Liveblog Archief donderdag 10 september 2020

TOP NEWS
• ECB to take aim at strong euro with hints of more stimulus
The European Central Bank is all but certain to keep policy unchanged but with the economic recovery losing momentum and a strong euro dampening already-anaemic inflation expectations, it may set the stage for more stimulus later.
• EU mulls legal action against Britain over plan to break Brexit deal
Britain and the European Union will hold emergency talks over Prime Minister Boris Johnson's plan to undercut parts of the Brexit divorce treaty, with Brussels exploring possible legal action against London.
• China bars media coverage of Disney's 'Mulan' after Xinjiang backlash - sources
Chinese authorities have told major media outlets not to cover Walt Disney's release of "Mulan", in an order issued after controversy erupted overseas over the film's links with the Xinjiang region, four people familiar with matter told Reuters.
• ByteDance may miss U.S. deadline for TikTok deal – Bloomberg
ByteDance is likely to miss the deadline imposed by the Trump administration for the sale of TikTok's U.S. assets as new Chinese regulations have complicated deal talks with bidders Microsoft and Oracle, Bloomberg reported.
• China's Huawei to launch HarmonyOS, its rival to Google Android, on smartphones next year
Huawei Technologies plans to introduce its Harmony operating system (OS), viewed as its replacement to Google's Android mobile operating system, on smartphones next year, as it seeks to overcome curbs placed on it by the U.S..


BEFORE THE BELL
U.S. stock index futures eased following the S&P 500's biggest one-day rally in three months as investors cautiously awaited cues on the economy's health from the weekly jobless claims data. European shares lost ground, with banks leading declines, ahead of the European Central Bank meeting. Upbeat machinery orders data supported Japanese shares, while China shares ended lower on a slump in start-up stocks after regulators moved to curb speculation on the tech-heavy ChiNext board. Meanwhile, the euro was up against the dollar. The greenback fell against a basket of major currencies. In commodities, oil prices dipped as U.S. crude stockpiles rose and the U.S. Energy Information Administration downgraded its oil demand outlook. Gold prices rose.


STOCKS TO WATCH
Deals Of The Day
• BP Plc (BP) & Equinor ASA (EQNR). BP entered the offshore wind market with a $1.1 billion deal to buy 50% stakes in two U.S. developments from Norway's Equinor, a significant step by the oil firm towards its energy transition goals. The British oil and gas company has set itself a target of increasing its renewable power generation capacity 20 fold over the coming decade to 50 gigawatts (GW). Separately, solar energy developer Lightsource BP, a joint venture of BP, said it had sold five solar energy projects to Statkraft Ireland.​

