>>> Cigna-Anthem merger blocked by federal judge

Cigna-Anthem merger blocked by federal judge (MergerMArket)
09 FEB 2017
A federal judge on Wednesday evening bocked Anthem’s [NYSE:ANTM] proposed acquisition of health insurer Cigna [NYSE:CI], saying the deal would likely lead to higher prices.
Bloomfield, Connecticut-based Cigna said in response that it intends to 'carefully review' the judge's opinion and 'evaluate its options' regarding the merger.
Indianapolis, Indiana-based Anthem said in a separate statement that it will appeal the decision and 'continue to work aggressively to complete the transaction'.
Cigna agreed to be bought by Anthem in July 2015 in a cash-and-stock deal then worth about USD 50.4bn.
Cigna press release:
On February 8, 2017, the U.S. District Court for the District of Columbia issued an order enjoining the proposed merger between Cigna Corporation (NYSE:CI) and Anthem, Inc. (NYSE:ANTM). Cigna intends to carefully review the opinion and evaluate its options in accordance with the merger agreement. Cigna remains focused on helping to improve health care by delivering value to our customers and clients and expanding our business around the world.
Anthem press release:
Anthem, Inc. (NYSE: ANTM) today commented on the decision by the U.S. District Court for the District of Columbia granting the Department of Justice’s request to block Anthem’s proposed acquisition of Cigna Corporation (NYSE: CI). The company promptly intends to file a notice of appeal and request an expedited hearing of its appeal to reverse the Court’s decision so that Anthem may move forward with the merger, which was approved by over 99% of the votes cast by the shareholders of both companies.
“Anthem is significantly disappointed by the decision as combining Anthem and Cigna would positively impact the health and well-being of millions of Americans - saving them more than USD 2bn in medical costs annually,” said Joseph R. Swedish, Chairman, President and Chief Executive Officer, Anthem. “Anthem has been a leader in providing individuals with access to high quality, affordable healthcare. Our decision to acquire Cigna is grounded in our commitment to this goal and to leading our industry during this period of dynamic change. If not overturned, the consequences of the decision are far-reaching and will hurt American consumers by limiting their access to high quality affordable care, slowing the industry’s shift to value based care and improved outcomes for patients, and restricting innovation which is critical to meeting the evolving needs of healthcare consumers. Moving forward, Anthem will continue to work aggressively to complete the transaction while remaining focused on serving as America’s valued health partner, delivering superior health care services to our approximately 40 million members with greater value at less cost.”

(Recode.net) Trump's freeze on new regulation means that we won't get drone deli

Trump's freeze on new regulation means that we won't get drone delivery anytime soon
The drone industry actually needs regulations in order to grow.

When President Trump signed an executive order last week requiring two federal regulations to be rescinded for every new one passed, he simultaneously pulled the brakes on the future of drone delivery in the United States.

While many industries see the prospect of less regulation as positive, the nascent drone industry actually needs regulations in order to grow.

The reason drones need regulations is because in 2014 the National Transportation Safety Board classified drones as aircraft, which means drones need to abide by FAA regulations in order to fly. The problem is that many drone regulations don’t yet exist, and the FAA will have a hard time killing existing rules to make room for new ones.

“If regulations for unmanned aircraft are held up or are stripped away, there’s actually no way for drones to access the airspace,” says Gregory McNeal, co-founder of Airmap, a drone mapping company.

The FAA’s mandate is, after all, to protect the safety of the skies. And if the FAA were to move forward with a rulemaking, it’s unclear what regulations the agency could actually rescind.

“There aren’t a lot for the drone industry to begin with,” says Gretchen West, an advisor specializing in the drone industry with Hogan Lovells. “And I can’t imagine they’d do anything from a manned aviation perspective to jeopardize the safety of the airspace.”

The rules are still being written
Trump entered office while the FAA is in the process of creating rules for drones. The more laws there are on how to fly drones safely, the more opportunities there are for the industry to expand.

Right now, for example, it’s still illegal to fly drones beyond visual line of sight, a necessity for a viable drone delivery operation, since the whole point of drone delivery is that there isn’t a person there for the delivery.

