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
|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%||—|
|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%||—|