Newsquawk Daily European Equity Opening News - 10th August 2023

10th August 2023

ASIA

Asia-Pac stocks were mixed with the regional bourses mostly rangebound amid a slew of earnings releases and with the mood tentative ahead of incoming US inflation data, while participants also reflected on US efforts to restrict investment in some Chinese tech. ASX 200 (+0.2%) was rangebound with notable outperformance in the energy sector with oil prices at a 9-month high and following the recent surge in gas prices after workers at two LNG facilities in Australia voted to strike, although Woodside Energy has since provided some optimism on the bargaining process in which it noted that positive progress is being made and an in-principle agreement was reached on a number of issues. Nikkei 225 (+0.7%) ultimately benefitted from a weaker currency but was initially choppy after mixed PPI data and with newsflow in Japan dominated by earnings releases which again has provided the catalysts for the biggest individual stock movers. Hang Seng (-0.3%) and Shanghai Comp. (-0.9%) were pressured with sentiment clouded after US President Biden’s executive order to ban some new investments in ‘narrow subsets’ of Chinese sensitive technologies such as semiconductors and microelectronics, quantum information technologies and certain AI systems, which drew criticism from China.

EUROPEAN CLOSES

Bourses: DAX +0.49% at 15,853, FTSE 100 +0.80% at 7,587, CAC 40 +0.72% at 7,322, Euro Stoxx 50 +0.65% at 4,317, IBEX 35 +0.57% at 9,354, FTSE MIB +1.31% at 28,308, SMI +0.35% at 11,096.

Sectors: Energy 2.81%, Telecoms 0.75%, Financials 0.71%, Industrials 0.40%, IT 0.26%, Materials 0.21%, Consumer Stpl 0.15%, Utilities 0.12%, Healthcare 0.06%, Consumer Disc -0.11%

FTSE 100

Ex-Dividends - Ashtead (AHT LN), Rio Tinto (RIO LN), Barclays (BARC LN), Shell (SHEL LN), Informa (INF LN),Segro (SGRO LN), Natwest (NWG LN),AstraZeneca (AZN LN),Standard Chartered (STAN LN),Imi (IMI LN),Pearson (PSON LN),HSBC (HSBA LN), BP (BP/ LN), Fresnillo (FRES LN) will trade without entitlement to its latest dividend payout. (Newswires)

Housing Names - UK RICS Housing Survey (Jul 2023) -53.0 vs. Exp. -50.0 (Prev. -46.0, Rev. -48.0). In other news, housing sales are at its worst level since Covid began, as spiralling mortgage rates takes its toll. (The Times)

OTHER UK COMPANIES

BROKER MOVES

DAX

Allianz (ALV GY) - Q2 (EUR): Net 2.49bln (prev. 2.09bln YY), Op 3.78bln (prev. 3.52bln YY), Revenue 39.6bln (prev. 37.4bln YY). (Newswires)

Deutsche Telekom (DTE GY) - Q2 (EUR): Adj EBITDA: 10.04bln (exp. 10.02bln), Revenue: 27.22bln (exp. 27.33bln). Sees 2023 Adjusted EBITDA 41.0bln (prev. 40.9bln). (Newswires)

Munich Re (MUV2 GY) - Q2 (EUR): Net 1.15bln (exp. 1.23bln), Op 1.57bln (prev. 2.25bln YY). Affirms outlook. (Newswires)

RWE (RWE GY) - H1 (EUR): Adj. Net 2.63bln (prev. 950mln YY), adj. EBITDA 4.54bln (prev. 2.12bln YY). (Newswires)

Siemens (SIE GY) - Q3 (EUR): 1.41bln (exp. 1.55bln), Industrial Business EBITDA 2.75bln (exp. 2.93bln), Revenue 18.9bln (exp. 19.3bln). (Newswires)

OTHER GERMAN COMPANIES

Evonik Industries (EVK GY) - Q2 (EUR): Adj. Net 123mln (prev. 351mln YY), Adj. EBITDA 450mln (prev. 728mln YY), Revenue 3.89bln (prev. 4.77bln YY). (Newswires)

Hellofresh (HFG GY) - Q2 (EUR): Adj. EBITDA 192mln (exp. 169mln), Revenue 1.92bln (exp. 1.98bln) . (Newswires)

