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12.17.2018 13 new International Summary posts under Morning Note (9) and International Summary (4)

International Summary

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International Summary

"CAPIS EU Close 3/13/2018"

posted by Matthew Kiselica on 03/13/2018 at 12:40 pm

by Matthew Kiselica

03/13/2018 at 12:40 pm

An interesting 2nd half to the trading day.  The markets had drifted into the red ahead of the U.S. CPI results.  They regained the flat line when the data was released but then came off again on the departure of Sec. of State Tillerson.  European concerns are what this will mean for trade discussions and foreign relations with the U.S. overall.  The markets steadily moving lower and dragged the U.S. down as well.  The USD tumbled against the currency majors.   All of the major sectors ended the day lower. Telcos fell by more than 1.5% while losses of 1% or more were seen among financials, consumer staples, health care, consumer discretionary and IT.   490 stocks in the Euro Stoxx 600 finished the day lower.

While Hannover Re’s -4.2% NI surpassed expectations, the devil was in the details.  Its L&H reinsurance unit performed poorly in overall terms and on the margins.

Weak top line growth at TP ICAP -10.5% caused the broker to post H2 PTP that missed consensus by c. 8%.

Wacker Chemie’s -6.6% guidance of mid-single digit EBITDA growth for the current FY fell short of the close to 10.0% expected.

Bloomberg indicated Geberit’s -0.3% EBITDA fell short of the range but most other commentary was positive.  The company managed to improve margins and growth will accelerate this year.

The names we highlighted this morning have last traded as follows: EON +3.9%, Innogy +0.5%, RWE -2.9%, GKN +1.4%, Melrose Ind. +1.0%, Antofagasta +3.0%, Iliad -9.9%, Broadcom +1.1% and Qualcomm -4.3%. 

On tonight’s agenda: China’s retail sales and industrial production will be front and center.  Germany publishes CPI and the EC industrial production.  OPEC releases its oil market report. Plenty of earnings including Cathay Pacific, Inditex, Prudential and Lukoil.  

Market Levels and Macro Due

 

Event Survey Actual Prior Revised
SK Import Price Index YoY Feb -2.40%
SK Import Price Index MoM Feb 0.70%
SK Export Price Index YoY Feb -3.50%
SK Export Price Index MoM Feb -0.40%
SK Unemployment rate SA Feb 3.70% 3.60%
AU Westpac Consumer Conf Index Mar 102.7
AU Westpac Consumer Conf SA MoM Mar -2.30%
JN Core Machine Orders MoM Jan 5.20% -11.90%
JN Core Machine Orders YoY Jan -0.70% -5.00%
JN Bloomberg Feb. Japan Economic Survey
CH Retail Sales YTD YoY Feb 9.80% 10.20%
CH Industrial Production YTD YoY Feb 6.20% 6.60%
CH Fixed Assets Ex Rural YTD YoY Feb 7.00% 7.20%
SK Money Supply L SA MoM Jan 0.30%
SK Money Supply M2 SA MoM Jan 0.40%
SK Bank Lending To Household Total Feb KR769.5t
CH Foreign Direct Investment YoY CNY Feb 0.30%
IN Wholesale Prices YoY Feb 2.50% 2.84%
GE CPI MoM Feb F 0.50% 0.50%
GE CPI YoY Feb F 1.40% 1.40%
GE CPI EU Harmonized MoM Feb F 0.50% 0.50%
GE CPI EU Harmonized YoY Feb F 1.20% 1.20%
SP Retail Sales YoY Jan 1.50%
SP Retail Sales SA YoY Jan 2.40% 1.20%
SP House transactions YoY Jan 9.20%
IT Retail Sales MoM Jan -0.30%
IT Retail Sales YoY Jan -0.10%
EC Industrial Production SA MoM Jan -0.50% 0.40%
EC Industrial Production WDA YoY Jan 4.40% 5.20%
EC Employment QoQ 4Q 0.40%
EC Employment YoY 4Q 1.70%
US MBA Mortgage Applications 9-Mar 0.30%
CA Teranet/National Bank HP Index Feb 219.19
CA Teranet/National Bank HPI MoM Feb 0.30%
CA Teranet/National Bank HPI YoY Feb 8.70%
US Retail Sales Advance MoM Feb 0.30% -0.30%
US Retail Sales Ex Auto MoM Feb 0.40% 0.00%
US Retail Sales Ex Auto and Gas Feb 0.40% -0.20%
US Retail Sales Control Group Feb 0.40% 0.00%
US PPI Final Demand MoM Feb 0.10% 0.40%
US PPI Ex Food and Energy MoM Feb 0.20% 0.40%
US PPI Ex Food, Energy, Trade MoM Feb 0.20% 0.40%
US PPI Final Demand YoY Feb 2.80% 2.70%
US PPI Ex Food and Energy YoY Feb 2.60% 2.20%
US PPI Ex Food, Energy, Trade YoY Feb 2.50%
US Business Inventories Jan 0.60% 0.40%

About the Author

MatthewKiselicaFVP,Manager of International Trading

Matthew Kiselica joined CAPIS in 2010 and has over twenty-five years of industry experience. Prior to CAPIS, he was vice president of Cazenove’s global sales trading desk in New York. Matthew is a board member for the National Psoriasis Foundation. He earned his bachelor’s degrees in fina...

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