price Seen GBP11-11.20/Shr
- NOCN SW : Regeneron Turned Away in Challenge to Novartis Syringe Patent
- FPF FP : Total CEO, Mozambique President Agree to Draft Security Plan
- UCG IM : UniCredit Narrows CEO Search as Some Investors Push for Orcel
- VIRB FP : Virbac 2021 Guidance in Line With Investments Growing: Jefferies
- VOW GY : VW Loses Tens of Thousands of Cars in China on Chip Shortage

FT : Jack Ma makes first public appearance since Ant’s cancelled IPO

Jack Ma makes first public appearance since Ant’s cancelled IPO
Chinese billionaire’s re-emergence after 4-month absence sends Alibaba shares sharply higher

Jack Ma has resurfaced in a short online video praising China’s teachers, marking the first time the billionaire has been seen in public since the dramatic suspension of Ant Group’s planned $37bn initial public offering.

The Chinese tech entrepreneur and founder of ecommerce group Alibaba dropped out of public view after criticising the country’s regulators and state-owned banks in late October, prompting speculation over his whereabouts. In the wake of the speech, Mr Ma was dressed down by officials in Beijing and regulators halted the IPO of Ant, the payments firm he controls, which was set to be the largest ever.

Mr Ma also skipped the filming of a TV talent show he created for African entrepreneurs in November, which he had been set to judge.

“My colleagues and I have been studying and thinking, and we have become more determined to devote ourselves to education and public welfare,” said Mr Ma, according to local media. The video was posted online on Wednesday.

Mr Ma’s video came as Alibaba faces an antitrust investigation that has hit its share price and the tech group tries to raise billions of dollars in a bond offering.

Alibaba’s Hong Kong-traded shares rose as much as 6.3 per cent after the video emerged.

Mr Ma said it was the “duty and responsibility of our generation of business operators” to support China’s rural teachers and education.

A spokesperson for the Jack Ma Foundation said Mr Ma had “participated in the online ceremony of the annual Rural Teacher initiative event on January 20”.

His charitable foundation has focused over the past year on Covid-19 relief efforts both in China and globally. Mr Ma has been hailed as a hero in Africa for donating medical supplies to the continent.