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Market Update - 14/11/16

Monday, November 14, 2016

Disclaimer: This is an informal commentary by one of our Market Analysts. It should not be taken as investment advice and is made available only on that basis.
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The US equity boom finally faded on Friday after its two-day rally following the surprising election of Donald Trump. (S&P 500 -0.14%)-Consumer Staples (+0.64%), Info Technology (+0.47%), and Financials (+0.39%) outperformed, while Energy (-1,66%), Healthcare (-1.49%), and Materials (-1.32%) lagged.

Speculation that Soc Gen and Unicredit are to merge. Latter needs to raise a large amount of capital, is trying to sell Pioneer at the moment. Said to be considering a € 10bn rights issue.

BAML upgrades Credit Suisse to a buy, target from CHF 13 to 16.

Kingspan sees good numbers again, trading profit 3% ahead of expectations.

LVMH said to be in talks to buy Michael Kors.

DCC - sees FY trading ahead of expected, H1 operating profit £95.1m, EPS 73p. DVD raised 10%. All reads strong, a number of acquisitions.

ASIA: Japan the winner, Topix Banks sector +15% in 3 sessions, USDJPY trades at 107.5 post Trump interview. EM Asia under pressure, $ strength weighs. India closed today.

Citi is preparing to move up to 900 staff as part of its Brexit contingency plans according  to the Sunday Times

Greencore makes a large acquisition, buys US based Peacock Foods for $747.5m, to be funded by a rights issue, 9 for every 13 existing.

Strong trading statement from Irish Continental. Moderate slowdown since Brexit.

Siemens Nears $4.5b-$4.6bn Deal to Buy Mentor Graphic

RWE adjusted net income is c.40% below consensus, FY16 target

The press discusses the Trump team building and how world leaders are dealing with the implications of a Trump presidency, see how EU meeting that was called is being snubbed by UK and Hungary, although France is not ignoring as Foreign Minister is elsewhere.

CRH trading statement due Thursday.

Mitsubishi UFJ to buy back shares for 100bn Yen.

Samsung Electronics  agreed to buy Harman International Industries Inc. for about $8 billion to expand in connected automobiles and reduce its reliance on a slowing smartphone market.

Reince Priebus will be chief of staff ( is close to Paul Ryan) and Stephen Bannon, who was chief executive of Donald Trump’s winning campaign, will serve as chief strategist and senior counsellor when the Republican takes over as U.S. president in January.

US 30 year now at 3% this morning.

USD strong at 1.0762, Oil at $44.94.

Markets strong, Europe trades +1.2%.