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OFFON

Romain
Fournier

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GLOBAL MARKETS LIVE: PepsiCo, Boeing, Deutsche Bank, BASF…

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07/09/2019 | 09:29am EDT

Airbus decided to give up it on a potential contract for Canadian fighter jets, while Alstom is being slapped on the wrists by the Brazilian antitrust authorities. Things are not going well in Germany: BASF will not meet its 2019 targets and Deutsche Bank is struggling to convince with its XXL restructuring plan. US stock-index futures, European, and Asian shares drop.

US MARKETS:

S&P 500 futures down 0.4% to 2,965.25
Brent futures up 0.4% to $64.37/bbl
Gold spot down 0.5% to $1,388.04
US Dollar Index up 0.2% to 97.57

GLOBAL NEWS:

Earnings season: PepsiCo, OMV and Ocado are among companies reporting earnings today.

Cartel in Brazil. Alstom, Bombardier and several other manufacturers were fined by the Brazilian antitrust authorities a total of R$535 million (approximately $140 million) for cartels in metro and commuter train markets. Alstom is fined the equivalent of 34 million dollars.

To infinity and beyond. Virgin Galactic, the entity in the Branson "galaxy" that supports space travel projects, is expected to go public, according to the Wall Street Journal.

WPP getting closer to Kantar sale. WPP Is said to near deal to sell 60% of Kantar Unit to Bain, according to Bloomberg. The WPP group has entered into 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), and is estimated, according to WPP, at $4 billion or €3.55 billion. However, the communication giant points out that nothing is signed, and that "there is no certainty that these discussions will lead to a transaction involving Kantar".

Truncated. Airbus and Boeing could withdraw from the bidding process for Canada's new fighter aircraft because they believe the process is flawed in favor of Lockheed Martin, Reuters learned. Dassault Aviation had already given up competing in November. Ottawa is expected to announce next week the final specifications for this contract, which could reach $15 billion.

A risky bet. Deutsche Bank AG's seduction operation has failed for the time being, as the market is very critical of the bank's major restructuring, which includes the loss of 18,000 jobs and the closure of certain activities. The scope of the project and its risks are highlighted by analysts to explain this caution. Yesterday, the stock opened higher after the announcement, before turning around to close down by more than 5%.

Alert. Two warnings should be noted in Europe: the German BASF, which will not meet its 2019 targets and has launched a social plan for 6,000 people, and the Danish Danske Bank. For the German, the figures will be far below expectations: operating income should fall by 30%, whereas it had previously expected a slight increase. A situation that management blames on the "slowdown in global growth and industrial production mainly on trade conflicts".

In other news. Unicredit SpA sold the balance of its shares in the online broker Finecobank, representing 18.3% of the capital, for gross proceeds of €1.1 billion (EUR 9.85 per share). Attacked by Muddy Waters, Anta Sports defends itself while the bear fund publishes new information against it. ABB Ltd sells its solar inverters at a loss to the Italian Fimer.
Stocks mentioned in the article
ChangeLast1st jan.
ABBOTT LABORATORIES 1.00% 84.78 Delayed Quote.17.21%
AIRBUS SE 0.51% 123.02 Real-time Quote.46.52%
BASF SE 1.16% 56.85 Delayed Quote.-5.88%
BOEING COMPANY (THE) 0.00% 330 Delayed Quote.3.18%
BOMBARDIER, INC. 4.40% 1.66 Delayed Quote.-21.67%
DEUTSCHE BANK AG 4.71% 6.16 Delayed Quote.-11.58%
DJ INDUSTRIAL 1.20% 25886.01 Delayed Quote.10.97%
FINECOBANK SPA 1.67% 8.656 End-of-day quote.-1.39%
FIRST SOLAR, INC. 4.10% 61.69 Delayed Quote.45.31%
LONDON BRENT OIL 0.45% 58.66 Delayed Quote.7.76%
NASDAQ 100 1.59% 7604.108768 Delayed Quote.20.13%
NASDAQ COMP. 1.67% 7895.993811 Delayed Quote.19.00%
OCADO GROUP PLC 1.28% 1151 Delayed Quote.45.70%
OMV 1.63% 49.8 Delayed Quote.0.00%
PEPSICO 0.80% 131.76 Delayed Quote.18.32%
S&P 500 1.44% 2888.68 Delayed Quote.13.59%
UNICREDIT 0.00%End-of-day quote.0.00%
US DOLLAR INDEX 0.00% 98.142 End-of-day quote.1.51%
WPP GROUP 1.66% 952.6 Delayed Quote.12.52%

Romain Fournier
© MarketScreener.com 2019
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