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Research Market strategy
by Swissquote Analysts
Morning News

Airbus Deliveries Plunged 34% in 2020

Topic of the day

Airbus SE said that its deliveries dropped 34% in 2020, with 566 commercial aircraft delivered to 87 customers. The European aerospace giant said it received 383 new orders during the year and net orders came in at 268, compared with 768 in 2019. Airbus said it had a backlog of 7,184 aircraft after 115 cancellations by year end. "Based on our 2020 deliveries we are cautiously optimistic as we look into 2021, although challenges and uncertainties remain high in the short term," Airbus Chief Executive Guillaume Faury said in a statement. Airbus SE said as well that it has signed a contract with Intelsat SA to build two satellites for global communications services. The European plane maker said the satellites, OneSat satellites operating in multiple frequency bands, will be delivered in 2023.

Swiss stocks

The SMI rose 0.2 percent to 10,798 points Friday, buoyed by economic recovery hopes from a hefty stimulus package from the incoming US Administration. Worries about rising coronavirus infection numbers abated amid vaccine campaigns and news the Biontech/Pfizer vaccine is effective against the UK and South Africa virus mutations. Credit Suisse fell 3.6 percent on news it expects a Q4 2020 net loss after increasing provisions to USD 850 million from USD 300 million. UBS slid 1.2 percent, Zurich Insurance 0.9 percent and Swiss Re 0.6 percent. Swiss Life rose 0.1 percent as analysts reiterated their “buy” recommendation and raised their target. Defensive stocks Alcon gained 2 percent, Novartis 0.9 percent, Roche 1.4 percent, Lonza 1 percent and Sika 1.1 percent. Analysts had reiterated their “buy” recommendation and raised their target for Lonza. The Swiss National Bank (SNB) gained 1.9 percent on news it expects a CHF 21 billion profit in 2020, enabling a dividend of CHF 15 per share.

International markets

Europe

European stocks rise as investors shrug off downbeat US job data and talk of another potential impeachment bid against outgoing President Donald Trump. The Stoxx Europe 600, DAX and CAC-40 all gain about 0.6% and the FTSE 100 advances 0.2%. "Stock markets are a little higher following the mixed US non-farm payroll report," David Madden at CMC Markets says. "Initially traders were spooked because it was the first negative reading in eight months. As the full details were digested, it became apparent things weren't as bad as first seemed”. The European Union is planning to purchase up to 300 million additional doses of the Covid-19 vaccine produced by Pfizer Inc. and BioNTech SE, its executive body said Friday.The European Commission said it was proposing to the EU's member states the purchase of an additional 200 million doses with an option for another 100 million doses. The doses would be delivered from the second quarter of 2021. Commerzbank AG said Friday it would write off goodwill of roughly 1.5 billion euros ($1.84 billion) and increase its risk provisions, in recognition of the hit facing European banks from long-term low interest rates and the coronavirus pandemic. The German bank said the goodwill writeoff is due to "deteriorating market parameters", especially the low interest rates predominating in Europe. Goodwill is generated when a company buys another business for more than the value of its net assets.

United States

U.S. stocks ended the first week of 2021 at record levels, as investors looked past political turmoil and signs of economic weakness to focus on prospects for more fiscal stimulus. Major indexes rallied for much of the week, with the Dow Jones Industrial Average notching three consecutive records, as Democratic victories in Senate runoff races in Georgia raised the likelihood of increased government spending to support the economy. Friday brought another indication of how the coronavirus has weighed on businesses and workers. The monthly employment report showed the U.S. shed 140,000 jobs in December, ending seven months of job growth. Nevertheless, the S&P 500 rose 0.5%, while the Dow Jones Industrial Average added 0.2%. The tech-heavy Nasdaq Composite advanced 1%. All three indexes closed at records. For the week, the Dow industrials gained 1.6%, while the S&P 500 added 1.8%. The Nasdaq Composite climbed 2.4% in the first week of 2021. Shares of Hyundai Motor soared on Friday on the news that it is in talks to join with technology icon Apple to make a self-driving electric vehicle. But one analyst says even if those talks come to fruition, Apple (AAPL) still may reach deals with other automobile makers – and possibly even Tesla (TSLA). Boeing Co. will pay $2.5 billion to resolve a Justice Department criminal investigation and admit employees deceived aviation regulators about safety issues that led to two deadly crashes of the 737 MAX, authorities said.

Asia

After the strong price gains on Friday, the stock markets in East Asia and Australia are mainly showing slight declines. Participants point to increased profit-taking after the recent significant gains. There is no trading in Tokyo due to a public holiday. The Shanghai Composite is down 0.2 per cent at 3,563 points. Consumer price inflation in China was higher than expected. Compared to the previous month, it rose by 0.7 per cent in December.

Bonds

U.S. Treasury yields continued to climb in Asia, after Friday's weak jobs number helped to fuel a bond market selloff on the perception that it may put pressure on Congress to introduce even more fiscal stimulus measures and more debt. Standard Chartered has raised its forecast for the end-2021 level of the 10-year Treasury yield now expects it to rise to 1.50%, slightly higher than its previous forecast of 1.40%.

Analysis

JPM erhöht Lafargeholcim-Ziel auf 59 (51) CHF – Overw.
CS erhöht Shell-Ziel auf 1.715 (1.550) p – Outperform
CS hebt Ziel Anheuser-Busch InBev auf 61 (53) EUR – Neutral

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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