>>> TradeGate Pre-Market Indications

DAX:
  • Deutsche Bank (DBK TH) -0.4%
    • Cerberus Pushed to Install Kelleher as Deutsche Bank Chair: FT
  • Infineon (IFX TH) -0.5%
  • Fresenius SE (FRE TH) -0.6%
MDAX:
  • Siemens Healthineers (SHL TH) +2%
    • Siemens Healthineers Raised on Imaging Outlook, Covid Test: Coba
  • MorphoSys (MOR TH) +1.5%
  • K+S (SDF TH) +1.3%
  • Metro AG (B4B TH) +1.3%
  • Varta (VAR1 TH) +1.1%
  • Grenke (GLJ TH) -1.1%
SDAX:
  • Global Fashion Group (GFG TH) +4.7%
    • Global Fashion Group Gets Another Buy; Baader Cites Margin Scope
  • Dermapharm (DMP TH) +2.7%
  • Deutz (DEZ TH) +2.5%
  • Corestate (CCAP TH) +1%
  • SAF-Holland SE (SFQ TH) -0.8%
    • SAF-Holland SE Roadshow Set By Hauck & Aufhaeuser for Dec. 3
  • BayWa (BYW6 TH) -0.8%
  • Schaeffler (SHA TH) -0.8%
  • Deutsche PBB (PBB TH) -1.1%
  • Traton (8TRA TH) -2.3%

>>> Europe : Brokers Upgrades & Downgrades - 3rd of December 2020

>>> Up
* 3i Raised to Buy at Citi; PT 1,363 pence
* EDF Raised to Outperform at Bernstein; PT 16 euros
* Evolution PT Raised as NetEnt Included, More Potential Seen: MS
* Ferguson Raised to Outperform at Exane; PT 11,000 pence
* Henkel Raised to Overweight at JPMorgan; PT 100 euros
* Kingspan Raised to Outperform at Exane; PT 90 euros
* Kojamo Raised to Overweight at JPMorgan; PT 21.30 euros
* SGS Raised to Overweight at Morgan Stanley
* Shell Raised to Outperform at Bernstein
* Siemens Healthineers Raised to Buy at Commerzbank; PT 47 euros
* Wartsila Raised to Hold at HSBC; PT 8 euros

>>> Down
* Amundi Cut to Neutral at Citi
* Danone Cut to Neutral at JPMorgan; PT 58 euros
* Eurofins Scientific Cut to Underweight at Morgan Stanley
* Forterra Cut to Neutral at Exane; PT 250 pence
* Ibstock Cut to Neutral at Exane; PT 215 pence

>>> Initiation
* Boliden Reinstated Sell at Goldman; PT 230 kronor
* Fresnillo Rated New Add at Peel Hunt; PT 1,300 pence
* Fresnillo Initiated Add at Peel Hunt, Capex Limits Re-Rating
* Keystone Law Rated New Add at Peel Hunt; PT 530 pence
* Worldline Reinstated Equal-Weight at Morgan Stanley; PT 81 euros

>>> Call
* SGS, Bureau Veritas Exposed to Testing ‘Megatrends,’ MS Says
* Global Fashion Group Gets Another Buy; Baader Cites Margin Scope

>>> What to look at today - 3rd of December 2020

Global stocks paused at all-time highs amid a muted start to equity trading in Asia, as investors assess renewed optimism over U.S. stimulus talks and vaccine approval. Treasury yields ticked up and the dollar remained near a more than two-year low.
Chinese and Japanese shares underperformed, while European and U.S. equity futures fluctuated after the S&P 500 closed at another record. House Speaker Nancy Pelosi and Senate Democratic leader Chuck Schumer called for immediate talks and said a bipartisan $908 billion aid proposal should be the foundation for negotiations. The U.K. approved the Covid vaccine from Pfizer Inc. and BioNTech SE.
Elsewhere, Australia’s 10-year yield briefly climbed through 1%. Oil edged lower. The pound clawed back some of Wednesday’s losses seen when the European Union’s chief Brexit negotiator Michel Barnier reportedly told envoys the outcome of any deal is still too close to call.
US After Hours WDR +48% gains on acquisition agreement; CRWD +12% rises while SPLK -19% falls following earnings

Nikkei +0.03% Hang Seng +0.69% CSI -0.18% Shanghai -0.21% Shenzen +0.05%

Eur$ 1.2120 CNH 6.5493 CNY 6.5594 JPY 104.45 GBP 1.3397 CHF 0.8938 RUB 75.1683 TRY 7.8551 WTI$ 44.97 - 0.68%

S&P -0.05% Nasdaq +0.21% EuroStoxx -0.03% FTSE -0.27% Dax -0.12% SMI -0.15%

Macro :
- Buybacks Are Showing Signs of Life After Virus Blow in Europe
- Morgan Stanley’s Wilson Says Stocks Overbought, Watch Bonds
- Crashing a $5.2 Trillion Party: Debut ETF Issuers Hit Record
- Hedge Fund That Made Record Gain in March Slumps on Vaccine News

