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MKTNG MSTRPCS (MARKETING MASTERPIECES) (0947 GMT)
One of Britain's largest fund managers Standard Life
Aberdeen is planning to drop the vowels and change its
name to Abrdn, pronounced Aberdeen.
The move, which has prompted a string of jokes on social
media, is not a late April's fool joke but "part of a modern,
agile, digitally-enabled brand" strategy.
"Standard Life Aberdeen needed to sort out its branding, but
the new Abrdn name will likely leave investors feeling dazed and
confused," notes AJ Bell analyst Laith Khalaf.
And a Twitter user writes: "To think someone’s been paid
(likely a lot of money) to come up with #abrdn, is it 1st April
again?".
This is not the first time well-known companies launch
controversial rebranding strategies.
In 2018, Weight Watchers announced it was slimming its name
to WW, which to the world means World War but the company linked
the two letters to "Wellness that works", in an effort to target
general health and reduce focus on losing weight.
In 2001, Royal Mail changed its name and spent 17 months
trading as "Consignia", a name criticised for meaning nothing to
the public.
PWC briefly changed the name of its consulting arm in 2002
to "Monday". The new name lasted 51 days before being
unceremoniously ditched by new owner IBM.
As Aberdeen's rebranding roll-out will begin in the summer,
there is plenty of time for the company to reconsider, if they
want to.
"Which will last longer, the European Super League or the
name Abrdn?" another Twitter user says.
(Joice Alves)
*****
STOXX HOVERING AROUND PARITY (0754 GMT)
There's not much action at the European cash market open
this morning as investors look undecided about what direction to
take before big macro events and earnings later in the week.
As a result the STOXX 600 regional benchmark index
has kept hovering around parity in early deals and last managed
to edge up just 0.2% on the day.
Under the flattish surface, however, M&A and Q1 updates are
helping make things a bit more lively.
A strong trading update sent UK engineering company IMI
rising 7% to the top of the STOXX, while break-up plans
lifted food ingredients maker Tate & Lyle up over 6%.
Worries about losing business with top customer Apple
continued to weigh on Austrian sensor specialist AMS,
sending its shares down 3.5%.
(Danilo Masoni)
*****
QUIET START, BIG WEEK (0702 GMT)
There will be plenty to chew on this week, with the Fed
meeting featuring as main attraction alongside top-tier macro
data and earnings reports from almost 300 U.S. and European
firms.
While Canada's hawkish surprise last week has put markets on
high alert for signs the U.S. central bank might be considering
tapering of bond purchases, most reckon it will stick for now
with its ultra-easy policy stance.
That will be crucial for market sentiment which is torn
between buoyant macro data and company results in much of the
developed world and the explosion in COVID-19 cases across India
and the rest of Asia.
So while the dollar has slipped to an eight-week low, equity
investors seem content to stay on the sidelines with both
European and U.S. futures trading around flat. Both indexes fell
last week, snapping a multi-week winning streak.
Eyes today are on Germany's IFO survey which comes on the
heels of robust manufacturing figures; later this week, expect
Q1 GDP releases in the euro zone, Germany and the United States.
Bond yields are inching higher meanwhile; German Bunds may
feel the heat from opinion polls showing the Greens overtaking
Merkel's conservative bloc before September elections.
On the corporate radar, the main event is Telsa's earnings
report with expectations of a 72% increase in revenue.
In Europe, Philips shares could rise 2% after a hefty jump
in quarterly profits, while steelmaker SSAB's Q1 profit beat
means it could open 1% to 5% higher. On the M&A front, Nestle is
in talks to buy nutritional supplement maker The Bountiful
Company.
Key developments that should provide more direction to
markets on Monday:
* BIS, BOE and ECB conference on the post-pandemic
spillover; CB’s
Fabio Panetta to speak
* German IFO
* Kazakhstan central bank meeting
* U.S. durable goods
* U.S. 2 year and 5 year note auctions
* U.S. earnings: Tesla
* European earnings: Galp, Philips, Kuhne and Nagel
(Danilo Masoni)
*****
EUROPEAN SHARES SEEN FLAT AS BUSY WEEK STARTS (0625 GMT)
European shares are seen opening little changed today as
investors prepare for a busy week that will see important data
releases, central bank meetings in the U.S. and Japan, and the
continuation of the Q1 earnings season.
Futures on the EuroSTOXX50, FTSE and DAX indices were last
trading between flat and a rise of 0.05%, whereas U.S. futures
were just above parity.
Over in Asia, optimism about the economic recovery sent
shares higher, more than offsetting concerns about potential
higher U.S. taxes on capital gains.
(Danilo Masoni)
*****
Tate & Lyle (TATE)
IMI (IMI)