GLOBAL MARKETS LIVE: Apple, Apax, Boeing, Daimler…

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03/25/2019 | 03:55 pm
The week starts with several rumors in the car industry, including Peugeot, Fiat Chrysler, Daimler and Smart. In the United States, Apple has scheduled an important meeting tonight. US equity-index futures fell, along with stocks in Europe and Asia.


-S&P 500 futures down 0.5% to 2,797.50
-Brent Futures down 0.5% to $66.69/bbl
-Gold spot up 0.3% to $1,317.02
-US Dollar Index down 0.02% to 96.64


Apple Stream? Everything suggests that Apple will unveil a streaming video service today, in order to compete with some heavyweights such as Netflix and Amazon. The "keynote" is scheduled for 20:00 Paris time.

Apax buys Inmarsat. The fund has agreed with the Board of Directors for an offer at USD 7.09 (plus the dividend of USD 0.12), or GBP 546 per share based on current exchange rates. This puts the value of the satellite operator at $3.4 billion (£2.6 billion). 

Race against the clock. Boeing is expected to submit the B737 MAX stall recovery software to the U.S. Civil Aviation Agency earlier this week, with the objective of getting the single-aisle aircraft back into service as soon as possible. But the situation is complex because higher authorities are questioning the initial certification process, which some consider botched. It is difficult to see the FAA hastening its judgment when it is under fire from critics.

Smart in danger. Daimler is wondering about the future of its Smart brand, according to Handelsblatt. The German manufacturer is looking for a partner in Asia, but could also give up operations if it fails. Discussions are taking place with its local joint venture partner BAIC Motor and its main shareholder Geely.

Peugeot-Fiat-Chrysler, so close, yet so far away. Peugeot has already approached Fiat Chrysler this year to discuss a merger, the Wall Street Journal reported, which gives weight to the rumor that has been circulating for a few weeks. However, the Italian-American has allegedly rejected the advances, as well as the previous ones, and no further discussions is ongoing. Among the alleged disagreements, the Agnelli family does not want to be remunerated mainly in PSA shares.

-9% for LVMH, and then no. The 9% decline in the opening of the LVMH share doubled the CAC40's losses this morning at 9:00 am Paris time. No one understood the reason for the delay, which quickly led to the hypothesis of a "fat finger", an error in entering an order. Shortly afterwards, the share limited its losses to 1% and the CAC40 fell from -0.9% to -0.4%. To be continued....

Zynquista retooled. The FDA has rejected the marketing application for Zynquista, a Sanofi and Lexicon treatment for diabetes combined with insulin. The two laboratories will work closely with the US Medicines Agency to define the follow-up action to be taken. The Lexicon stock lost more than 20% Friday at this announcement.

2 WLN for 5 ATO. As planned, Atos will distribute a portion of its Worldline shares to its shareholders on May 7. 5 Atos shares will allow you to receive 2 Worldline. In addition, the ESN will pay a dividend of EUR 1.70 with the option of payment in shares. It will retain 27.3% of the share capital and 35% of the voting rights of its former subsidiary at the end of the transaction. A nice bonus for Atos shareholders.

Biogen compensates (a little). The group will buy back $5 billion of its own shares, in addition to the remaining $1.7 billion of the plan voted in 2018. The Biogen stock lost a third of its value last week, after a major setback in its research on Alzheimer's disease.

In other news. Thermo Fisher will buy Brammer Bio for $1.7 billion. Uber is about to buy Careem for $3.1 billion, Bloomberg said. Alpiq is concerned about Switzerland's security of electricity supply if no agreement is reached with the EU. Nasdaq extended the validity of its offer on Oslo Bors from March 29 to April 30. The EU imposes a fine of €12.5 million on Nike for illegal business practices.
Romain Fournier
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