Newsquawk Daily European Equity Opening News

6th August 2021

The Daily European Equity Opening News is uploaded at 0700BST/0200EDT recapping all of the overnight equity news.

From 0700BST/0200EDT all equity news will be covered in real-time over the audio and headline feed and the full audio rundown will be at 0715BST/0215EDT.

There will be an additional audio rundown at 0750BST/0250EDT recapping any company news which has hit the wires since 0715BST/0215EDT ahead of the European equity open

European equity coverage will only cover companies in the STOXX 600 or companies of systemic importance to particular sectors.

ASIA

Asia-Pac equities saw a mixed and caged session in the run-up to the last US labour market report before the Fed’s Jackson Hole Symposium (Click here for the Newsquawk preview). The region overlooked the gains on Wall Street - which saw the S&P 500 notch another record high, whilst the DJIA and NDX closed with gains of around 0.8% apiece. US equity futures overnight resumed trade flat, and have moved sideways throughout the session. Back to APAC, the ASX 200 (Unch) briefly dipped below 7,500 but stayed within a tight range, whilst the Nikkei 225 (+0.3%) and KOSPI (-0.2%) were uneventful. Elsewhere, the Chinese markets underperformed at the open before conforming to the tentative tone, with the Hang Seng (-0.2%) printing losses of almost 1% at one point, but the index then trimmed its downside – participants pin the volatility on investors jitters from the ongoing crackdowns. The Shanghai Comp (-0.5%) was subdued ahead of the Chinese inflation data over the weekend, whilst on the trade font, WSJ sources reported that US business groups representing retailers, chip makers, farmers, and others — are calling on the Biden administration to restart negotiations with China and cut tariffs on imports.

EUROPEAN CLOSES

CLOSES: EURO STOXX 50 +0.41% at 4,162; FTSE 100 -0.04% at 7,121; DAX +0.34% at 15,745; CAC 40 +0.56% at 6,784; IBEX 35 +0.49% at 8,836; FTSE MIB +0.61% at 25,646; SMI +0.12% at 12,194.

SECTORS: Energy 0.95%, IT 0.81%, Healthcare 0.80%, Financials 0.56%, Industrials 0.55%, Telecoms 0.43%, Utilities 0.19%, Consumer Disc -0.10%, Consumer Stpl -0.19%, Materials -0.87%

FTSE 100

Insurance Names - UK Chancellor Sunak has announced a state-backed insurance plan to assist the event industry post-COVID, worth GBP 750mln. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

DAX

Allianz (ALV GY) - Q2 revenue EUR 34.3bln vs prev. EUR 30.9bln, net income EUR 2.35bln vs exp. EUR 1.85bln, operating profit EUR 3.3bln vs exp. EUR 2.6bln. FY21 operating profit outlook now expected in the upper-half of EUR 11-13bln range. (Allianz)

Covestro (COV GY) - Q2 revenue EUR 3.96bln vs exp. EUR 3.6bln, EBIT EUR 607mln vs exp. EUR 622mln, EBITDA EUR 817mln vs exp. EUR 817mln, net EUR 449mln vs exp. EUR 435mln. Confirms FY outlook announced in July. (Newswires)

Vonovia (VNA GY) - Q2 income from property management EUR 805mln vs prev. EUR 778mln, EBT EUR 3.7bln vs prev. EUR 2.1bln, profit EUR 2.4bln vs prev. EUR 1.4bln. Increased FY21 earnings forecast; EBITDA view increased by EUR 80mln and FFO by EUR 50mln. (Newswires)

OTHER GERMAN COMPANIES

Carl Zeiss (AFX GY) - 9-month revenue EUR 1.198bln, +23.8%; EPS EUR 2.04 vs prev. EUR 0.77. FY21 revenue expected to exceed the prior target of EUR 1.6bln vs prev. EUR 1.34bln; EBIT margin to significantly exceed prior target.

Thyssenkrupp (TKA GY) - Co. is to sell its infrastructure unit to FMC Beteiligungs KG and deal is expected to close in H2. (Newswires)

BROKER MOVES

CAC

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

GrandVision (GVNV NA) - H1 revenue EUR 1.9bln vs prev. EUR 1.5bln, adj. EBITA EUR 217mln vs prev. EUR -24mln, net profit EUR 231mln vs prev. EUR -212mln. FY21 results expected to be comparable to at least 2019. (Newswires)

ING (ING NA) - Q2 revenue EUR 4.52bln vs exp. EUR 4.41bln, net EUR 1.46bln vs exp. EUR 1.13bln, CET1 15.7% vs exp. 15.6%. 2019 reserves will be distributed by cash and/or a share buyback, subject to approvals; distributing EUR 3.6bln from September and an additional EUR 1.7bln relating to the reserves. (Newswires)

Pirelli (PIRC IM) - Q2 Adj. EBIT EUR 209mln vs exp. EUR 186mln. Revenue EUR 1.32bln vs exp. EUR 1.25bln. Net Profit EUR 89.4mln vs exp. EUR 60mln. FY21 targets revised upwards Co. expects much higher headwinds in H2 and sees costs rising month after month. (Newswires)

Unipol (UNI IM) - H1 net profit EUR 652mln vs prev. EUR 617mln, direct insurance income EUR 6,6bln vs prev. EUR 6.1bln. Calling an extraordinary shareholder meeting for a dividend payment proposal of EUR 0.28/shr for FY19. (Newswires)

Chip names - SMIC (981 HK) - Q2 revenue was up 43.2% YY. Net profit was USD 687mln vs exp. USD 277.8mln. (Newswires)

BROKER MOVES

SMI

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Clas Ohlson (CLASB SS) - July sales SEK 732mln, May-July sales SEK 2.05bln vs prev. SEK 2.07bln. (Newswires)

BROKER MOVES

US

CLOSES: SPX +0.60% at 4,429, NDX +0.65% at 15,181, DJIA +0.78% at 35,064, RUT +1.70% at 2,234.

SECTORS: ENERGY +1.29%, FINANCIALS +1.24%, UTILITIES +1.13%, CONSUMER DISCRETIONARY +0.92%, COMMUNICATION SERVICES +0.91%, REAL ESTATE +0.83%, CONSUMER STAPLES +0.57%, TECHNOLOGY +0.54%, INDUSTRIALS +0.49%, MATERIALS -0.14%, HEALTH -0.38%.

06 Aug 2021 - 06:50- Research Sheet- Source: Newsquawk