Liveblog Archief dinsdag 20 oktober 2020

TOP NEWS
• Pelosi, Mnuchin push coronavirus relief talks as U.S. Senate votes on limited bill
U.S. Senate Republicans are preparing to bring up legislation to replenish a program that helps small businesses slammed by the coronavirus, as House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin discuss a larger stimulus package.

• Pfizer, BioNTech start combined trials of COVID-19 vaccine candidate in Japan
Pfizer and BioNTech announced the start in Japan of combined Phase I and Phase II clinical trials of their mRNA vaccine candidate against the coronavirus.

• Trump seeks campaign boost in battleground Pennsylvania with two weeks to go
U.S. President Donald Trump heads to the battleground state of Pennsylvania with hopes of rekindling the 11th-hour surge of support that powered his surprise 2016 victory.

• South Korea's SK Hynix to buy Intel's NAND business for $9 billion
Intel has agreed to sell its NAND memory chip business to SK Hynix for $9 billion in an all-cash deal that would propel the South Korean chipmaker to second in the global rankings.

• Exxon Mobil, after Trump's fundraising remarks, says its CEO and Trump had no phone call
Exxon Mobil said there had been no phone call between its chief executive, Darren Woods, and President Donald Trump after the president invoked the company's name at a rally in Arizona on Monday when he said he could raise more money than his Democratic rival Joe Biden.


BEFORE THE BELL
U.S. stock index futures rose on expectations that Washington lawmakers would be able to settle their differences for an economic stimulus bill to pass before the Nov. 3 elections. Most European stocks inched higher, boosted by strong corporate earnings. Japan’s Nikkei ended lower, tracking overnight Wall Street losses, as investors cautiously looked to whether U.S. lawmakers could reach an agreement on a stimulus package. The dollar index dipped, while gold prices were stable, hovering above the $1,900 level. Oil prices were in the green. U.S. building permits and housing starts numbers are due later in the day. Netflix is scheduled to report earnings after market close.


STOCKS TO WATCH
Results
• International Business Machines Corp (IBM). The company edged past Wall Street estimates for quarterly revenue on Monday, bolstered by higher demand for its cloud services, a business it is staking its future on as it prepares to spin off one of its legacy units. Revenue from the cloud business, previously headed by Chief Executive Officer Arvind Krishna, rose 19% to $6 billion in the third quarter, offsetting weakness in much of its other businesses. The global technology services segment, IBM's biggest unit that caters to some of the world's largest data centers, reported a 4% drop in revenue to $6.5 billion.

• UBS Group AG (UBS). The company doubled third quarter profit and set aside $2.5 billion to return to shareholders next year, a lucrative passing of the baton from CEO Sergio Ermotti to Ralph Hamers, as the Swiss bank reaped the benefits of helping the world's ultra-rich navigate the COVID-19 crisis. Net profit at the world's largest wealth manager rose to nearly $2.1 billion, handily beating expectations, as clients scrambled to trade and seal deals amid a boom in markets. UBS said it has so far accrued $1 billion for a cash dividend to be paid out next year, and has also set aside $1.5 billion in capital reserves for potential share repurchases after regulators called on banks to conserve capital because of the coronavirus crisis. Wealth management, meanwhile, upended expectations with an 18% rise in pre-tax profit despite a client shift into lower-margin funds, as clients continued trading and as it wrote $10 billion in net new loans. The unit's managed assets rose to an all-time high of $2.754 trillion, despite a $4 billion withdrawal by a single client in the Europe, Middle East and Africa region.

• Logitech International SA (LOGI). The computer peripherals maker reported a big jump in second-quarter profit and again hiked its guidance amid a work-from-home boom. The maker of keyboards, mice webcams and headsets said it was benefiting from a shift to working from home during the COVID-19 pandemic. It now expects annual sales to increase between 35% and 40% in constant currencies, up from its previous view for a 10% to 13% increase. For the year to the end of March it expects non-GAAP operating income of between $700 million and $725 million, up from its previous forecast of $410 to $425 million. During the three months to the end of September, Logitech sales rose 75% to $1.26 billion. Net income rose to $266.9 million from $73 million a year earlier.

