Newsquawk Daily European Equity News - 2nd January 2025

ASIA

• ASX 200 +0.5%


• CSI 300 -2.9%; Hang Seng -2.2%


• Nikkei 225 closed overnight.

CHINA PMI: China's manufacturing PMI slowed to 50.5 in December from 51.5 in November, missing expectations. Capital Economics said that while the Caixin manufacturing PMI suggests that factory activity softened in December, wider economic momentum still looks to have improved thanks to faster growth in services and construction, and adds that increased fiscal support should continue to lift growth in the near-term given that deficit spending is likely to be front-loaded at the start of 2025. Ahead, Bloomberg writes that investors are anticipating further economic stimulus, especially amid concerns over potential tariffs from President-elect Trump's return to the White House.

China EV Sales - Chinese electric vehicle manufacturers saw a strong sales surge in late 2024, Bloomberg reports, but adds that automakers still face challenges in 2025. BYD delivered a record 4.27mln EVs and hybrids, while Li Auto surpassed 500,000 units; however, risks to both domestic and international demand remain, the report notes. (Bloomberg)

BYD Co. (BYDDY) - BYD set a new record with 4.25mln passenger car sales in 2024, narrowing its sales gap with Tesla (TSLA). The surge in sales, including a record in December, was driven by subsidies and additional incentives for buyers. (Newswires)

Nio (NIO) - Nio delivered 31,138 vehicles in December 2024 (+72.9% Y/Y), with 20,610 Nio and 10,528 Onvo vehicles. Quarterly deliveries hit 72,689 (+45.2% Y/Y), and annual deliveries reached 221,970 (+38.7% Y/Y); cumulative deliveries totalled 671,564. (Newswires)

XPeng (XPEV) - XPeng delivered 36,695 vehicles in December 2024 (+82% Y/Y), with over 15,000 MONA M03 and 10,000 P7+ units. Quarterly deliveries +52% to 91,507, with 2024 annual deliveries totalling 190,068 (+34% Y/Y). (Newswires)

Li Auto (LI) - Li Auto delivered 58,513 vehicles in December 2024 (+16.2% Y/Y), and 500,508 vehicles in 2024; cumulative deliveries reached 1,133,872. (Newswires)

Zeekr (ZK) - Zeekr delivered 27,190 vehicles in December 2024 (+102% Y/Y), and 222,123 vehicles for the year (+87% Y/Y); cumulative deliveries reached 418,756. The 2025 target is 320,000 vehicle deliveries. (Newswires)

EUROPEAN CLOSES

CLOSES: FTSE 100 +0.6%, CAC 40 +0.9%, AEX +0.8%; Dec 30th closes: DAX 40 -0.4%, Euro Stoxx 50 -0.6%

SECTORS: Energy 1.37%, Materials 0.78%, Consumer Stpl 0.67%, Financials 0.50%, Consumer Disc 0.49%, Healthcare 0.49%, IT 0.48%, Telecoms 0.47%, Utilities 0.43%, Industrials 0.39%

FTSE 100

Ex-dividend - F&C Investment Trust (FCIT LN), Auto Trader (AUTO LN), SSE (SSE LN) will trade without entitlement to their latest dividend payments. (Newswires)

Rio Tinto (RIO LN) – Co. says a crew member from a Rio Tinto marine vessel is missing. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

DAX

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

French Autos – French car registrations +1.47% Y/Y in Dec; -3.17% Y/Y in 2024. (Newswires)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

European Gas flows - Gazprom has halted natural gas supplies through Ukraine following the expiration of five-year transit agreements on January 1st. Gazprom said that Ukraine's refusal to extend the agreements left it without the technical and legal means to continue the gas transit.

EDPR (EDPR PL) - Signed asset rotation deal for 300 MWAC solar and 92 MW storage portfolio in the US. Total EV value of USD 0.6bln. (Newswires)

Repsol (REP SM) – Resumes oil exploration in Libya after a ten-year hiatus. (Newswires)

BROKER MOVES

SMI

Swisscom (SCMN SW) - Completed its acquisition of Vodafone Italia (VOD LN). Revises its EBITA guidance for 2024; costs in the amount of up to EUR 200mln will be recognised; rev., capex and dividend remains unchanged. Revised EBITDA guidance for 2024 is 4.3-4.4bln (so far 4.5-4.6bln). (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Skanska (SKAB SS) - Builds wastewater treatment plant in Finland for SEK 400mln. (Newswires)

BROKER MOVES

US

Apple (AAPL) - Apple is offering discounts of up to CNY 500 on its iPhone models in China from January 4-7th. The promotion, aimed at defending its market share against local competitors like Huawei, applies to several models, including the iPhone 16 Pro and iPhone 16 Pro Max, Reuters reports. Separately, UBS lowered its iPhone unit and revenue estimates for December, citing weak iPhone sell-through. It's analysts revised its revenue forecast to USD 120.8bln and EPS to USD 2.25, both below consensus. Apple Services' revenue forecast was slightly raised, however, and UBS maintains a Neutral rating on Apple, with a USD 236 price target.

02 Jan 2025 - 06:45- EquitiesData- Source: Newsquawk