“In the drone industry, it seems counterintuitive, but we actually want regulation. And not having regulations is putting a halt to the growth of this industry,” says West.

The FAA requires pilots to get a waiver to fly beyond visual line of sight, since the agency hasn’t written rules for that kind of operation yet, and waivers for flying without a person watching are hard to get. Only three such waivers have been granted. And the FAA has only granted one waiver so far for drone operations over people, which was awarded to CNN last year for newsgathering.

In total, the FAA has granted 322 waivers for commercial drone flights, according to data the agency shared last month. To put that in perspective, there are currently about 23,000 commercial drone pilots licensed in the U.S., meaning either the FAA isn’t getting many requests for waivers at all or the waiver process just isn’t sustainable.

Everything’s on hold or the process has to change
One way to circumvent the rulemaking process would be for the agency to adopt a more flexible risk-based approach to crafting drone laws.

With a risk-based approach, a baseline set of rules for flying in the most ideal conditions, like for example, during daylight hours, in visual line of sight and in low-altitude airspace, would be established, and then any operations that fall outside of that could be privy to an additional set of requirements set by the FAA to maintain an equivalent level of safety.

It’s similar to the waiver system now, where the pilot would have to demonstrate that the operation under the conditions proposed could be conducted safely. But it could also mean that more innovative drone operations, like delivery, might be able to happen faster if the pilot or group requesting could prove it was safe, since no one would be waiting for new rules to be written.

But adopting a risk-based system would also require a more streamlined process for approving and assessing the safety of drone operations. It already can take months for a waiver to be processed, and approving each operation or set of operations, as opposed to having the ability to write new rules, could mean a huge strain on the FAA.

In 2015, the European Union proposed risk-based rules for flying drones, which Amazon, perhaps the most famous company hoping to pioneer drone delivery, praised as flexible and forward thinking.

Cashing in on new rules
The FAA finalized its commercial drone rules at the end of August of last year, commonly called Part 107 rules, which sets standards for flying within line of sight, during the day, with a licensed pilot and not over people. Since then, many in the commercial drone industry have seen their businesses grow dramatically.

“Measure’s business has definitely grown since Part 107 took effect,” said Dave Bowen with Measure, a drone service provider. “The number of cell tower drone inspections has at least tripled.”

Another company, Kespry, that specializes in drone services for construction, insurance and mining, says its revenue tripled since the introduction of the latest FAA commercial drone rules.

“Since the commercial drone rules went into effect last summer, our business has skyrocketed,” said Jon Hagranes of Kittyhawk, a drone management firm. “The quarter after the rules were out was three times bigger than our previous quarter.”

Regulatory freeze
But the Part 107 rules don’t account for flying at night, like for emergency search operations, nor do they allow for flying beyond visual line of sight, like for a hard to see pipeline inspection or delivery. Existing rules also don’t allow for flying over densely populated areas — all of which require a waiver or new rules to be made. But with the regulatory freeze set by President Trump, the policymaking process that many were complaining was already taking too long, might be on hold indefinitely.

Though yesterday three advocacy organizations filed suit against Trump on the grounds that the president exceeded his constitutional authority in signing the executive order on new regulations.

“We’re investing millions of dollars in this space,” says Gregory McNeal of Airmap. “And every day that there is a delay is a day that we are farther from being able to really watch our business grow.”

>>> Mattioli Woods buys 49% stake in Amati Global Investors for GBP 3.5bn with o

Mattioli Woods buys 49% stake in Amati Global Investors for GBP 3.5bn with option to buy remainder in two years

Mattioli Woods, the UK wealth management firm, has acquired a 49% stake in Amati Global Investors for GBP 3.5bn, reported Leicester Mercury. Ian Mattioli, CEO of Mattioli Woods, said the purchase of specialist fund manager Amati will enhance his firm's presence in this sector.
Mattioli has an option to buy the other 51% of Amati within two years, the item said.

