AIRBUS (Satellites) booked orders for 48 aircraft in April, compared with an average of only 13 a month in Q1, and delivered 45 aircraft in the month, compared with a Q1 average of 41 a month. Good news.
FACEBOOK (US Core Holdings) has resumed its peer-to-peer money transfer service in Brazil after it was blocked by the country’s central bank a year ago. Brazil is WhatsApp’s second biggest market, with 120m users. Facebook also intends to try launching these services in Mexico and Indonesia.
MOWI (Core Holdings): two research reports, issued late last week and today, have highlighted a recovery in demand for salmon (lockdown effects + reopening of restaurants), notably in Asia and the US, with supply getting tight and prices rising… This bodes well for sales and profitability over the coming quarters.
SONOVA (Core Holdings) last Friday announced that it is to acquire Sennheiser’s Consumer division for €200m in cash (0.8x EV/sales). The division specialises in consumer headphones and hearing devices (wireless headphones, earbuds) and has an extensive online and physical store network. This acquisition will provide the group with a foothold in the consumer market – a future growth area for the hearing device sector.
Last Friday’s dismal US job numbers caused markets to blow hot and cold. While providing some reassurance as regards inflation and the commitment of central banks, they have raised questions about the strength of the recovery. With the slightest detail likely to tip the scales towards the bulls or the bears, we remain extremely cautious on this week.
After a fruitless attempt to break through support at EUR/USD 1.1980, EUR has rallied strongly against USD, reaching EUR/USD 1.2156 this morning. This trend has been significantly quickened by far lower than expected US job numbers and the fall in US 10-year yields. GBP benefited from USD weakness, with GBP/USD climbing to 1.4060. CHF has firmed up at EUR/CHF 1.0940 and USD/CHF 0.90, while gold strengthened to $1,833/oz. Our ranges – USD/CHF: supp. 0.8960, res. 0.9225; EUR/USD: supp. 1.1980, res. 1.2268; GBP/USD: supp. 1.3822, res. 1.4140.
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