US MARKETS:

-S&P 500 futures up 0.8% to 2,559.25
-Brent Futures up 1% to $56.83/bbl
-Gold spot down 0.1% to $1,248.30
-US Dollar Index down 0.2% to 96.87

GLOBAL NEWS:

Fedex warns post-closing. The company has lowered his outlook for the year ending next year, due to the deterioration in world trade and negative signals in several markets, including France, the United Kingdom and Germany. The Fedex share lost 6% off-market.

J&J’s talcum powder. Johnson & Johnson and Imerys have dealt with a plaintiff in the talcum powder case, paying her $1.5 million, but the subject remains complex and J&J continues to brandish studies concluding that there is no relationship between talc and certain cancers.

Ultra-Softbank. Softbank Corp is achieving the largest IPO in Japanese history, for the equivalent of some $23.2 billion, but the stock market debut was catastrophic. The share price fell by 14.5% to 1,282.

An IPO for GE? General Electric is reportedly preparing for the IPO of its healthcare division, Bloomberg said. The company could try to imitate Siemens, which has made a good deal by proceeding with the Siemens Healthineers IPO, one of the great stock market satisfactions of the year. The operation could happen as early as next Spring.

Pfizer and GSK join forces. The two pharmaceutical groups have created a joint venture dedicated to consumer healthcare, with GlaxoSmithKline holding 68% and Pfizer the balance. GSK hopes to structure the business for three years before placing it on the stock market.

Michelin is making progress in Canada. The French tyre manufacturer has completed the acquisition of Camso for €1.25 billion, in line with summer announcements. The Canadian company is a major player in rubber tracks for agricultural machinery or snowmobiles, but also in tires for material handling equipment. Michelin becomes the world leader in the off-road market.

Derivatives drifting. Bad surprise for Natixis, which warns against an exceptional loss on derivatives in Asia in the 4th quarter: the hedging strategy put in place did not work, conceded the bank. Management wanted to reassure by announcing an exceptional dividend of €1.5 billion after the sale of retail banking to BPCE.

Ivory Towers. Altice Europe and KKR have finalised the creation of a joint venture with 10,000 telecom towers, in which the fund will hold 49.99%. The transaction was announced in June. The new structure calls Hivory.

In other news. Ceconomy appoints an interim CFO until a permanent staff member is found, while still looking for a president. Washington validates Lockheed Martin's Patriot missile sale to Turkey. Alcon (Novartis) acquires Tear Films Innovation. Swisscom takes over Tamedia's shares in Swisscom Directories. The ANSM asks Allergan to recall breast implants and tissue expanders.