sian equities and U.S. stock futures surrendered gains as investors mulled any implications for markets from American midterm election results that showed the anticipated split in Congress. The dollar dipped with U.S. Treasury yields
With Democrats on course to win the House of Representatives majority and Republicans effectively clinching control of the Senate, prospects are for divided government. The results dim chances for any major fiscal initiative from President Donald Trump’s administration that might have offered a lift to U.S. yields and the dollar. The greenback retreated against most major counterparts Wednesday.
The White House will still have the upper hand on getting key appointments approved in the Senate, with a continued Republican majority in position to limit Democratic efforts to reverse Trump’s regulatory actions. Earlier in the session, stocks emulated the late-2016 Trump-reflation play when Republicans looked to do better this time than some forecast.
US After Hours TWLO / ETSY +13%, DATA +10% trading higher, while INFN -25%, PRMW -23%, INGN / MED -20%, ZG -19%, MTCH -9%, DXC -7% lower following earnings/guidance, ARRS +16% / COMM -4% on M&A speculation
Nikkei -0.28% Hang Seng -0.09% CSI -0.58% Shanghai -0.60% Shenzen -0.35%
Eur$1.1443 CNH 6.9277 CNY 6.9299 JPY113.20 GBP 1.3119 CHF 1.0014RUB 66.1544 TRY5.3955
S&P +0.18% EuroStoxx +0.62% FTSE +0.40% Dax +0.50%SMI +0.20%
Macro :
- Spain’s Banks Evade Billions in Costs After Ruling on Stamp Duty
- Qatar Turns to Royals in Their 3Os to Manage $320 Billion Fund
Keep an eye on :
- ABN NA : ABN Amro Third Quarter Operating Income Beats Highest Estimate
- ADS GY : Adidas Increases FY Net Income Forecast, Lowers Revenue Guidance
- AD NA : Ahold Delhaize Boost 2018 FCF Guidance; 3Q Earnings Beat
- AIR FP : Airbus: China Will Need 7,420 Planes Valued at $1.06T in 20 Yrs
- AMS SW : AMS Intention to Implement Partial Buyback Up to $100 Mln Bonds
- ARRS US : CommScope Nearing Deal to Buy Arris for More Than $31/Shr: CNBC
- CS FP : Axa 9M Sales Rise 0.6%, Asset Mgmt Units Post Outflows
- SPR GY : Axel Springer Nine Month Adjusted Ebitda EU541.4 Mln, Axel Springer Raises FY Adj. EPS Forecast on Digital Growth
- BALTA BB : Balta Nine Month Adjusted Ebitda EU51.2 Mln
- BARN SW : Barry Callebaut Full Year Sales Meet Estimates
- BBVA SM : Spain’s Banks Evade Billions in Costs After Ruling on Stamp Duty
- BMW GY : *BMW 3Q EBIT EU1.75B, EST. EU1.91B, BMW Third Quarter Ebit Misses Estimates
- BOTHE BB : Bone Therapeutics Says DSMB Recommends Phase III Be Discontinued
- BOBNN SW : Bobst: Erik Bothorel Will Leave Exec Committee by End of 2018
- BNR GY : Brenntag Third Quarter Oper Ebitda Misses Lowest Estimate
- BC IM : Brunello Cucinelli Nine Month Revenue EU442.1 Mln
- CGG FP : CGG Third Quarter Ebitda Misses Lowest Estimate
- ACA FP : Credit Agricole 3Q Profit Rises 3.2%; Corporate Banking Rises
- AM FP : Dassault Pulls Out of Canada Fighter-Jet Competition: CP
- DHER GY : Delivery Hero Boosts Full Year Revenue Forecast
- EDF FP : EDF May Seek to Extend Some French Nuclear Plants: Parisien
- ENAV IM : Enav Chairman Roberto Scaramella Intends Departure
- ENGI FP : Engie 9-Month Current Operating Income EU3.5B; Confirms Targets
- FGR FP : Eiffage Third Quarter Sales Beat Highest Estimate, Revenue a Good Beat, Orders a Touch Soft: Morgan Stanley
- ELG GY : Elmos Semi Third Quarter Revenue EU69.4 Mln
- ENEL IM : Enel Adjusted Net Up 11.8% y/y To EU2.9b, Enel Results Seen Resilient by Morgan Stanley, Mixed by Citi
- ERICB SS : Moody’s Says 5G Will Be Credit Positive for Nokia and Ericsson
- EZE SM : Ezentis Signs Financing Contract for EU90M
- FRA GY : Fraport Third Quarter Revenue 2.6% Above Estimates
- FRE GY : Akorn Third Quarter Net Revenue Misses Lowest Estimate
- FBEN GY : Fyber to Propose Changes to Terms Bonds 3.0% July 2020 Conv
- RISH NO : GC Rieber Shipping Offering Prices 28.9m Shares at NOK8.50/Share
- GSF NO : Grieg Seafood Revises Full Year Harvest Forecast
- HOFI SS : Hoist Expects Less Competition as Funding Costs Rise: DI
- HSBA LN : HSBC Compliance Executive Investigated by U.K. Regulator: FT
- IMCD NA : IMCD Nine Month Revenue EU1.76 Bln
- INW IM : Telecom Italia’s Inwit 9-Month Rev EU283.9M, UP 8.4%
- SKB GY : Koenig & Bauer Third Quarter Revenue Meets Estimates
- KOA NO : Kongsberg Automotive 3Q Revenue Misses Lowest Est.