WSJ : Mining Executives Extol Donald Trump’s Policies

Mining Executives Extol Donald Trump’s Policies
But some worry that the president’s protectionist bent could do more harm than good for the sector

CAPE TOWN, South Africa—When Donald Trump won the presidential election in November, it was a thrilling moment for Ivan Glasenberg.
The chief executive of Glencore PLC, one of the world’s biggest mining companies, believes that a $1 trillion infrastructure program proposed by Mr. Trump would boost prices for the commodities that the firm, based in Switzerland, mines and trades, according to people familiar with the matter.

Mr. Glasenberg’s enthusiasm for President Trump’s proposal is widely shared in the international mining industry, based on interviews with more than a dozen executives and experts at this week’s Investing in African Mining Indaba conference. The Trump administration has been a running topic of conversation here—the mining industry’s biggest annual gathering—infusing panel discussions with a dollop of politics and stirring buzz at cocktail receptions.


Mining stocks have rallied sharply since Mr. Trump’s election. BlackRock Inc.’s BlackRock World Mining Trust, among the biggest owners of mining stocks, and the S&P Metals and Mining Index are both up more than 20% since the election. That compares with a 9.4% gain by the Dow Jones Industrial Average.

Mr. Trump’s spending goals, as well as plans to dial back regulations of carbon-emitting resources such as coal, should benefit the global industry, mining executives say.

“The [Trump] policies sound mining-friendly to me,” said Neal Froneman, chief executive of South African miner Sibanye Gold Ltd.
Sibanye made its first push into the U.S. after Mr. Trump’s election, announcing plans to buy American palladium and platinum miner Stillwater Mining Co. for $2.2 billion. The acquisition was set in motion before Mr. Trump’s election, Mr. Froneman said.

Mr. Trump’s plans to spend $1 trillion to rebuild roads, bridges, airports and other infrastructure haven’t taken shape in the form of legislation yet. Infrastructure spending has been embraced more heartily by Democrats than the Republicans in power and is one piece of a sweeping, complicated agenda that includes a tax-code overhaul and a potential repeal of the Affordable Care Act.

“As the president continues to pursue his ‘Buy American, Hire American’ agenda, which includes significant investment in infrastructure, we will continue to see results,” said White House deputy press secretary Lindsay Walters.
During his campaign, Mr. Trump said he is the “last shot for the miners.” The administration’s “America First Energy Plan” states that its goal is to “maximize the use of American resources” and revive “America’s coal industry, which has been hurting for too long.”
The fortunes of American coal miners have waned drastically in the past decade as cheap, abundant natural gas replaces coal as the U.S.’s fuel of choice. More broadly, miners remain bruised by a sharp decline in commodity prices in 2015 as demand in China slowed. Prices picked up last year, and executives here said they expect commodity prices to remain stable in the near term.
There are reasons beside Mr. Trump’s victory for the global mining industry’s newfound optimism—and share-price gains. Most notable is China’s government stimulus, which has lifted demand in the world’s most voracious market for commodities.
And Mr. Trump’s support alone isn’t enough to put the mining industry back on solid footing. The American coal sector’s struggle to stay competitive goes beyond the environmental regulations Mr. Trump intends to roll back.
But some executives say Mr. Trump could hurt, not help, the sector. They are worried about Mr. Trump’s protectionist impulses, including his threats to raise taxes on imports from China and elsewhere. Such moves could spark a trade war, hurting growth and demand for natural resources, they said.
Mark Cutifani, chief executive of London mining giant Anglo American PLC, said the Trump administration needs to be clearer about its trade policies and goals.
“At the moment, the message is confused,” he said. His advice for Mr. Trump: “Don’t push the world toward protectionism.”
Another worry is the U.S. dollar. A pickup in U.S. growth would raise the value of the dollar, which is used to price most commodities around the world. A strong dollar generally depresses demand for greenback-denominated commodities and hurts miners.
Heightened U.S. import taxes would likely have sweeping implications for commodity prices world-wide and could cause the dollar to rally by as much as 10% against other currencies, said Robert Ryan, vice president at BCA Research.
Some gold miners, in particular, are worried. When the dollar rises, the price of gold often falls.

