Newsquawk Daily European Equity Opening News - 14th May 2024

14th May 2024

ASIA

APAC stocks lacked firm conviction after the indecisive performance in the US ahead of key events. ASX 200 was dragged lower by weakness in real estate and consumer staples ahead of the federal budget announcement, while Australian Treasurer Chalmers had previously cautioned against expectations for a welfare 'cash splash'. Nikkei 225 was choppy amid a weaker currency, mixed earnings releases and relatively in-line PPI data. Hang Seng & Shanghai Comp were initially boosted at the open with strength in tech and real estate although the Hong Kong benchmark eventually faded most of the gains, while sentiment was dampened in the mainland amid the threat of looming US tariffs which are expected to be unveiled today, while developer default concerns also lingered after Agile Group missed a coupon payment and flagged an inability to fulfil all payment obligations.

Agile Group (3383 HK) - Co. said the real estate industry in China continues to experience a downward trend, has not made payment about interest on 2020 notes as of May 14th and expects it will not be able to fulfil all payment obligations. (Newswires)

Toyota (7203 JT) - Co. is to cut the maximum daily production volume from the originally planned 14.5k units to 14.0k units to improve workplace communication, and ensure safety and quality, according to an AGM document. (Newswires)

EUROPEAN CLOSES

CLOSES: DAX: -0.18% at 18,738.47, FTSE 100: -0.22% at 8,414.99, CAC 40: -0.12% at 8,209.28, Euro Stoxx 50: -0.14% at 5,078, IBEX 35: +0.42% at 11,152.00, FTSE MIB: +0.46% at 34,815.91, SMI: -0.07% at 11,745.73.

SECTORS: Healthcare 0.71%, Consumer Disc 0.28%, Telecoms 0.21%, Consumer Stpl 0.14%, Financials 0.01%, Energy -0.09%, Industrials -0.37%, Utilities -0.40%, IT -0.58%, Materials -0.63%

FTSE 100

BT (BT/A LN) - Investors hold a record GBP 300mln short bet against the Co., amounting to 2.79% of Co. shares, via FT citing disclosures. (FT)

OTHER UK COMPANIES

BROKER MOVES

DAX

Bayer (BAYN GY) - Q1 (EUR): Adj. EBITDA 4.412bln (exp. 4.148bln). Revenue 13.765bln (exp. 14.121bln). EPS 2.82 (exp. 2.28); negative impact from anticipated currency effects has increased based on closing rates. "Bayer has confirmed its currency-adjusted forecast for full-year 2024 (i.e. based on the average monthly exchange rates in 2023)." (Bayer)

Brenntag (BNR GY) – Q1 (EUR): Op. EBIT 259.7mln (exp. 238mln, prev. 345.1mln Y/Y), Sales 4bln (exp. 4.36bln, prev. 4.53bln Y/Y). Expects overall geopolitics and macro environment to remain challenging this year. Op. EBITDA guidance is seen at the lower end of the previously given range between EUR 1.23-1.43bln. Co. is cautiously optimistic that market conditions will improve throughout 2024. (Newswires)

Siemens (SIE GY) - Co. and Sony (6758 JT) are to enable immersive engineering with a new spatial content creation system designed with and for Siemens Xcelerator. (Newswires)

Volkswagen AG (VOW3 GY) - Co. is exploring the sale of as much as EUR 1bln of stock in Traton SE (8TRA GY), according to Bloomberg citing sources. (Newswires)

OTHER GERMAN COMPANIES

Delivery Hero (DHER GY) – Uber Eats (UBER) will acquire Delivery Hero's (DHER GY) FoodPanda delivery business in Taiwan. The purchase price for the transaction amounts to USD 950mln on a cash and debt-free basis. Transaction exp. to close in H1’25. (Newswires)

Nordex (NDX1 GY) – Q1 (EUR): Sales 1.57bln (exp. 1.44bln), EBITDA 52mln (exp. 18mln). (Newswires)

Prosiebensat1 (PSM GY) – The supervisory board elects CAI-Nicolas Ziegler as deputy chairman. (Newswires)

