GLOBAL MARKETS LIVE: SocGen, UniCredit, UBS, Samsung...

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11/08/2018 | 03:20 pm
Many earnings coming today. In Europe, many banks reported, including SocGen, Unicredit or Natixis. In the technology sector, Qualcomm is struggling to win over, while Samsung is getting involved in AI. The list is updated during the session. U.S. stock-index futures drop after Asian and European shares rose.
U.S. MARKETS:

-S&P 500 futures down 0.4% to 2,805.25

-Brent futures up 0.8% to $72.67/bbl

-Gold spot down 0.3% to $1,223.05

-U.S. Dollar Index up 0.3% to 96.25

GLOBAL NEWS:

Earnings season. Hydro One, and Disney are among companies reporting earnings. Expected economic events include U.S. Federal Reserve rate decision and jobless-claims data.

Nexon disappoints. Tokyo-based Nexon Co., one of the biggest foreign video-game publishers in China, missed analyst estimates for quarterly earnings as China’s freeze on new games slowed profit growth. Nexon said operating profit will be 100.8 billion yen ($888 million) to 103.3 billion yen for the full year ending in December, missing analyst estimates for 111.4 billion yen, according to five forecasts compiled by Bloomberg.

Bombardier cuts jobs. Canada’s biggest aerospace company is planning to cut 5,000 jobs, while selling its turboprop unit. Net proceeds from the asset sales will be about $900 million, Bombardier said in a statement Thursday. The employment reduction will yield annual savings of about $250 million by 2021 while also prompting a charge of a comparable amount next year.
UniCredit slashes its outlook. UniCredit lowered its expectations for growth as it faces a string of additional costs. The bank taking 850 million-euro writedown on stake in Turkey’s Yapi ve Kredi Bankasi AS.

Garnier is going organic. L'Oréal is relying on organic products to relaunch its consumer products. A Garnier range will be launched in Western Europe at the beginning of 2019.

Briefly. AirAsia would like to convert orders from Airbus A320neo to A321neo. TFF Group strengthens its position in the United States. Sword signs contracts with Brussels, Mersen wins projects in India.

SocGen completes the acquisition of EMC. SocGen recorded stronger than expected third-quarter profits, helped by a big one-off gain related to the French bank’s stake in Euroclear and higher overall revenues. The bank also announced the completion of the takeover of Commerzbank's EMC activities.

The DoJ is targeting UBS. The Swiss bank now expects US authorities to announce lawsuits for events that happened just before the subprime crisis. UBS disputes any fraudulent intent.
Samsung is thinking big in AI. The Korean group has planned to invest $22 billion in AI-related technologies by 2020. Samsung already has seven dedicated centers around the world. The recruitment of a thousand specialists is mentioned.

Apple weighs on Qualcomm. The company has disappointed with figures burdened by the end of some contracts with Apple. After the closing, Qualcomm's share lost more than 3% on results and prospects that were below expectations.

Too optimistic, O'Leary? Ryanair and its tumultuous boss Michael O'Leary were summoned by a disgruntled shareholder in the United States, who believes that the carrier has misjudged its ability to negotiate with its employees and has therefore engaged in misleading information.

Parmalat in Canada. Kraft Heinz Canada sells its cheeses to Parmalat for $1.23 billion. The agreement includes the Cracker Barrel, P'tit Québec and aMOOza! brands. Completion is expected in early 2019.
Romain Fournier
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