In Other News
• Amazon.com Inc (AMZN). Reliance Industries is offering to sell a roughly $20 billion stake in its retail arm to Amazon.com, Bloomberg News reported, citing one unnamed person with knowledge of the matter. The oil-to-telecoms conglomerate led by billionaire Mukesh Ambani is willing to sell an up to 40% stake in the retail business to Amazon, the agency reported. Meanwhile, Japan's Fair Trade Commission (JFTC) said it has accepted Amazon Japan's plan to improve business practices suspected of violating anti-trust rules.
• American Airlines Group Inc (AAL), Delta Air Lines Inc (DAL) & United Airlines Holdings Inc (UAL). The U.S. government confirmed it will end enhanced screening of some international passengers for COVID-19 and drop requirements that travelers coming from the targeted countries arrive at 15 designated U.S. airports, starting Monday. Airlines for America, a group representing American Airlines, Delta Air Lines and United Airlines, said members "no longer believe that it makes sense to continue screening at these 15 airports given the extremely low number of passengers identified by the CDC as potentially having a health issue."
• Alphabet Inc (GOOGL), Facebook Inc (FB) & Twitter Inc (TWTR). Two years after agreeing to a self-regulatory code of practice to tackle disinformation, Facebook, Alphabet's Google, Twitter and other tech rivals must try harder to be more effective, the European Commission said. Fake news related to COVID-19 has accelerated calls for social media to be more proactive in combating the issue.
• AstraZeneca Plc (AZN). The company should still know before the end of the year whether its experimental vaccine protects people against COVID-19, the drugmaker's chief executive Pascal Soriot said, as long as it can resume trials soon. The British company suspended late-stage trials this week after an illness in a participant in Britain. The patient was reportedly suffering from symptoms associated with a rare spinal inflammatory disorder called transverse myelitis.
• Boeing Co (BA). The company is submitting to an independent review of its compliance and ethics practices, according to an agreement struck with NASA and the U.S. Air Force and seen by Reuters, part of widening fallout from its behavior in bidding to supply lunar landing vehicles. Meanwhile, The United Arab Emirates civil aviation authority said it was monitoring the certification process of the Boeing 737 MAX and was committed to seeing its safe return to service. The U.S. Federal Aviation Administration (FAA) and Boeing in July completed certification test flights on the 737 MAX, a key milestone toward the plane's return to service.
• Carlyle Group Inc (CG). The company is preparing initial public offerings for two of its key Brazilian portfolio companies, restaurant chain Madero and furniture chain Tok&Stok, two sources familiar with the matter said, the latest in a series of stock flotations by its holdings in Latin America's largest economy. Like other private equity firms, Carlyle is seeking to take advantage of a recent Brazilian IPO boom. Last month, rival Advent sold its stake in home improvement retailer Lojas Quero-Quero SA in an IPO.
• Deutsche Bank AG (DB). The U.S. Department of the Treasury’s Office of Foreign Assets Control announced two settlements totaling $583,100 with Deutsche Bank Trust Company Americas to resolve investigations into violations of Ukraine-related sanctions, the agency said on Wednesday. The unit of Germany's largest lender, Deutsche Bank, agreed to pay $157,500 for processing a large payment through the United States that involved a property interest of an oil company in Cyprus designated under the Ukraine sanctions. OFAC said the bank failed to conduct sufficient due diligence on the company. Separately, Deutsche Bank Trust Company Americas agreed to pay $425,600 for processing payments destined for accounts at a designated financial institution. The bank failed to stop the 61 payments because of lapses in its payment screening tools, according to the Treasury.
• Fiat Chrysler Automobiles NV (FCAU). After more than a year in a tailspin, Italian sports car brand Maserati unveiled on Wednesday a new high performance sports car, part of a bid by parent Fiat Chrysler Automobiles to revive its premium vehicle strategy heading into its merger with French automaker Peugeot. The Maserati MC20 rollout in Italy's auto city of Modena is part of a parade of new vehicles planned between now and 2023 to bolster Fiat Chrysler's presence in the global high-end auto market.
• GlaxoSmithKline PLC (GSK). The company said on Wednesday the U.S. health regulator approved its lung disease drug Trelegy Ellipta for expanded use, making it the first inhaler delivering three drugs at once to be prescribed for uncontrolled asthma in the country. The approval is a shot in the arm for the British drugmaker, which seeks to make up for sales lost to generic competition for its blockbuster lung drug Advair.
• Goldman Sachs Group Inc (GS). Former Goldman Sachs banker Roger Ng has asked Malaysian prosecutors to review criminal charges against him for allegedly abetting the sale of $6.5 billion in bonds tied to 1Malaysia Development Berhad (1MDB), his lawyer said. The request from Ng, a Malaysian national, comes days after prosecutors dropped criminal charges against Goldman Sachs following a deal which would see the U.S. investment bank pay $3.9 billion to the Malaysian government.
• JPMorgan Chase & Co (JPM). The company on Wednesday dismissed several employees who allegedly misused funds that were supposed to help businesses dealing with the COVID-19 pandemic, the Financial Times reported, citing a person familiar with the situation. Individuals who fraudulently obtained loans under the Economic Injury Disaster Loan (EIDL) program had not been acting as JPMorgan employees, the person said. However, breaking the law was a violation of the bank's code of conduct and some people were fired as a result of their improper EIDL applications, the person added.
• Kansas City Southern (KSU). The U.S. railroad operator has rejected a $20 billion takeover offer from an investor group, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The buyout consortium led by Blackstone Group and Global Infrastructure Partners had offered Kansas City Southern $208 a share, which the company rejected, saying it undervalued the firm, according to the report.
• KKR & Co (KKR). Academy Sports and Outdoors Inc, owned by U.S. private equity firm KKR & Co, on Wednesday filed for an initial public offering in the United States, making it the latest firm to cash in on the stunning recovery in capital markets from the COVID-19 pandemic. The company intends to list its shares on the Nasdaq under the symbol "ASO".
• Magellan Midstream Partners LP (MMP). The closure of some U.S. oil refineries will have a net benefit to the company's refined products pipeline systems, the company's chief executive officer said on Wednesday. "It creates the opportunity for more volume movement to replace what the refinery was putting into the market directly and it will create a longer-haul movement for existing volumes because they need to be transported from farther away," said CEO Mike Mears, speaking at the Barclay's CEO Energy-Power conference.
• Microsoft Corp (MSFT). The company recently alerted one of Democratic presidential candidate Joe Biden’s main election campaign advisory firms that it had been targeted by suspected Russian state-backed hackers, according to three people briefed on the matter. The hacking attempts targeted staff at Washington-based SKDKnickerbocker, a campaign strategy and communications firm working with Biden and other prominent Democrats, over the past two months, the sources said.
• Plains All American Pipeline LP (PAA). The oil pipeline industry is shifting out of a growth phase and consolidation is likely, the company CEO said on Wednesday, as crude prices languish due to a collapse in demand after the COVID-19 outbreak. Midstream companies raced to add pipelines as shale production boomed, but analysts and traders have said that pipeline capacity out of the Permian basin, the biggest in the country, is more than needed at current production levels.
• Walt Disney Co (DIS). Chinese authorities have told major media outlets not to cover the company's release of "Mulan", in an order issued after controversy erupted overseas over the film's links with the Xinjiang region, four people familiar with matter told Reuters. Separately, the company is "very pleased" with initial results of its unusual release strategy for live-action movie epic "Mulan," Chief Financial Officer Christine McCarthy said at an investor conference on Wednesday.
• Yum China Holdings Inc (YUMC). The Chinese operator of KFC closed its first Hong Kong trading session down 5.3%, the worst performing debut in the city for a $1 billion plus company in more than a year. The operator of KFC, Taco Bell and Pizza Hut restaurants in China had sold 41.91 million shares at HK$412 each, raising $2.22 billion in its secondary listing. The shares closed at HK$390.20, underperforming the Hang Seng Index which closed down 0.64%. During the session, Yum China fell as much as 6.2% below the offer price.


