Newsquawk Daily European Equity Opening News - 11th May 2023

11th May 2023

ASIA

APAC stocks traded mixed after the indecisive performance stateside where stock markets whipsawed and treasuries rallied in the absence of any hawkish surprises from the US CPI report, while the regional bourses also reflected on softer-than-expected Chinese inflation data. ASX 200 was marginally lower as weakness in utilities and the commodity-related sectors overshadowed the outperformance in tech and after consumer inflation expectations ticked higher. Nikkei 225 was indecisive with the biggest movers in the index largely influenced by earnings releases, while the BoJ’s Summary of Opinions from the April meeting did little to shift the dial. Hang Seng and Shanghai Comp. were choppy after the latest Chinese inflation supported the idea of a slow economic rebound as consumer prices grew at the slowest pace of increase since February 2021 and with factory gate prices at a deeper deflation.

Subaru (7270 JT) - FY22/23 (JPY) net rose 186% Y/Y to 200.4bln, Co. is to buyback up to 2.9% of shares for JPY 40bln and retire them on November 15th. (Newswires)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.38% at 4,306, FTSE 100 -0.29% at 7,741, DAX 40 -0.37% at 15,896, CAC 40 -0.49% at 7,361, FTSE MIB -0.43% at 27,264, IBEX 35 -0.17% at 9,167, SMI -0.88% at 11,444.

SECTORS: IT 1.30%, Energy 0.23%, Utilities -0.17%, Industrials -0.21%, Consumer Disc -0.31%, Materials -0.40%, Healthcare -0.51%, Telecoms -0.54%, Financials -0.73%, Consumer Stpl -1.50%

FTSE 100

Housing Names - UK RICS Housing Survey* (Apr) -39 vs. Exp. -40.0 (Prev. -43.0). (Newswires)

OTHER UK COMPANIES

BROKER MOVES

DAX

Allianz (ALV GY) - Allianz has resolved on a new share buy-back program. The volume of the new program will amount to up to EUR 1.5bln. (Allianz) Co. holds a 7.5% weighting in the DAX 40

Bayer (BAYN GY) - Q1 2023 (EUR): Revenue 14.4bln (exp. 14.6bln). EBITDA 4.47bln (exp. 4.49bln). Co. sees FY forecasts at the lower end of guidance ranges. (Newswires) Co. holds a 4.9% weighting in the DAX 40. -1.2% in pre-market trade

Deutsche Telekom (DTE GY) - Q1 2023 (EUR): Revenue 27.8bln (exp. 23.8bln), adj. Net 1.8bln (exp. 1.85bln), adj. EBITDA AL 10bln (exp. 8.4bln). Raises FY23 adj. EBITDA AL guidance to 40.9bln (prev. view 40.8bln). (Newswires) Co. holds a 6.3% weighting in the DAX 40

Merck (MRK GY) - Q1 2023 (EUR): Revenue 5.29bln (exp. 5.27bln). Adj. EBITDA 1.59bln (exp. 1.56bln). Net 800mln (prev. 884mln Y/Y). (Newswires) Co. holds a 2.0% weighting in the DAX 40. -1.1% in pre-market trade

RWE (RWE GY) - Q1 (EUR): adj. EBITDA 2.8bln (8.4bln). Invested EUR 8bln in Q1, predominantly relating to acquisitions to increase their renewable energy portfolio. (Newswires)

OTHER GERMAN COMPANIES

Aurubis (NAF GY) - H1 (EUR): Revenue 8.78bln (prev. 9.26bln), EBT 291mln (prev. 331mln). Raises FY forecast following a strong half year, anticipates an EBT between 450-550mln (prev. view 400-500mln). (Newswires)

Knorr-Bremse (KBX GY) - Q1 2023 (EUR): Revenue 1.91bln (exp. 1.84bln). EBITDA 277mln (exp. 268mln). Co. affirms its FY23 revenue and EBITDA margin guidance. (Newswires)