In Other News
• ACI Worldwide Inc (ACIW). Activist investor Starboard Value boosted its stake in ACI Worldwide to 9%, according to a regulatory filing made on Monday. The New York-based hedge fund now owns 10.5 million shares in the Naples, Florida-headquartered company which is worth $3.7 billion, the filing said. Starboard began building its stake during the first quarter of the year and owned 2 million shares or 1.77% at the end of the second quarter, earlier regulatory filings show.

• Alibaba Group Holding Ltd (BABA). Private equity group Advent International will have a stake of 11.4% and China's Alibaba 6.1% in Dufry after a capital increase that raised $901 million, the Swiss duty free company said. A share offering was priced at 33.22 francs each, a discount to Monday's closing price of 34.21. Advent and Alibaba have agreed to a lock-up period of six months following the first day of trading of the new shares set for Oct. 22, Dufry said.

• BHP Group Ltd (BHP). The company posted a 7.2% rise in first-quarter iron ore production, slightly above expectations, supported by stable demand from China, the world's top consumer of the steelmaking ingredient. The world's largest listed miner produced 74 million tonnes (Mt) of Western Australia Iron Ore in the three months ended Sept. 30, up from 69 Mt a year earlier and slightly above a UBS estimate of 73.5 Mt. BHP said, however, that December quarter iron ore production will be affected by work linking its Mining Area C and South Flank projects in Western Australia. Its full-year forecast of 276 milllion – 286 million tonnes was kept unchanged.

• Exxon Mobil Corp (XOM). The company said there had been no phone call between its chief executive, Darren Woods, and President Donald Trump after the president invoked the company's name at a rally in Arizona on Monday when he said he could raise more money than his Democratic rival Joe Biden. Trump, at the rally, said he could raise large sums of money if he wanted to by calling oil and Wall Street executives. He proceeded to paint a scenario of what he could do - though Trump said he would not actually make the kind of phone call he described.

• General Motors Co (GM). The company is expected to announce significant investments to expand production of electric vehicles at a factory in Spring Hill, Tennessee and potentially other sites. GM said in a statement Monday that it planned to make a "major U.S. manufacturing investment announcement" on Tuesday. The Detroit News reported that the automaker planned to begin building the Cadillac Lyriq electric SUV at its Spring Hill, Tenn. plant. AutoForecast Solutions, which tracks industry production plans, said it expects the Lyriq to go into production in late 2022.

• Goldman Sachs Group Inc (GS). The company has reached an agreement with the U.S. Department of Justice to pay more than $2 billion for the bank's role in Malaysia's 1MDB scandal, Bloomberg News reported late on Monday. The agreement, which may be announced within days, will allow Goldman Sachs to avoid a U.S. criminal conviction over the scandal, the report said, citing sources familiar with the matter.

• Netflix Inc (NFLX). The company is showing more African-made content and working with telecoms operators to make it easier for potential subscribers to make payments, a senior executive told Reuters ahead of its third-quarter results. The online content streaming giant, which has 193 million subscribers globally, is keen to expand in Africa and is seeking ways to overcome challenges including slow and expensive internet and the lack of proper payments infrastructure in the 55-nation continent.

• Pfizer Inc (PFE) & BioNTech SE (BNTX). The companies announced the start in Japan of combined Phase I and Phase II clinical trials of their mRNA vaccine candidate against the coronavirus. The study will recruit 160 people aged from 20 to 85, the firms said in a statement. Earlier, they had agreed to supply Japan with 120 million doses of their experimental coronavirus vaccine in the first half of 2021.