Leg Immobilien (LEG GY) - H1 (EUR): FFO 226mln (prev. 241mln YY), Adj. EBITDA 335mln (prev. 322mln YY), Rental Income 414mln (prev. 396mln YY). Raises FY23 AFFO 165-180mln (prev. 125-140mln), Adj EBIT Margin 80% (prev. 78%). Raises FY23 LFL rent growth 3.8-4% (prev. 3.3-3.7%). (Newswires)

Thyssenkrupp (TKA GY) - Q3 (EUR): Revenue: 9.6bln (exp. 9.95bln), Adj EBIT: 243mln, Net Profit: 83mln, +7%, Expects 2022/23 Net Profit to At Least Break Even (prev. 1.2bln Profit YY). Still Plans Spin-Off Solutions For Steel Europe, Marine Systems Divisions. (Newswires)

BROKER MOVES

CAC

OTHER FRENCH COMPANIES

BROKER MOVES

La Francaise de Jeux (FDJ FP) upgraded to Hold from Reduce at HSBC

PAN EUROPE

CNH Industrial (CNHI IM) - Prices CAD 400mln of 5.50% notes due 2026. (Newswires)

BROKER MOVES

SMI

Roche (ROG SW) - US FDA approves Genetech's pralsetnib (Gavreto) for non-small cell lung cancer with RET gene fusions. (Newswires)

Zurich Insurance (ZURN SW) - H1 (USD): Net 2.49bln (prev. 2.34bln YY), Business Op Profit 2.72bln (prev. 3.74bln YY). (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Novo Nordisk (NOVOB DC) - H1 (DKK): EPS 17.41 (prev. 12.08 YY), Op 48.9bln (prev. 37.5bln YY), Revenue 108bln (prev. 83.3bln YY). Q2 Wegovy sales 7.52bln (exp. 6.98bln) Says lower strength Wegovy doses remain restricted in US. Sees FY sales at constant FX +27-33%. (Newswires)

BROKER MOVES

US

CLOSES: SPX -0.7% at 4,468, NDX -1.12% at 15,102, DJIA -0.54% at 35,123, RUT -0.85% at 1,931.

SECTORS: Technology -1.51%, Communication Services -1.24%, Consumer Discretionary -1.20%, Financials -0.78%, Materials -0.47%, Industrials -0.09%, Health -0.05%, Consumer Staples +0.13%, Utilities +0.17%, Real Estate +0.20%, Energy +1.22%.

Disney (DIS) - Disney rose 2.2% in afterhours trade following results, which showed a smaller streaming loss, though Disney+ subscribers declined. On call, execs announced price hikes for streaming services, and will adopt measures to crackdown on password sharing. Sees subscribers rebounding in the next quarter. Q3 EPS 1.03 (exp. 0.96), Q3 revenue USD 22.33bln (exp. 22.49bln). Q2 Disney+ subscribers 146.1mln (exp. 154.8mln); ESPN+ subscribers 25.2mln (exp. 25.8mln); Hulu & Live TV subscribers 4.30mln (exp. 4.40mmln); total Hulu subscribers 48.3mln (exp. 48.7mln). Q2 media and entertainment distribution revenue USD 14.00bln (exp. 14.36bln), Q2 parks, experiences and products revenue USD 8.33bln (exp. 8.25bln). CEO said cruise ships were at 98% occupancy for Q4. On Disney+, said was focused on not just reducing the number of titles the company releases, but also the cost per title, while it also raises prices for streaming services by as much as 27%. Will launch Disney+ ad-supported subscription offerings in several countries across Europe and in Canada beginning November 1st. Ad-free Disney+ and Hulu bundle subscription will be available in the US from September. Will crack down on password sharing. Elsewhere, sold investment in DraftKings and recorded a USD 90mln gain. (Newswires)

Tapestry (TPR), Capri Holdings (CPRI) - Tapestry is discussing buying Capri Holdings, the parent company of fashion brands like Michael Kors, Versace, and Jimmy Choo, WSJ reports. The move aims to enhance competition against European giants like LVMH (LVMH FP) and Kering (KER FP), the report added. Capri is valued at USD 4bln, while Tapestry is valued at USD 10bln; WSJ said a deal might value Capri in the high single-digit billions, and an announcement is expected soon. (Newswires)

10 Aug 2023 - 06:52- Research Sheet- Source: Newquawk