>>> Stoxx 600 Pre-Market Indications

  • ProSieben (PSM TH) +1.5%
    • Bertelsmann Had Record Profit for 2019, Frankfurter Reports (1)
  • Iberdrola (IBE1 TH) +0.9%
  • Hugo Boss (BOSS TH) +0.8%
  • Total (TOTB TH) +0.8%
  • RWE (RWE TH) +0.8%
  • Sartorius (SRT3 TH) +0.8%
  • ThyssenKrupp (TKA TH) +0.8%
    • Elevator Division Divestment Could Reset Thyssenkrupp’s Leverage
  • BASF (BAS TH) -0.8%
    • Bayer, Now With BASF, Faces More Monsanto Pain After Trial Loss
  • Alstom (AOMD TH) -0.8%
    • Alstom Reaches Deal to Buy Bombardier’s Unit, WSJ Says (1)
  • ArcelorMittal (ARRD TH) -0.8%
  • Freenet (FNTN TH) -0.9%
  • Nordea (04Q TH) -0.9%
  • Hella (HLE TH) -1%
  • HelloFresh (HFG TH) -1.3%
  • Voestalpine (VAS TH) -1.4%
    • Voestalpine Reader Interest Increases
  • Bayer (BAYN TH) -2%
    • Bayer to Appeal Jury Decision in Dicamba Case
    • Bayer, Now With BASF, Faces More Monsanto Pain After Trial Loss
  • Wirecard (WDI TH) -4.1%
    • Wirecard Accused of Ignoring Alleged Fraud in Indian Sale

>>> TradeGate Pre-Market Indications

DAX:
  • Daimler (DAI TH) +0.9%
    • Daimler Won’t Extend Achleitner’s Board Mandate: Handelsblatt
  • Fresenius SE (FRE TH) +0.8%
  • RWE (RWE TH) +0.8%
  • HeidelbergCement (HEI TH) +0.7%
  • Deutsche Boerse (DB1 TH) +0.7%
  • BASF (BAS TH) -0.8%
    • Bayer, Now With BASF, Faces More Monsanto Pain After Trial Loss
  • Bayer (BAYN TH) -2%
    • Bayer, Now With BASF, Faces More Monsanto Pain After Trial Loss
  • Wirecard (WDI TH) -4%
    • Wirecard Accused of Ignoring Alleged Fraud in Indian Sale
MDAX:
  • RTL (RRTL TH) +3.5%
    • Bertelsmann is lifting its stake beyond the 75% it already owns
  • ProSieben (PSM TH) +1.7%
  • Siemens Healthineers (SHL TH) +1.3%
  • Varta (VAR1 TH) +1.3%
  • Aroundtown (AT1 TH) +1.2%
  • Siltronic (WAF TH) -1%
  • Freenet (FNTN TH) -1.2%
SDAX:
  • Corestate (CCAP TH) +2.5%
  • Takkt (TTK TH) +2.2%
  • ADVA Optical (ADV TH) +1.8%
  • SGL (SGL TH) +1.5%
  • Deutz (DEZ TH) +1.2%
  • Bertrandt (BDT TH) -0.8%
    • Bertrandt First Quarter Ebit EU14.3 Mln

FT : Statement on Wirecard reporting

Statement on Wirecard reporting
YESTERDAY
Wirecard issued a claim against the Financial Times and one of its reporters last year in Munich alleging that a series of investigative news reports published in January and February 2019 constituted misuse of business secrets. Wirecard claimed that details of its internal investigation into alleged criminal acts by various staff members in Singapore, and of a preliminary report on the matter by its external lawyers, were protected information under the European 'trade secret' directive (Directive (EU) 2016/943), which is aimed at protecting undisclosed know-how and business information against their unlawful acquisition, use and disclosure. The FT and its journalist have filed what they believe is a strong defence to the lawsuit. The directive (which had not been implemented in German law when the articles were published) contains specific protections for investigative journalism and whistleblower activities. A court hearing set for January 27, 2020, was postponed at Wirecard's request.

(Wired) Airbnb Has Devoured London. Here’s the Data to Prove It

Airbnb Has Devoured London. Here’s the Data to Prove It
The city has four times more listings than it did four years ago, and many of them violate short-term rental limits.

