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DAILY MARKET OVERVIEW
Today's Top Market Headlines – Aug 3, 2017
Siemens plans Healthineers IPO in first half of 2018

German industrial group Siemens (DE:SIEGn) said it plans an initial public offering of its healthcare unit, expected to value the business at up to 40 billion euros ($47 billion), in the first half of 2018.

The trains-to-turbines group wants Healthineers to have its own currency for acquisitions and investments as the global healthcare market shifts focus from Siemens’ core business of imaging to molecular diagnosis and patient self-management.

Healthineers was the biggest contributor to Siemens’ third-quarter profit in financial results published on Thursday, with a 9 percent increase to 579 million euros ($686 million), in line with expectations, and a 2 percent rise in orders.

Source: http://bit.ly/2vkmeVc

Model 3 demand, higher revenue propel Tesla shares higher

Tesla (NASDAQ:TSLA) Inc reported quarterly revenue that doubled on Wednesday and a loss that was the electric car maker’s largest ever, but its shares rose after revealing more than 1,800 daily reservations for the Model 3 and predicting increased Model S deliveries in the second half of 2017.

Shares rose as high as 8 percent to $351.67 in late trade.

Despite a warning by Chief Executive Elon Musk last week that the Silicon Valley automaker would face six months of “manufacturing hell” in producing its first Model 3s, investors were enthusiastic over a remaining $3 billion cash on hand at the end of the second quarter, as loss-making Tesla spent just shy of $1 billion on capital expenditures, less than expected.

 

By Alexandria Sage and Aishwarya Venugopal

Source: http://bit.ly/2vkOBCw

LV= in advanced talks with Allianz for general insurance stake

British insurer LV= [LV.UL] is in advanced talks with German rival Allianz (DE:ALVG) to sell a minority stake in its general insurance operation.

The 174-year old firm said on Thursday that discussions with Allianz were ongoing but there was no certainty that a deal would be agreed.

The statement came in response to a Sky News report that the two companies were close to an agreement valuing LV=’s general insurance division at approximately 1 billion pounds ($1.32 billion) with an announcement expected on Aug. 4.

 

Source: http://bit.ly/2wonP9v

Bank of England stays on hold, hints again at 2018 rate rise

The Bank of England kept interest rates at a record low once again on Thursday and trimmed its forecasts for growth in 2017 and 2018 as the impact of Brexit weighed on households’ spending power.

But BoE Governor Mark Carney and his top officials reiterated their message to financial markets that they might raise borrowing costs by a bit more than investors expect over the next three years, possibly within a year.

Faced with uncertainty about the impact of Brexit on the world’s fifth-biggest economy, the BoE said its rate-setters voted 6-2 to keep Bank Rate at 0.25 percent, as expected by most economists taking part in a Reuters poll.

By William Schomberg and David Milliken

Source: http://bit.ly/2vspZYj