Jefferies EMEA Market Minutes

By Meredydd Watts

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Daily insight into equity markets including research calls, factor & sector analysis, key macro events and trends ---- THIS IS NOT EQUITY RESEARCH: This material is a marketing com... more

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FAQs about Jefferies EMEA Market Minutes:

How many episodes does Jefferies EMEA Market Minutes have?

The podcast currently has 366 episodes available.

Jefferies EMEA Market Minutes episodes:

July 07, 2020 Tuesday 7th July - Europe -1%
• Europe is trading -1% which is more or less where we have been trading all morning, not really surprising given the risk off mood in Asia
• China continued to outperfoming Asia again and closed +40bps...Looking at the technicals on breakout interesting to note the RSI is close to touching 90 on the SHCOMP
• Friction between the UK and Beijing
• Bearish sentiment comes after the Fed’s Bostic comments yesterday
• In terms of Sectors there is no real risk direction there, Autos UNCH are relatily outperforming and Banks and Pharma both-down around 150bps.. Are at the bottom of the pile
• Cellnex in focus with press spec of a €3b capital raise to fund future acquisitions...
• Sodexo -6% despite org growth -29.9% Q3 organic revenue growth is ahead of -36.2% consensus.. Iterestinly looks like the market has paid more attention to the Q4 guidance which was reduced from -15% to -27%
• Bank of Italy data shows LTRO lending to domestic banks rising to €345bn in June, up from €291bn in May (and €215bn at the start of the year).
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7min
July 06, 2020 Monday 6th July - China +5.7% spurring risk on across Europe.. Value led rally
Recorded 10:15 GMT / 5:15am EST* Europe +0.1% having opened -1%
* Super strong session in Asia with China closing just under 6% - largest move since early 2019
=> A few drivers for move and breakout is against the grain of institution flow so painful move
* Value rally represented in Europe so banks and autos very strong
* UK housebuilders also feature with reports UK govt to increase the threshold for which stamp duty kicks in
THIS IS NOT EQUITY RESEARCH: This material is a marketing communication and is not and should not be construed as investment research
Please refer to Jefferies’ important disclosure via this link: www.jefferies.com/globaljefferiesllc
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7min
July 02, 2020 Risk on rally led by Value and momentum shorts.
Payrolls data still to come
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5min
July 01, 2020 July 1st
Risk off start to the quarter but volumes very light due to German exchange problems.
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5min
June 30, 2020 Tuesday 30th June - Europe -50pbs, low volumes, month end
• This mixed start in Europe follows a strong overnight session in Asia where the regions closed in the green across the board, including HK despite the US revoking HK's special trading status and China's NPC officially passing the National Security Law in HK (both expected). Worth noting as well that this is ahead of the July 1st Hong Kong SAR Establishment Holiday. We also had some data from Chinese Manuf PMI 50.9 cons 50.5 and Non-Manuf +ve, PMI 54.4 cons 53.6.
• Month end / Quarter end / 1H end happening today.
• Yesterday’s meeting between Merkel and Macron on the EU Recovery Fund reiterated their support to the current EU commission proposal.
• Banks -150bps underperforming so significantly today after such a strong start to the week yesterday, this faded too quickly to suggest any real conviction behind the move
• Tech +50bps is at the top of the table. Chips in particular are in focus after Micron Tech was +5% aft hrs on high volume after 3Q bottom line beat and solid guidance for 4Q as well
• And watch LUXURY after some Mixed comments from ..LVMH chairman says there are some signs of a "quite vigorous" recovery in the month of June
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6min
June 29, 2020 Monday 29th June
Quiet start to the week ahead of busy macro picture and quarter end tomorrow
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5min
June 26, 2020 Friday 26th June - Europe +1.2% No second wave?
• Europe is trading +1% now, however this is on very damp volumes, the SXXP volumes are down -40%
• death rate in America continues to decline. It is also worth noting that when you dive into the numbers you'll see that the increase in cases in America is in fact amongst younger generations.
• And in Western Europe the data is very encouraging as it continues to provide the best evidence that Farr’s Law in practice. This region is now eight weeks into a reopening and cross border travel has re-commenced. Yet daily new cases and deaths are 88% and 91% off their peaks.
• UK outperforming +1.5% a bit of a rebound from yesterday’s weakness in the region but also helped as The effort by the UK and the EU to reach a post-Brexit trade deal has been stumbling on.
• ECB data shows another month of significant buying of sovereign debt by banks in the euro area. In total now, over the past three months, banks added €249bn of bonds to their holdings - a record amount. And this is BEFORE the €500bn of extra liquidity made it into the banking system through TLTRO-III this week.
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6min
June 25, 2020 Thursday 25th June
Europe flat but a volatile start.
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4min
June 24, 2020 Wednesday 24th June - Euripe -2%, US targeting $3.1 bn of EU and UK products for new tariffs
• Europe is -200bps, Futures getting hit after headline: US targets $3.1 bln of Eu, Uk products for new tariff
• NYT suggesting US may be barred from entering Europe from July 1st due to lack of control over the virus - Brazil & Russia also on the list but China is not which may be cause for some friction
• Market took a turn for the worse after ECB’s Lane spoke this morning on the ECB’s response to the pandemic. Pepp is not open-ended phase of stimulus..
• We also have Fed’s Evans and Bullard speaking today. Yesterday’s comments from Bullard were optimistic on the economic recovery, in contrast to Powell’s comments two weeks back, where he painted a bleak picture of the US economy. No BoE’s purchases today and the Fed would buy $1.225bn of 7.5Y to 30Y TIPS.
• TMT in focus as
o T-Mobile placing priced at $103 & Dell +19% aft hrs on news its exploring options for its VMWare stake (valued at $50b) which could include spinoff,
o Dialog semi +9% upped guidance $290 million to $305 million compared with a previously forecast range of $260 million to $290 million... saying Coronavirus Fuels Demand
o AMS+8% of the back of this, helped by broker upgrade
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5min
June 23, 2020 Tuesday 23rd June
Positive macro data leading to a risk on rally
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5min

FAQs about Jefferies EMEA Market Minutes:

How many episodes does Jefferies EMEA Market Minutes have?

The podcast currently has 366 episodes available.