The number of Airbnb listings in London has quadrupled in the last four years as more and more of the city’s housing stock has been gobbled up by short-term rental companies. As of May 2019, 80,770 properties in London were listed on Airbnb, with a staggering 23 percent, or 11,200, of these thought to be in breach of a legal 90-day limit in the capital.

The new data, compiled by City Hall, shows that across all Airbnb listings in London, just one percent of the capital’s hosts were behind 15 percent, or 7,440, of the properties listed.

Airbnb doesn’t make its data available to officials and regulators, meaning local authorities have to use third-party tools to try and regulate the abuse of the platform. City Hall’s figures, compiled using analytics tool Inside Airbnb, also show that 30 percent of Airbnb hosts in London have three or more listings advertised on the platform. The rate of growth outside the center of the capital has been even more extreme, with Airbnb listings in outer London increasing fifteen-fold between 2015 and 2019. Across London, 56 percent of properties on Airbnb—or 45,070 listings—are entire homes.

In Camden and Westminster, two of the London boroughs worst affected by the rise of short-term rentals, up to seven percent of the total housing stock is advertised on Airbnb. Data compiled by Camden council reveals that of the 7,100 whole properties listed on platforms such as Airbnb and Booking.com in 2019, a staggering 48 percent exceeded the 90-day legal limit. Camden council currently has 6,000 families on its housing waiting list.

“The short-term let market is far too easily exploited,” says Danny Beales, Camden Council’s cabinet member for investing in communities. “Not only are we seeing guests being let down, but so are London’s communities as new housing is built, bought up and essentially turned into hotels.”

Airbnb disputes these numbers. “This data is wrong,” a spokesperson for the company says, adding that third-party data scrapers are often inaccurate as they confuse different kinds of listings on its platform. The company’s own figures show that in April 2019 there were 60,000 listings in London. Of these, 37,000 were entire homes. Airbnb did not divulge its figure for the total number of London listings that exceeded the 90-day limit.

The latest figures come after a WIRED investigation revealed the sheer scale of abuse taking place on Airbnb. Heather Acton, cabinet member for public protection and licensing at Westminster City Council, described the findings as “deeply disturbing”, adding it was now apparent that “short-term letting is out of control and occurring on an industrial scale”.

Our investigation found that one scam company was posting dozens of fake listings and fake reviews to game Airbnb’s systems and deceive local authorities. Guests complained of being tricked into staying in accommodation with blocked drains, broken fixtures and fittings, filthy floors, dirty bed linen—or, in some cases, accommodation that they simply did not book. To lower costs, scammers have started outsourcing their Airbnb property empires to call centers in the Philippines.

Those in the industry refer to it as “systemizing” Airbnb listings. And that systemization is being driven by the huge sums of money to be made. According to City Hall, properties in London listed on short-term rental sites rake in an average of £109 per night. Were they rented out to long-term tenants, they would make £58 per night.

In response to our findings, city officials are once again calling on the government to introduce legislation that would compel companies such as Airbnb and Booking.com to implement mandatory registers for short-term rentals. Such a system, they argue, would make it far easier to enforce the 90-day limit and crack down on scam hosts. “WIRED’s investigation—as shocking as it is—perfectly demonstrates each and every way that the current regulation can be disregarded without consequence,” says Beales. “We simply can’t allow for this level of exploitation to continue.” He adds that the creation of a short-term rental property register would allow the authorities to “properly enforce” the 90-day limit and bring much-needed housing stock back into residential use.

A spokesperson for Sadiq Khan, the mayor of London, says WIRED’s investigation once again shows that councils “don’t have enough powers or resources to successfully prosecute and deter the worst offenders”, adding that ministers must now take this issue seriously “by giving powers to London to introduce a mandatory registration system for short-term lets”.

Some measures already exist, but councils are hamstrung by the near-impossibility of enforcing them. London’s 90-day limit, which has been the law since 2015, was meant to stem the flow of professional hosts hoovering up housing stock and making a killing out of listing properties on short-term rental platforms. Since then, only Airbnb has voluntarily implemented a 90-day cap on listings in the capital. But even this, the latest figures show, has not been enough. Scammers have seemingly run rings around Airbnb and local councils by posting duplicate and fake listings or by simply advertising properties on more than one short-term rental platform—90 days on Airbnb, 90 days on Booking.com and 90 days on Expedia, for example.

An Airbnb spokesperson says the company has previously called for a registration system “to be introduced for the capital and across the UK”, adding that the company was meeting with policymakers to “co-develop a proposal” for such a system.