“His whole policy looks inward, toward beefing up the U.S.,” which would push the dollar up, said Mark Bristow, chief executive of Randgold Resources, an African gold miner.
Others said uncertainty over Mr. Trump’s policies could be good for gold.
“All we need is a good weekend tweet every week” to keep the gold price up, said Srinivasan Venkatakrishnan, chief executive of AngloGold Ashanti Ltd., referring to the president’s prolific use of Twitter to address a wide range of topics—often using blunt language.
“Uncertainty normally helps fuel the gold price,” Mr. Venkatakrishnan added.

(CS) Global Equity Strategy : What Clients are Saying

* The biggest debate concerns how long the reflation trade will continue :
- many clients believe we are early cycle and thus want to stick to being overweight cyclicals.
- CS disagree : labour market tightness in the US, UK, Japan and China is characteristic of a later-cycle phase
- In general, the reflation trades, manifesting in value vs growth and cyclicals vs defensives, continue to be seen as plays on higher yields

* Regions :
- consensus is overweight on Japan
- Clients have been adding to Continental Europe, but are still underweight, in our judgement.
- Worries over political risk remain dominant.
- Investors are much more cautious on GEM given dollar views and concerns over protectionism.
- GEM - sector-adjusted P/E is now at a 20% discount to developed markets, a 12-year low
- China appears to have fallen off investors' radar screens for now

* TRump :
- 'Trump trades' have been: defence stocks, higher bond yields (and overweight of financials), Russia and Japan.

* Sector /Themes :
- Consensus longs among our clients included Alphabet and defence stocks
- Consensus longs where we disagree: semis are thought to be in a super-cycle and, increasingly, investors are long
of mining
- Investors still appear to view financials as more of a trade/hedge (on rising bond yields) than necessarily an investment in fundamentals.
- European investors have clearly turned bearish on healthcare (and are skeptical of valuations because the sector is over-earning)
- Most clients see oil capped at $55-60pb by shale.

>>> US Pre-Market Indication

MainFirst
*CBK-NI 183m(170.3),OP 337m(274.3),Loan Loss Provs 290m,SI 4.9%......+1.5%
*SOC GEN-Net 390m(315),Div 2.2(2.2),IPO Car-Leasing Unit in '17......+1%
*ZURICH INS-NI 3.2b(3.19),OP 4.5b(4.4),Div 17,Cost cutting ok........-1%
*THYSSEN-Sales 10.1b(9.67),Ebit 329m(318.1),Confirms o/l.SI 1.8%.....+0.5%
*NORSK HYDRO-Rev NK21.3b(20.3),Ebit 1.96b(1.97),Pft 968m(1.04).......+2%
*KBC-NII 1.06b(1,06),Inc 1.9b(1.76),Net 685m(518.5),Div 1.8(1.96)....+1%
*CARLSBERG-Considers bid of $1.2b for Tsingtao Stake(20%)............-1%
*AIRBUS-Boeing front runner for $13.8b Singapore Air order...........-0.5%
*PUBLICIS-FY Rev 9.73b(9.79),Margin improvement in 2017,SI 1.6%......-5%
*LEONTEQ-FY figs known, further cost cuts/new partner agreed, SI 13.5%.+0.5%
*HENKEL-in talks to buy Sealed Air's unit Diversey for $3bln.........+0.25%
*IFX-CFIUS may not approve Wolfspeed purchase from CREE by IFX.......-2%
*HAMBORNER-Rent 61.8m(61.8),Ebit 31.7m(31.4),NI 17.4m(17.2)..........+1.6%
*H/DRUCK-Sales 608m(646.4),Ebitda 49m(53.1),Net 18m(19.3),SI 10%.....-0.5%
*PERNOD-H1 Sales 5.06b(5),Net 914m,Organic Grth Pft +4%..............U/C
*GN STORE NORD-FY Rev 8.65b(8.69),Ebitda 1.58b(1.75),Div 1.15........U/C
*TOTAL-Adj Net 2.4b(2.23),Div 62c(61),+ve for cash flow growth.......+1
*LEGRAND-OP 978.5m(982),Divi 1.19(1.2),Organic Sales Grth 0%-3%......+1%
*FAURECIA-Net 638m,Divi 90c(80),Net Debt slightly better, o/lk ok.....+1%

