GLOBAL MARKETS LIVE: Santander, Kering, Nissan, UniCredit…
|04/03/2019 | 09:02 am|
Carlos Ghosn is scheduled to reveal information about his involvement in the Nissan Renault case on April 11 at a press conference, Alcon will drive Julius Baer out the SMI, Volcom will leave the Kering perimeter, while In Switzerland, Roche is struggling with its Sparks offer. US futures heads up, following Asian and European markets higher.
-S&P 500 futures up 0.5% to 2,882.25
-Brent Futures up 0.7% to $69.84/bbl
-Gold spot down 0.06% to $1,291.66
-US Dollar Index down 0.3% to 97.10
Santander to save $1.4bn. Spanish banking group Banco Santander is planning to cut 1.2 billion euros ($1.4 billion) of annual costs over the next three to four years and raise investment in digital and its Brazilian business, to the tune of 20 billion euros, according to its new business plan seen by Bloomberg.
Only luxury. Kering has completed the sale of Volcom to Authentic Brands Group. The group acquired the brand in 2011 to strengthen the division, which already included Puma. But the expansion strategy in sport chic did not produce the expected results and Kering decided to focus on luxury. The sale of Volcom will not have a significant impact on the accounts.
Carlos Ghosn on twitter. The Tokyo Public Prosecutor's Office is reportedly considering further proceedings against Carlos Ghosn (Nissan, Renault), in connection with payments made to a distributor in Oman, which we mentioned yesterday. The former leader said on twitter that he was "ready to tell the truth about what is happening" at a press conference on April 11. This is the inaugural tweet of a new account, which is not, to our knowledge, authenticated at this stage.
Near resolution. UniCredit said it is getting close to reaching an agreement with US authorities over allegations that the bank provided dollar-clearing services to Iranian clients in violation of U.S. sanctions, people with the knowledge of the matter told Bloomberg. The deal would cost the Italian lender about $900 million but spare it from criminal prosecution, the people said.
L'Oréal invests in France. The group is strengthening its industrial activities dedicated to luxury in France by investing €15 million in Aulnay-sous-Bois. These expenditures will enable the site to become the second "Manufacture du Parfum" plant of L'Oréal's luxury division.
Missed again. Roche will review its offer for Spark Therapeutics again, after receiving only 29.4% of contributions to its takeover bid. The third draft is expected to arrive on April 10. However, the price of USD 114.50 per share is unchanged.
Under surveillance. U.S. law restricts PG&E's ability to pay dividends until the group has sufficiently secured its facilities. However, the cost of guardianship is expected to be much lower than initially envisaged in January.
The B737 MAX is still making people talk. Rumors are multiplying about the Boeing 737 MAX: the latest one concerns the skills of FAA certifying staff. The Wall Street Journal also reports that the pilots of the crashed Ethiopian Airlines aircraft complied with emergency procedures established by Boeing before the accident, which killed 157 people. The publication of the preliminary report of the local authorities would be imminent.
In other news. BMW is back in front of Daimler in the United States. Julius Baer will be replaced by Novartis' spin-off Alcon in the Swiss SMI. Intel will be looking for its CFO at Qualcomm. Gamestop dives after the stock market after disappointing accounts. Walgreens Boots dropped more than 12% yesterday. Superdry's boss and CFO are resigning.