Nowhere in London is the impact of short-term rentals felt more keenly than in Westminster. New data compiled using AirDNA, an independent analytics platform, show that as of January 2020 there were 8,836 short-term rental listings in the borough. Of those, 32 percent appear to be available year-round. Officials in the borough recently investigated a short-term rental property in Knightsbridge that was being used as brothel, which received regular deliveries of fresh bed linen and was frequented by vehicles that loitered in a nearby mews.

“Thousands of Westminster properties are already under investigation over short-term letting,” Acton says. “It is high-time national government intervened.”

Business Of Fashion : Chanel Is Doubling Down on Blockbuster Shows, Despite Chin


PARIS, France — When Virginie Viard staged her first Métiers d’Art show as Chanel creative director in December, she styled it as a homage to the brand’s heritage and founder.
The collection was presented on a set co-designed by Oscar-winning filmmaker Sofia Coppola, evoking Coco Chanel’s legendary 31 rue Cambon apartment and the chandeliered salons below. Models including Gigi Hadid and Kaia Gerber travelled down a replica of the mirrored art deco staircase in looks evoking the famous address. A mix of vampy black with cinched gold waists, power shoulders and midriff-baring; all intended to showcase the skills and craftsmanship of Chanel’s specialist ateliers.
This Summer, Chanel planned to transplant the presentation to Beijing in late May and London in early June as part of an opulent marketing push intended to engage with local markets on a different level.
It’s a playbook that has delivered dividends for the brand in the past, bumping up local engagement and sales, according to Chanel. But it’s had to scale back ambitious plans for this year amid growing concern over the coronavirus outbreak in China. For now, Chanel’s plan for a Beijing show is on hold, with much of the country still on lockdown and little certainty over how the situation will develop in the coming months.
The strategy is a nod to the new demands of fashion.
Despite the setback, the show in London is expected to go ahead as planned.
The strategy is a nod to the new demands of fashion. As brands target an increasingly globalised and experience-driven marketplace, local touchpoints are increasingly important to cater to valuable international customers, keep up with social media’s relentless demand for fresh content and adapt to a world in which consumers no longer buy clothes based on a strict seasonal calendar. The impact of such extravagant local touchpoints can be significant.
Replica shows are usually accompanied by a host of other activities to drive customer engagement, including parties, in-store activities, local influencer partnerships, and a flurry of specialised content on local channels, like WeChat in China. Invites are focused on local press and customers who might not have the opportunity to attend Chanel’s Paris shows.
After Chanel recreated 2018’s Métiers d’Art show — originally staged in the New York Metropolitan Museum of Art — in Seoul last year, it experienced its best ever ready-to-wear sales in the country, the brand said. A staging of Chanel’s globe-trotting exhibition, Mademoiselle Privé, in Shanghai last year generated nearly 4 billion digital touchpoints, while the company’s cruise replica in Chengdu in 2017 was tagged 560 million times on Weibo.


Models walk in Chanel's Métiers d’Art show in December | Source: Courtesy
“These collections are privileged moments to create links with the people we are going to visit,” said Bruno Pavlovsky, president of Chanel SAS and of fashion activities at Chanel, during an interview held just before January’s haute couture show at the Grand Palais.
Chanel excels at such moments. The brand is known for its show-stopping events and canny ability to create differentiated marketing moments in a crowded space. Under Karl Lagerfeld, who passed away last February, the brand pioneered elaborate off-season shows, taking its Métiers d’Art and Cruise collections on globe-trotting jaunts.
The blockbuster events were part of Lagerfeld’s genius for re-devising the fashion model with aspirational events that sell the dream to consumers, who in many cases engaged with the brand through more accessible products like fragrance and makeup.
For decades, it’s proved a recipe for stratospheric success even as others have sought to replicate the model.
“We were the very first one to launch these collections,” said Pavlosky. “I’m not sure others are doing the same; when you see the figures and when you see the success, I’m not sure.”
Chanel is one of the world’s most successful fashion brands, despite lacking the scale of luxury conglomerates like Kering and LVMH. In 2018, the company, which remains privately owned and controlled by the secretive Wertheimer family, published its results for the first time, revealing revenue of nearly $10 billion in 2017. In 2018, that number rose to more than $11 billion.
Though critics have raised concerns about the brand’s resistance to e-commerce — it still only sells beauty products, fragrance and eyewear online — and the broader relevance of old-school luxury for the more egalitarian and values-driven consumers coming up in Gen-Z today, Pavlovsky said he doesn’t see a reason to diverge from Chanel’s tried-and-tested show playbook.
“It’s our fashion. It’s our way,” said Pavlovsky. “I don’t know if it’s old-fashioned, but it seems to be still quite successful.”
Chanel’s London replica will take place on June 4 in Old Billingsgate, a grand Victorian Building in central London. The company is continuing to closely monitor the situation in China, where other brands are struggling to manage the situation too. Last week, Shanghai Fashion Week announced that it would postpone China’s most prominent fashion event — originally slated to start on March 26 — without saying when, or even whether, the event would be rescheduled. Meanwhile, Gucci-owner Kering said it has closed half its stores in China and postponed new openings and advertising campaigns there.

