HALISTER: Air Liquide 2015 Rev. In Line; Sees Net Profit Growth This Year

Air Liquide 2015 Rev. In Line; Sees Net Profit Growth This Year

(Bloomberg) -- Air Liquide 2015 rev. EU16.4b, est. EU16.4b; +6.7% reported, +3.3% on comparable basis.
  • 2015 operating income recurring EU2.89b, est. EU2.88b
  • 2015 Gas & Services rev. EU14.8b, +6.9% reported, +3.8% on comparable basis
  • Operating margin +50bps to 17.6%
  • Proposes div. of EU2.60/shr; BDVD forecast EU2.70/shr
  • CEO Benoit Potier says in statement that business growth was driven by momentum in Healthcare and Electronics, and in Large Industries by higher volumes from new contracts; from geographic perspective, it was driven by Europe’s progressive recovery, developing economies
  • 2016 outlook: confident in ability to deliver another year of net profit growth, excluding the impact of Airgas acquisition and financing, and assuming a comparable environment
  • Preview
  • Conf. call at 10:30am CET, webcast
  • Statement
Alert: HALISTER
Source: BFW (Bloomberg First Word)

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AI FP (Air Liquide SA)

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Benoit Potier (Air Liquide SA)

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HALISTER1: JGB Yield Curve Flattens; 20-Yr Auction Meets Strong Demand: UBS

JGB Yield Curve Flattens; 20-Yr Auction Meets Strong Demand: UBS

(Bloomberg) -- Japan’s govt bonds gain, led by longer-maturity debt, after auction of 20-yr bonds drew higher bid-to-cover ratio and record-low avg yield.
  • Yield on 5-yr note declines 1.5 bps to -0.140%, while 10-yr yield falls 3.5 bps to 0.050%; 20-yr yield slides 6 bps to 0.760%; click here for auction results
  • Auction outcome was strong, says Yusuke Ikawa, Tokyo-based strategist at UBS
  • NOTE: BOJ starts negative rate today; trading in unsecured overnight call market is centered around 0.001%, according to Central Tanshi
  • Should unsecured overnight call rate remain above zero, investors are likely to expect increased bond purchases by the central bank, Ikawa says; such expectations would exert flattening pressure on yield curve
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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Yusuke Ikawa (UBS Asset Management Japan Ltd)

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HALISTER1: Ringgit Falls; Foreign Bids Scarce at Bond Auction, Trader Says

Ringgit Falls; Foreign Bids Scarce at Bond Auction, Trader Says

(Bloomberg) -- Ringgit falls 0.6% to 4.1530 per dollar versus intraday high of 4.1150.
  • Some portfolio managers expected large foreign bidding at today’s auction, given its size at MYR4b ($963m), according to Asia-based fixed income trader
  • NOTE: Malaysia sells 2023 bonds, lowest bid-to-cover ratio since November: data compiled by Bloomberg
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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HALISTER: AIG Dealmaker Schreiber Exits With Maag as Insurer Shrinks (1)

AIG Dealmaker Schreiber Exits With Maag as Insurer Shrinks (1)

Alert: HALISTER
Source: BN (Bloomberg News)

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AIG US (American International Group Inc)
CSGN VX (Credit Suisse Group AG)

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Brian Schreiber (American International Group Inc)
Peter Hancock (American International Group Inc)
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Carl Icahn (Icahn Enterprises Holdings LP)

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HALISTER1: INSIDE ASIA: Won, Ringgit Fall; China New Credit Rises to Record

INSIDE ASIA: Won, Ringgit Fall; China New Credit Rises to Record

(Bloomberg) -- South Korea’s won and Malaysia’s ringgit lead most Asian currencies lower as Dollar Index climbs; sovereign bonds advance in Japan and interest-rate swaps rise in Singapore.
  • Yuan weakens; China’s aggregate financing rose to 3.42t yuan ($525b) in January, more than median estimate 2.2t yuan; new loans rose to 2.51t yuan versus median forecast 1.9t yuan; M2 money supply increased 14% from year earlier, beating 13.5% estimate
    • China will take decisive action when necessary as global economic headwinds and equity market routs create great challenges and new uncertainties, Premier Li says at State Council meeting Monday, according to Beijing News; government may release package of monetary, fiscal, tax and M&A policies: Economic Information Daily
  • Aussie strengthens against dollar; Reserve Bank of Australia sees low inflation providing scope to ease if appropriate, growth increasing gradually, according to minutes of February meeting
  • Won drops; Bank of Korea kept benchmark interest rate unchanged at 1.5% as expected; says domestic economy will continue to recover, supported by domestic demand, but external uncertainties have increased
  • Japan’s 10-year bonds rise on the first day negative interest rates are applied; Bank of Japan Governor Kuroda says he expects negative rates to have positive impact, central bank aims to lower yield curve
  • Kiwi falls; New Zealand 2-year inflation expectations slid to 1.63% in first quarter from 1.85% in previous quarter; retail sales increased 1.2% in fourth quarter, lower than median estimate for 1.5% gain; Finance Minister English says government has fiscal flexibility, budget will be delivered on May 26
  • U.S. Treasuries slide, with yield on 10-year bonds rising 4 bps to 1.790% in Asian trading; Empire State manufacturing index may show reading of -10.50 for February versus -19.37 in January: Bloomberg survey
  • Taiwan dollar climbs; island’s exports probably fell 14.5% in January from year earlier following 13.9% decline in December; imports seen falling 14.4%, leaving trade surplus of $4.32b, according to economists surveyed by Bloomberg before data today
CURRENCY TECHNICALS:
  • Click here to see pivot point and multiple support as well as resistance points for majors/Asian currencies
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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40005Z AU (Reserve Bank of Australia)

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HALISTER1: BOJ Starts Negative Rate; Few JPY Borrowers Seen: Central Tanshi

BOJ Starts Negative Rate; Few JPY Borrowers Seen: Central Tanshi

(Bloomberg) -- There are very few borrowers of JPY in Japan’s money market amid concern that BOJ’s negative rate could apply to their account balance at central bank, says Kenji Sato, manager, management planning at Central Tanshi.
  • Regional banks are looking to borrow while trust banks and insurers are seeking to offer, however, volume is considerably subdued compared with usual trading days: Tokyo-based Sato; NOTE: BOJ adopted negative rate last month, with rate of -0.1% to be applied to current accounts at central bank, starting Feb. 16
  • With few financial institutions having systems that can handle negative rates, a negative rate may not be seen in money market today and may not occur until next month: Sato; says these institutions seem to be in a hurry now to make their systems capable of coping with negative rates
  • “Trading in the unsecured overnight call market is centered around 0.001% with some at zero percent” today, says Sato
  • NOTE: Volume-weighted average of unsecured overnight call rate was at 0.074% yesterday, according to BOJ data
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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Kenji Sato (Central Tanshi Co Ltd)

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