Macquarie
* Ashmore ASHM-AuM $52.2bn, EPS 13.9p vs est’s 10.1p. Seed investment gains of £25.8m. +3%
* Aviva AV/- Sells Stake In JV With Credit Du Nord for £425m. Unch
* Dairy Crest DCG- Key Brands performed well, FY inline with expectations & maintaining guidance. Unch
* Enterprise Inns ETI-Trading inline with expectations, will change name to EI Group. Unch
* Genel GENL- Downgrading 1P & 2P reserves at Tawke after DNO survey. -2%
* Henderson HGG-AuM up 10% to £101bn, EPS 15.2p. Janus merger to be completed by end May. +2%
* RPC- Acquisition of Letica Group for £391m, fully underwritten £552m 1 for 4 rights issue.
*Tate & Lyle TATE-Q3 trading; Speciality Foods inline, Bulk Ingredients ahead of expectations. Expects FY trading to be modestly ahead of expectations. +2-3%

CS
Aberdeen M/P Mentioned in Telegraph/FT on a competitor note on M&A
Aker Sol +1-2% 4Q net loss NOK289m misses est. for NOK237.7, one offs
Ashmore +5%+ Net Revenues 12% ahead, profit 43% beat
Autos -0.5% Jan retail sales fell c9.8% y/y, expectations were unch
Commerzbank +2% Q4 net 19% ahead of cons lower NII/trading
Ent Inns -1% like-for-like net income growth ok, been good performer
Eutelsat +2-3% H1 slightly better, margin guidance improved
Faurecia M/P FY sales at EU18.7bn e18.8, dividend 12.5% beat
Gjensidige -1% Nordic/Baltic slightly slower, PBT a slight miss
GN Store M/P FY16 Revenues DKk8651m cons DKk8628, guidance ok
Heidel Druck -0.5% Sales 608mln cons 618mln, confirms 2016/2017 targets
Henderson +1% Assets under management £101.0bn (cons 101.6)
Husqvarna -1% Revenues miss and operating profit beat
Infineon -2-3% Proposed purchase of Wolfspeed
Korian M/P FY revs 2.99b cons 2.99b, Guidance for FY17 inline
Legrand UNCH Sales 0.5% ahead, org growth towards top of revised range
Miners -0.5% Copper +1.20%, Brent -0.60%, Iron Ore +1.75%, China +0.30%
Mobistar +2% Revs & EBITDA Beat, FY17 Guidance Inline vs Cons
Nexans +1-2% H2 profit 2% beat, no specific guidance
Norsk Hydro -1% FY 6.4bn NOK CSe NOK 6.4, Divi 1.25 up from 1
Orange Bel +1% Revs 321.9 mln vs cons 322.5mln
Pernod +1% H1 recurring op profit beats estimates, maintains guidance
Pennon +2% Unwind of PMB, operationally numbers inline
Publicis -2% Q4 organic growth light
SBM Offshore -2% 12% EBITDA beat, guidance light
S&N -2-4% FY rev $4.67 bln est $4.69bln, operating profit light
Soc Gen +1% Q4 net profit €390m vs cons €471m
Thyssen -2% Profit inline/Debt higher/FY guidance reiterated
Thom Cook M/P Nordic slightly better, German airline slightly worse
Tates +2% 3Q modestly ahead of forecasts
Total +1-2% 10% beat on net income, dividend better
Voestalpine -1% Q3 EBIT adj 179 Cons 183, reiterate FY17 guidance
Yara -1-2% Numbers inline but dividend lower
Zurich Ins -1% Profit 5.7% of cons, higher expense ratio

