Equity Funds See Inflows for 10th Straight Week
Equity funds globally see $11.8b inflows in the week to March 8, marking a 10th straight week of inflows, BofAML strategists write in note, citing EPFR Global data.
- U.S. equity funds see $7.2b inflows, with positive flows during five of the last six weeks; European equity funds see $1b inflows, positive flows in six of the last seven weeks
- Emerging markets equity funds see $0.7b inflows, positive eight of the last nine weeks; Japanese equity funds see $1.2b inflows, with 9 straight weeks of positive flows
- By sector: financials see brisk inflows; largest inflows to REITs in eight weeks; first outflows from materials in eight weeks
- In fixed income: bond funds see $4.6b inflows overall, an 11th straight week of inflows
- $4.3b inflows to IG bond funds, $2.7b outflows from HY bond funds, $2.1b inflows to EM debt funds
- YTD, equity inflows totaled $82b, slightly outpacing bond inflows of $80b
- Since March 2009, bond funds have recorded $1.5t inflows vs just $256 billion inflows for equity funds: BofAML
BP reported subject of takeover interest; Exxon tipped as potential bidder - report
BP [LON:BP], an FTSE-100 oil and gas company, was the subject of a bid speculation on Thursday, 9 March, The Daily Telegraph reported.
The newspaper’s market report section mentioned talk that Irving, Texas-based counterpart Exxon Mobil [NYSE:XOM] might make an offer for BP, but did not cite a source for the speculation. However, analysts cited by the newspaper dismissed the speculation.
The item further noted that the speculation appeared at the same time as the news of Exxon’s USD 2.8bn acquisition of a 25% shareholding in a gas field in Mozambique.
BP’s share price closed 6.7p down on Thursday, giving the company a market capitalisation of GBP 88.80bn (EUR 101.9bn).
Link to original source
Time Inc attracts Najafi-Pamplona group
Time Inc [NYSE:TIME], a New York-based media group, has attracted a group including Najafi Cos CEO Jahm Najafi and Pamplona as a bidder, The Wall Street Journal reported.
The item, citing sources familiar with the matter, reported that while the sale process is seemingly close to being completed, the emergence of a new bidding group suggests that it remains competitive despite the withdrawal of another bidding group from the race.
As previously reported, the group comprising Edgar Bronfman, Access Industries and Ynon Kreiz has walked away.
The Iowa-based publisher Meredith [NYSE:MDP] is still mulling an offer among other interested entities, as reported.
The deadline for final offers is within a fortnight, the item said.
From: LAURENT CHEKROUN (MAKOR SECURITIES LO) At: 03/09/17 20:18:03
Subject: >>> Trump Committed to Restoring Glass-Steagall: Spicer
Trump Committed to Restoring Glass-Steagall: SpicerPresident Trump is committed to restoring Glass-Steagall protections that separate commercial and investment banking, White House spokesman Sean Spicer says.
- NOTE: Bringing back Glass-Steagall Act separation was included in 2016 GOP platform and backed by Trump
- Law was set up after the 1929 stock market crash helped trigger the Great Depression; it was repealed in 1999 under former President Bill Clinton
The Glass–Steagall legislation describes four provisions of the U.S. Banking Act of 1933 separating commercial and investment banking. The article 1933 Banking Act describes the entire law, including the legislative history of the provisions covered here.(The common name comes from the names of the Congressional sponsors, Senator Carter Glass and Representative Henry B. Steagall. A separate 1932 law described in the article Glass–Steagall Act of 1932, had the same sponsors, and is also referred to as the Glass–Steagall Act).The separation of commercial and investment banking prevented securities firms and investment banks from taking deposits, and commercial Federal Reserve member banks from:
- dealing in non-governmental securities for customers
- investing in non-investment grade securities for themselves
- underwriting or distributing non-governmental securities
- affiliating (or sharing employees) with companies involved in such activities
Dow +0.01% S&P +0.08% Nasdaq +0.02% Russell -0.43%
US MArket closed near the flat line. Crude oil followed up its 5.3% Wednesday plunge with another disappointing performance on Thursday as investors continued to digest yesterday's bearish EIA reading. The energy component closed its trading day 2.1% lower at $49.24/bbl, but regained a good portion of that loss in electronic trade. The energy sector appreciated the belated effort, leading the late afternoon rally and finishing near the top of the day's leaderboard after holding the bottom spot for much of Thursday's action. ECB raised its 2017 GDP forecast to 1.8% from 1.7%, but did not suggest an impending reduction to stimulus. This gave a boost to the euro, helping the currency climb 0.4% against the dollar to 1.0587. health care sector (+0.6%) finished with the energy group at the top of the day's leaderboard. Similarly, the financial (+0.3%), consumer staples (+0.2%), and telecom services (+0.4%) sectors also outperformed the broader market. Bank Sector leaded the market until Spicer made some comments on restoration of Glass-Steagall Act. Real estate group (-1.3%) finished at the bottom of the sector standings while the industrials (-0.5%) and materials (-0.4%) groups also finished solidly lower. US After Hours INTT +26%, ABTL +5% higher following earnings/guidance... FNSR -17% and weighing on optical names after missing quarterly estimates/issuing downside guidance. Asian equity indices are markedly higher as more positive sentiment has resurfaced in Asia; Nikkei225 is the best performer, as higher US yields continue to support the greenback at the expense of the Yen; Risk-on flows have also put a bid in US equity futures going into tomorrow's NFP report, as traders bet the risk of a strong print following blow-out ADP numbers earlier this week. In China, Dep Gov Yi added China will not devalue Yuan to stimulate exports after this week's surprise trade deficit. Zhou forecast more stability in CNY this year.
