Newsquawk Daily European Equity Opening News

7th June 2023

ASIA

Asia-Pac stocks mostly gained following the positive handover from Wall St where the S&P 500 posted its highest close YTD and the Russell 2000 rallied amid strength in regional banks, although advances were capped as the attention in Asia turned to softer-than-expected Chinese trade data. ASX 200 (+0.2%) just about kept afloat but with the upside limited by the weaker-than-expected Australian GDP and hawkish adjustments to peak rate forecasts. Nikkei 225 (-1.0%) wiped out its initial gains in an early 700-point swing and briefly dipped beneath the 32,000 level where it found some support. Hang Seng (+1.0%) and Shanghai Comp. (Flat) were underpinned after reports that China asked the largest banks to cut deposit rates to boost the economy and with Hong Kong led by tech strength, while price action was less decisive in the mainland after the latest Chinese trade data mostly disappointed including the wider-than-expected contraction in dollar-denominated Exports.

EUROPEAN CLOSES

BOURSES: Euro Stoxx 50 +0.05% at 4,295, FTSE 100 +0.37% at 7,628, DAX 40 +0.18% at 15,992, CAC 40 +0.11% at 7,209, FTSE MIB +0.67% at 27,036, IBEX 35 +0.23% at 9,310, SMI +0.48% at 11,470.

SECTORS: Healthcare 1.20%, Utilities 0.77%, Financials 0.69%, Materials 0.51%, Consumer Stpl 0.23%, Industrials 0.17%, Consumer Disc -0.05%, Telecoms -0.24%, IT -0.32%, Energy -0.57%.

FTSE 100

OTHER UK COMPANIES

BROKER MOVES

Croda (CRDA LN) downgraded to Neutral from Buy at Goldman Sachs

DAX

Bayer (BAYN GY) - Working with Acuitas Theraputics, to support Bayer in vivo gene editing and protein replacement programmes. (Newswires)

OTHER GERMAN COMPANIES

BROKER MOVES

Hugo Boss (BOSS GY) initiated with Buy at UBS

Volkswagen (VOW3 GY) maintained with Overweight at JPMorgan

CAC

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

ArcelorMittal (MT NA) - ArcelorMittal is to provide General Motors with low-emission XCarb steel, reducing CO2 emissions. (Newswires)

Stellantis (STLAM IM/STALP FP) - Announces executive team changes: CTO Ned Curic becomes Chief Engineering and Technology Officer, Beatrice Foucher appointed Chief Planning Officer, and Olivier Bourges takes on new roles. Elsewhere, Co. has launched the second tranche of its share buyback programme, for a maximum of EUR 500mln. (Newswires)

UCB (UCB BB) - Receives new European Commission approval for Bimzelx for the treatment of arthritis and axial spondyloarthritis. (Newswires)

Voestalpine (VOE AV) - FY (EUR): Revenue 18.2bln (exp. 17.9bln), PBT 1.5bln (exp. 1.43bln), EBIT 1.6bln (exp. 1.55bln). Dividend 1.50/shr (prev. 1.20/shr). (Newswires)

BROKER MOVES

Amadeus (AMS SM) downgraded to Neutral from Buy at UBS

SMI

OTHER SWISS COMPANIES

BROKER MOVES

Kuehne und Nagel (KNIN SW) initiated with Underweight at Morgan Stanley

SCANDINAVIA

Fortum (FORTUM FH) - Co. and Westinghouse are to explore possibilities for new nuclear in Finland and Sweden. (Newswires)

BROKER MOVES

US

CLOSES: SPX +0.24% at 4,283, NDX +0.01% at 14,558, DJIA +0.03% at 33,573, RUT +2.69% at 1,855.

SECTORS: Financials +1.33%, Consumer Discretionary +0.99%, Energy +0.9%, Real Estate +0.66%, Materials +0.65%, Industrials +0.6%, Communication Services +0.49%, Utilities -0.07%, Technology -0.12%, Consumer Staples -0.47%, Health -0.88%.

07 Jun 2023 - 06:50- EquitiesData- Source: Newsquawk