Jefferies
EUTELSAT...good #s and RAISES FY EBITDA margin outlook, been WEAK into print
PERNOD...decent #s even vs high expectations, had good run but still called +1%
SANOFI...Federal court suspends injunction SAN/REGN, ADRS's +0.6%
NORSK HYDRO...Q4 #s BEAT, sales ahead/EBIT ok, gwth outlook 3-5%
SOC GEN...Q4 net €390m v (e)€315m, retail net +25%, div 1.2...called +3%
COMMERZBANK...Q4 net income €183mn v (e)€170mn, CET1 rises to 12.3%...called +2%
THYSSEN...bit MIXED - #s look decent Q1 net +41% + but FCF before M&A widens, reits FY
LEGRAND...org gwth/divd LITE, pft OK, net beats on 1-off ... called -1%
EUTELSAT...good #s + RAISES FY EBITDA margin outlook, been WEAK into print ...should fly +3%-5%
VOESTALPINE...EBIT #s small miss, but confirms significant earnings gwth...-1%
ZURICH FS...#s in line, but CR which may put divd in question...-1%-2%
TOTAL beat net income $2.4bn, cons $2.2bn, due to chemicals & refining, raises divi 1.6% ... called +2%
FAURECIA...all IN LINE, net debt s/beat poss on disposal, reits FY18...+1%
TATE & LYLE ... exp profits to be moderately ahead of expectations, called +2%
PUBLICIS...#s POOR, weak on North America/Latam and FY17 guidance hazy...-2%/-3%
DFS #s decent ... shud be well taken, called +2%

Tradegate
IFX -1.9%
CBK +1.6%
GLE +1.6%
PUB -2.4%
BATS +1.5%
CSGN -1%
INDV -2.7%
REE +1%

(Exane) Luxury Goods : How to invest in Luxury Goods after the Rally

Trading Meets Fundamentals: How to invest in Luxury Goods after the Rally

* Stick to the “top pick” winner – LVMH (+), while Kering (=) faces tough expectations
LVMH FY16 results were very solid and driven by deep, broad-based, self-help and better
environment. Conversely, Kering faces tough expectations and is likely to experience short-term
downside, unless Gucci achieves organic growth well-above Q416 sell-side expectations.

* High quality self-help stories: Richemont (+) and Luxottica (=)
We see possible positive one-offs for CFR: 1) distribution of its YNAP shares; 2) downsizing /
divestment of loss-making soft luxury brands; 3) a special dividend. On LUX, we see significant
long-term value from the merger with Essilor. We would take advantage of any further weakness.

* Bank on early self-help stories – Ferragamo (+) and Prada (raised to +) look promising
If you are not confident about 2H17, then seeking alpha with pair trades could be a preferred
option. On the long side, we see both SFER (Waking the sleeping beauty) and Prada (raised to
OP, TP 35HKD) playing out in the next 12–18 months. On the short side, we see Hermès.

* Higher risk self-help – Tod’s (raised to =) and Swatch (-)
We raise Tod’s (TP raised to EUR61), anticipating an improvement in organic growth with positive
effects on margins, but remaining cautious on the long term (Footwear category disruption). UHR is
enjoying improving momentum in watches but smartwatches might be a threat in the mid/long term.

* Close pure "high-beta rebound bets" – Burberry (=) & Hugo Boss (downgraded to =)
With BRBY up over 10% in the past three months, the risk/reward profile is no longer positive. We
downgrade HB to Neutral (TP EUR64), as we believe it is suffering from being a traditional
company in a mature category (formalwear) and disruption from new entrants. We see a less
compelling risk / reward, and would encourage investors to top slice.