Nikkei +1.48% Hang Seng +0.20% CSI +0.03% Shanghai -0.12%
Eur$ 1.0595 CNH 6.9073 CNY 6.9137 JPY 115.41 GBP 1.2155 CHF 1.0122 RUB$59.2485 WTI$49.67 +0.79%
S&P +0.29% EuroStoxx +0.38% Dax +0.29% FTSE +0.28% SMI +0.27%
Macro :
- Saudis are said to have told US oil firms not to assume OPEC will extend supply cuts to offset shale output - press
- Emerging-Market Rally Has Room to Run, Morgan Stanley Says
Keep an eye on :
- ACCEL NA : Accell FY Rev EU1.05b From EU986m Year Ago on Growth E-Bikes
- AKZA NA : PPG Unlikely to Go Hostile for Akzo; Higher Bid Seen: Baird
- ALD L : AnaCap Financial Plans to Sell 51.7m Shrs of Aldermore Group, Orders Below 222p May Miss
- AZA IM : Alitalia Board Expects to Give Final Approval to Plan Next Week
- ALV GY : Allianz to Reorganize Auto Insurance in Germany, Knof Tells BZ
- ALV GY : Allianz Appoints Giulio Terzariol to Succeed CFO Wemmer in 2018
- ARAMCO IPO : Evercore Said to Win Aramco IPO Adviser Role Alongside Moelis
- ATO FP : Atos to Join France’s Benchmark CAC 40 Index, Replaces Klepierre
- RLD SW : Banque Edmond de Rothschild Profit Climbs 13% As Assets Climb 3%
- BMPS IM : Monte Paschi 2016 Net Loss Revised to EU3.24b Vs EU3.38b Loss
- BC IM : Brunello Cucinelli FY16 Normalized Ebitda EU78.2m
- CDEP : Italy May Sell 15% Stake in Cassa Depositi e Prestiti: Corriere
- COM FP : CNIM FY Operating Profit Slips; Sees Pickup in 2017 Business
- EIT IM : Rai Way CEO confirms interest in merger with EI Towers
- ENGI FP : Engie Wins Projects for About 78 MW of Solar Capacity in France
- ENGI FP : Engie Sells U.K. Oil, Gas Exploration Licenses to Ineos
- EOAN GY : German Nuclear Contract Deal Won’t Change Agreed Costs: Govt
- GLPG NA : Galapagos Says Two New Phase 2 Studies With Filgotinib
- HAV FP : Havas to Create Unified Management for Creative, Media
- LI FP : Atos to Join France’s Benchmark CAC 40 Index, Replaces Klepierre
- PLT IM : Amber Says Won’t Accept Lactalis Raised Parmalat Stock Offer
- RWAY IM : RAI Way CEO: Co.’s Duty to Monitor Potential Deals on Market
- REP SM : Repsol Announces Discovery of About 1.2 Bln Barrels in Alaska
- SPIE FP : Spie Says 2017 Sales to Rise About 4%; Net Beats Estimates
- SAZ GY : Stada Chairman Won’t Rule Out Strategic Investor Bid - Global Handelsblatt
- SEM AV : Semperit 2016 Sales, Profit Decline; Forecasts Lower 2017 Ebit
- LOCAL FP : Solocal Says It Requested Share Trading Resumption at Open
- TMG NA : De Mol’s Talpa Raises Stake in Telegraaf Media Group to 25.12%
- TRMDA DC : Torm Wants to List in U.S. When Tanker Market Rebounds: Borsen
>>> Up
*Akzo Nobel Raised to Buy at Citi
*Akzo Nobel Raised to Hold at Baader-Helvea, PT EU76.50
*ASML Raised to Buy at UBS, PT EU130
*Dignity Raised to Buy at Panmure Gordon & Co, PT 2750p
*EON Raised to Sector Perform at RBC, PT EU8
*FedEx Raised to Buy at Edward Jones
*G4S Raised to Buy at Stifel, PT 320p
*Hufvudstaden Raised to Hold at DNB Markets, PT SEK135
*Iberiabank Raised to Market Outperform at JMP, PT $94
*Laird Raised to Buy at Berenberg, PT 240p
*SCA Raised to Buy at SocGen, PT SEK310
>>> Down
*Auto Trader Cut to Underperform at Credit Suisse, PT 360p
*Carrefour Cut to Hold at HSBC, PT EU25
*Coltene Holding Cut to Underperform at Credit Suisse, PT CHF79
*Fresnillo Cut to Sell at Goldman
*Northgate Cut to Sell at Berenberg, PT 465p
*Randgold Cut to Neutral at Goldman
*Rhoen Klinikum Cut to Sell at Bankhaus Lampe, PT EU20
*Ultra Electronics Cut to Hold at Berenberg, PT 2250p
>>> Initiation
*ASOS Rated New Overweight at Barclays, PT GBP66.30
*Beiersdorf Cut to Sector Perform at RBC; PT Raised to 87 Euros
*boohoo.com Rated New Equal-Weight at Barclays, PT GBP1.50
*Essilor Initiated at Barclays with Overweight; PT 130 Euros
*Evotec Rated New Buy at Berenberg, PT EU9.50
*On the Beach Group Rated New Buy at Peel Hunt, PT 365p
*Severn Trent Reinstated Equal-Weight at Barclays, PT 2340p
*VimpelCom Rated New Buy at ING
*Yoox Net-a-Porter Rated New Equal-Weight at Barclays, PT EU26
*Zalando Rated New Overweight at Barclays, PT EU49.75
>>> Call