Holiday Over

There is a surfeit of news after the President's Day gap because Russia has opted to invade two break-away parts of Ukraine, Donetsk, and Luhansk. Germany has shelved further work on $11 bn its Nord Stream pipeline to bring it Russian gas. The US has barred any new investment in the two areas.

China is busily avoiding taking sides between Ukraine and Russia.

The son of Mexican president Andres Manuel Lopez Obrador appears to have been bribed by Baker Hughes, an oil company, with a house in Texas. This follows revelation over the weekend that shock! shock! Swiss banks maintain secret accounts for relatives of emerging markets rules to hide their cash.

Photo by Annie Spratt on Unsplash

European stocks

*For some reason perhaps related to the note above, Spanish stocks fell harder than other European ones this week. 

*Swedish Autoliv reported on its 2021 results and fell 1.36% despite setting a 64 cent dividend. ALV.

*Nokia NOK is up 4.4% to $4.72. It is Finnish.

*Roche RHHBY reported sales of $9.13 bn and a dividend of 2.73%. Its PE is 15.77. The stock rose 84 cents. It also has a new breast cancer drug and settled a dispute over patents with GSK. Glaxo will name its new consumer brand Haleon.

*Schlumberger Ltd is up 3.36% on higher oil and gas exploration spending after the boycott of Russia. SLB.

*Mike Larsen tipped ABBV (an insurer) on the Money show.

*Shell is up 0.34% because it is not Russian-dependent. RDS-B.

*UK BAE Group won a $169 mn contract for more amphibious combat vehicles for the US Marine Corps. BAESY.

Americas stocks

*Antofagasta ANFGF reported 2021 sales of $7.47 bn up 46% and profits up 146% and the share price rose. Tax hikes in Chile last year were lower than expected. But now there is a lefty in office.

*VALE rose 2.52% despite its missing the deadline for removing 23 tailings dams. 

*Bristol Myers was upgraded to buy from hold with a new TP of $1.6. BMY.

*Despite supply chain issues and a lower estimate for the current quarter, GE gained 1.41% because it is a known element. 

*Nutrien now is expected to earn $2.64 rather than $2.51. NTR.

*Ecopetrol gained EC 2.51% because it is not Russian. Petrobras gained for the same reason.

*Banco Latino however fell 2 cents to 44 cents. It is closer to Spain than other Western banks. BLX.

*Cosan fell $2.05 after but was again rated overpriced today. CSAN.

Asia stocks

*Naspers NPSNY fell 7.09% on its links with China through its stake in Prosus PROSY

*Tencent fell 9% today in Hong Kong trading. 

*Hong Kong & Shanghai Bank will continue its $1 bn stock buyback despite the Chinese real estate price crash. It doubled its earnings last year. 

*An arbitrage play on Tower Semiconductor TSEM was outlined by an Investing Grandfather on Seeking Alpha. Don't fall for it.


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