Siltronic (WAF GY) - Q1 2023 (EUR): Revenue 404mln (exp. 406mln) EBITDA 125mln (prev. 168.1mln). Co. does not expect a market recovery in H2 2023. Co. said the end markets are expected to stagnate this year, according to earnings slides. (Newswires)

Thyssenkrupp (TKA GY) - Q2 2023 (EUR): Revenue 10.1bln (exp. 9.2bln). Adj. EBIT 205mln (exp. 153mln). Co. guides FCF before M&A to be "slightly positive" (prev. "at least break even"). (Newswires)

BROKER MOVES

CAC

OTHER FRENCH COMPANIES

Eiffage (FGR FP) - Q1 2023 (EUR): Revenue 4.9bln (exp. 4.6bln, +13.5% Y/Y). Reaffirms FY23 outlook. (Newswires)

BROKER MOVES

PAN EUROPE

ING (INGA NA) - Q1 2023 (EUR): Net Income 1.59bln (exp. 1.18bln). Loan-loss provisions 152mln (exp. 405.7mln). Co. announces a EUR 1.5bln share buyback. Revenue 5.57bln (prev. 4.60bln). NIM 1.59% (prev. 1.37%). NII. 4.01bln (prev. 3.42bln Y/Y). (Newswires)

Nexi (NEXI IM) - Q1 (EUR): Revenue 744mln (prev. 680mln), EBITDA 335mln (prev. 295mln). FY23 guidance confirmed. (Newswires)

Telecom Italia (TIT IM) - Q1 2023 (EUR): Net -689mln (prev. -204mln Y/Y), Revenue 3.85bln (prev. 3.69bln). (Newswires) 

BROKER MOVES

SMI

Credit Suisse (CSGN SW) - Japan bondholders are seeking arbitration over AT1 wipe-out, according to Nikkei. (Nikkei)

GAM (GAM SW) - Co. has been informed by the Swiss takeover board that Rock Investment filed an objection against the decision of the Swiss Takeover board regarding the offer from Liontrust (LIO LN). (Newswires)

Swiss Life (SLHN SW) - Q1 2023 (CHF): Premium Income 7.53bln (prev. 6.86bln Y/Y). Net fee & commisison income 595mln (prev. 579mln Y/Y). Co. affirms its FY24 targets. (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

BROKER MOVES

US

CLOSES: SPX +0.45% at 4,138, NDX +1.11% at 13,348, DJIA -0.09% at 33,531, RUT +0.56% at 1,760.

SECTORS: Communication +1.69%, Technology +1.22%, Real Estate +0.98%, Utilities +0.94%, Consumer Discretionary +0.63%, Health Care +0.27%, Materials +0.05%, Consumer Staples -0.15%, Industrials -0.32%, Financials -0.58%, Energy -1.15%.

Alphabet (GOOGL) - CEO said Google is integrating generative AI into search; as expected, announces Palm 2 AI modelGoogle Photos to gain a new 'Magic Editor' feature powered by generative AI. Bard chatbot is now running on Palm 2 AI model. Bard will be available in 180 countries. Shares closed higher by 4.0% on Wednesday.

Walt Disney Co (DIS) - Q2 2023 (USD): EPS Adj. 0.93 (exp. 0.93), Revenue 21.82bln (exp. 21.79bln). Media and entertainment distribution revenue 14.04bln (exp. 14.16bln). Parks, experiences and products revenue 7.78bln (exp. 7.67bln). Total Disney+ paid subscribers 157.8mln (exp. 163.1mln). ESPN+ subscribers 25.3mln (exp. 25.5mln). Hulu & Live TV subscribers 4.4mln (exp. 4.50mln). Total Hulu subscribers 48.2mln (exp. 48.6mln). Disney+ ARPU 4.44 (exp. 4.36). Shares fell 4.8% after market

11 May 2023 - 06:48- Research Sheet- Source: Newsquawk

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