Newsquawk Daily European Equity Opening News - 10th October 2024

ASIA

APAC stocks were higher following the record closes on Wall Street despite light macro catalysts as the latest Fed rhetoric and FOMC Minutes did little to spur a reaction, while the attention now shifts to looming US CPI data. ASX 200 mildly gained amid strength in real estate and the mining-related industries with the latter helped by M&A news after Rio Tinto announced a definitive agreement to acquire Arcadium Lithium. Nikkei 225 was underpinned at the open but with gains capped amid quiet newsflow and firmer-than-expected PPI data. Hang Seng and Shanghai Comp rallied with significant outperformance in the Hong Kong benchmark after returning to above the 21,000 level, while the mainland conformed to the broad upbeat mood which also followed the PBoC's announcement to establish a securities and funds swap facility of CNY 500bln to enhance the internal stability of the capital market.

EUROPEAN CLOSES

CLOSES: DAX: +1.00% at 19,258, FTSE 100: +0.65% at 8,244, CAC 40: +0.52% at 7,560, Euro Stoxx 50: +0.67% at 4,982, AEX: +0.60% at 916, IBEX 35: +0.06% at 11,742, FTSE MIB: +0.59% at 33,933, SMI: +0.80% at 12,107, PSI: +0.55% at 6,706.

SECTORS: IT 1.61%, Industrials 0.90%, Consumer Stpl 0.75%, Telecoms 0.58%, Financials 0.57%, Materials 0.56%, Consumer Disc 0.44%, Healthcare 0.40%, Utilities 0.38%, Energy 0.07%

FTSE 100

Ex-Dividends - Taylor Wimpey (TW/ LN), WPP (WPP LN), Kingfisher (KGF LN), and Tesco (TSCO LN) will trade without entitlement to their latest dividend payout. (dividenddata)

GSK (GSK LN) - To resolve 93% of US Zantac cases for up to USD 2.2bln, is to recognise GBP 1.8bln charge in Q3 24 results. Settlement costs are to be funded through existing resources. (Newswires)

HSBC (HSBA LN) - Co. is targeting senior bankers in its cost-cutting plan, which could save as much as USD 300mln, according to the FT. (FT)

UK Housing - UK RICS Housing Survey (Sep) 11.0 vs. Exp. 4.0 (Prev. 1.0)

UK Budget - The Institute for Fiscal Studies sees the risk of a large UK tax increase to ease the spending squeeze and said UK Chancellor Reeves may need to announce a GBP 25bln tax rise in her first Budget on October 30th to shore up public services. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

Anglo American (AAL LN) downgraded to Neutral from Overweight at JPMorgan

Page (PAGE LN) upgraded to Buy from Hold at HSBC

DAX

Deutsche Telekom AG (DTE GY) - Deutsche Telekom announced plans for a share buyback programme of up to EUR 2bln, scheduled for 2025, alongside an increase in its dividend; it proposes its dividend for FY24 will rise to EUR 0.90/shr from 0.77/shr last year. Net revenue to rise by an average of around 4% per year to 2027, excluding US 2.5-3% per year. Adjusted EBITDAAL to rise by around 4-6% per year to 2027. Adjusted EPS is expected to rise by an average of more than 11% per year, reaching around EUR 2.50 in 2027. (Newswires)

OTHER GERMAN COMPANIES

Suedzucker (SZU GY) - H1 (EUR): Revenue 5.09bln (prev. 5.07bln Y/Y), Sugar segment's revenues 2.13bln (prev. 1.95bln Y/Y). Growth in sugar sales volumes was offset by progressively declining prices in Q2'24. (Newswires)

BROKER MOVES

Allianz (ALV GY) downgraded to Equalweight from Overweight at Morgan Stanley 

CAC

Airbus (AIR FP) - Deliveries/Orders (Sept.): Gross orders 235, Deliveries 50; YTD deliveries 497, YTD gross orders 677, YTD net orders 648. (Newswires)

OTHER FRENCH COMPANIES

Spie (SPIE FP) - Co. announced the acquisition of Spefinox in France. (Newswires)

BROKER MOVES

PAN EUROPE

Bper Banca (BPE IM) - Sees for 2024 net profit around EUR 1.3bln, revenue around 5.4bln, NII EUR 3.3bln; sees 2027: revenues around EUR 5.5bln, NII 3.1bln. (Newswires)

Repsol (REP SM) - Says Q3 estimated production 553k BPD and refining margin indicator in Spain USD 4/bbl. (Newswires)

Stellantis (STLAM IM / STLAP FP) - The UAW union warned that a strike at Stellantis could begin within weeks, accusing the company of failing to uphold investment commitments, including reopening the Belvidere Assembly Plant. The union plans to hold a rally in Washington, DC, to push for its demands. In other news, the CEO is looking at a major management shakeup, according to Bloomberg. (Newswires / Bloomberg)

BROKER MOVES

SMI

Givaudan (GIVN SW) - Q3 (CHF): Sales 1.91mln (exp. 1.86bln), LFL Sales +14.1% (exp. +10.4%). (Newswires)

Roche (ROG SW) - Roche obtains CE certification for the first companion diagnostic to identify patients with gastric and gastroesophageal junction cancer eligible for targeted treatment with VYLOY. (Roche)

OTHER SWISS COMPANIES

Partners Group (PGHN SW) - Partners backed-Kindercare Learning Companies (KLC) opens at USD 27/shr in the NYSE debut (vs IPO price of USD 24/shr). (Newswires)

BROKER MOVES

SCANDINAVIA

BROKER MOVES

Boliden (BOL SS) downgraded to Underweight from Neutral at JPMorgan

US

CLOSES: SPX +0.71% at 5,792, NDX +0.80% at 20,269, DJIA +1.03% at 42,512, RUT +0.26% at 2,201

SECTORS: Utilities -0.89%, Communication Services -0.55%, Real Estate +0.02%, Energy +0.50%, Materials +0.64%, Consumer Discretionary +0.73%, Consumer Staples +0.78%, Financials +0.87%, Industrials +0.92%, Technology +1.01%, Health +1.02%.

Costco (COST) - Reports net sales of USD 24.62bln for September, and total company comp sales for September of 6.7%. (Newswires)

10 Oct 2024 - 06:54- Research Sheet- Source: Newsquawk