>>> What to look at today - 9th of February 2017

Dow -0.18%% S&P +0.07% Nasdaq +0.15% Russell -0.17%
US Market closed for another day near the flat line. consumer discretionary sector (+0.6%) was also well represented on the earnings front. Walt Disney (DIS 109.01, +0.01) finished flat after better than expected earnings were balanced with a miss on revenues. energy space (-0.1%) finished just shy of its flat line as an uptick in crude oil pushed the sector up from a larger loss. The commodity finished 0.3% higher at $52.36/bbl after holding solid losses during the overnight session and into the morning. The Energy Information Administration (EIA) data showed a huge 13.8 million barrel build in oil inventories, which confirmed yesterday's bearish reading from the API. Crude oil climbed despite the inventory readings, likely due to some short positions being squeezed out. a 8.6% decline in Gilead Sciences after better ern but -ve guidance held the health care space (-0.1%) below its flat line. financial space also faced some headwinds in the Treasury market as the yield curve ended the day slightly flatter. fed funds futures market is still pointing to June as the most likely window for the next rate hike, but the implied likelihood of a June hike declined to 58.4% from 64.7%. US After Hours PAYC +10% and FLT +9% higher following earnings, JAGX +66% on merger news... BGC -8%, IRBT -8%, OII -7% following earnings/guidance, CREE -5% Infineon deal CFIUS hurdle.
Asia - Markets stateside as well as in Asia appear to have reached an equilibrium, with sessions of modest losses alternating with those of modest gains; Few macro catalysts are observed, even as bond markets rally continues to put in question the confidence of 3 FOMC rate hikes this year. Investors are now looking forward to Fed Chair Yellen's Congressional testimony next week as key determinant of near term policy bias. PBoC has once again skipped its reverse repo operations, calling liquidity conditions ample; Separately, a local press report speculated the central bank will continue to tighten policy, even though economists have suggested that last week's 10bp hike in reverse repo yields were an adjustment to fundamentals rather then a start of a trend. Ahead of the high profile Abe-Trump summit tomorrow, Japan PM signaled he is prepared to discuss the currency issues at G20
--> Watch Chemicals with Kaneka (4118 JP) in Tokyo -12% on numbers
--> Tsingtao +5.3% on Bid Rumours, Carlsberg Mentioned.

Nikkei -0.53% Hang Seng +0.28% CSI +0.34% Shanghai +0.40%

Eur$ 1.0676 CNH 6.8524 CNY 6.8685 JPY 112.24 GBP 1.2505 CHF 0.9967 RUB$ 59.1467 WTI$ 52.95 +0.25%

SPX -0.02% EuroStoxx +0.31% Dax +0.19% FTSE +0.02% SMI +0.24%

Macro :
- Hedge-Fund Clients Selling Near-Record Amount of Stocks: BofAML
- Goldman Said to Shift Hedge Fund Ops to U.S. From London: Rtrs
- Auto Retailers Up as O’Reilly 4Q Strong, Amazon Risk Downplayed
- Algebris Cutting Most U.S. Bank Stakes After Trump Rally: Serra
- Brexit Bill Passed by Lower House of Parliament, Heads to Lords
- SocGen Isn’t ‘At All’ Considering Scenario of France Euro Exit


