Newsquawk Daily European Equity Opening News

8th June 2023

ASIA

Asia-Pac stocks were mostly subdued following the mixed handover from Wall St where tech underperformed as global yields climbed after the surprise BoC rate hike, but the Russell 2000 extended on its recent rally in a continuation of the rotation into small caps. ASX 200 (-0.3%) traded rangebound as gains in the commodity-related sectors were offset by underperformance in property and tech, while softer trade data from Australia added to the non-committal mood. Nikkei 225 (-1.4%) was initially choppy but eventually retreated firmly beneath the 32,000 level despite the stronger-than-expected upward revisions to Q1 GDP. Hang Seng (-0.5%) and Shanghai Comp. (-0.2%) were lacklustre amid the ongoing growth concerns surrounding the world’s second-largest economy but with losses stemmed after the big 4 banks reduced their deposit rates following calls from the government to help bolster the economy.

EUROPEAN CLOSES

BOURSES: Euro Stoxx 50 -0.08% at 4,291, FTSE 100 -0.05% at 7,624, DAX 40 -0.20% at 15,960, CAC 40 -0.09% at 7,202, FTSE MIB +0.07% at 27,055, IBEX 35 +0.53% at 9,359, SMI -1.04% at 11,349.

SECTORS: Healthcare 1.46%, Energy 1.09%, IT 0.32%, Industrials 0.16%, Telecoms 0.11%, Consumer Disc 0.05%, Financials 0.00%, Materials -0.22%, Consumer Stpl -0.66%, Utilities -0.77%.

FTSE 100

BT (BT/A LN) - CEO Jansen's base salary will be frozen at the 2019 figure of GBP 1.1mln until retirement. Elsewhere, BT's Pensions Scheme is looking to invest in private credit amid a growing drive to take advantage of an unwillingness to lend by banks. (Sky News/FT)

OTHER UK COMPANIES

BROKER MOVES

Rio Tinto (RIO LN) upgraded to buy from neutral at Citi

DAX

OTHER GERMAN COMPANIES

BROKER MOVES

Evotec (EVT GY) upgraded to Buy from Hold at Citi +2.2% in pre-market trade

CAC

Airbus (AIR FP) - May orders: Gross 17; Delivered 63, +34%. (Newswires)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

BROKER MOVES

SMI

GAM Holding (GAM SW) - Received a request for an EGM from shareholder Rock Investment, request is to changed board and articles. Request is not an offer to shareholders. (Newswires)

Novartis (NOVN SW) - Sandoz: presents compelling investment proposition as standalone company at Capital Markets Day; well positioned to deliver continued mid-single digit sales growth; core EBITDA margin of 24-26% and Free Cash Flow to more than double over mid term; six strategic levers to drive long-term investor value; attractive financial outlook, including targeted investment grade credit profile and progressive dividend policy; committed to further extending global leadership in attractive and growing generics and biosimilars market, via purpose-driven strategy with focus on access and sustainability. (Sandoz)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Clas Ohlson (CLASB SS) - Q4 (SEK): Sales 1.77bln (exp. 1.78bln), EBIT -7mln (exp. -3mln), EPS -0.36 (exp. -0.51), Net Income -23mln (exp. -25mln). Taking action which is expected to deliver cost savings of and reduced depreciation of circa. 100mln on an annual basis. (Newswires)

Orsted (ORSTED DC) - Confirms 2023-2030 renewable ambitions, financial targets and policies. (Newswires)

BROKER MOVES

US

CLOSES: SPX -0.38% at 4,267, NDX -1.75% at 14,303, DJIA +0.27% at 33,665, RUT +1.78% at 1,888.

SECTORS: Communication Services -1.87%, Technology -1.62%, Consumer Discretionary -0.91%, Health -0.41%, Consumer Staples -0.33%, Financials +0.33%, Materials +1.18%, Industrials +1.59%, Utilities +1.7%, Real Estate +1.75%, Energy +2.65%.

08 Jun 2023 - 06:48- EquitiesEconomic Commentary- Source: Newsquawk