Newsquawk Daily European Equity Opening News - 13th June 2024
13th June 2024
ASIA
APAC stocks were somewhat mixed following the key developments stateside where the S&P 500 and Nasdaq extended to fresh record levels after softer-than-expected CPI data, although participants also digested the latest FOMC meeting and hawkish dot plots which suggested just one rate cut this year vs. prev. view of three cuts. ASX 200 was led higher by outperformance in tech amid a softer yield environment and with stronger-than-expected jobs data. Nikkei 225 failed to sustain early gains and dipped back below the 39,000 level as the BoJ kick-started its two-day policy meeting, while Nikkei reported the BoJ will consider gradually reducing its JGB holdings at this meeting. Hang Seng and Shanghai Comp. diverged in rangebound trade with the mood in Hong Kong positive as several automakers weathered the EU announcement of tariffs on Chinese EVs and HKMA maintained its base rate at 5.75% in lockstep with the Fed, while the mainland was lacklustre despite the PBoC's latest efforts to support the property industry.
EUROPEAN CLOSES
CLOSES: DAX: +1.49% at 18,644, CAC 40: +0.97% at 7,865, PSI: +0.4% at 6,661, FTSE 100: +0.83% at 8,215, IBEX 35: +0.63% at 11,245, FTSE MIB: +1.43% at 34,359, SMI: +0.78% at 12,167, Euro Stoxx 50: +1.39% at 5,034.
SECTORS: IT 2.53%, Industrials 2.06%, Financials 1.23%, Consumer Disc 0.80%, Utilities 0.79%, Materials 0.65%, Healthcare 0.46%, Consumer Stpl 0.29%, Telecoms 0.25%, Energy -0.32%
FTSE 100
AstraZeneca (AZN LN) - Farxiga approved in the US for the treatment of paediatric type-2 diabetes. (Newswires)
BT (BT/ LN) - Mexican billionaire Slim has bought a GBP 400mln stake in the Co., representing a 3.2% stake, according to The Times. (The Times)
BP's (BP/ LN) - Head of refining and oil products trading Walker has stepped down with immediate effect. (Newswires)
Ex-Dividends - Compass Group (CPG LN), Land Securities (LAND LN), RS Group (RS1 LN), Scottish Mortgage Investment Trust (SMT LN), Intermediate Capital Group (ICG LN), JD Sports (JD/ LN) will trade without entitlement to their latest dividend payout. (Newswires)
Shell (SHEL LN) - Said to be the frontrunner for Pavilion Energy LNG assets, according to Bloomberg; owner Temasek Holdings is reportedly valuing the business at over USD 2bln, according to people familiar with the matter. (Bloomberg)
UK Housing - UK RICS Housing Survey (May) -17.0 vs. Exp. -6.0 (Prev. -5.0, Rev. -7); Commentary: New buyer enquiries see a modest dip alongside a general softening in momentum reported across the sales market. Near-term expectations still point to the recovery getting back on track in the months ahead. In other news, Royal Institution of Chartered Surveyors writes that estate agents are taking fewer enquiries, agreeing fewer sales and seeing more price cuts on homes given the current mortgage rates, via The Times. (RICS/The Times)
OTHER UK COMPANIES
BROKER MOVES
DAX
OTHER GERMAN COMPANIES
Fraport (FRA GY) - May 2024 Traffic: 5.5mln passengers at Frankfurt airport, +6.9% Y/Y; passenger volume -11.8% vs May 2019. (Newswires)
BROKER MOVES
CAC
Airbus (AIR FP) - Cebu Pacific is set to favour Airbus in a deal for as many as 150 jets, according to Bloomberg. Elsewhere, Airbus says trade tariffs increase complexity and costs for supply-chain and its customers. (Bloomberg/Newswires)
Danone (BN FP) - DMC, Michelin (ML FP) and Credit Agricole (ACA FP) join to create a cutting-edge biotech industrial platform; Danone to invest EUR 16mln. (Newswires)
Technip Energies (TE FP) - Co., JGC, NMDC Energy awarded a major contract for ADNOC's LNG project in the UAE. (Newswires)
OTHER FRENCH COMPANIES
BROKER MOVES
PAN EUROPE
Enel (ENEL IM) - Finalised agreement signed in April 2023 relating to distribution assets in Peru. Deal entails a reduction of Enel's consolidated net debt of about EUR 2.9bln. Transaction will generate a positive impact on Net Income in 2024 amounting to approx. EUR 500mln. (Newswires)
Fincantieri (FCT IM) - To execute a reverse stock split with a 1-to-10 ratio on June 17th. (Newswires)
Sabadell (SAB SM) - To proceed with the total early redemption of issue of Cedulas Hipotecarias for a total of EUR 750mln. (Newswires)
Telecom Italia (TIT IM) - Upgraded to BA3 at Moody's; outlook positive. Outlook reflects recent solid operating performance and expectation that the Co's credit metrics will improve over next 2 years. (Newswires)
BROKER MOVES
SMI
OTHER SWISS COMPANIES
Flughafen Zuerich (FHZN SW) - May 2024 Passengers 2.77mln, +9% Y/Y. First time Zurich airport has exceeded its pre-pandemic level on a monthly basis. (Newswires)
BROKER MOVES
SCANDINAVIA
Nokia (NOKIA FH) - Leadership changes: Co. appoints Lorna Gibb as Chief People Officer and member of the Leadership Team. (Newswires)
Orsted (ORSTED DC) - Co. completes construction of combined wind and solar projects in Texas. (Newswires)
BROKER MOVES
US
CLOSES: SPX +0.85% at 5,421, NDX +1.33% at 19,465, DJI flat at 38,712, RUT +1.6% at 2,057.
SECTORS: Utilities -0.67%, Materials +0.22, Real Estate +0.69%, Communication Services +0.17%, Consumer Staples -1.0%, Energy -1.09%, Consumer Discretionary +0.84%, Industrials +0.93%, Health -0.2%, Technology +2.46%, Financials flat.
Broadcom Inc (AVGO) - Q2 2024 (USD): Adj. EPS 10.96 (exp. 10.80), Revenue 12.49bln (exp. 12.03bln). Co. noted 10-for-1 forward stock split and that trading on a split-adjusted basis is expected to commence on July 15th. Semiconductor solutions revenue USD 7.20bln (exp. 7.12bln). Infrastructure software revenue USD 5.29bln (exp. 4.93bln). (Newswires)
Tesla (TSLA) - Shareholder resolutions for Musk pay package and move to Texas is to pass by wide margins, according to Reuters citing a source familiar with the preliminary tally. (Reuters)
13 Jun 2024 - 07:00- Research Sheet- Source: Newsquawk
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