• Tesla Inc (TSLA). The company’s vehicle registrations in the U.S. state of California dropped 13% in the third quarter compared with last year, according to data from Cross-Sell, a research firm that collates title and registration data. The report released on Monday showed registrations in California, a bellwether for the electric-car maker and its largest U.S. market, recovered from a second-quarter low of roughly 9,800 vehicles to around 16,200 vehicles in the three months ended September. But third-quarter numbers lagged some 13% behind last year's due to a large drop in Model 3 registrations. California registration for Tesla's Model 3 mass-market sedan, which in the past accounted for more than half of total registrations, fell 60% on a yearly basis to 6,500.

• Vale SA (VALE). The Brazilian mining company reported on Monday an increase in iron ore output in the third quarter and predicted a further boost in fourth-quarter output at some units, as a number of mines ramp up production or come online. In a securities filing, the company said it produced 88.7 million tonnes of iron ore in the quarter, up 31.2% from the previous quarter and up 2.3% from the same period a year before, boosted by increased output at its Itabira and Timbopeba complexes and its Fazendao mine, all in southern Brazil.

• Westpac Banking Corp (WBK). Australian buy-now-pay-later firm Afterpay will team up with Westpac to offer savings accounts, the two companies said, signalling a shift by the alternative credit firm into mainstream banking. The accounts will be available to Afterpay's three million-plus customers in Australia from next year through Westpac's digital banking platform, and will help give the firm greater insight into its customers' financial habits, it said.


ANALYSIS
After America First, some investors bet on a Biden boost abroad
After four years of America First, some money managers outside the United States looking for big post-election investment winners are quietly confident it is the turn of the rest of the world to shine.


ANALYSTS' RECOMMENDATION
• Alphabet Inc (GOOGL). Jefferies raises target price to $1,850 from $1,800, citing a pronounced recovery in ad pricing and ad spend including for brand advertising, especially for YouTube along with continued inroads being made by Google Cloud against larger competitors AWS and Azure.

• Dow Inc (DOW). Credit Suisse raises target price to $43 from $36, citing better demand for plastics throughout third quarter from automotive and industrial sector along with multiple price increases in polyester due to unplanned shutdowns.

• Whirlpool Corp (WHR). RBC raises target price to $163 from $122, reflecting improved second half volume recovery and margin outlook due to favourable promotional and cost environment along with restocking demand.


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 (approx.) Building permits number for Sep: Expected 1.520 mln; Prior 1.476 mln
0830 (approx.) Building permits change mm for Sep: Prior -0.5%
0830 (approx.) Housing starts number for Sep: Expected 1.457 mln; Prior 1.416 mln
0830 (approx.) Housing starts mm change for Sep: Prior -5.1%


COMPANIES REPORTING RESULTS
Netflix Inc (NFLX). Expected Q3 earnings of $2.14 per share
NVR Inc (NVR). Expected Q3 earnings of $59.89 per share
Paccar Inc (PCAR). Expected Q3 earnings of 97 cents per share
Prologis Inc (PLD). Expected Q3 earnings of 31 cents per share
Teradyne Inc (TER). Expected Q3 earnings of $1.12 per share
Texas Instruments Inc (TXN). Expected Q3 earnings of $1.28 per share
W. R. Berkley Corp (WRB). Expected Q3 earnings of 68 cents per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 PPG Industries Inc (PPG). Q3 earnings conference call
0800 Comerica Inc (CMA). Q3 earnings conference call
0830 Procter & Gamble Co (PG). Q1 earnings conference call
0830 Synchrony Financial (SYF). Q3 earnings conference call
0830 Albertsons Companies Inc (ACI). Q2 earnings conference call
0900 Crown Holdings Inc (CCK). Q3 earnings conference call
0900 Dover Corp (DOV). Q3 earnings conference call
0900 Philip Morris International Inc (PM). Q3 earnings conference call
0900 Travelers Companies Inc (TRV). Q3 earnings conference call
0900 IQVIA Holdings Inc (IQV). Q3 earnings conference call
1000 Steel Dynamics Inc (STLD). Q3 earnings conference call
1000 Signature Bank (SBNY). Q3 earnings conference call
1100 Regions Financial Corp (RF). Q3 earnings conference call
1100 Lockheed Martin Corp (LMT). Q3 earnings conference call
1100 Equity LifeStyle Properties Inc (ELS). Q3 earnings conference call
1200 Prologis Inc (PLD). Q3 earnings conference call
1200 Paccar Inc (PCAR). Q3 earnings conference call
1630 Texas Instruments Inc (TXN). Q3 earnings conference call
1630 Interactive Brokers Group Inc (IBKR). Q3 earnings conference call
1700 W. R. Berkley Corp (WRB). Q3 earnings conference call
1700 Carlisle Companies Inc (CSL). Q3 earnings conference call
1700 Snap Inc (SNAP). Q3 earnings conference call
1700 Duck Creek Technologies Inc (DCT). Q4 earnings conference call
1800 Netflix Inc (NFLX). Q3 earnings conference call