I don’t know if it’s old-fashioned, but it seems to be still quite successful.
For Chanel, this is the second set-back in efforts to stage blockbuster events for the vital Chinese market in the space of six months. Last year, it postponed plans to restage its 2020 cruise collection in Hong Kong because of ongoing political upheaval.
"Decisions to postpone our events are taken in close consultation with local teams and in total solidarity," Chanel said in an email, noting that the delays were as a result of events beyond the brand's control. "We are confident that we will have further opportunities ... at a more appropriate time," the company said.
On the flipside, London is just emerging from a period of political upheaval caused by Brexit, though that did little to dampen the city’s luxury market. With greater certainty in place over the country’s status, Chanel is looking to connect with London’s sizeable luxury customer base.
“We have not done London for a while,” Pavlosky said. “I think it makes sense at this moment, with Virginie Viard, with this Métiers d’Art collection, which is about the DNA of the brand.”
The issues in both markets reflect the growing complexities for brands operating in a fractured and fractious global market at a time of geopolitical and environmental upheaval, which can increasingly mean adapting to situations beyond the company’s control.
“We are operating in many countries in the world; the situation is changing all the time on a political point of view, economic point of view,” said Pavlovsky. “We should not focus on that. Our focus is more how to be able to offer the best of the brand to our customer.”

FT : Chinese stocks rally as investors pin hopes on more stimulus

Chinese stocks rally as investors pin hopes on more stimulus
Markets bank on Beijing ramping up easing to underpin economy hit by coronavirus

Chinese stocks jumped after Beijing signalled it was likely to ramp up stimulus measures as authorities seek to cushion the economic blow from the coronavirus outbreak.

The CSI 300 of Shanghai- and Shenzhen-listed shares rose 2 per cent on Monday after the People’s Bank of China cut interest rates on Rmb200bn ($28.6bn) of loans offered via its medium-term lending facility by 10 basis points. The MLF is key a rate for interbank lending.

The benchmark has rallied since it suffered its biggest one-day sell off in more than four years in early February, when investors jettisoned stocks due to growing fears over the deadly epidemic. The CSI 300 index is up about 11 per cent since then, while the yields on 10-year Chinese government bonds have fallen to multiyear lows.

The onshore traded Chinese currency rose 0.2 per cent on Monday to Rmb6.9734 per US dollar, putting it on track to notch its first gain in four sessions.

“The market is largely trading on the expectation of policy easing” similar to that delivered in 2015, said Larry Hu, chief China economist at Macquarie, when the central bank opened the spigot as investors feared the economy was headed for a hard landing. “At this stage, the most likely policy options are to cut rates and provide targeted easing to impacted companies and areas.”

The coronavirus outbreak has wrought havoc on the Chinese economy by shuttering manufacturing and disrupting global supply chains. That has prompted some economists to forecast that GDP growth could fall below the important 6 per cent mark in 2020.

But President Xi Jinping said in a commentary published in an influential Chinese Communist party journal over the weekend that the country’s leaders “still need to deliver this year’s economic and social targets”. That has fuelled market expectations Beijing could ramp up stimulus in order to ensure targets are met.

Analysts expect that the loan prime rate, a new benchmark for commercial lending, will also fall on Thursday at the monthly review. “More cuts will come later as China is under a new rate cutting cycle, in our view,” Mr Hu said. 

