Newsquawk Daily European Equity Opening News - 10th June 2024

10th June 2024

ASIA

APAC stocks began mixed ahead of key events including the FOMC and BoJ policy decisions, as well as US and Chinese CPI data, while it was a holiday-thinned start to the week with markets in Australia, China, Hong Kong and Taiwan all closed for holiday. Nikkei 225 advanced on the back of recent currency weakness and after revised GDP data showed a slightly narrower annualised contraction in Japan's economy than initially reported.KOSPI traded subdued amid ongoing geopolitical tensions after South Korea restarted loudspeaker broadcasts and North Korea sent another round of waste balloons and warned of new responses.

EUROPEAN CLOSES

CLOSES: DAX: -0.52% at 18,426, CAC 40: -0.48% at 7,943, PSI: -1.13% at 6,709, FTSE 250: -0.77% at 20,515, FTSE 100: -0.48% at 8,210, IBEX 35: -0.34% at 11,351, FTSE MIB: -0.50% at 34,461, SMI: +0.15% at 12,209, Euro Stoxx 50: -0.34% at 5,018.

SECTORS: Healthcare 0.53%, IT 0.37%, Energy 0.06%, Financials -0.07%, Consumer Stpl -0.14%, Materials -0.23%, Consumer Disc -0.24%, Industrials -0.65%, Telecoms -0.86%, Utilities -1.00%

FTSE 100

Ashtead (AHT LN) – Co. is said to be exploring options to switch its market listing to New York from London, via City AM. The Co. is said to have instructed advisers to undertake a full examination of the possible benefits of making a switch. (City AM)

UK Housing - A pledge to permanently get rid of stamp duty tax for first-time buyers of properties costing up to GBP 425k is expected to be included in the Conservative manifesto. (Telegraph/BBC)

UK Stocks - Transatlantic Trade Association chief says US companies are worried the costs of operating in the UK would increase under a Labour government, making the country a less attractive place to invest, according to FT. (FT) UK PM Sunak is set to promise another 2p cut to national insurance in the Conservative manifesto, according to The Sunday Times. (Times)

OTHER UK COMPANIES

BROKER MOVES

Aviva (AV/ LN) downgraded to Neutral from Overweight at JP Morgan

M&G (MNG LN) upgraded to Overweight from Neutral at JP Morgan

DAX

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

Airbus (AIR FP) – Abu Dhabi's Yahsat contracts Airbus for the construction of Al Yah 4 and Al Yah 5 satellites; no figure was mentioned. (Newswires)

French Stocks - French President Macron decided to dissolve parliament and announce snap elections to be held on June 30th and July 7th, following the latest EU elections. (Newswires)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

Auto Stocks - US is finalising vehicle fuel economy rules through 2031 that are less stringent than what the Biden Administration originally proposed, via NHTSA. (Newswires)

ETFs – Ossiam, which manages Natixis IM’s European ETF range has been hit by a “significant” amount of outflows over the past six months, according to the FT. Outflows have totalled around EUR 1.4bln over the past 6 months, amounting to more than 19% of its ETF assets. (FT)

IMCD (IMCD NA) – IMCD Italy expands its Pharma presence with the acquisition of Selechimica, expected to close in June 2024. (Newswires)

Prysmian (PRY IM) – Launched share buyback programme of up to EUR 375mln, to start on June 10, 2025, and finish on March 10 2025. (Newswires)

BROKER MOVES

SMI

ABB (ABBN SW) – Files to voluntarily deregister and suspend SEC reporting obligations; delisted its American shares from NYSE. Co. will continue to comply with its financial reporting and other obligations pursuant to applicable stock exchange listing rules. (Newswires)

Roche (ROG SW) - The European Commission approves Roche’s Alecensa as the first and only targeted adjuvant treatment for people with ALK-positive early-stage lung cancer. Alecensa reduced the risk of disease recurrence or death by an unprecedented 76% in people with ALK-positive resected non-small cell lung cancer, as demonstrated in the Phase III ALINA study1. Elsewhere, Roche's four-in-one molecular test for SARS-CoV-2, Influenza A/B viruses and RSV receives U.S. FDA Emergency Use Authorization. (Roche)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Volvo (VOLVB SS) – Co. is shifting its production of Chinese-made electric vehicles to Belgium, to avoid anticipated EU tariffs, according to The Times. The manufacturing of certain models in the UK could also be moved to Belgium. (The Times)

BROKER MOVES

US

CLOSES: SPX -0.08% at 5,347, NDX -0.11% at 19,001, DJI -0.22% at 38,799, RUT -1.12% at 2,027.

SECTORS: Utilities -1.09%, Materials -1.01%, Real Estate -0.86%, Communication Services -0.81%, Consumer Staples -0.60%, Energy -0.47%, Consumer Discretionary -0.43%, Industrials +0.10%, Health +0.11%, Technology +0.20%, Financials +0.35%.

Boeing (BA) - The FT writes that the Co. may face another credit rating downgrade, if the Co. fails to impress on their delivery figures, due on Tuesday. (FT)

Nvidia (NVDA) - The Co. has completed its 10-for-1 stock split, which will start trading on Monday 10 June 2024. (Yahoo Finance)

10 Jun 2024 - 06:45- EquitiesData- Source: Newsquawk