EX-DIVIDENDS
Lowe's Companies Inc (LOW). Amount $0.60
Zoetis Inc (ZTS). Amount $0.20

Goedemorgen
De indices in New York lieten maandag een slecht verloop zien na een redelijk wat hogere start. Het zijn de perikelen rondom de gesprekken over een nieuw steunpakket die maar niet loskomen, Trump zegt dat hij en zijn partij er alles aan doen maar het lijkt erop dat hij zo de kiezers wil laten zien dat de Democraten dwars liggen en hoop om zo wat kiezers naar zich toe te trekken. Alweer plaatst hij zichzelf op de eerste plaats en het deert hem niet dat de mensen niks krijgen voorlopig. Het wordt zo met de dag moeilijker om het voor de verkiezingen rond te krijgen, de Democraten zeggen dat het maar niet lukt om de Republieken met hun mee te krijgen om de mensen voldoende steun te geven in deze moeilijke tijden.

Hoe dan ook liet de Dow gisteren 1,3% liggen, de SP 500 verloor de eerste sessie van de week 1.5% terwijl de Nasdaq 1,4%. Europa moest ook inleveren gisteren, de AEX verloor 0,5% terwijl de DAX 0,4% lager de sessie afsloot. Euronext kreeg met een zware storing te maken zodat veel producten via Euronext niet verhandelbaar waren, de handel lag op onder meer de beurs in Amsterdam grotendeels stil vanwege een grote storing.

De verwachting vandaag is dat er iets herstel komt op Wall Street, de Nasdaq zo'n 0,5% en de Dow Jones future laat 0,25% herstel zien. Europa kan wat lager openen, de AEX future zien we rond de 563 punten, de DAX future rond de 12.785 punten. Al had ik gisteren graag een short positie opgenomen blijkt dat te moeilijk te worden omdat niet iedereen mee zou kunnen door de storing, mogelijk krijgen we een nieuwe kans vandaag. Wel jammer want we kregen een behoorlijk draai op Wall Street. De posities sluiten moest wel gisteren omdat veel leden wel konden handelen via bijvoorbeeld het CATS platform maar niet alle brokers zijn daarop aangesloten. Daarom heb ik het erbij gelaten, het was al complex genoeg en ik kon daar natuurlijk niks aan doen.

De euro loopt vanmorgen weer wat op tot rond de 1,1775 dollar, een vat Brent zien we nu rond de 42.6 dollar uitkomen. De prijs van het goud blijft rond de 1900 dollar hangen momenteel.

