Newsquawk Daily European Equity Opening News

9th August 2024

ASIA

APAC stocks took impetus from the relief rally on Wall St where sentiment was underpinned after a larger-than-expected decline in Initial Jobless Claims soothed some of the recent labour market concerns. ASX 200 gained with outperformance in tech front-running the advances seen across all sectors. Nikkei 225 briefly reclaimed the 35,000 status and momentarily turned positive for the week after fully recovering from Monday's turmoil, but later faltered heading into the Japanese long weekend. Hang Seng and Shanghai Comp. were positive after encouraging signals from China's inflation data and with notable strength in China's largest chipmaker SMIC after its Q2 results which showed profits dropped sharply but beat expectations and revenue climbed, while it also forecasts double-digit percentage sequential revenue growth for Q3. However, the gains in the mainland were limited after the PBoC's open market operations for this week resulted in the largest net liquidity drain in four months.

EUROPEAN CLOSES

CLOSES: DAX: +0.3% at 17,666, FTSE 100: -0.3% at 8,145, CAC 40: -0.3% at 7,247, Euro Stoxx 50: flat at 4,667, AEX: -0.2% at 884, IBEX 35: -0.4% at 10,558, FTSE MIB: -0.3% at 31,742, SMI: -0.3% at 11,805, PSI: flat at 6,570

SECTORS: Healthcare 1.04%, Consumer Disc 0.20%, Telecoms 0.18%, Energy 0.15%, Financials -0.02%, Utilities -0.03%, Materials -0.14%, IT -0.14%, Industrials -0.19%, Consumer Stpl -0.34%

FTSE 100

BAE Systems (BAE LN) - Neowise spacecraft has ended its mission after 14yrs in space. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

DAX

OTHER GERMAN COMPANIES

Bechtle (BC8 GY) - Q2 (EUR): Revenue 1.47bln (exp. 1.51bln), EBIT 84mln (exp. 88mln), EPS 0.48 (exp. 0.49).

Lanxess (LXS GY) - Q2 (EUR): Revenue 1.68bln (exp. 1.72bln). FY Forecasts confirmed. (Newswires). (Newswires)

BROKER MOVES

CAC

OTHER FRENCH COMPANIES

Eutelsat (ETL FP) - FY (EUR): Revenue 1.2bln (exp. 1.2bln), Operating Income -191mln, adj. EBITDA 697mln (exp. 643mln). (Newswires)

BROKER MOVES

PAN EUROPE

Generali (G IM) - H1 (EUR): adj. Net 2.03bln (exp. 1.99bln), Operating Profit 3.7bln (exp. 3.74bln), GWP 50.1bln (exp. 48.2bln). To present a new group strategy at the investor day 30th January. (Newswires)

Saras (SRS IM) - Varas has ended the mandatory takeover offer on Saras shares. (Newswires)

Unipol (UNI IM) - H1 (EUR): Net 555mln, Direct Insurance Income 8.2bln. (Newswires)

BROKER MOVES

SMI

OTHER SWISS COMPANIES

BROKER MOVES

Galderma (GALD SW) initiated with Overweight at JPMorgan

SCANDINAVIA

BROKER MOVES

US

CLOSES: SPX +2.3% at 5,319, NDX +3.1% at 18,414, DJIA +1.8% at 39, 447, RUT +2.4% at 2,084

SECTORS: Utilities +0.2%, Consumer Staples +0.9%, Real Estate +0.9%, Materials +1.6%, Financials +1.6%, Energy +2.1%, Consumer Discretionary +2.1%, Health +2.3%, Industrials +2.3%, Communication Services +2.4%, Technology +3.3%.

Capri Holdings (CPRI) - Q1 EPS 0.04 (exp. 0.59), Q1 revenue USD 1.07bln (exp. 1.16bln). Exec said performance continued to be impacted by softening demand globally for fashion luxury goods. Is managing operating expenses and inventory levels carefully in light of the challenging global retail environment. Versace, Jimmy Choo and Michael Kors continued to resonate with consumers as evidenced by the 12.6 million new consumers added, it said (+15% growth Y/Y). In April, the FTC filed a lawsuit to block the proposed transaction with Tapestry; Capri reiterates that it intends to vigorously defend this case alongside Tapestry.

e.l.f. Beauty (ELF) - Q1 EPS 1.10 (exp. 0.84), Q1 revenue USD 324.5mln (exp. 305mln). Exec said Cosmetics gained 260bps of market share in the quarter. Sees Q2 revenue 'slightly above' its USD 269.4-273.7mln guidance (exp. 292.3mln). Anticipates a step-up in Q2 marketing spend. Raises FY25 EPS outlook between 3.36-3.41 (exp. 3.41; prev. saw 3.20-3.25), and raises FY25 revenue outlook to between USD 1.28-1.30bln (exp. 1.3bln; prev. saw 1.23-1.25bln).

09 Aug 2024 - 06:45- EquitiesData- Source: Newsquawk