Trump / Juncker, theatrical shot or masterstroke?

These two had been prepared on the ground upstream as the outcome of the summit was consensual. During the closing speech, Donald Trump spoke of "big, very big day" and was widely applauded when he said that EU and US had "decided to work together towards zero tariffs, zero non -tariff and zero subsidies on non-automotive industrial goods ". Non-partners will also work to reduce barriers and improve trade in services, chemicals, pharmaceuticals, medicines, soybeans and energy. They also planned to better protect their companies and work together on several other topics, including the reform of the WTO.

Concretely, the threats of customs barriers that weighed on different sectors are suspended during the negotiations. Washington and Brussels will also address the issue of US surcharges on steel and aluminum and the measures adopted in response by the EU. The fate of the automobile remains unresolved, but it would be curious to achieve a kind of peace of the brave without integrating this sector, which is the time when it is the one that shows the most signs of weakness causes tensions commercial (warnings of Ford, GM, Fiat Chrysler and Valeo in particular).

On the stock market, it is an avalanche of publications which announces today, with notably Amazon, Intel, Mastercard or Amgen in the United States and Royal Dutch Shell, Anheuser Busch Inbev, Roche, Nestl, Total, L'Oral, Airbus, AstraZeneca, Kering or Daimler in Europe. More than a hundred companies with more than $ 10 billion are expected by tonight. Yesterday post-closure, Facebook's poor results caused confusion, causing a 24% drop in off-market equities, down 19% thereafter. 19% of "FB" is $ 116 billion

European leading indicators are bullish this morning. The content of Donald Trump's speech suggests that Washington is playing the union of the Western bloc against China. Its introduction was based on the fact that the United States and Europe account for more than 50% of world GDP. Later in his speech, the US President insisted on the protection of European and American companies and on the need for the two regions to work together to reform world trade by targeting China more clearly than without mentioning it.

The economic highlights of the day

The European Central Bank will give its verdict at 13:45 on its key rates and its badet purchase program. Mario Draghi's press conference will follow at 14.30. In the United States, orders for durable goods (14:30, consensus core + 0.5%) and weekly listings for unemployment (14:30, consensus 215,000) will accompany the monthly trade balance (14:30, consensus -67 billion dollars) and wholesalers' stocks (14.30, consensus + 0.5%)

The Euro recovered yesterday, 1.17325 USD. The ounce of gold trades US $ 1,231, while the US light crude WTI is trading 69.39 USD (-0.05%) and North Sea Brent 74.43 USD (+ 0.06%)

The main changes of recommendations

JP Morgan goes from neutral underweight on Bloise, revalued by 151 169 CHF.
 Liberum pbades selling on Ferrexpo, aiming for 185 GBp.
 Liberum lowers its target on Hammerson by 570,540 GBp, remaining conserved.
 Jefferies raises its Lonza target by 315,355 CHF by remaining a buyer.
 Société Générale remains buyer of LVMH, revalued by EUR 325,340.
 Jefferies raises his target on Moncler by 37.50 40 euros, remaining conserved.
 Société Générale remains Peugeot's buyer, revalued by EUR 27.30.
 JP Morgan moves from neutral to overweight Uniqa, targeting EUR 9.80.
 JP Morgan remains overweight Valeo but reduced by 70 67 EUR its objective.

Lactualit of companies

The automotive sector continues to suffer with the warning of Valeo, which does not will not meet its targets because of rising raw material prices and uncertainties badociated with the new WLTP certification cycle. Ingenico also warns about its results, because of the Iranian embargo. Conversely, Nexity has revised its ambitions, like TechnipFMC. Vallourec, Eurazeo, Fnac Darty, Alten, Europcar, Korian and Elis have also published, like many other companies. Aroports de Paris has bought the American Merchant Aviation

The Orange trio, Vodafone, Telefonica has won the 5G auctions in Spain. Moncler has exceeded the consensus. Qualcomm will probably give up NXP. Facebook is nearly 20% post-closing after disappointing results. After Fiat Chrysler and General Motors, then Valeo, Ford has also warned that its 2018 results will not be up to expectations, because of China and Europe.