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Yesterday Market Snapshot 26/11/2020 - EDHEC Student Finance Club Daily Newsletter Thursday, November 26th, 2020 Sign up form YESTERDAY MARKET SNAPSHOT Americas Bonds Rates ∆bps Dow jones 29 872.47 -0.58% U.S. 10Y 0.88 -0.01 S&P 500 3 629.65 -0.16% France 10Y -0.34 -0.01 Nasdaq 12 094.40 +0.47% U.K. 10Y 0.31 -0.02 Small Cap 2000 1 844.81 -0.47% Germany 10Y -0.57 -0.00 S&P/TSX 17 313.07 +0.22% Switzerland 10Y -0.47 -0.04 Japan 10Y 0.02 -0.00 Europe China 10Y 3.31 -0.09 CAC 40 5 571.29 +0.23% Australia 10Y 0.94 +0.01 DAX 13 289.80 -0.02% FTSE 100 6 391.09 -0.64% Commodities SMI 10 488.27 -0.03% Crude Oil WTI 45.71 +1.78% Euro Stoxx 50 3 511.90 +0.11% Brent oil 48.61 +1.57% Natural Gas 2.90 +4.36% Asia Gold 1 805.50 +0.05% Shanghai 3 369.73 +0.22% Silver 23.36 +0.27% KOSPI 2 625.91 +0.94% Copper 3.31 +0.30% Hang Seng 26 819.45 +0.56% Nikkei 225 26 537.31 +0.91% Forex $ per 1€ 1.19 +0.25% Pacific £ per 1€ 0.89 -4.21% S&P/ASX 200 6 636.40 -0.70% CHF per 1€ 1.08 +0.56% DJ New Zealand 385.91 -0.17% ¥ per 1€ 122.99 -4.21% Source: Investing, EDHEC Student Finance Club would like to remind you that the data contained in this website is not necessarily real- time nor accurate. EARNINGS & ECONOMIC AGENDA Expected Sales/EPS Forecasted (or Previous) EUROPE Britvic FY2020 £636.6m/19.24 FR consumer confidence (Nov) 92 CD Projekt Q3 2020 German Consumer Climate (Dec) -5 Elekta S1 2021 £3.56bn/0.92 IT trade balance (non-EU) (Oct) (€5.32bn) Paypoint S1 2021 SEK Interest rate decision 0% Rémy Cointreau S1 2021 €272.13m/1.95 SEK PPI (YoY) (Oct) -2.20% Severn Trent S1 2021 £919.8m/68.16 Swiss employment level (Q3) (5.095m) Strabag Q3 2020 Vienna Insurance Group Q3 2020 USA Gazprom Q3 2020 $17..9bn/0.12 Thanksgiving - Holidays ASIA Alibaba Health Information CPI Tokyo Ex Food and Energy Technology S1 2021 (MoM) (Nov) 0.3% Axiata Group Q3 2020 Taiwan GDP (YoY) (Q3) 3.33% Bosideng International S1 2021 Japan Foreign Bond Buying (¥1.009tn) China Yuhua Education FY2020 Tokyo Core CPI (YoY) (Nov) -0.70% Chow Tai Fook Jewellery Group S1 2021 Tokyo CPI (YoY) (Nov) -0.30% Genting Malaysia Q3 2020 RM3.08bn/0.02 Vietnamese CPI (YoY) 2.47% Malayan Banking Q3 2020 RM6.24bn/0.13 MARKET NEWS EUROPE Rishi Sunak, U.K. chancellor, warned that the U.K. will suffer its deepest recession since the Great Frost of 1709 after the damage caused by the pandemic. Sunak plans to cut foreign aids and cut pay rises of public non- health workers to address the ballooning budget deficit. In Spain, Prime minister Pedro Sanchez won the votes needed to pass his 2021 budget proposal by imposing himself over Catalan nationalists. This victory will allow the government to channel tens of billions of euros into the economy from the EU recovery fund. Angela Merkel has to fight her own political battles as she struggles to convince Germany’s state premiers to back her proposal to tighten the virus restrictions. At least, they agree on one thing: keeping the current partial lockdown until December 20th. The ECB said that Euro-area banks will need to set aside more money for bad loans when government pandemic support ends. The ECB highlighted that provisions are lower than in previous crises and some asset valuations are stretched, risking sudden asset drops. Just to be known, half of the leaders of SBF 120 companies earned more than €3m in 2019 as their wages are based on the performance of the company. AROUNDTOWN (+1.4%) showed an improvement in its financial results during the first 9 months of 2020. The real estate company reported an increase in EBITDA of +30% YoY to €723m, driven by a strong business performance illustrated by its +18% YoY growth of FFO to €438m. ELIA GROUP (+1.6%) declared the Belgian electricity company is confident about reaching its objectives for 2020. The board management is improving its ROE target of 6.5% to 7.5%. ELIOR (-4.7%) has revealed bad results for FY2019-20 due to covid. The collective catering group published a turnover of €3.967bn, down -19.4% YoY, and affected to the tune of more than €1bn by the pandemic. Figures however perfectly in line with the preliminary data unveiled last November 6, which had also been shown to be better than what was expected by analysts, pushing the title to the top of the SBF 120. LIONTRUST ASSET MANAGEMENT (-3.1%) has suffered a –26.3% YoY loss in pre-tax profits for S1 to £6.9m, despite a huge growth (+41%) in the assets under management. The British group, however, decided to raise