*DALIO: DOESN'T THINK FED WILL ACHIEVE ITS BALANCE SHEET PLAN
Early premarket gappers
Gapping up:
- NBRV +7%, SCS +5.6%, REXX +5.5%, DRNA +5%, AZO +2.9%, NOMD+2.8%, SINA +1.7%, KTOS +1.7%, ACIA +1.4%, JONE +1.4%, AMC +0.9%,M +0.6%, SGMS +0.5%, MGM +0.5%
Gapping down:
- MDWD -13.2%, FOMX -11.6%, MUX -9.1%, SUPN -5.5%, BECN -4.7%, EFX-2.5%, PAA -1.3%, BEAT -1.3%, FRSH -1.1%, GPMT -1%, HAS -0.9%, WB-0.8%
EXCLUSIF Le marché du nouveau système de défense aérien turc a joué un rôle essentiel dans les relations entre Paris et Ankara et dans l'accélération de la libération du journaliste Loup Bureau. Visite dans les coulisses diplomatico-économiques.
En effet, le fabricant européen de missiles MBDA et le spécialiste de l'électronique militaire français Thalès concourent ensemble, via le consortium baptisé Eurosam, à l'appel d'offres du ministère de la défense turc sur l'architecture du futur système de défense aérienne du pays. Le projet est primordial pour les entreprises occidentales, mais aussi pour la Turquie qui compte profiter de ce contrat pour faire monter en puissance ses propres sociétés de défense.
Un contrat à trois milliards d'euros
En juillet un accord préliminaire a ainsi été signé visant, en contrepartie du marché ouvert par Ankara, à définir le niveau de participation des groupes turcs Aselsan et Roketsan à la modernisation du missile de défense aérienne élargie Aster Block 1 Nouvelle Technologie (B1NT) lancée en décembre 2015. A la clé : un contrat d'achat du système évalué à l'origine à trois milliards d'euros, qui iraient dans la poche des firmes occidentales. En contrepartie, la négociation des transferts de technologie de l'Europe, et singulièrement de la France, vers la Turquie est comme souvent très sensible. Elle doit durer jusqu'à fin 2018.
Les acteurs français devront au préalable obtenir l'accord de la commission interministérielle pour l'étude des exportations de matériels de guerre (CIEEMG), qui examine actuellement le dossier. Une entrée des deux entités turques dans Eurosam est également envisagée à cette occasion, selon des responsables de MBDA. Une telle participation à un programme militaire européen de premier ordre serait une première pour Ankara.
Transfert de technologies sensibles
La France veut toutefois marquer des limites. Pour Paris, il n'est pas question d'associer les Turcs à la conception du nouveau système de conduite de tir de l'ASTER 30 et de son autodirecteur. La Turquie souhaite bénéficier de cette technologie dernier cri, mais elle est précisément jugée trop stratégique pour être partagée. Comme souvent dans ces dossiers de transferts de technologies, les systèmes les plus récents sont farouchement défendus par les constructeurs, qui conservent ainsi leurs avantages compétitifs. Ils n'acceptent de partager que des technologies déjà amorties. Seule concession dans le dossier turc : Ces derniers pourraient participer aux études de modernisation de la propulsion du premier étage (booster) de cet engin anti-missiles balistiques pour augmenter sa puissance et sa portée. Un réglage diplomatico-technique des plus fins.
ECB may keep open option to prolong bond-buying again in 2018 - sources
FRANKFURT (Reuters) - European Central Bank policymakers disagree on whether to set a definitive end-date for their money-printing programme when they meet in October, raising the chance that they will keep open at least the option of prolonging it again, six sources told Reuters.
A stubbornly strong euro, with its dampening effect on inflation, is driving a rift among ECB policymakers, the sources on the ECB’s Governing Council with direct knowledge of its thinking said.
The split is between ‘hawks’ -- led by richer, northern countries such as Germany -- who are ready to wind down the 2.3 trillion euros bond-purchase programme and ‘doves’ who simply want to reduce its monthly pace, the sources said.
This is raising the likelihood that they will seek a compromise solution on Oct. 26, whereby any end-date for purchases would not be set in stone, or that they will put off part of the decision until December, the sources added.
The main point of contention is the euro’s continued appreciation against major currencies, which is threatening to curb inflation in the euro zone by making its imports cheaper and exports dearer.