Tag Immobilien (TEG GY) – Q1 (EUR): Net Income 52.9mln (prev. -136.1mln Q/Q), Adj. EBITDA 61.4mln (prev. 54.4mln Q/Q). Confirms FY24 guidance. (Newswires)

BROKER MOVES

CAC

OTHER FRENCH COMPANIES

JCDecaux (DEC FP) – Co. won a competitive tender to retain Sydney airport. Reappointed by Sydney Airport as its exclusive media partner following a competitive tender process. (Newswires)

BROKER MOVES

PAN EUROPE

Acciona Energia (ANA SM) – Plans to accelerate its energy efficiency business in France. Co. identified potential investment opportunities relating to energy transition and expects to triple its turnover in the country by 2030. (Newswires)

Ferrovial (FER SM) – Q1 (EUR): Adj. EBITDA 254mln, +37.6% Y/Y. Revenue 1.87bln, +3.5% Y/Y. (Newswires)

Inmobiliaria Colonial (COL SM) – Q1 (EUR): Net Profit 54.5mln (prev. 27.8mln Y/Y), EBITDA 72mln (prev. 65mln Y/Y), Rental Revenue 95.9mln (prev. 90.3mln Y/Y). Confirms FY guidance. (Newswires)

Italgas (IG IM) – Start of a period of exclusivity for the acquisition of 100% share capital of 2I RETE gas. (Newswires)

Stellantis (STLAM IM/STLAP FP) - Co. is in talks with Vale to invest in an Indonesian nickel smelter, with the size of the investment yet to be determined, according to FT sources. Sources added that Indonesia is in talks with other European automakers with some Cos reportedly assessing options to set up a smelter in the country. (FT)

BROKER MOVES

SMI

Alcon (ALC SW) – Q1 (USD): Sales 2.44bln (exp. 2.46bln), Adj. EPS 0.78 (exp. 0.73). Says dividend of CHF 0.24/shr approved by shareholders. (Newswires)

Sonova (SOON SW) – FY (CHF): Sales 36.26bln, +3.2% Y/Y. In 24/25 group expects consolidated sales to increase by 6-9% and adj. EBITA to grow in the range of 7-11% both measured at constant exchange rates. (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Ambu (AMBUB DC) – Q2 (DKK): Adj. EBIT 194mln (exp. 194mln), EBIT margin 14.2% (exp. 14.2%). Confirms FY24 guidance. (Newswires)

Novo Nordisk (NOVOB DC) - Co. said once-weekly and once-monthly MIM8 demonstrate superior reduction of treated bleeding episodes vs. to on-demand and prior prophylaxis treatment in people with hemophilia A in the frontier 2 trial. The trial achieved its primary endpoint. Contingent on regulatory approval, Novo aims to submit MIM8 for the first regulatory approval towards the end of 2024. (Newswires)

Nordea Bank (NDAFI FH) – Moody’s affirms Co. rating; changes outlook on senior unsecured and deposit rating to positive. (Newswires)

Salmar (SALM NO) – Q1 (EUR): Revenue 6.55bln (exp. 6.25bln), EBIT 1.15bln (exp. 1.73bln). Co. said it continues to experience strong demand and expects global supply growth in 2024. (Newswires)

BROKER MOVES

US

CLOSES: SPX -0.02% at 5,221, NDX +0.21% at 18,198, DJIA -0.21% at 39,431, RUT +0.11% at 2,062.

SECTORS: Technology +0.48%, Real Estate +0.29%, Utilities -0.01%, Materials -0.08%, Health -0.1%, Communication Services -0.18%, Consumer Discretionary -0.22%, Energy -0.23%, Consumer Staples -0.28%, Financials -0.41%, Industrials -0.45%.

Microsoft (MSFT) - OpenAI released the new flagship model called GPT-4o; will be available for free because it is more efficient. (Newswires)

Tesla (TSLA) - Rehired some supercharger workers who were dismissed last month, with charging director Max De Zegher among those back. (Newswires)

Walmart (WMT) - Co. is to lay off and relocate workers with the Co. cutting hundreds of corporate jobs and asking some staff to move to large corporate hubs, according to WSJ. (WSJ)

14 May 2024 - 06:52- Research Sheet- Source: Newsquawk