U.S. futures and Asian stocks climbed on Tuesday after global equities hit their lowest level since 2016, the dollar snapped a 10-day rally and Treasuries dipped as appetite for riskier assets revived.
Contracts on the S&P 500 rose about 4% at one point, more than making up what the index lost on Monday. Benchmarks in Tokyo, Hong Kong and Sydney climbed at least 3%. Korean shares jumped about 7% as the government announced measures to stabilize financial markets. The dollar retreated against developed and emerging currencies alike, in a tentative sign of reduced stress after the steepest appreciation since the global financial crisis.
US After Hours VAPO +33.1% as it's seen a significant increase in demand; ARCC +23.1% and CCJ +9.8% also strong; MIST -75.7% down sharply on clinical data
Nikkei +7.13% Hang Seng +4.57% CSI +12.75%% Shanghai +2.22%% Shenzen +1.88%
Eur$ 1.0792 CNH 7.0985 CNY 7.0872 JPY 110/43 GBP 1.1647 CHF 0.9795 TRY 6.5120 RUB 79.1013 WTI$ 24.55 +5.14%
S&P +4.40%% Nasdaq +4.30% EuroStoxx +4.66% FTSE +4.89% Dax +4.76% SMI
Macro :
- Ackman Makes $2.5 Billion ‘Recovery Bet’ Amid Coronavirus Tumble
- JPMorgan Sees $850 Billion of Stock-Buying Power on Rebalancing
- Recoveries at 100,000; Wuhan to Lift Lockdown: Virus Update
- Trump Says U.S. Isn’t ‘Built to Be Shut Down’ Over Virus
- Gold Rallies as Goldman Sees ‘Inflection Point’ After Sell-Off
- BOE’s $231 Billion of QE May Come Quicker Than Advertised
- Europe’s Labor Market Better Placed to Face Virus Than U.S.
Keep an eye on :
- 888 LN : 888 Says Performance is in Line With Expectations
- ABI BB : AB InBev Withdraws 2020 Outlook on Virus, Asahi Deal Pushed Back
- SKFB SS : AB SKF Proposes Div Be Changed to SK3.00/Shr From SK6.25/Shr
- ADP FP : ADP Says Won’t Reach 2020 Ebitda Forecasts Due to Coronavirus
- ANDR AV : Andritz Suspends Sales, Earnings Forecast for 2020
- ARYN SW : Aryzta Sees Material Impact on FY20 Performance From Coronavirus
- AXA NO : Axactor Sees ‘Significant’ Revenue Shortfall in 1Q
- SPR GY : Axel Springer Withdraws Guidance, Maintains Dividend
- BTG GY : Bertelsmann Full Year Oper Ebitda EU2.9 Bln, +12% Y/y
- BB FP : BIC Withdraws 2020 Outlook
- BIM FP : Biomerieux Receives Emergency Covid-19 Test FDA Authorization
- ENI IM : Eni Assesses Italian Gas Market for Expected ‘Significant’ Slump
- ESSITYA SS : Essity Toilet Paper Manufacturing Is Running Non-Stop: Presse
- EVO SS : Evolution Gaming Told to Temporarily Close Part of Georgian Unit
- FLS DC : FLSmidth Suspends Guidance, Withdraws Dividend, Postpones AGM
- GAW LN : Games Workshop Says Performance is in Line With Expectations
- GRG LN : Greggs Says Profit Won’t Grow Y/y, Withdraws Dividend
- IBS PL : Ibersol Closes 159 Units, Keeps 182 Restaurants Open in Portugal
- LDO IM : Leonardo: Production Ahead, But Without Compromise on Health
- LUPE SS : Lundin Petroleum’s Capex Cut Is Smaller Than Its Peers: Citi
- MC FP : Old Chain Revival, LVMH Tiffany Rule: N.A. Consumer Wrap
- TL5 SM : Mediaset Espana Buys 4.25% Stake in ProSiebenSat.1
- MRL SM : *NORTIA CAPITAL ACQUIRES 5.39% STAKE IN MERLIN: EXPANSION
- NCCB SS : NCC Adjusts Dividend Plan; Considers Second Payout at Later Date
- NDX1 GY : *NORDEX SEES 2020 EBITDA EU160M TO EU240M SUBJECT TO CORONAVIRUS
- PSM GY : Mediaset Espana Buys 4.25% Stake in ProSiebenSat.1
- RI FP : Pernod Ricard Sees About 20% Drop in FY Recurring Ops Profit
- PFC LN : Petrofac Wins $40m Contract to Build U.A.E. Gas-Storage Plant
- POM FP : Plastic Omnium Can Deal With Prod. Shutdown During at Least 1H
- QTX LN : Quartix Says Performance is Consistent With Market Expectations
- RAA GY : Rational FY Profit After Tax +9.1% (1)
- RNO FP : Renault India Halts Ops at Alliance Facility in Chennai
- ROG SW : Roche Is Working to Maximize Production of Actemra
- SAN SM : Santander to Defer Dividend Until Next Year to Free Up Capital