US Markets Trading nu voor €39 tot 1 JANUARI 2021:
Vanaf vandaag een nieuwe aanbieding en dat tot het einde van dit lopende beursjaar, tot 1 januari 2021 ... We hebben gisteren winst genomen op wat long posities, vandaag kijk ik uit naar nieuwe kansen die u ook kunt opnemen door lid te worden. De markt blijft wel nog even te moeilijk om met grotere posities te werken dus blijven we met kleine aantallen werken tot na de verkiezingen in de VS. De volatiliteit is wel stevig genoeg om ook met kleine posities te werken hetgeen we aan beide kanten merken. Op zich kunnen we ermee overweg maar wel blijf ik zeer alert in deze markt en moeten we waar het kan geduld blijven houden.

Meedoen kan nu via de speciale aanbieding tot 1 JANUARI voor €39, na uw inschrijving staat u meteen op de verzendlijst en ontvangt u de updates, de signalen en kunt u inloggen op onze Tradershop om alle posities LIVE te volgen.

Schrijf u in via https://www.usmarkets.nl/tradershop

Tot snel,

Guy Boscart

GLOBAL TOP NEWS
The final debate between President Donald Trump and Democratic rival Joe Biden will feature a mute button to allow each candidate to speak uninterrupted, organizers said, looking to avoid the disruptions that marred the first matchup.

Britain sees no basis to resume trade talks with the European Union unless there is a fundamental change in approach from Brussels, chief negotiator David Frost said, dashing earlier optimism that negotiations could resume.

U.S. House of Representatives Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin "continued to narrow their differences" in a 53-minute telephone conversation about a fresh coronavirus aid package, Pelosi's spokesman, Drew Hammill, wrote on Twitter.

EUROPEAN COMPANY NEWS
BMW said rebounding markets helped the German carmaker to deliver higher-than-expected free cash flow in the automotive segment during the third quarter.

BHP Group posted a 7.2% rise in first-quarter iron ore production, slightly above expectations, supported by stable demand from China, the world's top consumer of the steelmaking ingredient.

Logitech International reported a surge in second-quarter revenue and net profit as the computer peripherals maker benefited from a shift to working from home during the COVID-19 pandemic.

TODAY'S COMPANY ANNOUNCEMENTS
Bellway PLC FY 2020 Earnings Call
Draper Esprit PLC Shareholders Meeting
Dormakaba Holding AG Annual Shareholders Meeting
Enagas SA Q3 2020 Earnings Call
Eyemaxx Real Estate AG Annual Shareholders Meeting
Fabege AB Q3 2020 Earnings Release
Flatex AG Annual Shareholders Meeting
Fonciere Paris Nord SA Shareholders Meeting
Gjensidige Forsikring ASA Q3 2020 Earnings Call
GRC International Group PLC Annual Shareholders Meeting
Husqvarna AB Q3 2020 Earnings Release
Indutrade AB Q3 2020 Earnings Release
Kuehne und Nagel International AG Q3 2020 Earnings Call
Logitech International SA Q2 2021 Earnings Call
Marel hf Q3 2020 Earnings Release
NCC Group PLC Annual Shareholders Meeting
Netgem SA Shareholders Meeting
Nordic Semiconductor ASA Q3 2020 Earnings Call
Pentair PLC Q3 2020 Earnings Call
Raiffeisen Bank International AG Annual Shareholders Meeting
Sartorius AG Q3 2020 Earnings Call
Stora Enso Oyj Q3 2020 Earnings Release
Swedbank AB Q3 2020 Earnings Call
Tele2 AB Q3 2020 Earnings Call
Telekom Austria AG Q3 2020 Earnings Release
Thor Mining PLC Shareholders Meeting
Yara International ASA Q3 2020 Earnings Release

ECONOMIC EVENTS (All times GMT)
0600 Switzerland trade for Sep: Prior 3,583 mln CHF
0700 (approx.) Germany producer prices mm for Sep: Expected -0.1%; Prior 0.0%
0700 (approx.) Germany producer prices yy for Sep: Expected -1.4%; Prior -1.2%
0800 (approx.) Euro Zone current account NSA for Aug: Prior 25.5 bln EUR
0800 Euro Zone current account SA for Aug: Prior 16.590 bln EUR