Keep an eye on :
- AIR FP : U.S., EU Renew Push to Settle Dispute on Boeing-Airbus Subsidies
- AML LN : Aston Martin-Backed Report Overstates Electric Car Climate Harm
- MT NA : Italy Agrees Deal With ArcelorMittal to Buy Taranto Mill Stake
- AZN LN : FDA Authorization of AstraZeneca Vaccine May Hinge on U.S. Trial
- AZN LN : S.Korea Completes Deal With AstraZeneca to Buy Vaccine: JoongAng
- ATL IM : Atlantia Board to Meet by Mid-December to Weigh Autostrade Bids
- BCP PL : BCP Says Investor Sonangol Is Monitoring Possible Consolidation
- DBK GY : Cerberus Pushed to Install Kelleher as Deutsche Bank Chair: FT
- ENGI FP : Engie Is Said to Line Up Banks for $6 Billion Services Disposal
- ENTRA NO : Entra $5.9 Billion Portfolio Review Seen as Negative for Bidders
- EXL GY : Exasol Raises EU43.3m in Offering at EU19.5/Share
- GOD NO : Goodtech Offering Prices 4.17m Shares at NOK10.80/Share
- LHA GY : Lufthansa Completes Sale of LSG Europe to Gategroup; No Terms
- MCS LN : McCarthy & Stone Bid Has Compelling Rationale, Good Premium: ISS
- MB IM : Del Vecchio Increases Mediobanca Stake to About 11%
- MRW LN : Morrisons Sees Direct Covid Costs ~GBP270M, Higher Than Guidance
- NESN SW : Nestle to Invest CHF3.2b in Next Five Years on Climate Measures
- NKLA US : Nikola Holder Robert Bosch Reduces Stake to 4.9%
- NOKIA FH : Airtel Kenya Hires Nokia to Install 5G Network: Business Daily
- ORA FP : Orange Board Reviewing Allocation Plan for EU2.2b Recouped Tax
- OBEL BB : Orange Makes EU22/Shr Conditional Cash Offer for Orange Belgium
- PLEJD SS : Plejd Offering Prices 520k Shares at SEK158/Share
- REP SM : Barclays Values Repsol Renewable Spinoff at EU4.1b: Expansion
- RR/ LN : Rolls-Royce Sees Opening for Return to Narrow-Body Jet Market
- SEZI SS : Senzime Offering Prices 4.55m Shares at SEK22/Share

>>> US After Hours Summary: WDR +48% gains on acquisition agreemen

After Hours Summary: WDR +48% gains on acquisition agreement; CRWD +12% rises while SPLK -19% falls following earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: CRWD +12.3%, ZS +11.4%, OKTA +7.6% (also announced CFO transition and availability of Okta Identity Cloud in AWS Marketplace), ESTC +7.6%, GES +5.4%, SPWH +2.1%, FIVE +1.2%, PVH +1.2%

Companies trading higher in after hours in reaction to news: WDR +48.4% (agreed to be acquired by Macquarie Group for $25.00/share in cash), OMER +23.5% (attributed to favorable CMS qualification for Omidria), FIZZ +4% (announced extra $3.00/share special dividend), CLNY +3.6% (announced sale of Bulk Industrial Portfolio), ISBC +2.7% (agreed to acquire eight Berkshire Bank [BHLB] branches), SYK +2.3% (increased dividend; lightly traded), XPO +1.8% (announced planned spin-off of logistics segment)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: SPLK -19.2%, SNOW -3.3%, DSGX -2.0%, COST -1.0%

Companies trading lower in after hours in reaction to news: VERI -16.5% (commenced public common stock offering), GLNG -6.7% (announced public offering of 11.0 mln common shares), CDXS -4.7% (commenced public offering of common stock)

>>> Asian Market Update

Asia Market Update: Asia trades mixed, modest moves seen; Little initial impact seen from better China services PMI

Thu, 03 Dec 2020 0:30 AM EST

General Trend:
- Australia’s Resources index rises over 3% amid strength in iron-ore producers; Vale cut production outlook, China iron ore FUTs trade at record high
- Gainers in Japan include Transportation firms, Pharma index lags
- Tech firms in HK rise after recent losses (Alibaba, Xiaomi)
- Shanghai Composite lagged during morning session amid declines in Property and Financial firms
- Chinese LCD components firm missed bond interest payment [Dongxu Optoelectronic Tech]
- South Korea’s Com2uS Corp rises over 10% on Chinese gaming permit
- Korean Won (KRW) strengthens above the 1,100 level
- BoJ official Suzuki commented on steeper yield curve for super-long JGBs, ETF purchases

