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Dealers' early call: 21.02.2019

MARKET COMMENTARY

The FTSE 100 is called to open 7 points lower at 7221. Asian stocks pared gains and Treasuries fluctuated as renewed optimism for progress in Sino-American trade talks was hit by a spat over coal imports between Australia and China. The dollar climbed and the yuan extended gains. Japanese shares ended little changed and Chinese equities swung amid reports negotiators are working on multiple memorandums of understanding that would form the basis of a final trade deal. The Australian dollar plunged after Reuters reported China’s Dalian port banned coal imports from the country. U.S. futures came off their intraday highs. Earlier, the S&P 500 Index closed slightly higher after the Federal Reserve was seen remaining patient in its approach to further hikes without ruling them out if economic growth picks up.

UPGRADES AND DOWNGRADES

  • BBGI SICAV downgraded to hold at Jefferies
  • Intertek downgraded to hold at Berenberg
  • Prysmian downgraded to neutral at Mediobanca SpA
  • Sainsbury downgraded to equal-weight at Barclays; PT2.50 Pounds
  • Sainsbury downgraded to hold at Berenberg
  • Spectris cut to equal-weight at Morgan Stanley; PT 28Pounds

COMPANY NEWS

  • BAE Systems Plc cautioned that Germany’s restrictions on granting export licenses to Saudi Arabia after the killing of journalist Jamal Khashoggi could weigh on earnings this year.
  • Barclays reported net operating income for the fourth quarter that matched the average analyst estimate.
  • Centrica reported adjusted operating profit for the full year that was 2.8% below the average analyst estimate. Centrica to Sell Clockwork to Authority Brands for $300m
  • Go-Ahead Group PLC Group says its expectations for full-year operating profit have been raised by the outperformance of its rail business in the first half.
  • Hays 1H Operating Profit GBP124.1 Mln, Says Outlook Positive
  • Morgan Sindall reported adjusted pretax profit for the full year that beat the highest analyst estimate.
  • Purplebricks Says Australia, U.S. FY Sales to Miss Expectations
  • Orange Results Beat After Record Boost in French Fiber Clients
  • Telefonica Sees 2% Revenue, Oibda Growth in 2019
  • Bouygues 2018 Net Income EU1.31b, Est. EU1.08b
  • Veolia 2018 Current Net Income Beats Estimates; Dividend Up 10%
  • AXA FY Net Down 66% at EU2.14B; Est. EU2.33B
  • GAM End-Dec. AUM CHF132.2b, Company-Compiled Est. CHF136b
  • Swiss Re Proposes Total CHF2b in Buybacks, FY Net Misses Ests
  • Deutsche Telekom’s Outlook Lags Estimates Ahead of 5G Rollout
  • Accor 2018 Ebitda EU712m, Est. EU714m
  • Henkel Profit Misses Estimates Amid Battle for U.S. Shoppers
  • China’s Dalian Port Customs Bans Australia Coal Imports: Rtrs

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