The “positive impact of these stimulus policies on economic growth should materialise increasingly from this week onwards as policy priorities have started to shift from containing the spread of virus to restarting industrial and services activities,” said Li-Gang Liu, Citigroup’s chief China economist. 

Improving expectations for Chinese industry were reflected in onshore commodities markets. Iron ore futures traded in Dalian rose 2.3 per cent on Monday, while cotton futures in Zhengzhou climbed 4 per cent.

China’s liquidity injection did little for equities elsewhere in Asia. Tokyo’s benchmark Topix stock index was down 0.8 per cent after data showing Japan’s economy shrank more than 6 per cent annualised in the fourth quarter. 

>>> Europe : Brokers Upgrades & Downgrades - 17th of February 20

>>> Up
* Electrocomponents Raised to Buy at HSBC; PT 800 pence
* Endesa Raised to Sector Perform at RBC; PT 25.50 euros
* Latour Raised to Hold at Handelsbanken; PT 170 kronor
* Linde PT Raised to 235 euros from 220 euros at Deutsche Bank

>>> Down
* Deutsche Industrie REIT Cut to Add at Baader Helvea
* Fagron Cut to Hold at ABN Amro Bank; PT 21 euros
* Fjordkraft Cut to Hold at Pareto Securities; PT 82 kroner
* IMI Cut to Underperform at Credit Suisse; PT 950 pence
* Imperial Brands PT Cut to 2,400 pence at Deutsche Bank
* Meggitt Cut to Neutral at Citi; PT 730 pence
* NIBC Cut to Hold at ING; PT 9.85 euros
* Novartis Cut to Neutral at Citi
* Roche Raised to Buy at Citi
* Yandex Cut to Equal-Weight at Morgan Stanley; PT $48

>>> Initiation
* AddNode Rated New Buy at Handelsbanken; PT 250 kronor

>>> Call
* Amazon Isn’t an Imminent Risk to Zalando, Bernstein Says
* BAE Estimates Unaffected by U.S. Army Budget Proposal, MS Says
* Testing Firms Face Material Coronavirus Headwind, Berenberg Says
* Jupiter’s Potential Merian Deal Seen EPS Accretive: Jefferies
* Meggitt Near Fair Value, MAX Issues Add Some Uncertainty: Citi
* Roche’s Pipeline Drivers Underestimated, Upgrade to Buy: Citi

>>> What to look at today - 17th of February 2020

US Future se with China’s stocks and the yuan, taking encouragement from pledges to support the nation’s economy. Japanese equities declined after a deep contraction in GDP.
China’s CSI 300 Index recouped all of its losses since trading resumed after the Lunar New Year break, with the central bank lowering one of its interest rates and saying it would support firms that can restart production as soon as possible. European futures also climbed, and the strong China open helped limit losses in Japan. Treasuries aren’t trading due to a U.S. holiday. The yuan rose, as did the Aussie. Otherwise, Asian markets saw a mixed start to the week.