Keep an eye on :
- AIR FP : Germany Wants EU40 Mln Damages for Late Delivery A400M: Bild
- AKSO NO : Aker Solutions 4Q Loss Misses Est.; Sees Margins Down in 2017
- ASC LN : Asos, Duerr, Wirecard Among Berenberg’s 2017 Small/Mid-Cap Picks
- BLT LN : BHP Approves Spending of $2.2b for Mad Dog Phase 2 Project
- BPI PL : Banco BPI to Be Excluded From Portugal’s PSI-20 Index Feb. 10
- BETSB SS : Betsson 4Q Operating Income Slight Beat; Dividend Raised
- CARLB DC : Carlsberg Said to Consider Bid for $1.2b Tsingtao Stake --> Tsingtao (168 HK) +5.3% in HK
- CABK SM : CaixaBank Available to Subscribe BPI’s Planned Debt Sale
- CABK SM : Caixabank’s Gortazar Says Allianz Remains a Shareholder of BPI
- COFA FP : Coface 2016 Op. Performance in Line W/ Guidance; Net EU41.5M
- CBK GY : Commerzbank 4Q Net Income Falls; CET1 Ratio Rises to 12.3%
- DBK GY : Deutsche Bank Walks Away From U.S. Swaps Clearing: FT
- DTE GY : Softbank Group CEO hoping to revisit takeover of T-Mobile US under relaxed regulations - Fuji Sankei Business
- ELIS FP : Elis Raises About EU325m in Capital Increase
- ENI IM : Eni chief Claudio Descalzi charged with international corruption, Eni Board Reaffirms Confidence in CEO Descalzi
- ETL FP : Eutelsat 1H Net EU192M; Raises FY Ebitda Margin Outlook
- EO FP : Faurecia Confirms 2018 Targets, Sees 6% Sales Growth This Year
- GNFT FP : Genfit FY Net Loss Widens as R&D Costs Jump on Elafibranor Study
- GJF NO : Gjensidige 4Q Profit Misses Est.; Declares NOK6.8/Share Dividend
- HDD GY : Heidelberger Druck 3Q Profit Rises as Sales Drop
- HEN3 GY : Henkel Said to Be in Talks to Buy Sealed Air’s Unit: NYP
- IFX GY : Cree, Infineon Working to Modify Deal to Mitigate CFIUS Concerns
- ISP IM : Intesa High Div. Hard to Reconcile With a Generali Bid: Barclays
- KBC BB : KBC Affirms 50% Payout Ratio as 2016 Dividend Misses Most Ests.
- LR FP : Legrand Targets 2017 Organic Sales Growth 0%-3%
- LEON SW : Leonteq Announces More Cost Saving Measures, Cancels Dividend
- LIGHT NA : Philips to Sell 15% Philips Lighting Stake Through Placing -->Philips Lighting Placing at EU23.40/Share, 2% Discount to Close
- OR FP : Emmanuel Osti Courted by Buyout Funds to Back Body Shop Bid: Sky
- MAERSKB DC : Maersk CEO says Energy Unit May Be Split Apart, Berlingske Says
- MB IM : Mediobanca 2Q Net Almost Double on Higher Revenue; CET1 12.3%
- MTL CN : Mullen Group 4Q Adj. EPS Misses Lowest Est.
- NHY NO : Norsk Hydro 4Q Revenue Beats Estimates; Div NOK1.25
- NYR BB : Nyrstar Delays Port Pirie at Extra Cost for Higher Profitability
- OBEL BB : Orange Belgium Sees 2017 Adj. Ebitda EU290m-EU310m
- OHL SM : OHL Said to Plan Denmark, Sweden Expansion: El Economista
- UG FP : PSA Proposes Salary Increases of 0.6%-0.8% for 2017
- PRS NO : Prosafe 4Q Ebitda $78.0m, Est. $66.5m
- PUB FP : Publicis Posts FY Net Loss; Revenue at Low End of Estimates
- SAMPO FH : Sampo Has Bought Block of Topdanmark Shares for DKK88.5 Mln
- SAN FP : Tesaro could have been approach by Sanofi according to StreetInsider
- SAN FP : Sanofi, Regeneron Win Order Letting Praluent Sales Continue
- SAP GY : Unions Sue SAP to Protect Supervisory Board Seats: WiWo
- SBMO NA : SBM Offshore Sees 2017 Revenue at Around $1.7b
- SIX US :  Saudi Wealth Fund PIF Said to Consider Taking Stake in Six Flags
- GLE FP : Societe Generale 4Q Net Beats Estimates; Plans ALD IPO in 2017
- 9984 JP : SoftBank Said to Near First Closing of $100b Technology Fund
- TSRO US : Tesaro May Be Worth $250/Shr in Potential Sale, SunTrust Says ,Tesaro Still Would Be a Good Fit for Gilead, Guggenheim Says
- TKA GY : Thyssenkrupp 1Q Profit Rises 41%; Confirms FY Forecast
- FP FP : Total 4Q Adj. Net $2.41b vs Est. $2.23b; 4Q Dividend Up 1.6%
- DG FP : Vinci Starts Offering of $450m Synthetic Convertible Bonds
- VOE AV : Voestalpine 9M Net Drops 32% to EU344m, Steel Revenue Slows
- VOW3 GY : VW Board Rejects Diesel Accusations by Piech Against Top Leaders
- ZURN VX : Zurich Insurance FY Net Profit $3.21b; Est. Profit $3.19b