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Romain
Fournier

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GLOBAL MARKETS LIVE: Accenture, Colgate, Fiat, Daimler...

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07/12/2019 | 08:04am EDT

It's the calm before the storm: financial news is relatively modest on Friday, July 12, before a sharp acceleration in companies' interim results next week. These include the acquisition of Filorga's cosmetics by Colgate and the nomination of Julie Sweet at the head of Accenture. Some European mid-caps have also disclosed their figures. Daimler issued a severe warning about his Q2 results. US stock-index futures and European stocks edge up.


US MARKETS:

S&P 500 futures up 0.2% to 3,011.00
Brent futures up 1.1% to $67.22/bbl
Gold spot up 0.5% to $1,410.31
US Dollar Index down 0.1% to 96.94

GLOBAL NEWS:

Earnings season. Infosys, EMS-Chemie, Aker BP, Orkla, and Elisa are among companies reporting earnings.

Kantar sold. WPP announced the sale to Bain Capital of a 60% stake in Kantar, its valued subsidiary valued at approximately $4 billion. For the past weeks, the WPP group has been in exclusive negotiations with the investment fund Bain Capital in order to sell a majority shareholding in the consumer research and data company Kantar. This historical division contributes 15% of the group's turnover (£15.6 billion).

Julie Sweet takes over the reins of Accenture. Julie Sweet, who has been CEO of Accenture in North America for the past four years, will take over the global management of the consulting group as of September 1, 2019. She succeeds David Rowland who was appointed interim CEO following the tragic death of Pierre Nanterme last January.

VW spends. Volkswagen will invest $2.6 billion in Argo, the company specializing in the autonomous vehicle already supported by Ford, on the basis of a valuation of $7 billion.

At market price. Abivax refinances up to €12 million from Sofinnova Partners. The operation entails the creation of 1.5 million new shares, representing 12.7% of the company's share capital, at EUR 8 each (the share price is EUR 8.04). It allows the laboratory to have sufficient visibility on its cash position until the second quarter of 2020.

Colgate buys Filorga. The American company Colgate-Palmolive has acquired the skincare business of the French company Laboratoires Filorga Cosmétiques for €1.5 billion. Through this transaction, which should be completed by the end of the quarter, the acquirer strengthens its diversification with a company that operates in 75 countries, with strong positions, particularly in China.

eFiat 500: Fiat Chrysler will invest €700 million in an electric version of its Fiat 500. The vehicle will be produced in the Mirafiori plant from the second quarter of 2020. Production rates are expected to reach 80,000 vehicles per year.

A nice bonus. Axel Springer agrees to be bought by KKR at EUR 63 per share. The Board of Directors supports the project, which values the company with a premium of nearly 40% compared to the stock market price prior to the announcements.

Warning. Another large German group is facing trouble. Daimler issued a severe warning today: second quarter results will be "significantly" below market expectations.

In other news. The manager of the B737 MAX program at Boeing is handing over. Fosun discusses a £750 million injection into Thomas Cook. Atlantia has confirmed that it is considering acquiring a stake in Alitalia, following rumors spread by Il Sole 24 Ore. Deutsche Bank is not planning any mergers or major acquisitions over the next three years, its president Christian Sewing told Handelsblatt. Novartis abandons the development of CNP250 in Alzheimer's disease. Stadler wins a tram contract in Milan.

Stocks mentioned in the article
ChangeLast1st jan.
ACCENTURE 0.26% 194.44 Delayed Quote.37.89%
BAINS DE MER MONACO 2.18% 56.2 Real-time Quote.27.73%
CAPITAL ONE FINANCIAL CORPORATION 1.18% 91.72 Delayed Quote.21.34%
COLGATE-PALMOLIVE COMPANY -0.48% 72.35 Delayed Quote.21.56%
DJ INDUSTRIAL 0.07% 27171.9 Delayed Quote.16.48%
FIAT CHRYSLER AUTOMOBILES -0.22% 13.34 Delayed Quote.-7.75%
LONDON BRENT OIL 0.13% 63.28 Delayed Quote.17.43%
NASDAQ 100 0.90% 7905.119269 Delayed Quote.24.87%
NASDAQ COMP. 0.71% 8204.137338 Delayed Quote.23.36%
S&P 500 0.28% 2985.03 Delayed Quote.18.74%
US DOLLAR INDEX 0.07% 97.22 End-of-day quote.0.55%

Romain Fournier
© MarketScreener.com 2019
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