GLOBAL MARKETS LIVE: Focus is on Microsoft

10/27/2020 | 10:07am

Today, we have several quarterly results from heavyweights, in particular Novartis, HSBC, BP or Santander. European industrialists are reducing their workforce, including Rolls-Royce, while financial operations continue in the insurance sector with AIG or in casinos with Las Vegas Sands. In China, Ant Financial carried out the largest IPO of all time.

Earnings season. Microsoft, Pfizer, Merck, Novartis, Eli Lilly, 3M Company, Advanced Micro Devices, HSBC, BP Plc, Banco Santander, Capgemini, Shimano, Davide Campari and Covestro are among companies reporting their results today.

A few results:

  • ANA Holdings: the Japanese company's 2020 losses are higher than expected.
  • Banco Santander: the results look rather better than expected, but as for other banks, they play the big difference with exceptionals that are complicated to interpret.
  • BP Plc: Quarterly net profit is slightly positive while the market expected a small loss, but these are small deviations from the results usually achieved by the oil majors.
  • HSBC: the results are much less deteriorated than expected, and the bank could even pay a dividend.
  • Idorsia: the nine-month operating loss was reduced, with a stronger than expected performance.
  • Novartis: Quarterly net income is above market expectations, allowing the bank to meet its targets.
  • Schweiter Technologies: Profitability for the current financial year is expected to grow faster than sales, says the Swiss company.

LVMH can buy Tiffany. On Monday, the European Commission gave the green light to the proposed acquisition of Tiffany by LVMH.

Split. American International Group will replace its managing director and wants to split its life and pension insurance business.

Cost-saving plan. Rolls-Royce will temporarily close plants and reduce working hours as part of new cost-saving measures, according to the Financial Times.

Record IPO. China's Ant Financial is about to make the biggest IPO in history, looking to raise a record $34 billion in a double transaction in Hong Kong and Shangha. It is affiliated with China's e-commerce leader Alibaba.

What happens in Vegas. Las Vegas Sands would consider selling off its Las Vegas casinos for about $6 billion, according to Bloomberg.

In other news. Purina (Nestlé) will invest $550 million in a new plant in the United States. Brenntag will cut approximately 1300 jobs out of a workforce of 17,500. Schindler will equip Riyadh airport with escalators. SSE chooses Alfen for the electrification of its fleet. MCH Group reaches agreement with shareholders on recapitalization. Implenia will cut up to 2,000 positions by 2023, of which 750 will be through redundancies. SFS Group is merging its medical technology activities into its "Medical" division.

Romain Fournier
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