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Research Market strategy
by Swissquote Analysts
Morning News

Saudi Aramco May Restore Capacity Earlier Than Planned

Topic of the day

Saudi Arabian Oil Co. may restore its production capacity earlier than planned following the attacks last month on one of its oil facilities, its chief executive said Wednesday, as he insisted plans to list the company had not been affected. State-owned Aramco, the world’s most profitable company, is planning to sell about 2% of its shares on a local Saudi exchange late November or early December, people familiar with the matter said Tuesday. The company was forced to temporarily shut half its production last month when its largest oil-processing facility and a nearby field was struck by missiles. Speaking at an energy conference in London, Aramco Chief Executive Amin Nasser said that the company’s output capacity would be restored to 12 million barrels a day by November. “Considering the progress so far, we might even beat that target,” he said. He said that actual production would be 9.9 million barrels a day this month--around its pre-crisis level. Mr. Nasser, who declined to comment on the timing of the listing, said potential investors had asked about the impact of the attack. He said that the incidents have “strengthened the company’s position when it comes to the IPO, it shows more value.”

Swiss stocks

The SMI lagged other European markets to rise 0.3 percent to 9,830 points Wednesday, which traders saw only as stabilisation after the previous day’s losses. After new US sanctions against China had soured the mood Tuesday, China buoyed markets by saying it still hopes to reach agreement, at least in some areas, in the US-China trade talks that begin Thursday. A negative analyst study saying fourth-quarter profit expectations for European companies were far too high exerted downside pressure. Swatch led the SMI, rising 1.7 percent, only recouping its previous day’s losses. Bringing up the rear, Sika fell 1.7 percent, continuing the previous day’s decline. Zurich Insurance climbed 0.5 percent after analysts raised their target by 17 percent and reiterated their buy recommendation. Among second-tier stocks, asset manager GAM slid 3.4 percent after refuting reports of takeover or merger talks. Von Roll surged 9.2 percent after getting a major contract from a British automotive company.

International markets


European stocks made solid gains as traders shrugged off U.S.-China trade tensions. The Stoxx Europe 600 rose 0.4% while the FTSE 100 advanced 0.3%, the DAX climbed 1% and the CAC-40 settled 0.8% higher. IG said global markets are performing relatively well, with sentiment improving in the wake of a bearish overnight session. "U.S.-China trade talks continue to dominate the agenda, with today's gains at risk should talks fail once more," IG's Joshua Mahony said. The Defence and Space group of Airbus SE (EADSY) is being asked to save money in the final quarter of the year, in order to meet targets, Reuters reports Wednesday, citing "people familiar with the matter." On the other side, Airbus SE (AIR.FR) said Wednesday that it has signed a cybersecurity partnership agreement with Thales SA (HO.FR) to offer services against cyber attacks. Electricite de France SA (EDF.FR) said Wednesday that it has adjusted the schedule and costs for repairs at the Flamanville nuclear power plant. The French utility company said it expects costs to increase by 1.5 billion euros ($1.65 billion) under the preferred repair scenario, bringing the total construction costs to EUR12.4 billions.

United States

U.S. stocks rose intraday as investors awaited the resumption of U.S.-China trade talks and looked for fresh signals from the Federal Reserve on monetary easing. The Dow Jones Industrial Average rose 0.7% and the S&P 500 climbed 0.9%. The gains were broad, with all 11 sectors of the S&P rising, led by technology stocks. Tensions between the U.S. and China appeared to ratchet up this week as the U.S. imposed export restrictions on more than two dozen Chinese firms and put visa restrictions on Chinese officials. But market observers pointed to optimism on the trade front as Bloomberg reported that China was open to reaching a partial deal. Investors have been closely listening to remarks from Federal Reserve officials for fresh signals about U.S. monetary policy. Fed Chairman Jerome Powell said Wednesday at an event in Kansas City that the U.S. economy faces some risks but is in a good place overall. Among individual companies, Johnson & Johnson shares dropped 2.5% after a Philadelphia jury ordered the company to pay $8 billion in damages to a man who said that using antipsychotic drug Risperdal caused enlarged breasts. U.S. Steel shares fell 8.3% after the company said it would cut costs and replace its chief financial officer with another company executive.


Asia opened lower following a report by the South China Morning Post that "no progress" had been made in low-level meetings to lay the groundwork for a high-level meeting starting Thursday in Washington. But a later report by Bloomberg News said the Trump administration was making moves toward a partial trade deal, including putting off tariff hikes scheduled to go into effect next week..


U.S. government bond prices fell intraday ahead of the second of three auctions of Treasury debt this week. The yield on the benchmark 10-year Treasury note rose to a recent 1.589%, according to Tradeweb, compared with 1.532% Tuesday. Yields, which rise when bond prices decline, climbed after investors pared bets on Treasury debt after the securities gained Tuesday for the eighth time in the past nine sessions. The government is selling $24 billion 19-year notes Wednesday.


IR rises the Nordex target to 11 (10) EUR – Hold
Dt. Bank rises the Beiersdorf target to 105 (104) EUR – Hold
Citi rises the Zurich Insurance to 423 CHF – Buy

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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