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Research Market strategy
by Swissquote Analysts
Morning News

Boeing’s Record Jet Deliveries Still Shy of 2018 Target

Topic of the day

Boeing Co. delivered a record 806 jetliners last year as it strains to keep up with rising global demand for air travel. The world’s largest aerospace company surpassed its record 763 deliveries last year, yet fell just short of its target of delivering 810 to 815 jets in 2018 after shortages of fuselages, engines and other parts slowed its output last summer. Boeing also logged 893 new orders in 2018, continuing pressure on the company to keep its suppliers in line this year. Analysts expect Boeing and rival Airbus SE to announce plans in coming weeks for another boost in output, even as some suppliers caution they won’t be able to keep up. Deliveries rather than orders have become the most closely watched measure of the aerospace rivals’ performance, as they work through order books for more than 13,000 jets due for delivery over more than seven years. Most of a jet’s purchase price is paid at delivery, driving profits and cash to fund huge stock-buyback programs that have lifted shares in both plane makers over the past three years. Boeing’s shares rose around 3% on Tuesday and Airbus shares rose about 4.5%. Airbus delivered 800 planes in 2018, the company said on Tuesday, meeting its full-year target of 800 plane deliveries, which it had lowered in October. That means the two aerospace giants delivered a combined 1,608 planes in 2018, compared with 1,481 a year earlier, a big increase from 1,000 deliveries in 2011. Boeing Chief Executive Dennis Muilenburg has said customers want the company to push output even higher.

Swiss stocks

Positive signals from the current US-China talks on the trade dispute pushed the SMI up 1.1 percent to 8,629 points Tuesday. Watch and luxury goods makers Swatch and Richemont, highly dependent on Chinese demand, rose 2.4 percent and 1.7 percent respectively. Temping agency Adecco surged 3.2 percent, partly because it is a highly cyclical stock, and partly because of an analysts’ “buy” recommendation. Roche gained 1.9 percent on an analysts’ “buy” recommendation, Novartis also rose 1.9 percent. Specialist chemical company Sika brought up the rear in the index, falling 4 percent on the news it had offered CHF 2.5 billion for French construction chemical company Parex with the aim of boosting its specialist construction chemical business. Sika also released 2018 figures, reporting a 14 percent increase in turnover to CHF 7.09 billion. In 2019, Sika expects turnover to rise by between 6 percent and 8 percent, and operating profit to rise disproportionately. Geberit also slumped, falling 3.8 percent on an analysts’ “sell” recommendation based on rising labour and raw material costs.

International markets


The Stoxx Europe 600 rose 0.9%, or three points, to 345.89 after traders shrugged off downbeat eurozone economic data amid optimism about U.S.-China trade tension easing. The DAX gained 0.5% and the CAC-40 was up 1.1%. "Dealers have high hopes for the U.S.-China trade talks. There were some optimistic words from President Trump and that added to the bullish move," said David Madden, at CMC Markets. Tech stocks were again among the biggest pan-European risers, with Austrian sensor-maker AMS up nearly 11%.

United States

U.S. stocks climbed intraday on signs the U.S. and China made progress during their trade negotiations, putting major indexes on track for a third consecutive session of gains. The Dow Jones Industrial Average jumped 155 points, or 0.7%, to 23687. The S&P 500 added 0.5%, and the technology-heavy Nasdaq Composite rose 0.6%. Ten of the 11 sectors in the S&P 500 advanced, led by gains in trade-sensitive industrial stocks that have exposure to the Chinese economy. Shares of Boeing and Caterpillar added 3.7% and 1.8%, respectively. The energy, communication-services and consumer-discretionary sectors were also among the biggest gainers, each rising at least 0.6%. After two days of intense trade talks in Beijing, U.S. and Chinese negotiators addressed a number of issues and tried to specify how China would carry out the pledges it has made, The Wall Street Journal reported. Both sides believe enough progress has been made this week for a round of talks among cabinet-level officials, probably later this month in Washington, the Journal said.


In Asia, stocks rose across the board with Hong Kong's Hang Seng outstripping its regional rivals. China's Shanghai Composite was boosted by strong gains for its auto-makers.


U.S. government bond prices fell intraday amid signs that risk sentiment is improving ahead of the first of three Treasury auctions this week. The yield on the benchmark 10-year Treasury note rose to a recent 2.701%, according to Tradeweb, from 2.684% Monday. Yields, which rise when bond prices decline, rose before the auction of $38 billion in three-year notes. It will be the first of three offerings this week totalling $78 billion, a 39% increase from the same series of auctions last year.


CS lowers Bouygues to Neutral (Ouperf.) - Target 34 (39) EUR
UBS rises Air Liquide to Buy (Neutral) - Target 117 EUR
UBS lowers Covestro to Neutral (Buy) - Target 51 (65) EUR

Produced by MBI Martin Brückner Infosource GmbH & Co. KG on behalf of Swissquote. All news is acquired with journalistic accuracy. No liability is assumed for delays or errors.

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