Newsquawk Daily European Equity Opening News

12th April 2023

ASIA

APAC stocks saw a mixed session following a similar lead from Wall Street in the run-up to the risk-packed session. ASX 200 was once again propped up by mining names, with industrial metals underpinned by the recent Dollar decline. Nikkei 225 extended further above 28k, with the index buoyed by recent bullish comments from Warren Buffett on Japanese stocks ahead of a three-hour CNBC interview from Tokyo. Hang Seng and Shanghai Comp were mixed with the former underperforming amid losses in large-cap stocks (JD.com, Alibaba, Tencent) following weakness from Stateside peers.

EUROPEAN CLOSES

BOURSES: EURO STOXX 50 +0.55% at 4,333, FTSE 100 +0.57% at 7,785, DAX 40 +0.37% at 15,655, CAC 40 +0.89% at 7,390, FTSE MIB +1.15% at 27,525, IBEX 35 -0.80% at 9,237, SMI +0.27% at 11,259.

SECTORS: Materials 2.02%, Industrials 1.02%, Consumer Disc 0.93%, Energy 0.86%, Financials 0.45%, IT 0.21%, Utilities 0.20%, Consumer Stpl 0.05%, Telecoms -0.11%, Healthcare -0.15%

FTSE 100

HSBC (HSBA LN) - US unit says it has hired Silicon Valley Bank veterans to establish a dedicated banking practice which will focus on the Healthcare and Tech sectors. (HSBC)

OTHER UK COMPANIES

Indivior (INDV LN) - Received US FDA NDA supplemental 22 approval for Sublocade. (Newswires)

BROKER MOVES

Tullow Oil (TLW LN) downgraded to Underperform from Hold at Jefferies

DAX

Deutsche Bank (DBK GY) - Co. has offered severance packages to the remaining 500 IT staff on the payroll within Russia, as it winds down its remaining Russian operations, vis FT citing sources. (FT)

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

Carrefour (CA FP) - Carreffour Brazil, Advent and Walmart have agreed to reduce the purchase price of Grupo Big by as much as BRL 1bln. (Newswires)

L'Oreal (OR FP) - Alibaba (BABA) has signed a three year partnership with L'Oreal to make supply chains more green. (Newswires)

OTHER FRENCH COMPANIES

BROKER MOVES

L'Oreal (OR FP) downgraded to Hold from Buy at Deutsche Bank

PAN EUROPE

OMV (OMV AV) - Q1 Update: average realised crude oil price USD 78.00/bbl, Nat Gas price EUR 35.1/MWh. Total hydrocarbon sales volume 360k BOEPD. (Newswires)

Repsol (REP SM) - Q1: Estimated production 608k BPD (prev. 551k BPD QQ), Refining Margin indicator within Spain USD 15.6/bbl (prev. 18.9bln QQ). (Newswires)

Universal Music Group (UMG NA) - Reportedly told streaming platforms including Apple (AAPL) and Spotify (SPOT) to block AI services from scraping melodies/lyrics from copyrighted songs, via FT citing an email. (FT)

BROKER MOVES

Grifols (GRF SM) upgraded to Overweight from Equalweight at Morgan Stanley

SMI

Credit Suisse (CSGN SW)/UBS (UBSG SW) - Swiss Lower House voted to retrospectively reject the CHF 109bln Credit Suisse rescue package, follows the Upper House on Tuesday retrospectively approving the CHF 109bln of financial guarantees. Separately, the Swiss Finance Minister remarked that Credit Suisse experienced gigantic outflows during the weekend of the merger announcement. Elsewhere, UBS is reportedly considering retaining Credit Suisse's Indian private banking unit, via Bloomberg. (Newswires) UBS down 2% in Julius Baer pre-market trade

OTHER SWISS COMPANIES

Zur Rose (ROSE SW) - Board of Directors proposes the creation of a capital band to replace the authorised capital with an upper limit of 120 per cent of the registered share capital. Additiondally, board proposes Co. is renamed to DocMorris AG. (Zur Rose)

BROKER MOVES

SCANDINAVIA

Volvo AB (VOLVA SS) - Q1 Prelim. (SEK): Revenue 131bln (exp. 118bln), adj. Operating Profit 18.4bln (exp. 18.2bln). (Newswires)

BROKER MOVES

AkerBP (AKERBP NO) upgraded to Buy from Hold at Jefferies

Castellum (CASTB SS) upgraded to Buy from Hold at Handelsbanken

Equinor (EQNR NO) upgraded to Add from Reduce at AlphaValue

US

CLOSES: SPX flat at 4,109, NDX -0.67% at 12,964, DJIA +0.29% at 33,685, RUT +0.80% at 1,786.

SECTORS: Energy +0.89%, Financials +0.85%, Materials +0.73%, Industrials +0.59%, Real Estate +0.46%, Health Care +0.3%, Consumer Staples +0.24%, Utilities +0.07%, Consumer Discretionary +0.02%, Communication -0.42%, Technology -1.03%.

12 Apr 2023 - 06:40- EquitiesResearch Sheet- Source: Newsquawk