ANALYSIS
Wall Street sees a bright side in 'healthy' tech selloff
Some of Wall Street’s biggest players are viewing the stock market's recent tech-led selloff as a bout of turbulence rather than the start of a longer slide -- and they don't see it as a reason to run for the door.


ANALYSTS' RECOMMENDATION
• Adobe Inc (ADBE). RBC raises target price to $550 from $440, seeing an outsized beat on Digital Media annualized recurring revenue in the third quarter serving as a key catalyst near-term.
• American Eagle Outfitters Inc (AEO). JPMorgan raises target price to $18 from $17, factoring the company’s embedded growth at Aerie with double-digit top/bottom-line profile.
• Casey's General Stores Inc (CASY). Raymond James raises rating to outperform from market perform, saying the company is in the very early stages of a handful of meaningful instore initiatives that should drive incremental sales and margin upside over the coming quarters or years.
• Spotify Technology SA (SPOT). Credit Suisse raises rating to outperform from neutral, citing the company’s potential upside to consensus monthly active users and subscriber estimates through 2021 from exclusive podcasts, and a greater likelihood that major labels will participate in the company’s marketplace and help expand gross margins.
• Zscaler Inc (ZS). RBC raises target price to $150 from $141, stating the company outperformed all metrics as the business is accelerating and should remain well positioned to benefit from security transformations.​


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 Initial jobless claims: Expected 846,000; Prior 881,000
0830 Jobless claims 4-week average: Prior 991,750
0830 Continued jobless claims: Expected 12.925 mln; Prior 13.254 mln
0830 PPI final demand yy for Aug: Expected -0.3%; Prior -0.4%
0830 PPI final demand mm for Aug: Expected 0.2%; Prior 0.6%
0830 PPI ex-food/energy yy for Aug: Expected 0.3%; Prior 0.3%
0830 PPI ex-food/energy mm for Aug: Expected 0.2%; Prior 0.5%
0830 PPI ex-food/energy/transport yy for Aug: Prior 0.1%
0830 PPI ex-food/energy/transport mm for Aug: Prior 0.3%
1000 Wholesale inventory, R mm for July: Expected -0.1%; Prior -0.1%
1000 Wholesale sales mm for July: Expected 2.8%; Prior 8.8%​


