Additional European Equity News

Air France (AF FP) - Summer Booking Update: Co. and Transavia France are currently experiencing pressures on projected unit revenues for the summer season due to the upcoming Paris Olympic games. Traffic to and from Paris is currently lagging behind other major European cities. Event has no impact on guided capacity. Currently estimating a negative impact on unit revenues of EUR 160-180mln for the June-August period. (Newswires)

Anglo American (AAL LN) - Production was halted at Co's largest metallurgical coal project in Australia amid an underground fire, with Co. suggesting it may take several months to extinguish. The Grosvenor underground mine accounts for about 30% of the Co’s annual production of coking coal in Queensland state. (Anglo American/Newswires)

AstraZeneca (AZN LN) - Lynparza and Imfinzi combination recommended for approval in the EU by CHMP for patients with mismatch repair proficient advanced or recurrent endometrial cancer. Separately, Sipavibart EMA regulatory submission accepted under accelerated assessment for COVID-19 prevention. (AstraZeneca)

Atos (ATO FP) - Co. reached an agreement with a group of banks and bondholders on terms for its debt restructuring, according to a statement. The restructuring plan involves a EUR 233mln contribution via a capital increase with preferential subscription rights. (Newswires)

Barclays (BARC LN) - Projected capital ratios for Barclays US remained above regulatory minimum in all nine components of the test, with reference to US annual stress tests. (Newswires)

Britvic (BVIC LN) - Britvic investor Aviva (3.03% ownership) has called on Carlsberg (CARLB DC) to improve the terms of its takeover bid for Britvic. Aviva suggested the most recent offer price was too low. (Times)

HSBC (HSBA LN) - Co. is reportedly planning a fresh recruitment drive in a bid to regain the title of Asia's largest wealth manager from UBS (UBSG SW), according to Bloomberg. (Newswires)

LVMH (MC FP) - Dior probe reportedly found evidence of illegally hired workers, according to FT. (FT)

Renault (RNO FP) - Aramco has signed definitive agreements to acquire a 10% equity interest in HORSE Powertrain, valuing the target at EUR 7.4bln enterprise value. Renault Group and Geely each retain 45% equity stakes in the thermal engines JV. The investment by Aramco will support the growth of HORSE Powertrain and contribute to the development of competitive powertrains and synthetic fuel solutions. HORSE Powertrain is expected to have an annual production of five million powertrain units, encompassing a complete portfolio of advanced powertrain technologies for partners around the world. (Aramco)

Thales (HO FP) - Police in France, Spain, and the Netherlands have reportedly searched offices of Thales between Wednesday and Friday last week as part of a corruption probe, according to Reuters sources. A spokesperson for Thales confirmed that the searches had taken place. (Newswires)

Telecom Italia (TIT IM) - Co. has finalised the sale of fixed line access network to KKR. (Newswires) 

UK Banks - Thousands of people who bank with HSBC (HSBC LN), Barclays (BARC LN), Nationwide and Virgin Money (VMUK LN) are still waiting for payments to go through after a glitch on Friday. (BBC)

UK Energy - UK households are being warned of a big rise in energy bills ahead due to higher wholesale gas prices. (Sky News) 

UK Housing Names - UK Nationwide house price yy* (Jun) 1.5% vs. Exp. 1.1% (Prev. 1.3%); mm* (Jun) 0.2% vs. Exp. -0.1% (Prev. 0.4%). “Housing market activity has been broadly flat over the last year, with the total number of transactions down by around 15% compared with 2019 levels. Transactions involving a mortgage are down even more (nearly 25%), reflecting the impact of higher borrowing costs. By contrast, the volume of cash transactions is actually around 5% above pre-pandemic levels. (Nationwide) 

Wacher Chemie (WCH GY) - JPMorgan has placed the Co. on its negative catalyst watch list. (Newswires)

Zurich Insurance (ZURN SW) - Co. and broker Aon have created a new insurance scheme for hydrogen production. (FT)

01 Jul 2024 - 07:23- Research Sheet- Source: Newsquawk