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Research Market strategy
by Swissquote Analysts
Morning News

United, Airbus Set Deal To Replace Boeing 757s

Topic of the day

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (December 4, 2019). United Airlines Holdings Inc. struck a deal to buy 50 long-range Airbus SE jets to replace its aging fleet of Boeing Co. 757s, which are due to be retired in the coming years. The airline will use the single-aisle A321XLR jets beginning in 2024 to fly from its hubs near New York and Washington, D.C., to European destinations, United Chief Commercial Officer Andrew Nocella said Tuesday. He said the aircraft will likely open up new routes with its longer flying capability. Mr. Nocella said United hasn't ruled out buying Boeing's proposed midsize aircraft, known as the NMA. Boeing has yet to decide whether to build the jet as it focuses on returning the 737 MAX to service after two recent fatal crashes. It had hoped to have the new midsize plane in service by around 2025. "We'll take a close look at that aircraft," Mr. Nocella told reporters on a conference call. The Chicago-based carrier's order is a setback for Boeing, which has fallen behind Airbus in their annual contest for orders and deliveries, and highlights gaps in its product lineup.

Swiss stocks

The SMI closed up 1 percent on 10,335 points Wednesday with all 20 SMI stocks higher as the international trade disputes still drove markets. Despite US President Donald Trump’s comments Tuesday that no agreement in the US-China trade dispute might be reached until after the 2020 elections, Bloomberg now cited sources that Peking and Washington could strike a “phase one agreement” before 15 December, when the US threatens to impose new punitive tariffs on Chinese imports. Swatch lagged the market, rising only 0.3 percent to CHF 268.80 after analysts lowered their estimates for 2019 to 2021 by 6 percent and reduced their target for the stock to CHF 285 from previously CHF 305, saying the unrest in Hong Kong had hampered second-half turnover, after first-half turnover had already fallen by a currency-adjusted 3.5 percent. AMS rose 1.4 percent, with 23 percent of Osram shareholders having not yet accepted the AMS takeover offer of EUR 41 per share, two days before the acceptance deadline.

International markets

Europe

European stocks were firmly higher on fresh hopes of a trade deal between the U.S. and China. The Stoxx Europe 600 gained 1.2%, the DAX was up 1.2% and the CAC-40 advanced 1.3%, though the FTSE 100's gains were more modest, up 0.4% as sterling rose. Markets welcomed reports that Washington and Beijing could still hash out an agreement before the scheduled new round of tariffs on Dec. 15. "The Dow leapt nearly 200 points higher off the back of this news--not enough to recover substantial losses since December began, but a start," said Connor Campbell at Spreadex. Ryanair Holdings PLC said it would cut jobs and close two bases as it warned traffic growth would slow next year because of new delays in deliveries of its first Boeing Co. 737 MAX aircraft. Orange (-4,7%) on Wednesday issued a new strategic plan for the period to 2025, including earnings targets and the potential formation of a new mobile-towers business. The French network operator (ORA.FR) said it is aiming for growth in earnings before interest, taxes, depreciation and amortization after leases of between 2% and 3% per year for the period between 2021 and 2023.

United States

U.S. stocks advanced intraday on fresh optimism over U.S. and China trade talks. The Dow Jones Industrial Average advanced 191 points, or 0.7%, a day after suffering its biggest single-day pullback since early October. The S&P 500 rose 0.7%. The Nasdaq Composite added 0.6%. Markets are still pinning their hopes on an initial agreement being thrashed out between the world's two biggest economies, analysts said. U.S. negotiators expect a phase-one deal with China to be completed before American tariffs are set to rise on Dec. 15, Bloomberg News reported, stoking further optimism among investors. Both the U.S. and China are motivated to reach a trade agreement sooner rather than later, given the impact that the continuing tensions could have on their economies, analysts said. Fresh economic data showed a sharp slowdown in employment figures. The U.S. private sector added 67,000 jobs in November, according to the latest ADP National Employment Report. That is far below the forecasts from economists surveyed by Econoday who expected a gain of 156,000. Investors will be closely watching Friday's nonfarm payrolls report to whether recent momentum in the labor market continues. Alphabet shares logged their best day since October after the co-founders of Google stepped down from active management. The stock rose $24.20, or 1.9%, to $1318.94. Shares of Expedia jumped $6.17, or 6.2%, to $105.56 after the company's chief executive and chief financial officer resigned, following a clash with the company's chairman. Wednesday's move marked the biggest percentage increase since July 2018.

Asia

Most Asian benchmarks climbed Thursday, while on Wall Street, the Dow and S&P 500 snapped a three-day losing streak to close higher. The market is showing renewed optimism over the U.S. and China trade talks, following reports that the U.S. negotiators are expecting a phase-one deal with China to be completed before American tariffs are set to rise on Dec. 15. Electronics stocks were leading the gains.

Bonds

Treasury yields were up in response to a report from Bloomberg News that U.S. negotiators expect a phase-one trade deal with China before Dec. 15, when U.S. tariffs are set to rise. The 10-year yield was recently 1.774% vs. 1.708% Tuesday and 1.835% Monday.

Analysis

UBS lowers the K+S target to 10,70 (12,50) EUR – Neutral
CS rises the Unicredit target to 14,80 (14,60) EUR – Outperf.
IR lowers the Nokia target to 3,60 (4,30) EUR – Hold

Produced by MBI Martin Brückner Infosource GmbH & Co. KG on behalf of Swissquote. All news is acquired with journalistic accuracy. No liability is assumed for delays or errors.

 
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