***Headlines/Economic Data***
Australia/New Zealand
-ASX 200 opened +0.5%
- QAN.AU Restructuring and recovery program remains on track to deliver at least A$1.0B in annual savings starting FY23; Guides FY21 to have "substantial loss"
- (AU) Australia Nov Final PMI Services:55.1 v 54.9 prelim (confirms 3rd consecutive month of expansion)
-(AU) China to allow Australia thermal coal cargo to come ashore even with ban (4 ships total)
- Reserve Bank of Australia (RBA) to buy A$3.0B in Govt bonds v A$2.0B prior; A$2.0B under bond purchase program; A$1.0B for 3-year yield target
- (AU) Australia Oct Trade Balance (A$): 7.5B v 5.8Be
- (AU) Australia Oct Home Loans Value M/M: 0.7% v 2.8%e; Investment lending M/M: 0.3% v 2.5%e
- (NZ) Reserve Bank of New Zealand (RBNZ) Gov Orr: Reiterates wanted the right and not obligation to implement negative official cash rate (OCR); actual use of negative OCR will depend on the economic context - speech Monetary Policy Challenges for a Small Open Economy during COVID-19': (yesterday after the close)

Japan
-Nikkei 225 opened -0.2%
- (JP) Bank of Japan (BOJ) Official Suzuki: BOJ will work on maintaining market stability; Will work to maintain access for corporate lending
- (JP) Japan Nov Final PMI Services: 47.8 v 46.7 prelim (confirms 10th straight contraction)
-(JP) Bank of Japan (BOJ) expected to consider extending virus program at its next meeting, Dec 17-18th - press
- (JP) Japan Said to ban sale of any new gasoline powered vehicles in the mid 2030s – Press
- (JP) Japan Econ Min Nishimura: To summarize economic measures during week of Dec 7th (after the close yesterday)
- (JP) Japan PM Suga to hold press conference Friday, Dec 4th - Japan press
-(JP) Japan Chief Cabinet Sec Kato: Looking at impact of China export law on Japan firms; Prison Sentences in Hong Kong are raising free speech concerns; Trade min considering support for shifting to electric power vehicles
-(JP) Japan MoF sells ¥900B v ¥900B indicated in 0.6% 30-year JGBs, avg yield 0.6480% v 0.6430% prior, bid to cover: 3.49x v 3.76x prior

Korea
-Kospi opened +0.4%
- (KR) South Korea parliament approves KRW558T 2021 budget v KRW555.8T proposed in Sept
- (KR) South Korea Nov Foreign Exchange Reserves: $436.4B v $426.5B prior (8th consecutive increase)
- 078340.KR China Govt issues permit to release Summoners War game in China (1st time ever getting approval in 4-years) - Korean press
- (HK) Hong Kong Nov PMI (whole economy): 50.1 v 49.8 prior (highest level since March 2018)

China/Hong Kong
-Hang Seng opened -0.1%; Shanghai Composite opened -0.0%
- (CN) CHINA NOV CAIXIN PMI SERVICES: 57.8 V 56.4E (highest reading since June, second quickest since Apr 2010); PMI Composite: 57.5 v 55.7 prior (highest since March 2010, 7th consecutive month of expansion)
- (CN) US House passes China delisting bill; now goes to Pres Trump to sign; Follow Up Trump expected to sign bill
- (HK) Macau Gaming Inspection and Coordination Bureau denies report yesterday that casinos were being asked to consider the use of the digital yuan
- (CN) US has placed ban on cotton imports from XPCC (China co.) - financial press
- (CN) China PBoC Open Market Operation (OMO): Injects CNY10B in 7-day reverse repos v Injects CNY10B in 7-day reverse repos prior; Net Drain CNY70B v Net drain CNY110B prior
- (CN) China PBOC sets Yuan reference rate: 6.5592 v 6.5611 prior
- (CN) China State Council: Made arrangements to step up implementation of the Regional Comprehensive Economic Partnership (RCEP) - Xinhua

Other
- (SG) Singapore Nov PMI (whole economy): 46.7 v 48.6 prior (10th month of contraction)
- Reportedly OPEC+ talks today focused on proposals for gradual tapering of production cuts - press

North America
- (US) House of Representatives to consider a bill to decriminalize Marijuana on Thursday (Dec 3rd)
- CRWD Reports Q3 $0.08 v $0.00e, Rev $232.5M v $214Me
- (US) Fed's Kaplan (FOMC voter): next 3-6 months will be challenging; growth is decelerating and could stall out if virus situation gets worse - CNBC interview

Europe
- (EU) France said to have told Chief negotiator Barnier that the Brexit deal is at risk for a veto if he gives in to UK demands
-(IT) Italy announces new coronavirus measures: to ban movements between regions from Dec 21st through Jan 6th

***Levels as of 12:15ET***
- Hang Seng +0.5%; Shanghai Composite -0.2%; Kospi +0.3%; Nikkei225 -0.2%; ASX 200 +0.5%
- Equity Futures: S&P500 -0.2%; Nasdaq100 +0.1%, Dax -0.2%; FTSE100 -0.4%
- EUR 1.2126-1.2104; JPY 104.53-104.41; AUD 0.7419-0.7398; NZD 0.7075-0.7053
- Commodity Futures: Gold +0.5% at $1,838/oz; Crude Oil -0.2% at $45.17/brl; Copper -0.1% at $3.49/lb