Macro :
- White House Considering Tax Incentives to Buy Stocks: CNBC

Keep an eye on :
- ARL GY : Aareal Bank Unit Could Soon Be Worth More Than Parent: Activist
- ABBN SW : *CEVIAN CAPITAL VOTING RIGHTS IN ABB RISE TO 5.92% FROM 5.3%
- ABI BB : AB InBev to Unwind SAB Zenzele, Proposes New 5.4b Rand BEE Deal
- AIR FP : Airbus Defense Unit to Start Talks on Job Cuts, Reuters Reports
- AF FP : KLM Could Make Airbus Switch to Replace Boeing 737s: Telegraaf
- AF FP : Air France-KLM’s Transavia Awarded Algeria Flights, JDD Reports
- ALO FP : Alstom Reaches Deal to Buy Bomardier’s Train Unit, WSJ Reports
- BOL SS : Inventory Spike Hits Metals, Boliden Bounces: EU Materials Wrap
- IAG LN : British Airways Names Jason Mahoney as Chief Operating Officer
- CA FP : Carrefour Brazil To Buy Makro Stores for BRL1.95b
- CERV IM : Cerved in Exclusive Talks With Intrum for Credit Management Sale
- CSGN SW : Corporate Earnings Seen Growing 5% to 8% in 2020: CS’s Strobaek
- DAI GY : Daimler Won’t Extend Achleitner’s Board Mandate: Handelsblatt
- SMDS LN : DS Smith Is Said to Consider Sale of European Paper Mills
- EVT GY : Evotec: Morgan Stanley Voting Rights Fall to 6.52% Feb 7
- EO FP : Faurecia Sees ‘Solid’ Sales Growth, Margin Improvement in 2020
- FER SM : Ferrovial Sounding Out Interest for U.K. Units, Telegraph Says
- ICAD FP : ICADE Full Year Group NCCF/Shr Beats Highest Est.
- JUP LN : Jupiter Deal Would Fit With Strategy, Canaccord Says
- NESN SW : Nestle Plans Full Exit of Herta Brand Over Time, CEO Tells FuW
- RET BB : Retail Estates to Buy Fully Let Project in Maastricht for EU10m
- SAF FP : Trump Administration Considers Halting GE Venture’s Engine Deliveries to China - WSJ - https://on.wsj.com/2SwCFIL
- SHED LN : Urban Logistics REIT Raises GBP130m With 137.5p/Share Placing
- SPOR SS : Footway Offers to Buy Sportamore for SEK439 Million
- TSLA US : Tesla’s Berlin Factory Preparation Works Halted by German Court
- UBSG SW : UBS CEO Wants to Wait for France Ruling Before Leaving Role: T-A
- VOW3 GY : FAW-Volkswagen to Fully Restart Production in Coming Days
- WDI GY : Wirecard Accused of Ignoring Alleged Fraud in Indian Sale
- ZAL GY : Amazon Isn’t an Imminent Risk to Zalando, Bernstein Says

>>> Asian Update

Asia Market Update: Asian indices trade mixed amid US holiday; Shanghai and HK markets rise after easing by the PBOC; Nikkei lags in the face of recession and coronavirus concerns, Macau may open casinos Thurssday

General Trend:
- Japan’s Q4 GDP contracts at the sharpest annualized rate since the sales tax hike back in 2014.
- Trade-sensitive sectors lead declines in Japan (Marine/Transportation and Iron/Steel)
- Nissan’s shares continue to drop after recent financial guidance
- Small-caps (including tech companies) lead the early gains in Shanghai after easing by the PBOC; property sector lags as home price growth hits slowest pace since 2018
- Zhejiang Hisun Pharmaceutical [600267.CN] rises by 10% on regulatory approval in China related to coronavirus virus treatment
- HK sportswear company Anta Sports rises over 3% after issuing its market update, Li Ning and Xtep International rise over 2%
- Great Wall Motor rises over 4%after agreeing to buy a manufacturing plant in Thailand from GM.
- GM announced a move to scale down its operations in Thailand and Australia/New Zealand
- Financials are among the decliners in Australia, Energy and Resources sectors rise amid strength in Chinese equities
- China PBOC cut MLF rate, expected to cut loan prime rate (LPR) on Thursday (Feb 20th)
- Banks in China have provided over CNY537B (~$76.9B) of credit support as of Friday (Feb 14th) afternoon to help companies restore production (Chinese regulator)
- Chinese local governments start to rollout measures to support the resumption of production, manufacturing city Dongguan approves measures to support local companies
- Singapore and Thailand governments cut 2020 GDP and export forecasts amid expected coronavirus impact
- RBA is due to release its Feb minutes on Tuesday, RBA Gov Lowe has previously said that the central bank discussed lower rates ‘extensively’ in Feb (comments from Feb 7th)
- China considering starting purchases of US farm goods by early March, China wants to show commitment to phase one trade deal - financial press

***Headlines/Economic Data***
Australia/New Zealand
-ASX 200 opened +0.1%
- (NZ) New Zealand Jan Performance of Services Index: 57.1 v 52.1 prior (highest since May 2018)
- BXB.AU Reports H1 Net $277.9M v $319.8M y/y; Op $435.5M v 429.5M y/y; Rev 2.4B v 2.3B y/y
- CTX.AU Updates on improved offer from ATD: Board considers that it is in the interests of Caltex shareholders to engage further with ATD

