Feb 17, 2017 - Market Update

Short recap

Asian stocks pausing

Samsung VP in custody over bribery, shares down only 1% as the company has good track record in coming back from troubles

Oil found support in talks about OPEC extending its production cut (now 6 month only)

ECB Minutes showing possibility of capital key adjustments what benefits peripherals a lot

French yields lower after seeing huge demand for 2028 bond issue yesterday

Trump at the end of his marketing cycle, starting campaigning again over the weekend

Ryan (speaker of the House of Representatives) having troubles to push tax reform to republicans

Trump at joint-session of Congress on Feb 28 presenting his agenda, looking at cutting corporate tax to 15% but Republicans resistant and open to 25% only as their fear of increasing the debt ceiling again what will have implications on US credit rating

No clear expectations of his agenda for now, either he disappoints or makes it

Allianz ready for buy backs worth of EUR 3 bln and adjusting budget for takeover activities

Deutsche Boerse – LSE acquisition process spiced up by allegation of DB CEO from insider trading

Snap IPO – owner of Snapchat to start investor roadshow on Monday, lowering target valuation of the company

Germany supports Peugeot-Citroen takeover of Opel/Vauxhall on no planned job cuts or factory closings

JP Morgan, BoAML, Citigroup proposing publicly to easy anti-money laundering rules as they are ineffective

Blackstone buying Cloudreach that is active in cloud computing business

OpenFin (financial software developer) raising USD 15 mln from JP Morgan, DRW Trading group (high-speed trading firm) and NEX Group (interdealer broker)

Saturday, US VP Mike Pence to reassure allies in Europe and polish the wording Trump is using towards NATO and Russia

Data

Feb 20 – EZ FinMin meeting on Greece

Feb 28 – Trump at Congress (US stock investors should get ready for a correction if Trump disappoints; on the other hand they are still likely to find a pro-growth solution)

Mar 15 – FOMC

Mar 17-18 – G10 FinMin and central bankers meeting (right after FOMC)

…the period between Fed 28-Mar 15 would be interesting as Trump believes in weaker USD

EURSEK – seems to be heavy after Riksbank not delivering

Waiting for CPI

Good luck Champs!

Mr Hawk

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