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Research Market strategy
by Swissquote Analysts
Morning News

Daimler to Cut Thousands of Jobs

Topic of the day

Daimler AG (DAI.XE) said that it plans to cut thousands of jobs world-wide over the coming years to save costs amid heavy investments into emissions compliance and future technologies. The German luxury car maker said it agreed on key points with labor representatives, including the use of natural fluctuation to reduce the number of jobs. Daimler said it will also offer part-time retirement and offer severance programs to cut the number of office jobs. An agreed job protection in Germany until the end of 2029 stays untouched, it said. The move comes after a string of car makers and parts suppliers have announced drastic job cuts and restructuring measures in the face of slowing global demand. At the same time, manufacturers have to invest in electric vehicles to make their fleets compliant with stricter emissions targets. Daimler rival Audi AG (NSU.XE) said this week that it would cut some 9,500 jobs in Germany over the next years. Daimler said that by the end of 2022 it plans to reduce staff costs by around 1.4 billion euros ($1.54 billion). It also wants to cut the number of jobs in management by 10% globally. Employees will be offered to reduce their weekly working time and the company will extend expiring contracts for temporary workers in administration jobs “very restrictively,” Daimler said.

Swiss stocks

The SMI closed down 0.3 percent on 10,493 points Friday, with some profit-taking seen after the index reached an all-time high of 10,544 points Wednesday. Trading was quiet with a shorter trading day on Wall Street after Thursday’s Thanksgiving holiday. Worries about the US-China trade talks reignited after China’s disgruntled reaction to the laws signed by US President Donald Trump supporting the democratic movement in Hong Kong, observers said. Cyclical and bank stocks were hit especially hard, with UBS down 0.7 percent, Credit Suisse 1.2 percent, ABB 0.3 percent and Sika 1.0 percent. But defensive heavyweights Nestle, Novartis and Roche also fell by up to 0.4 percent each. AMS slid 2.5 percent as insiders cautioned that the hedge funds heavily invested in Osram will have to offer some two-thirds of their shares to AMs to enable the second AMS takeover offer. The hedge funds hope AMS will pay them more than the official takeover price of EUR 41 per share after the public offer ends.

International markets

Europe

European stocks fell following the Thanksgiving U.S. holiday. The Stoxx Europe 600 dropped 0.4%, the FTSE 100 was down 0.9%, the CAC-40 declined 0.1% and the DAX retreated 0.07%. The fate of Germany's government hung in the balance on Saturday after the junior partner in Angela Merkel's coalition picked new leaders who have pledged to end the ruling alliance unless they get far-reaching policy concessions from the chancellor's conservatives. It means that Europe's largest country is set for months of renewed uncertainty as parties brace for a new ballot just as Berlin is about to take on the rotating presidency of the European Union next year. Fiat Chrysler and Peugeot are moving forward on their planned $50 billion merger in coming weeks, brushing aside concerns that a recent lawsuit by General Motors could threaten the auto industry's biggest deal in decades. Ocado Group PLC (OCDO.LN) (+9,7%) said Friday that Ocado Solutions has reached an agreement with Japanese retailer Aeon to develop its online grocery business in Japan. The U.K. company said Aeon will pay certain upfront fees upon signing and during the development phase, to be followed by fees linked to sales and other service criteria. Mediaset SpA (MS.MI) (-1,6%) said Friday that it failed to reach an agreement with its shareholder Vivendi SA (VIV.FR) to end a long-running dispute. The court in Milan reserved the right to fix a subsequent hearing, the company said

United States

U.S. stocks closed out November with their largest monthly gains since June-though slipped in a shortened trading session as the holiday-shopping season kicked off. The Dow Jones Industrial Average, S&P 500 and the Nasdaq Composite each rose more than 3% for the month and booked modest weekly gains. The indexes have notched a series of records in recent sessions, most recently on Wednesday ahead of the Thanksgiving holiday. Trading volumes were light Friday, and the markets closed at 1 p.m. ET near their session lows. The Dow industrials dropped 112.59 points, or 0.4%, to 28051.41. The S&P 500 slipped 12.65 points, or 0.4%, to 3140.98, and the Nasdaq Composite fell 39.70 points, or 0.5%, to 8665.47. The holiday shopping period traditionally kicks into high gear the day after Thanksgiving, on what is known as Black Friday. Retailers' sales results will provide investors with fresh insights on the strength of household spending going into next year, following a six-month period in which U.S. shoppers have been the economy's driving force. Shares of retailers were mixed Friday, with Walmart rising 33 cents, or 0.3%, to $119.09, Kohl's falling $1.31, or 2.7%, to $47.01, and Gap falling 30 cents, or 1.8%, to $16.61.

Asia

Asian markets gained following an unexpected jump in China's manufacturing activity in November. The market continues to watch developments in the U.S.-China trade negotiations, after reports that China wants the U.S. tariffs to be rolled back as part of any phase one trade deal with Washington.

Bonds

U.S. Treasury yields closed mostly higher as corporate underwriters sold Treasurys in anticipation of heavy corporate debt issuance next week. Due to the Thanksgiving holiday, the Securities Industry and Financial Markets Association recommended that the bond market shutter on Friday at 2 p.m. Eastern.

Analysis

CS lowers the Remy Cointreau target to 119 (121) EUR – Neutral
UBS rises the Deutsche Post target to 37 (31,50) EUR – Buy
IR rises the Telefonica target to 7,60 (7,30) EUR – Hold
CS lowers Air France-KLM to Underp. (Neutral) – Target -6% auf 8,85 EUR


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