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GLOBAL MARKETS LIVE: PSA, Fiat Chrysler, Fitbit, McDonald’s…

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11/04/2019 | 09:32am EST

On the menu today is a merger that is on the right track between Peugeot and Fiat Chrysler, a private affair that becomes public at McDonald's, a trust issue around the B737 MAX or accounting suspicions at Under Armour. Not to mention a longstanding case, the IPO of Saudi Aramco. In the background, corporate results continue this week. U.S. stock-index futures is up with Asian and European shares.


S&P 500 futures up 0.4% to 3,075.75

Brent futures down 0.9% to $62.24/bbl

Gold spot down 0.3% to $1,509.5

U.S. Dollar Index little changed at 97.30



Earnings season: Hertz, Marriott International and Groupon are among companies reporting earnings today.

Early Christmas present. Peugeot and Fiat Chrysler hope to sign a merger agreement in early December, according to a good source obtained by Reuters, as the operation is attracting the attention of politicians and regulators in France, Italy and the United States. Stampa mentioned earlier a signature in December, at least "before Christmas".

Better late than never. Saudi Aramco has finally launched its IPO without specifying the exact timetable, but an initial listing is possible in December in Riyadh, where 1 to 2% of the capital would be placed, on the basis of a capitalization that would reach $1,500 billion, more than Apple or Facebook, but less than Saudi Arabia's initial hopes, which were around $2,000 billion. Given the size of the company, this minimalist fraction of the capital invested in the stock market would raise $15 to $30 billion.

Fitbit for Google. Google announced Friday the acquisition of Fitbit for $2.1 billion. The buyer hopes to complete the operation in 2020, to strengthen its positions in connected fitness products. This transaction negotiated with Fitbit's management will be completed at USD 7.35 per share.

McDonald's fired its CEO. Steve Easterbrook was sacked because of a romantic relationship with a member of the company's staff, which is prohibited by the American giant's code of ethics. Chris Kempczinski, in charge of the US division, replaces him. A decision that has "no connection with the group's operational or financial performance", it said.

Trust issues. U.S. airlines have scheduled safety demonstrations before the Boeing 737 MAX returns to service, including organizing trips with executives on board. The confidence of passengers and flight crew is crucial for the aircraft to become a best-seller again. Ryanair revised its growth targets downward this morning due to the freezing of MAX deliveries.

Looking for a desperate target. Berkshire Hathaway sits on a pile of cash, but Warren Buffett can't find any big interesting targets. The company had $128 billion in cash and cash equivalents as of September 30. More than the capitalization of Airbus or Sanofi.

Under Investigation. Under Armour is the subject of an accounting investigation in the United States. The Wall Street Journal revealed that the company may have delayed the recording of some sales, to smooth its quarterly performance. A complicated introduction to the quarterly results, which are due to be published today.

A reduced fine? NZZ reveals that UBS Group may pay less than expected in the French tax evasion scandal, based on a decision of the Court of Cassation that French courts must calculate fines on the basis of taxes actually evaded and not on the basis of hidden assets. The Swiss bank appealed a penalty of €3.7 billion imposed in the first instance. 

IAG buys Air Europa. The parent company of British Airways and Iberia will invest €1 billion in the acquisition of Air Europa, which will help make Madrid an even more important hub against the four European leaders, London, Paris, Frankfurt and Amsterdam. International Consolidated Airlines Group's operation on the Spanish low-cost airline has yet to go through several stages, including antitrust.

Santander acquires Ebury. Banco Santander will take control of the Ebury start-up by investing 400 million euros (£350 million). The "trade and exchange facilitator for small and medium-sized enterprises", as it is described, will in future be 50.1% owned by the large Spanish bank, which wants to develop its offer for SMEs abroad.

In other news. London has suspended hydraulic fracturing in the United Kingdom for fear of damage to the subsoil. This time, it's true: Elon Musk (Tesla) announces that he's leaving Twitter: we'll probably never see him again until his next tweet. Nestlé Waters North America acquired the American Watchung Spring Water, under undisclosed conditions. Fosun International acquired the Thomas Cook brand for €13 million. The United States is opening a security investigation on TikTok, Reuters has learned. Baloise acquires a non-life insurance portfolio from Athora Belgium for €60 million. Vifor Pharma enters into a commercial partnership in the United States with Janssen for the sale of Invokana.

Stocks mentioned in the article
ChangeLast1st jan.
BANCO SANTANDER, S.A. 0.11% 3.589 End-of-day quote.-9.77%
BERKSHIRE HATHAWAY INC. 0.09% 333955.6 Delayed Quote.9.03%
BOEING COMPANY (THE) -1.24% 350.09 Delayed Quote.9.80%
DJ INDUSTRIAL -0.19% 27961.45 Delayed Quote.20.09%
FIAT CHRYSLER AUTOMOBILES 0.06% 13.148 End-of-day quote.4.57%
FITBIT, INC. -0.52% 6.705 Delayed Quote.35.61%
FOSUN INTERNATIONAL LIMITED 0.38% 10.6 End-of-day quote.-7.34%
GROUPON, INC. 0.34% 2.96 Delayed Quote.-7.81%
HERTZ GLOBAL HOLDINGS, INC. 1.22% 16.43 Delayed Quote.18.83%
MARRIOTT INTERNATIONAL -0.13% 142.085 Delayed Quote.31.07%
NASDAQ 100 -0.01% 8396.130513 Delayed Quote.32.66%
NASDAQ COMP. -0.02% 8654.660562 Delayed Quote.30.46%
NESTLÉ S.A. -0.02% 103.88 Delayed Quote.30.20%
PEUGEOT -1.86% 21.11 Real-time Quote.15.37%
S&P 500 -0.03% 3144.91 Delayed Quote.25.49%
TAKEDA PHARMACEUTICAL COMPANY LIMITED -1.44% 4385 End-of-day quote.21.13%
TESLA INC. 1.07% 339.73 Delayed Quote.0.93%
UBS GROUP -0.13% 11.93 Delayed Quote.-2.37%
UNDER ARMOUR 1.50% 19.255 Delayed Quote.7.30%
US DOLLAR INDEX 0.30% 97.7 End-of-day quote.1.05%
VIFOR PHARMA 0.11% 176.55 Delayed Quote.64.97%

Romain Fournier
© MarketScreener.com 2019
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