COMPANIES REPORTING RESULTS
Oracle Corp (ORCL). Expected Q1 earnings of 86 cents per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
1000 Netscout Systems Inc (NTCT). Annual Shareholders Meeting
1100 NuVasive Inc (NUVA). Shareholders Meeting
1630 Vital Farms Inc (VITL). Q2 earnings conference call
1700 Chewy Inc (CHWY). Q2 earnings conference call
1700 Oracle Corp (ORCL). Q1 earnings conference call
1700 Peloton Interactive Inc (PTON). Q4 earnings conference call
1830 NetApp Inc (NTAP). Annual Shareholders Meeting


EXDIVIDENDS
Air Lease Corp (AL). Amount $0.15
Amerisafe Inc (AMSF). Amount $0.27
Automatic Data Processing Inc (ADP). Amount $0.91
Big Lots Inc (BIG). Amount $0.30
Brightsphere Investment Group Inc (BSIG). Amount $0.01
Citrix Systems Inc (CTXS). Amount $0.35
Dick's Sporting Goods Inc (DKS). Amount $0.31
EnerSys (ENS). Amount $0.17
Exponent Inc (EXPO). Amount $0.19
Fidelity National Information Services Inc (FIS). Amount $0.35
First Horizon National Corp (FHN). Amount $0.15
H & R Block Inc (HRB). Amount $0.26
Hanover Insurance Group Inc (THG). Amount $0.65
ICF International Inc (ICFI). Amount $0.14
Insperity Inc (NSP). Amount $0.40
ITT Inc (ITT). Amount $0.16
ManTech International Corp (MANT). Amount $0.32
Nasdaq Inc (NDAQ). Amount $0.49
Schneider National Inc (SNDR). Amount $0.06
Spire Inc (SR). Amount $0.62
Textron Inc (TXT). Amount $0.02
United Bankshares Inc (UBSI). Amount $0.35
Vishay Intertechnology Inc (VSH). Amount $0.09
WesBanco Inc (WSBC). Amount $0.32
Williams Companies Inc (WMB). Amount $0.40

Goedemorgen
Dat er herstel zou komen was te verwachten maar nu is het de vraag wat we net achter de rug hebben? Was die daling een correctie of was dat het begin van een herwaardering van de aandelen die veel te hoog stonden de afgelopen periode. Wat wel duidelijk is, de Nasdaq moest even diep door het stof want na de top van vorige week donderdag (3 sept) op 12.435 tot de bodem van gisteren via de futures die op 10.935 punten uitkwam. Dat zijn precies 1500 punten en meer dan 10% binnen enkele dagen, wel is het zo dat de Nasdaq 100 future vanmorgen op 11.425 uitkomt en dus al bijna 500 punten hoger staat dan de bodem van gisteren.

Bij de AEX en de DAX zien we toch een ander verloop de afgelopen dagen, de DAX die via de future nu op 13.300 staat zien we amper 150 punten onder de top van vorige week donderdag (3 sept), de AEX zien we wel nog zo'n 15 punten onder de top van vorige week terwijl dat bij de Dow Jones nu ongeveer 1100 punten is, gisteren stond de Dow Jones wel nog even 2000 punten onder de top van vorige week (3 sept) zodat we op Wall Street een veel diepere correctie doormaken dan hier in Europa maar nogmaals, dat komt door die doorgedreven TOP-8 aandelen waar er een behoorlijke jas uit moest na de opgeblazen koersen. En volgens mij is dat nog altijd zo, er kan van die TOP-8 nog veel meer vanaf ...

Wat we gaan doen in de loop van de dag, of morgen moet ik nog even bekijken, wel zie ik vooral in Europa wat kansen na het stevige herstel van gisteren. Ik zal waar het kan een bericht sturen met een signaal voor de leden.

Wat kunnen we doen wat betreft nieuwe posities:
Zoals ik al aangaf zal ik vandaag en de rest van de week de markt rustig laten zoeken en waar het kan zal ik mogelijk een paar kleine posities opnemen. Dat kan net zo goed long als short worden, ik moet eerst even zien hoe de markt zich verder zal gedragen. De leden kunnen dan waar het kan een signaal verwachten op de AEX, de DAX en wie weet ook op de Nasdaq of de Dow Jones. Wel doe ik het niet gehaast, eerst even zien hoe alles verloopt.