Japan
-Nikkei 225 opened -0.8%
- (JP) JAPAN Q4 PRELIMINARY GDP Q/Q: -1.6% V -1.0%E; GDP ANNUALIZED Q/Q: -6.3% V -3.8%E (largest annualized decline since 2014)
- (JP) Japan reports additional 70 coronavirus cases on the Diamond princess cruise ship, total on ship now 355 (largest outside of China) – press
- (JP) Japan Econ Min Nishumura: Watching for impact on coronavirus on inbound tourism and supply chain disruption; will swiftly implement emergency steps to counter coronavirus using budget reserve funds
- 7974.JP Likely to see global Switch console shortages citing coronavirus
- (JP) Japan PM Abe: Will continue to carefully examine coronavirus and sales tax hike's impact on economy - speaking to Diet
- (JP) Bank of Japan (BOJ) Gov Kuroda: Coronavirus is the largest uncertainty for the economy - Japan press

Korea
-Kospi opened flat
- (KR) South Korea Fin Min Hong: Will provide KRW300B in support for budget carriers suffering from coronavirus; Shipping companies to receive KRW60B in aid - South Korea Press
- 005930.KR Expected to resume operations at TV factory in Tianjin, China this week after regulators give approval - Korean press

China/Hong Kong
-Hang Seng opened -0.2%; Shanghai Composite opened +0.3%
- (CN) China Fin Min Liu Kun: China will implement targeted and phased company tax cuts and reduce unnecessary government expenses
- (CN) CHINA PBOC CONDUCTS CNY200B V CNY300B PRIOR IN 1-YEAR MEDIUM TERM LENDING FACILITY (MLF) OPERATIONS AT 3.15% V 3.25% PRIOR; NET INJECTION CNY700B V CNY300B PRIOR
- (CN) China PBOC: China banks will tolerate higher levels of problem loans as part of those support efforts during coronavirus
- (CN) China CBIRC: Will accelerate approval process for production licenses to help firms resume work
- (CN) China PBOC may conduct MLF this week at a lower rate - China Securities Journal
- (CN) China Hubei province coronavirus update for Feb 16th: 1.9K additional cases v 1.84K prior, Additional deaths 100 v 139 prior
- (CN) China National Health Commission Coronavirus Update for Feb 16th: 2.0K additional cases v 2.0K prior; Additional death 105 v 142 prior
- (CN) China PBOC sets Yuan Reference Rate: 6.9795 v 6.9843 prior
- (CN) China PBoC Open Market Operation (OMO): Injects CNY100B in 7-day reverse repos v skips prior; Net drain CNY900B v CNY0B prior
- (CN) CHINA JAN NEW HOME PRICES M/M: 0.3% V 0.4% PRIOR; Y/Y: 6.3% V 6.6% PRIOR
- (CN) China Jan Foreign Direct Investment (FDI) yuan terms y/y: +4.0% v 5.8% prior
- 1928.HK Exec: Macau may allow casinos to re-open Thursday, Feb 20th - local media

Other
- (SG) Singapore Q4 Final GDP Q/Q: 0.6% v 0.1%e; Y/Y: 1.0% v 0.8%e; Cuts 2020 GDP at -0.5% to +1.5% (prior 1.5-1.9%)
- (SG) SINGAPORE JAN NON-OIL DOMESTIC EXPORTS M/M: 4.6% V -4.3%E; Y/Y: -3.3% V -3.7%E; Electronic Exports Y/Y: -13.0% v -10.5%e

North America
- GE Trump administration considering halting jet engine deliveries made by CFM International (GE/Safran) for planes in China over fears of reverse engineering – press
- GM To sell Thailand manufacturing plant to China's Great Wall Motors; Will cease Holden sales, design and engineering operations by 2021, plans to focus on growth opportunities in specialty vehicle business; net charges of $300M; Will cut 1,500 jobs in Thailand, 828 in Australia and New Zealand
**Reminder US and Canada markets closed for holiday Monday, Feb 17th

Europe
- (US) USTR raises duties on EU aircrafts to 15% from 10%, effective March 18th; leaves tariffs on Scotch, cheese, French wine unchanged (after hours Friday)

***Levels as of 12:15ET***
- Hang Seng +0.5%; Shanghai Composite +1.5%; Kospi -0.1%; Nikkei225 -0.8%; ASX 200 -0.1%
- Equity Futures: S&P500 +0.2%; Nasdaq100 +0.4%, Dax +0.2%; FTSE100 +0.2%
- EUR 1.0844-1.0834; JPY 109.86-109.72; AUD 0.6730-0.6714; NZD 0.6448-0.6428
- Commodity Futures: Gold 0.0% at $1,586/oz; Crude Oil -0.0% at $52.30/brl; Copper +0.9% at $2.63/lb