01.18.2019 25 new posts under International Summary (15), Morning Note (9), Compliance Docs. (1)

International Summary

News Trading Desk

International Summary

"CAPIS EU Close – 5/15/2018"

posted by Clayton Duff on 05/15/2018 at 10:43 am

by Clayton Duff

05/15/2018 at 10:43 am

Markets seesawed for much of the session with indices turning lower post word a NAFTA deal probably will not get done this week. The 10 year level was too in focus. Indices though rebounded from the pullback roughly thirty minutes into the US trading session before closing flattish.  Energy continued to lead on the day, finishing up roughly a percent while Telcos fell on the aforementioned Iliad results.  As the Dollar works higher both the Euro and Pound fell with the ¥ moving through the 110 level.

Allianz +1% met 1Q operating profit and expects to meet FY estimates. Its Pimco unit saw op profit ticked up in the quarter with much of the €21B in inflows to the company ending up there.

Commerzbank +3.9% is an outperformer today with 1Q NI well ahead of estimates as they firm saw better revenues and a lower provision for NPL’s.  The firm will resume dividends as well.

Pandora -15% is again making the shorts happy after missing 1Q revs and earnings. They kept their FY outlook but expressed disappointment with growth in China.  In Yuan terms sales only rose 16% there vs the 62% uptick in the 4Q. US sales are also disappointing with fraud weighing on the firm as well.  Fake website are selling their products but picking up products in cheaper markets and reselling them elsewhere.  Also, look-a-like charms at a fraction of the price are weighing on sales as well.

On the IPO front Geely said they are only interested in listing Volvo if they can get a valuation of $30B or more.

From earlier: Vodafone -4.3%, EasyJet +3.3%, Iliad -20%, and ThyssenKrupp -6.5%.

Tonight, China reports New Home Prices with Japanese GDP and Industrial Production on tap.  Inflation readings are due tomorrow for EU and Germany.

About the Author

ClaytonDuffFVP,Senior International Trader

Clayton Duff joined the firm in 2008. He has worked in the industry since 1994 and held various trading and sales positions before CAPIS, including four years as a trader for First Southwest. He earned his bachelor’s degree from the University of Texas Arlington. Clayton maintains Series 3,...

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