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        11/11/2019 | 10:57am EST

        This morning we are discussing the proposed merger between PSA and Fiat and a merger in equipment rental in Europe, between Boels and Cramo. In Asia, Alibaba crashes all records with its Singles' Day. U.S. stock-index futures is down with Asian and European shares.


        U.S. MARKETS:

        S&P 500 futures down 0.3% to 3,081.50

        Brent futures down 1.2% to $61.78/bbl

        Gold spot up 0.5% to $1,465.86

        U.S. Dollar Index down 0.1% to 98.27


        GLOBAL NEWS:

        Earnings season: Tencent, TD Ameritrade, Informa Plc, Talanx, Almirall and others.

        U-Turn. The Italian government will give ArcelorMittal back the legal protection it had enjoyed until now if the steelmaker confirms its takeover of the Ilva complex, said Giuseppe Conte, President of the Council.

        Consultation in sight. Peugeot is convening a European committee on November 26 to launch the employee consultation on the Fiat Chrysler operation. The merger between the two groups would create the 4th largest player in the sector, with a total of 8.7 million vehicles sold in 2018 and 400,000 employees.

        Vertiginous. During the "Singles' Day", Chinese consumers spent $1 billion in 68 seconds on Alibaba and $23 billion in nine hours. For the Chinese giant, it is the biggest online sales annual event, ahead of "Black Friday".

        Buy time. Boeing  is looking for ways to resume deliveries of 737 MAX before the end of the year, even if the FAA has not approved the entire commercial flight recovery system. According to the Wall Street Journal, the aircraft manufacturer is seeking the right from the regulator to reship the aircraft once the FAA has certified the aircraft (possibly mid-December), but before the new crew training program is approved. Companies could thus recover the devices but will not be able to use them for commercial use until all certifications have been granted. At the same time, Southwest Airlines announced that it no longer expects flights of its B737 MAX aircraft to resume until next March.

        Double standards. An investigation was opened in the United States on the Apple and Goldman Sachs payment card, after a couple of users discovered that the AI offers Mr. a much higher credit capacity than Mrs. Sachs. Worrying if it is true, but too early to be outraged in the absence of evidence.

        Merger in the rental. Boels will launch a concerted cash buyout of Cramo for €592 million, or €13.25 per share, a proposal unanimously accepted by the target's board of directors. Both companies are major players in the rental of professional equipment in Europe. This marriage will create a group generating €1.25 billion in annual revenues with 750 locations.

        In other news. Carl Icahn is ready to engage in an arm wrestling match with Occidental Petroleum's management at a general meeting. Saudi Aramco's initial public offering will be launched on November 17. Viacom and CBS are changing their senior management before their merger. Former Malaysian Prime Minister Najib Razak may be prosecuted in the 1MDB scandal. Baumgartner will leave the Swiss coast. Sandoz (Novartis) acquires Aspen Pharmacare's Japanese activities for €300 billion plus an additional €100 million. Givaudan acquires Ungerer in the United States.

        Stocks mentioned in the article
        ChangeLast1st jan.
        ALIBABA GROUP HOLDING -0.24% 186.71 Delayed Quote.36.22%
        ALMIRALL, S.A. -1.90% 17 End-of-day quote.27.15%
        APPLE INC. 0.79% 262.2 Delayed Quote.64.92%
        ARCELORMITTAL 0.67% 15.626 Delayed Quote.-14.48%
        BOEING COMPANY (THE) 4.55% 366.96 Delayed Quote.8.84%
        CBS TECHNOLOGY BERHAD End-of-day quote.
        CRAMO OYJ 1.34% 13.62 Delayed Quote.-15.28%
        DJ INDUSTRIAL 0.04% 27691.49 Delayed Quote.18.66%
        FIAT CHRYSLER AUTOMOBILES -0.85% 14.51 End-of-day quote.15.39%
        GIVAUDAN -0.14% 2844 Delayed Quote.25.83%
        GOLDMAN SACHS GROUP INC. -1.74% 219.03 Delayed Quote.33.44%
        INFORMA PLC 0.22% 812.6 Delayed Quote.28.66%
        NASDAQ 100 -0.17% 8241.911835 Delayed Quote.30.43%
        NASDAQ COMP. -0.13% 8464.276795 Delayed Quote.27.73%
        NOVARTIS 0.73% 88.74 Delayed Quote.17.78%
        PEUGEOT 1.42% 24.33 Real-time Quote.28.77%
        S&P 500 -0.20% 3087.01 Delayed Quote.23.14%
        TALANX AG -0.47% 42.5 Delayed Quote.43.15%
        TD AMERITRADE HOLDING CORPORATION -0.84% 40.14 Delayed Quote.-18.01%
        TENCENT HOLDINGS LIMITED -1.28% 323 End-of-day quote.2.60%
        US DOLLAR INDEX -0.15% 98.2 End-of-day quote.1.57%
        VIACOM INC. 3.08% 23.45 Delayed Quote.-8.75%

        Romain Fournier 2019
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