DEALERS' EARLY CALL: 15.01.2021

The FTSE 100 is called to open 35 points lower at 6767.U.S. and European equity futures, most Asian stocks and Treasury yields retreated Friday as investors scrutinized President-elect Joe Biden’s much-anticipated $1.9 trillion Covid-19 relief plan. The dollar pushed higher. With few surprises to catch investors off guard, attention turned to how much of the package will ultimately get passed by Congress and the possibility that some taxes could rise. S&P 500 and Euro Stoxx futures slipped and South Korean shares underperformed in Asia. Oil slipped from a 10-month high and Bitcoin fluctuated around $38,000 after recovering from this week’s rapid plunge.
UPGRADES AND DOWNGRADES
  • Shaftesbury Cut to Underweight at JPMorgan; PT 550 pence
  • Helical Raised to Overweight at JPMorgan; PT 485 pence
  • Unite Group Cut to Neutral at JPMorgan; PT 950 pence
  • Savills Raised to Add at Peel Hunt; PT 1,050 pence
  • Reach Cut to Reduce at Peel Hunt; PT 180 pence
  • Wood Cut to Equal-Weight at Barclays; PT 370 pence
  • Vesuvius Cut to Sector Perform at RBC; PT 550 pence
  • Bodycote Cut to Sector Perform at RBC; PT 770 pence
  • Coca-Cola HBC Cut to Sell at SocGen; PT 2,140 pence
  • Akasol Cut to Hold at Stifel; PT 113 euros
  • ABB Cut to Equal-Weight at Barclays; PT 25 Swiss francs
  • Heineken Cut to Hold at Berenberg; PT 91.50 euros
  • Hella Cut to Underweight at Morgan Stanley; PT 42 euros
  • Atoss Software Rated New Buy at Berenberg; PT 200 euros
  • Mediolanum Raised to Buy at Goldman; PT 8.70 euros
  • Renault Cut to Neutral at Goldman; PT 38 euros

COMPANY NEWS

  • Aveva strong Q3 performance with organic constant currency growth over 26%, taking rev gwth to c.1.5% for the 9-month period.
  • Segro rental update, collected 98% of 2020, 88% of rent due by Jan 14th.
  • SAP Q4 Prelim Non-IFRS Rev. €7.54B, Mkt Est. €7.5B. Profit €2.77B, Mkt Est. €2.68B. Says Effect of Pandemic Likely to Weigh on 2021 Rev.
  • DS Smith -3% placing of 21m shares at 390p. Holder Merpas is selling shares in a bookbuild. UBS sole bookrunner.
  • Meggitt FY in line rev £1.7bn and op pft middle of £180-200m range.
  • Babcock trading for 9M saw rev of £3,399m -3% YoY (expectation is for 7% decline for FY).
  • AZN Imfinzi new dosing approved in EU.
  • BATS SFO closes investigation into corruption within the company.
  • Student Housing read for Unite Group Universities inundated with student requests to return to campus – Telegraph.
  • N Brown sees earnings in line with expectations. Sees ebitda 84-86m.
  • Ashmore Q2 AuM +9%, strong investment performance, $600m outflow.
  • Clipper 11m shares placed in ABB at 565p.
  • Indivior FY prelims ,raises FY guidance to $645-50m ($595-620m).
  • Bouyges Telecom Sees Ebitda After Leases Around EU2.5B in 2026. Company seeks to top EU7B in sales from services, generate free cash flow around EU600M in 2026.
  • EQT reports that Co are are seeking sale or listing of its vitro fertilisation business Igenomix. EQT acquired Co in 2019 for €500M but spin off could be valued at as much as €1B.

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