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ON THE RADAR: BANKING SETBACK, UNILEVER END OF AN ERA (0740
GMT)
While investors digest the disappointing news of AstraZeneca
needing to assess the efficacy of its COVID-19 vaccine, there
are a few other stories out there doing little to lift spirits.
At the top of the news this morning is Spanish lenders BBVA
and Banco Sabadell calling off merger talks to create Spain's
second-biggest domestic bank.
That's quite a blow for those hoping that a wave of
consolidation in Europe would provide a catalyst for the
battered sector.
It's also not going that well for France's Credit Agricole
in Italy where Creval is preparing to fight to secure a better
price from its would-be suitor.
Still in the financial sector, more uncertainty yet with
sources telling Reuters the EU assessments of whether to grant
market access for UK banks will not be completed in time for
January.
While there's been quite a lot of optimism swirling around
the possibility of a post-Brexit trade deal, the clock is
ticking.
Finally, worth taking a moment to consider the end of an era
with Unilever's Dutch shares trading in Amsterdam for the last
time today. No massive technical market price action from ETF
managers noticed so far though.
There are two hot stocks already making headlines:
MEDIOS AG SHARES UP 12.1% IN EARLY FRANKFURT TRADE AFTER
CRANACH PHARMA ACQUISITION
? K+S SDFGn.DE SHARES UP 3.7% IN EARLY FRANKFURT TRADE
(Julien Ponthus)
*****
MORNING CALL: MORE OF THE SAME (0640 GMT)
European futures are flat again this morning after
yesterday's unchanged close when U.S. financial markets were
closed for Thanksgiving.
Not much action is anticipated at the open today either
meaning that if things continue as they stand, European stock
markets may very well score their best ever monthly performance
this November.
The status quo is actually a good thing for the bulls as the
session in Asia showed overnight.
Asian shares stalled but remained in striking distance of
their record highs.
One thing's for sure: the fact that the efficacy of
AstraZeneca's coronavirus vaccine is now facing more intense
scrutiny isn't helping sentiment.
(Julien Ponthus)
*****