its interim dividend per share by +11% to £0.11. MELROSE INDUSTRIES (+1.5%) regained investors’ enthusiasm due to fast recoveries in the sectors where the holding invests, such as the automotive one. The declarations also mention a decrease in the company net debt for the end of the year related to operating restructuration. NESTLE (+0.2%) has signed an agreement to sell its Yinlu brand, specialized in the manufacturing of peanut milk and canned rice pudding in China, at Food Wise Co Ltd, the company controlled by the family of the founder of Yinlu. PLASTIC OMNIUM (+7.1%) has increased its expectations for S2 2020. The group is now aiming for an operating margin of over 5% (compared to 4% previously) and a free cash flow of over €400m (against €250m previously). ROCKWOOL INTERNATIONAL (-0.9%) managed to keep a stable activity despite the circumstances, through successful cost control. However, for Q3 2020, the Danish wool manufacturer sales incurred a slight decrease as well as its profitability with a – 4.1% YoY declining Return on Invested Capital to 17.7% YoY. ROTORK (-1.6%) reported an increasing cash reserve for Q3 2020. Despite higher liquidity, organic sales incurred a -3% decline YoY and the order intakes of this industrial control equipment manufacturer are still 16% below its 2019 level. UNITED UTILITIES (+2.6%) S1 revenue dropped by –4% YoY to £894m (vs £945m expected) mainly due to new regulations concerning the customers’ price regime resulting in a bill decrease. The water management company however decided to raise its interim dividend per share to £0.142 (vs £0.120 last year). MACROECONOMIC INDICATORS ACTUAL EXPECTED PREVIOUS DKK Retail Sales (YoY) (Oct) 13.6% - 4.2% FR Jobseekers Total 3.5m - 3.6m Spanish PPI (YoY) -4.1% - -3.3% USA Wall Street indices had mixed fortunes on the eve of Thanksgiving when the market will be closed. The DJIA fell by -0.6%, a day after a historic session. The S&P 500 lost -0.2%, while the NASDAQ rose +0.5%. Unemployment benefit claims increased for the second week in a row, a signal that the economic recovery is almost at a standstill, affected in particular by the new restrictions imposed in the face of the Covid- 19 cases resurgence. The income of American households fell in October due to the expiry of some aid that had been put in place in the spring to deal with the pandemic. On the other hand, orders for durable goods and household consumption expenditures increased more than expected. Worried about the economic slowdown caused by the pandemic and the lack of a new stimulus plan, the Federal Reserve promised at its last monetary policy meeting to review its asset purchases ‘fairly quickly’ to support the economy. The markets reacted moderately to these minutes, with many investors expecting an announcement that the Fed will increase its government bonds buybacks or adjust their maturities. DEERE&COMPANY (-1.9%) The industrial company specialized in heavy construction machinery released its earnings for Q4 2020, with an EPS of $2.39 and revenue of $7.3bn. Noticeably, its net sales of equipment came in at $9.73bn, declining only –1.7% YoY. In the specifics, sales in the agriculture & turf segment were up compared to last year, whereas sales in the construction & forestry segment were down. JP MORGAN (-1.1%) was blamed for failing risk management. The American bank has agreed to pay $250m to close this investigation. MODERNA (+10.8%) Shares soared during the session as investors expect good results from the final shot analysis that is expected to come very soon now. After that, the company will be able to file for emergency use authorization. Moderna’s shots have been reported to be 94.5% effective and it would be the second company to file for the FDA's authorization. NORDSTROM (+11.65%) The US luxury department stores chain saw its shares skyrocket as investors took into account yesterday’s excellent results. No one was expecting online sales to be as good as they were, at $1.6bn, which accounted for 54% of all total sales. The company managed great delivery; items being delivered in available in 48h. SALESFORCE (-5.3%) Rumors are saying that the company would be in discussions to acquire SLACK TECHNOLOGIES (+37.5%), the collaborative platform, an activity that has greatly benefited from the lockdowns linked to the coronavirus. Operators are afraid that this transaction could trigger a wave of mergers and acquisitions in the software sector.
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