- LNZ AV : Lenzing Nine Month Net Income EU133.8 Mln
- LUPE SS : Lundin Petroleum Third Quarter Ebitda 1.5% Above Estimates
- MHG NO : Marine Harvest Exercises Call Option on EUR340M 2020 Conv Bond
- MKEA FP : Mauna Kea’s Cellvizio Contact 2 Trial Meets Primary Endpoints
- MONT BB : Montea Third Quarter Occupancy 97.9% Vs. 96.6% Q/Q
- MMT FP : M6 Sells Girondins Soccer Club for EU100m; 3Q Revenue EU294m
- MUV2 GY : Munich Re Raises FY Target for Ergo, Confirms FY Profit Goal
- NOKIA FH : Moody’s Says 5G Will Be Credit Positive for Nokia and Ericsson
- NOEJ GY : Norma Third Quarter Revenue 1.2% Above Estimates
- ONTEX BB : Ontex Third Quarter Adjusted Ebitda Meets Estimates
- ORI SS : Oriflame Third Quarter Ebitda Beats Highest Estimate
- ORSTED DC : Danish Government Won’t Interfere With Orsted Sale: Berlingske
- OSR GY ; Osram Fourth Quarter Revenue 3.9% Above Estimates, Osram’s 4Q Was Better Than Expected, Analysts Say
- PEN NO : Panoro Energy Offering Prices 15.6m Shares at NOK16.10/Share
- PLT IM : Kraft Sells Natural Cheese Business to Parmalat for C$1.62b
- REP SM : Repsol to Carry out Capital Reduction of Up to 4.3%: Expansion
- RYA ID : Ryanair Fires 6 Cabin Crew Over Malaga Airport Photo: Union
- SAN FP : Sanofi to Invest in China Research Institute to Tap Local Talent
- SAN SM : *SANTANDER, BANCO BILBAO GAIN ON SPANISH SUPREME COURT RULING
- G24 GY : Scout24 Cuts Full Year Revenue Forecast
- SNBN SW : SNB Has Room to Maneuver on Rates, Zurbruegg Tells Paper (1)
- SRG IM : Snam Raises Targets, 9-mo Revenue Rises to EU1.87b
- SY1 GY : Symrise Nine Month Ebitda EU475.7 Mln
- SLHN SW : Swiss Life Nine Month Net Fee And Commission Income CHF1.2 Bln
- TKA GY : Cevian Seeks to Put Martina Merz on Thyssenkrupp Spvy Board: BZ
- VIE FP : Veolia 9-Month Current Net Income EU457.4M; Confirms Targets
- VIV FP : Sale Process of EndemolShine Is Suspended, Les Echos Reports
- VWS DC : Gamesa Profit Boosts Vestas; E.ON Slips: EU Energy Wrap
- VCT FP : Vicat Nine Month Sales EU1.95 Bln
- VOE AV : Voestalpine First Half Net Income EU316.2 Mln
- VOW3 GY : VW to Idle Emden Plant for 7 Additional Days, Handelsblatt Says
- WALWIL NO : Wallenius Wilhelmsen 3Q Total Income Matches Est.
- MF FP : Wendel Is Said to Hire Adviser for Review of Cromology’s Debt
>>> Up
* Adecco Upgraded to Neutral at MainFirst; Price Target 48 Francs
* Arkema Upgraded to Neutral at Credit Suisse; PT 101 Euros
* Bakkafrost Upgraded to Buy at Kepler Cheuvreux; PT 515 Kroner
* Balder Upgraded to Hold at DNB Markets; PT 240 Kronor (yest)
* Covivio Upgraded to Neutral at JPMorgan; PT 100 Euros
* Electrolux Upgraded to Buy at Kepler Cheuvreux; PT 235 Kronor
* EVS Broadcast Upgraded to Buy at ING; PT 28 Euros
* Falck Renewables Raised to Buy at Kepler Cheuvreux
* Imerys Upgraded to Buy at HSBC; PT 65 Euros
* Italgas Upgraded to Outperform at Intermonte; PT 5.30 Euros (yest)
* RBS Upgraded to Outperform at Macquarie
>>> Down
* British Land Cut to Equal-weight at Barclays; PT 5.80 Pounds
* Dufry Downgraded to Hold at Baader Helvea; PT 116 Francs
* ElringKlinger Downgraded to Reduce at AlphaValue
* Gaming Innovation Group Cut to Hold at SEB Equities; PT 3 Kroner
* Hammerson Downgraded to Underweight at Barclays; PT 4.10 Pounds
* Latour Cut to Hold at DNB Markets; Price Target 115 Kronor
* NewRiver Downgraded to Equal-weight at Barclays; PT 2.60 Pounds
* NWF Group Upgraded to Buy at Peel Hunt
* Suess MicroTec Downgraded to Hold at DZ Bank; PT 10.60 Euros
>>> Initiation
* Codemasters Group Holdings Rated New Buy at Jefferies
* Team17 Group Rated New Hold at Jefferies; PT 2.19 Pounds
* Terna Rated New Buy at Santander; PT 5.10 Euros
* Snam Rated New Hold at Santander; PT 4 Euros
* Sumo Group Rated New Underperform at Jefferies; PT 1.22 Pounds
* UDG Rated New Outperform at RBC; PT 8 Pounds
>>> Call