By 
US MARKETS:
S&P 500 futures up 0.2% to 2,957.25
Brent futures up 0.5% to $65.52/bbl
Gold spot up 0.3% to $1,404.21
U.S. Dollar Index down 0.2% to 96.07
GLOBAL NEWS:
The End. French supermarket chain Carrefour has transferred control of its loss-making Chinese subsidiary to Suning.com, a local player, which recovers 80% of it on the basis of an enterprise value of €1.4 billion for 100% of the shares. The proceeds from the sale of the 80% will represent €620 million. The first reactions from analysts are positive.
H2O takes over. H2O AM, the management company affiliated to Natixis, sold part of the private bonds that were the subject of debate in its portfolio. In a brief press release published this morning on its website, H2O states that the share of this type of product has been reduced to below 2% of assets under management. To restart the collection, it adds that the entry fees have been waived on its funds until further notice. The Natixis press release is much longer and provides additional information.
And three. Daimler has revised its 2019 profit forecasts for the third time this year, after increasing provisions for diesel engines in its accounts. The operating result should be identical to last year's, while the manufacturer was expecting a slight increase. In parallel, the German automotive agency forced the group to recall 60,000 Mercedes to adapt their diesel engines to the regulations.
Not expensive enough. Metro has rejected the €5.8 billion takeover bid received from Daniel Kretinsky on the grounds that it is too low. The investor, who owns 11% of the capital, wants to bring about changes in a company that is far from its former glory. The offer at EUR 16 per share represented only a minimal premium to the last quoted prices.
All bets are off. Eldorado Resorts and Caesars Entertainment are planning to merge through a $17.3 billion cash and securities transaction.
Indexing. Washington has put new names on its blacklist of Chinese companies banned from buying American computer components without specific authorization from the federal authorities. These are the electronic equipment manufacturers Sugon, Higon, Chengdu Haiguang Integrated Circuit and Chengdu Haiguang Microelectronics Technology and a computer institute owned by the Chinese army.
The auction continues. Two rival offers to French multibillionaire Patrick Drahi's could emerge on Sotheby’s, according to the New York Post. The first could come from a group of wealthy arts lovers, including Blackstone's boss Stephen Schwarzman. The main shareholder of the auction house, the manager of Hong Kong Taikang AM (17% of the capital), is also reportedly considering a higher bid on the $3.7 billion proposal of Altice's boss.
In other news. All major U.S. banks have successfully passed the Fed's latest stress tests. The United States is examining the possibility of imposing the production of 5G equipment outside China, which could benefit players such as Nokia and Ericsson. The Malaysian courts' examination of Goldman Sachs' liability in the 1MDB case postponed to September. Fedex breaks prices on air freight transport to encourage online merchants to use its services. SGS sold Petroleum Service Corporation to Aurora Capital Partners for $335 million. Lufthansa will pay 20 to 40% of its net profit as a dividend in the future, compared to 10 to 25% of its current Ebit. The former interim CEO of Danske Bank and current head of the Danish division, Jesper Nielsen, was fired by the board of directors after another scandal over excessive entry fees on a financial product.
S&P 500 futures up 0.2% to 2,957.25
Brent futures up 0.5% to $65.52/bbl
Gold spot up 0.3% to $1,404.21
U.S. Dollar Index down 0.2% to 96.07
GLOBAL NEWS:
The End. French supermarket chain Carrefour has transferred control of its loss-making Chinese subsidiary to Suning.com, a local player, which recovers 80% of it on the basis of an enterprise value of €1.4 billion for 100% of the shares. The proceeds from the sale of the 80% will represent €620 million. The first reactions from analysts are positive.
H2O takes over. H2O AM, the management company affiliated to Natixis, sold part of the private bonds that were the subject of debate in its portfolio. In a brief press release published this morning on its website, H2O states that the share of this type of product has been reduced to below 2% of assets under management. To restart the collection, it adds that the entry fees have been waived on its funds until further notice. The Natixis press release is much longer and provides additional information.
And three. Daimler has revised its 2019 profit forecasts for the third time this year, after increasing provisions for diesel engines in its accounts. The operating result should be identical to last year's, while the manufacturer was expecting a slight increase. In parallel, the German automotive agency forced the group to recall 60,000 Mercedes to adapt their diesel engines to the regulations.
Not expensive enough. Metro has rejected the €5.8 billion takeover bid received from Daniel Kretinsky on the grounds that it is too low. The investor, who owns 11% of the capital, wants to bring about changes in a company that is far from its former glory. The offer at EUR 16 per share represented only a minimal premium to the last quoted prices.
All bets are off. Eldorado Resorts and Caesars Entertainment are planning to merge through a $17.3 billion cash and securities transaction.
Indexing. Washington has put new names on its blacklist of Chinese companies banned from buying American computer components without specific authorization from the federal authorities. These are the electronic equipment manufacturers Sugon, Higon, Chengdu Haiguang Integrated Circuit and Chengdu Haiguang Microelectronics Technology and a computer institute owned by the Chinese army.
The auction continues. Two rival offers to French multibillionaire Patrick Drahi's could emerge on Sotheby’s, according to the New York Post. The first could come from a group of wealthy arts lovers, including Blackstone's boss Stephen Schwarzman. The main shareholder of the auction house, the manager of Hong Kong Taikang AM (17% of the capital), is also reportedly considering a higher bid on the $3.7 billion proposal of Altice's boss.
In other news. All major U.S. banks have successfully passed the Fed's latest stress tests. The United States is examining the possibility of imposing the production of 5G equipment outside China, which could benefit players such as Nokia and Ericsson. The Malaysian courts' examination of Goldman Sachs' liability in the 1MDB case postponed to September. Fedex breaks prices on air freight transport to encourage online merchants to use its services. SGS sold Petroleum Service Corporation to Aurora Capital Partners for $335 million. Lufthansa will pay 20 to 40% of its net profit as a dividend in the future, compared to 10 to 25% of its current Ebit. The former interim CEO of Danske Bank and current head of the Danish division, Jesper Nielsen, was fired by the board of directors after another scandal over excessive entry fees on a financial product.