The ECB declined to comment. The sources noted that no decision had been made and that the debate remained open.
Flush With Cash: €500 Bank Notes Sent Down the Drain
Why did two women send roughly €100,000 in cut-up €500 bank notes down toilets at a bank and three restaurants?
ZURICH—A recent report by UBS concluded that rich people were sitting on too much cash. Little did anyone know just how right they were.
Prosecutors in Geneva are trying to figure out why two women flushed roughly €100,000 ($119,000) in cut-up €500 bank notes down a toilet at a UBS branch in the Swiss city as well as in toilets at three neighboring restaurants back in May.
Local authorities were alerted because of damage done to the toilets and plumbing, said Vincent Derouand, spokesman for the Geneva prosecutor’s office. Using video surveillance, investigators were able to identify two women who they say stuffed the notes down the toilets.
Later, an attorney representing the women approached the restaurants to pay for the repairs, which amounted to several thousand francs.
The story was first reported last week by the Geneva daily Tribune de Genève. A UBS spokesman declined to comment.
It isn’t a crime in Switzerland to destroy currency. But the prosecutor’s office is still investigating to see whether the flushed cash resulted from criminal activities.
Adding to the intrigue, euros aren’t even used in Switzerland, which isn’t in the eurozone and still has the Swiss franc. The European Central Bank will stop issuing 500-euro notes at the end of next year, though existing ones will remain legal tender.
The ECB cited “concerns that this bank note could facilitate illicit activities” when it made the announcement in May 2016.
Imperial Brands: City Alight With BNP Paribas Prediction Japan Tobacco Bid By End Of 2017
The depressed price of Imperial Brands makes it very vulnerable to the prediction of BNP Paribas coming true, and a £50 a share target could come true given the way that even at £32 a share, the average analyst’s target here is £41.
The scenario which is expected is that Japan or China Tobacco could bid for Imperial, and then sell on key assets. Some of the largest investment banks have recommended that institutions start stakebuilding at current levels as long term M&A potiential becomes more compelling.
in addition to this, even after the summer slap to tobacco stocks by the FDA with its proposal to reduce nicotine in cigarrettes to non-addictive levels did not cause the share price of Imperial Brands to fall below the key £30 level.
Indeed, earlier this month we have seen the stock gap higher and break a signficant downtrend line running above 3,200p. All of this suggests that at least from a technical perspective, if not a fundamental one, the value argument is copper bottomed around current levels.
Total has picked up a 23 per cent stake in renewable energy company Eren for €237.5m as the the French oil group looks to expand its capacity in the sector.
As part of the deal Total, which acquired an indirect stake by subscribing to a capital increase, will have the option to take control of Eren after a period of 5 years.
“By partnering with Eren, we are leveraging a team that has a proven track record in renewable power production, and we are investing in an additional asset to accelerate our profitable growth in this segment, in line with our ambition to become the responsible energy major,” said Patrick Pouyanné, Chairman and CEO of Total.
Eren, which has a portfolio of wind, solar and hydraulic assets, will also will be renamed Total Eren upon completion of the transaction.
Total had signalled in July it was ready to make acquisitions and invest in new projects while global assets were still cheap and more recently agreed to buy $7.45bn of mature oil exploration and production assets from Danish conglomerate AP Moller-Maersk.
That deal highlighted the drive for consolidation in the European oil and gas industry, with companies managing the effects of lower oil prices by reducing their portfolios or seeking economies of scale.
Bayer - Sees Monsanto deal closing early 2018; Global Seeds, Crop protection market remains volatile in 2017 - press
- Business in Brazil seen returning to normal in FY18
- Has over one third of total approvals needed from around 30 global regulatory authorities
BOUYGUES: The approaching expiry of the state’s options could revive the prospect of the disposal by Bouygues of its Alstom stake
Why review the case now?
- The call options sold by Bouygues entitling the French State to acquire up to 20% of Alstom will expire on 17 October.
- The removal of these contractual obligations, which have so far deterred Bouygues from selling a large stake, will open up fresh disposal opportunities.
- Assuming the sale of its entire block of 62m shares at c.€28.00, the resulting c.€1.75bn proceeds would allow Bouygues to materially boost its dividend and/or lower its debt.
- The launch of an Exchangeable Bond could be an appropriate way to limit the market impact of a placing; the timing could be influenced by the potential involvement of Alstom in consolidation initiatives (see appendix).
see full note atatched