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Market Update - 17/01/17

Tuesday, January 17, 2017

Daily Market Update - 17/01/2017

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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Snapchat company SNAP says investors will not get any voting power with shares purchased in the IPO, leaving the two co founders with over 70% of the votes.

WSJ article on how Lenova has stumbled on the Motorola takeover.

Davos starts today, China’s Premier attends for first time, expected to rebuff Trump on Chinese utterances.

Trump says in interview that only goes after large Auto companies , other smaller companies follow them, such as suppliers.

Italian regulator says Vivendi attempt to cross 30% of Mediaset is not ok.

Casino sales encouraging , +9.1%, market was at c 8.7%. Organic growth good at 5.1%.

Telefonica to take €800m provision in 2016 accounts

Tullow Oil positive oil discovery in kenya.

BAML sees low impact on Samsung core business due to recent legal issues.

Smurfit Kappa - offering €500m of euro senior notes due 2024 - the proceeds will be used to repay existing debt.

British American Tobacco has announced revised terms for its proposed merger with Reynolds America for the 57.82% of shares it does not already own. The transaction now sees Reynolds shareholders receive more cash than previously ($29.44 vs. $24.13) and less BATS shares (0.526 vs. 0.5502) for every RAI UN share owned (6.6% premium based on closing prices), had been expected to bump the offer up.

UK awaiting PM May’s Brexit speech today.

LSE says has no intention of shifting clearing unit to Frankfurt.

UBS chairman Weber says mood at Davos is too gloomy after the resurgence of populism around the world.

Statement from Eoghan Murphy Minister of State at the Dept of Finance on Bloomberg:  The prospect of losing access to the European Union’s single market should prompt a wave of U.K.-based financial services companies to announce full or partial relocations to Ireland by mid-2017.

Asia mixed with weakness in japan and Australia, better in HK and China.

Europe lower, Eurostoxx – 55 BPs