Lid worden kan via de aanbieding die loopt tot 1 NOVEMBER, lid worden kan nu voor €39, een proefabonnement. Om u in te schrijven ga naar https://www.usmarkets.nl/tradershop en dan staat u meteen op de lijst.

Verder zijn we de maand goed begonnen, na een moeilijke fase komen we de start van deze maand goed op gang. Zie hieronder de tabel met het resultaat van de gesloten posities .... Systeem Trading staat nu al op €866 winst en we gaan voor meer want september duurt nog even ...

Tot later ... Guy

GLOBAL TOP NEWS
Britain plunged Brexit trade talks into crisis on Wednesday by explicitly acknowledging that it could break international law by ignoring some parts of its European Union divorce treaty, prompting a rapid rebuke from the EU's chief executive.

The global death toll from the coronavirus passed 900,000 on Wednesday, as worldwide cases topped 27.7 million, according to a Reuters tally.

Japan's machinery orders rebounded in July from a sharp fall in the previous month, a welcome relief for the coronavirus-stricken economy but the outlook for capital spending remained uncertain due to fragile global business conditions. ​


EUROPEAN COMPANY NEWS
AstraZeneca's suspension of global trials of its experimental coronavirus vaccine after an illness in a study subject in Britain has cast doubt on prospects for an early rollout of one of the most advanced COVID-19 vaccines in development.

Tiffany & Co sued LVMH on Wednesday after the French luxury goods giant told the U.S. jeweler it could not complete a $16 billion deal to acquire it because of a French government request and the impact of the coronavirus outbreak.

European companies in China are increasingly afraid of "arbitrary punishment" amid a more politicized business environment, a European business industry group said.​


TODAY'S COMPANY ANNOUNCEMENTS
Akka Technologies Se HY 2020 Earnings Call
Atlantis Japan Growth Fund Ltd Annual Shareholders Meeting
Beowulf Mining PLC Annual Shareholders Meeting
Cairn Homes PLC HY 2020 Earnings Call
Coheris SA Annual Shareholders Meeting
Dixons Carphone PLC Annual Shareholders Meeting
International Public Partnerships Ltd HY 2020 Earnings Call
Invesco Income Growth Trust PLC Annual Shareholders Meeting
Knorr Bremse AG Q2 2020 Earnings Call
Midatech Pharma PLC HY 2020 Earnings Call
Montanaro European Smaller Companies Trust PLC Annual Shareholders Meeting
N Brown Group PLC Annual Shareholders Meeting
NB Private Equity Partners Ltd Annual Shareholders Meeting
Planet Media SA Annual Shareholders Meeting
ReNeuron Group PLC Annual Shareholders Meeting
Rubean AG Annual Shareholders Meeting
Speedy Hire PLC Annual Shareholders Meeting
Stanley Gibbons Group PLC Annual Shareholders Meeting
Tecnotree Oyj Annual Shareholders Meeting
Tertiary Minerals PLC Shareholders Meeting
U and I Group PLC Annual Shareholders Meeting
Victoria PLC Annual Shareholders Meeting
WM Morrison Supermarkets PLC HY 2021 Earnings Call​


ECONOMIC EVENTS (All times GMT)
0645 France Industrial Output mm for Jul: Expected 5.0%; Prior 12.7%
0730 Sweden Household Consumption yy for Jul: Prior -5.8%
0730 Sweden Household Consumption mm for Jul: Prior 2.9%
0730 Sweden House Prices for Aug: Prior 2%
0730 (approx.) Sweden CPI mm for Aug: Expected -0.1%; Prior 0.2%
0730 (approx.) Sweden CPI yy for Aug: Expected 0.9%; Prior 0.5%
0730 (approx.) Sweden CPIF mm for Aug: Expected 0.1%; Prior 0.2%
0730 (approx.) Sweden CPIF yy for Aug: Expected 0.8%; Prior 0.5%
0800 Italy Industrial Output mm SA for Jul: Expected 3.5%; Prior 8.2%
0800 Italy Industrial Output yy WDA for Jul: Expected -9.7%; Prior -13.7%
1000 (approx.) Portugal CPI mm for Aug: Prior -0.2%
1000 (approx.) Portugal CPI yy for Aug: Prior 0.0%
1145 Euro Zone ECB Refinancing Rate for Sep: Expected 0.0%; Prior 0.0%
1145 Euro Zone ECB Deposit Rate for Sep: Expected -0.50%; Prior -0.50%​