- SANN SW : Santhera Full Year Loss CHF19.0 Mln, -65% Y/y
- SMIN LN : UK Seen Picking Smiths Group, Penlon for Ventilator Output: FT
- 9984 JP : SoftBank Is Said to Plan $14 Billion Sale of Alibaba Shares (3)
- SO FP : Somfy Halts Production in France, Italy, Tunisia on Coronavirus
- TEP FP : Teleperformance Is Suspending 2020 Objectives on Coronavirus
- TKA GY : Thyssenkrupp Pulls 2019/2020 Forecast on Covid-19
- URW NA : Unibail-Rodamco-Westfield Withdraws Forecast, Cancels Dividend
- VOE AV : Voestalpine Pig Iron Capacity Reduced by ~20 Percent in Linz
>>> Up
* Akzo Nobel Raised to Buy at SocGen; PT 65 euros
* BMW Raised to Neutral at Citi; PT 45 euros
* Elementis Raised to Buy at HSBC; PT 85 pence
* Encavis Raised to Buy at Berenberg; PT 10 euros
* Entra Raised to Buy at SEB Equities; PT 146 kroner
* H&M Raised to Buy at Citi; PT 130 kronor
* Heineken Raised to Buy at Berenberg; PT 90.80 euros
* Inficon Raised to Buy at Research Partners; PT 650 Swiss francs
* Johnson Matthey Raised to Neutral at JPMorgan; PT 2,300 pence
* Nornickel GDRs Raised to Overweight at JPMorgan; PT $25
* PSP Swiss Raised to Buy at Research Partners
* Remedy Entertainment Raised to Hold at SEB Equities
* REN Raised to Buy at Citi
* Sainsbury Raised to Hold at HSBC; PT 200 pence
* Snam Raised to Neutral at Citi; PT 3.60 euros
* SoftBank ADRs Raised to Buy at Jefferies; PT $19.92
* SSP Raised to Neutral at Goldman; PT 260 pence
* Stora Enso Oyj Raised to Buy at Jefferies; PT 10 euros
* Subsea 7 Raised to Buy at HSBC; PT 70 kroner
* Tesco Raised to Buy at HSBC; PT 250 pence
>>> Down
* AB InBev PT Cut to 55.20 euros from 94.60 euros at Berenberg
* Acciona Cut to Sell at Citi; PT 90 euros
* Airbus Cut to Hold at Berenberg; PT 65 euros
* Ashtead PT Cut to 1,400 pence from 2,400 pence at Deutsche Bank
* Carlo Gavazzi Cut to Hold at Research Partners
* Covestro Cut to Neutral at JPMorgan; PT 24 euros
* Enel Cut to Sell at Citi; PT 5 euros
* Ferratum Cut to Hold at Pareto Securities; PT 3 euros
* Pearson Cut to Reduce at AlphaValue
* PGS ASA Cut to Hold at Arctic Securities; PT 4 kroner
* Securitas PT Cut to 80 kronor from 135 kronor at Deutsche Bank
* Umicore Cut to Underweight at JPMorgan; PT 32.70 euros
* Zalando Cut to Add at Baader Helvea; PT 36 euros
>>> Initiation
>>> Call
* Heineken, Carlsberg Raised at Berenberg as Defensive Picks
* Covid-19 Is Opportunity for German IT Service Firms: Berenberg
* European Airports Face $15 Billion Revenue Loss on Virus
* H&M Measures Make it Relative Winner, Upgraded at Citi
After Hours Summary: VAPO +33.1% as it's seen a significant increase in demand; ARCC +23.1% and CCJ +9.8% also strong; MIST -75.7% down sharply on clinical data
After Hours Gainers:
Companies trading higher in after hours in reaction to news: VAPO +33.1% (has seen significant increase in demand for Vapotherm Precision Flow), ARCC +23.1% (provides COVID-19 update), CCJ +9.8% (temporarily suspends production at Cigar Lake mine), VALE +4.4% (updates on the outbreak of the coronavirus and implications for Malaysia distribution center), GILD +2.5% (remdesivir receives orphan drug designation from FDA for treatment of coronavirus), DAN +1.8% (withdraws guidance; taking necessary actions to adapt to rapidly changing demand levels), ZG +1.6% (withdraws 2020 guidance but expects Q1 to be within or exceed prior guidance), JWN +1.2% (announces measures to strengthen financial position), IRBT +0.6% (withdraws FY20 guidance; guides Q1 revs below consensus), TWTR +0.5% (withdraws Q1 guidance due to COVID-19)
After Hours Losers:
Companies trading lower in after hours in reaction to news: MIST -75.7% (announces top-line results from Phase 3 NODE-301 trial of etripamil for PSVT misses primary endpoint), LC -3.8% (says "vigilantly" monitoring performance)