DAILY EUROPEAN EQUITY OPENING NEWS: Roche (ROG VX) – FDA approves Co’s OCERVUS for treatment of Multiple Sclerosis after a 3 month delay, while a Co. spokesperson states Ocervus will be priced at USD 65,000/yr, 25% less than Rebif

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29^th March 2017

ASIA

Asia equities traded mostly higher following the rebound on Wall St. where stocks were led by strength in financials and energy sectors, as well as encouraging data with consumer confidence at a 16-year high. ASX 200 (+0.9%) outperformed with broad-based gains and was similarly led by strength in the aforementioned sectors, while Nikkei 225 (Unch.) failed to benefit from a weaker JPY, as poor retail sales data overshadowed sentiment. Financials outperformed in the Hang Seng (+0.3%) after AgBank kick-started the Big 4 earnings reports with an encouraging result, while upside in the Shanghai Comp. (+0.1%) was limited after the PBoC refrained from open market operations for the 4th consecutive day which resulted to a daily net drain of CNY 70bln.

FTSE

BHP Billiton (BLT LN) – Co. says 8 coal mines were halted due to Cyclone Debbie. (Newswires)

OTHER UK COMPANIES

Tullow Oil (TLW LN) – Co. is said to be close to selling its North Sea Pipeline to Independent Oil and Gas, according to sources. (Newswires)

BROKER RECOMMENDATIONS

POLYMETAL INTERNATIONAL (POLY LN) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN

DAX

Deutsche Bank's (DBK GY) - The US Justice Department has stated that the Co.’s London subsidiary has been sentenced for manipulation of LIBOR. (Newswires)

Siemens (SIE GY) – Co. unit has been awarded a USD 4.12bln Department of Defence contract. (Newswires)

OTHER GERMAN COMPANIES

Stada (SAZ GY) – Co. reports final FY16 adjusted net profit EUR 177.3mln vs. EUR 165.8mln Y/Y, adjusted EBITDA EUR 398mln vs. EUR 389.4mln, adjusted revenue EUR 2.17bln vs. EUR 2.10bln Y/Y. (Newswires)

BROKER RECOMMENDATIONS

UNIPER (UN01 GY) DOWNGRADED TO NEUTRAL FROM BUY AT GOLDMAN SACHS

STROEER (SAX GY) INITIATED WITH BUY AT HSBC

STROEER (SAX GY) INITIATED WITH OVERWEIGHT AT BARCLAYS

CAC

Sanofi (SAN FP) – FDA approves Co.’s eczema drug with Regenron (REGN), a product seen as the most important growth driver for the 2 Co.’s (Newswires)

ENGIE (ENGI FP) - Origin (ORG AT) announces agreement with the Co. to boost energy supply in Southern Australia. (Newswires)

OTHER FRENCH COMPANIES

EDF (EDF FP) – Co. announced success of their share sale for approximately EUR 4bln. (Newswires)

Lagardere (MMB FP) – Co. denied reports from BFM TV that it is considering selling a stake in retail unit. (Newswires)

BROKER RECOMMENDATIONS

VALEO (FR FP) UPGRADED TO OUTPERFORM FROM NEUTRAL AT BNP PARIBAS

PAN-EUROPE

Akzo Nobel (AKZA NA) – Shareholder Elliott Advisors states 25% of shareholders want a tie up with PPG. (Newswires)

BROKER RECOMMENDATIONS

AKZO NOBEL (AKZA NA) DOWNGRADED TO EQUALWEIGHT FROM OVERWEIGHT AT MORGAN STANLEY

GENERALI (G IT) UPGRADED TO SECTORPERFORM FROM UNDERPERFORM AT RBC

GENERALI (G IT) UPGRADED TO NEUTRAL FROM UNDERPERFORM AT CREDIT SUISSE

INMOBILIARIA COLONIAL (COL SM) INITIATED WITH BUY AT SOCGEN

SMI

Roche (ROG VX) – FDA approves Co’s OCERVUS for treatment of Multiple Sclerosis after a 3 month delay, while a Co. spokesperson states Ocervus will be priced at USD 65,000/yr, 25% less than Rebif. (Newswires)

BROKER RECOMMENDATIONS

ZURICH INSURANCE (ZURN SZ) DOWNGRADED TO HOLD FROM BUY AT HELVEA

HELVETIA (HELN VX) DOWNGRADED TO HOLD FROM BUY AT HELVEA

SCANDINAVIA

N/A

US

US Equity markets found bullish pressure throughout the US afternoon, coincidentally sparked into life as Vice Chair Fischer spoke on CNBC. The vice was among the slew of Fed speech that was seen in the session, with an optimistic tone in regards to gradual hikes the port of call. Risk on sentiment was evident as all three US equity markets traded the afternoon near session highs, as the S&P 500’s sectors saw a green clean sweep. The S&P 500 closed up 0.73% at 2358.58, the NASDAQ 100 closed up 0.61% at 5407.21, the DJIA closed up 0.73% at 20701.78.

Best Performing Sectors in the S&P 500: Financials (+1.37%), Energy (+1.29%), Materials (+1.10%)

Worst Performing Sectors in the S&P 500: Health Care (+0.05%), Utilities (+0.06%), Telecom (+0.21%)

29 Mar 2017 - 06:46- EquitiesResearch Sheet- Source: RANsquawk