Newsquawk Daily European Equity Opening News

8th August 2024

ASIA

APAC stocks traded mixed after the weak handover from Wall St where the major indices fumbled early gains and finished in the red amid soft earnings and geopolitical risks. ASX 200 was dragged lower amid underperformance in the commodity-related stocks including BHP which is reportedly planning to sell Brazilian copper and gold assets it acquired in the takeover of Oz Minerals. Nikkei 225 slumped in early trade with losses of as much as 2.5% before briefly staging a full recovery. Hang Seng and Shanghai Comp. pared opening losses with the former making its way back towards the psychological 17,000 level, while the mainland also pared early losses but kept within a narrow range amid light catalysts.

EUROPEAN CLOSES

CLOSES:DAX: +1.47% at 17,610, FTSE 100: +1.75% at 8,167, CAC 40: +1.91% at 7,266, Euro Stoxx 50: +2.00% at 4,667, AEX: +2.24% at 886, IBEX 35: +2.01% at 10,599, FTSE MIB: +2.33% at 31,832, SMI: +2.86% at 11,849, PSI: +1.85% at 6,575.

SECTORS: Financials 2.44%, Energy 2.38%, Industrials 2.16%, Utilities 1.72%, IT 1.69%, Materials 1.48%, Consumer Disc 1.40%, Consumer Stpl 1.38%, Telecoms 1.38%, Healthcare -0.15%.

FTSE 100

FTSE 100 Ex-Dividend - BT Group (BT/A LN), Ashtead Group (AHT LN), Informa (INF LN), Unilever (ULVR LN), AstraZeneca (AZN LN), Rentokil (RTO LN), NatWest Group (NWG LN), IMI (IMI LN), SEGRO (SGRO LN), Pearson (PSON LN), BP (BP/ LN), Standard Chartered (STAN LN), Fresnillo (FRES LN), and Melrose Industries (MRO LN) will trade without entitlement to their latest dividend payout. (dividenddata)

Housing Names - UK RICS House Price Balance (Jul) -19 vs. Exp. -10 (Prev. -17). (RICS)

OTHER UK COMPANIES

BROKER MOVES

DAX

Allianz (ALV GY) - Q2 (EUR): Net 2.66bln (exp. 2.37bln), Operating 3.9bln (exp. 3.69bln), adj. EPS 6.15 (exp. 5.77). Decided to expand the total volume of buybacks in FY24 to a EUR 1.5bln total. Reiterates FY Operating Profit guidance. (Newswires)

Deutsche Telekom (DTE GY) - Q2 (EUR): Revenue 28.4bln (exp. 27.9bln), adj. EBITDAL 10.8bln (exp. 10.7bln), adj. Net 2.5bln (exp. 2.14bln). Raises FY FCF guidance to 19bln. (Newswires)

Munich Re. (MUV2 GY) - Q2 (EUR): Net 1.62bln (exp. 1.44bln). Annual guidance for net unchanged at 5.0blnl (exp. 5.9bln); H1 result increases the likelihood of attaining or possibly surpassing the FY target. Major losses totalled 0.95bln in Q2. (Newswires)

Siemens (SIE GY) - Q3 (EUR): Revenue 18.9bln (exp. 18.91bln). Orders 19.8bln (exp. 19.18bln), Industrial Business Profit 3.03bln (exp. 2.83bln), Net 2.1bln (exp. 1.77bln). Confirms FY outlook.

OTHER GERMAN COMPANIES

Grenke (GLJ GY) - Q2 (EUR): Operating Income 33mln (prev. 28mln), Earnings 25mln (prev. 24.5mln), Interest Income 140mln (prev. 113mln). FY24 forecast confirmed. (Newswires)

ProsiebenSat.1 (PSM GY) - Q2 (EUR): Revenue 907mln (exp. 903mln), adj. EBITDA 91mln (exp. 88mln). FY Outlook confirmed. (Newswires)

BROKER MOVES

CAC

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

Energy Names - EDF: production restrictions are likely at the Bugey nuclear plant for 10th-15th August, due to elevated temperatures on the Rhone river. Elsewhere, the Italian gov't is to challenge Sardinia's temporary freeze on renewables. (Newswires)

Euronav (CMBT BB) - Q2 (USD): Profit 184mln (exp. 214mln), dividend of 4.57/shr. Remarks that the 'transformation is in full swing'. (Newswires)

KBC (KBC BB) - Q2 (EUR): NII 1.38bln (exp. 1.36bln), EPS 2.25 (exp. 2.09), Revenue 2.8bln (exp. 2.77bln), Net 0.93bln (exp. 0.86bln). Increases FY NII guidance to 5.5bln (prev. 5.3-5.5bln, exp. 5.45bln). To pay an interim dividend of 1/shr as an advance on the total FY dividend. (Newswires)

BROKER MOVES

SMI

Novartis (NOVN SW) - Receives FDA accelerated approval for Fabhalta, the first & only complement inhibitor for the reduction of proteinuria in IGAN. (Newswires)

Sandoz (SDZ SW) - H1 (USD): Net Sales 5.05bln (prev. 4.7bln), EBITDA 576mln (prev. 720mln), Net 151mln (prev. 236mln). Increasing FY Net Sales guidance to mid- to high-single digit growth (prev. guided mid-single digit). (Newswires)

Zurich Insurance (ZURN SW) - H1 (USD): Net 3.0bln, +21%; Operating Profit 4.0bln, +7%. (Newswires)

OTHER SWISS COMPANIES

Gam Holding (GAM SW) - H1 (CHF): AUM 19bln (prev. 19.3bln), Net -39mln (prev. -71mln), PBT 33mln (prev. -23mln). Targets attaining profitability in FY26. (Newswires)

BROKER MOVES

SCANDINAVIA

Nordic Semiconductor (NOD NO) - Q2 (USD): Revenue 128mln (exp. 121mln), EBITDA -7mln (exp. 5mln). (Newswires)

BROKER MOVES

US

CLOSES: SPX -0.77% at 5,200, NDX -1.16% at 17,867, DJI -0.60% at 38,763, RUT -1.41% at 2,033.

SECTORS: Utilities +0.55%, Energy +0.43%, Consumer Staples +0.08%, Financials +0.06%, Communication Services -0.39%, Industrials -0.50%, Real Estate -0.79%, Health -1.06%, Technology -1.33%, Materials -1.37%, Consumer Discretionary -1.41%

Howard Hughes Holdings (HHH) - Bill Ackman’s Pershing Square is considering a deal to take private the USD 3bln real estate company Howard Hughes, where it holds a 38% stake, FT reports. Pershing Square has hired Jefferies to explore taking the company private, may seek co-investors to finance the deal amidst recent setbacks. Potentially of note for Pershing Square Holdings (PSH LN)

Occidental Petroleum (OXY) - Q2 adj. EPS 1.03 (exp. 0.77), Q2 revenue USD 6.88bln (exp. 6.80bln). Q2 operating cash flow USD 2.4bln, operating cash flow before working capital USD 3.0bln; Q2 CapEx USD 1.8bln. Q2 production 1,258 MBOED exceeded the mid-point of its guidance by 6 MBOED. Q2 realised oil price per barrel USD 79.89 (exp. 79.53); realised US natgas price per MCF 0.54. Maintains FY production guidance (excluding CrownRock), even with the expected divestiture of 15 MBOED in Q4. Sees FY24 pro forma CapEx between USD 6.8-7bln (prev. was guiding 6.4-6.6bln).

08 Aug 2024 - 06:50- Research Sheet- Source: Newsquawk