Newsquawk Daily European Equity Opening News - 15th May 2024

15th May 2024

ASIA

APAC stocks traded mostly higher following the momentum from the US where the major indices ultimately gained and the Nasdaq posted a fresh record close with two-way price action seen following PPI data. ASX 200 was led by the mining, materials and healthcare sectors, while participants also digested the recent budget announcement with the government planning to boost spending next year ahead of an election. Nikkei 225 gained but was well off today's best levels with newsflow dominated by earnings releases including from Sony and Sharp, while the Japanese megabanks are also scheduled to announce their results today. Shanghai Comp was pressured after the recent US tariff announcement and with Stock Connect trade shut owing to the holiday closure in Hong Kong, although the real estate industry found solace from news that China is mulling purchases of unsold homes to ease the glut.

Honda (7267 JT) - Is scaling down full-time production workforce in China as sales slump, according to Nikkei

EUROPEAN CLOSES

CLOSES: DAX -0.10% at 18,723, FTSE 100 +0.16% at 8,428, CAC 40 +0.20% at 8,225, Euro Stoxx 50 -0.01% at 5,078, IBEX 35 +0.78% at 11,239, FTSE MIB +0.96% at 35,151, SMI +0.14% at 11,785.

SECTORS: Consumer Disc 1.04%, Telecoms 0.56%, Utilities 0.47%, Financials 0.35%, Materials 0.29%, Industrials -0.01%, Consumer Stpl -0.06%, Healthcare -0.08%, IT -0.52%, Energy -0.78%

FTSE 100

OTHER UK COMPANIES

BROKER MOVES

DAX

Allianz (ALV GY) - Q1 (EUR) Net 2.63bln (exp. 2.32bln), Operating Profit 3.99bln (exp. 3.89bln). EUR 1bln share buyback started and 0.5bln has been completed. (Newswires)

Commerzbank (CBK GY) - Q1 (EUR): NII 2.12bln (exp. 2.09bln), Pretax profit 1.08bln (exp. 1.00bln), CET1 Capital Ratio 14.9%. Says strong start to the year and best quarterly net result in nearly 10 years. Says costs went down further in Q1. Outlook: NII in 2024 to be improved to around 8.1bln, other targets confirmed. (Newswires)

Merck (MRK GY) - Q1 (EUR): EPS 1.6 (exp. 1.9), Revenue 5.12bln (exp. 5.1bln), EBITDA 1.38bln (exp. 1.35bln). FY outlook: EBITDA 5.7-6.3bln, Revenue 20.6-22.1bln. (Newswires)

RWE (RWE GY) - Q1 (EUR): adj. EBITDA 1.70bln (exp. 1.56bln, prev. 2.31bln Y/Y), Net Income 0.801bln (exp. 0.66mln, prev. 1.315bln Y/Y). Confirms FY24 outlook, but expects to close at lower end of forecast range as energy prices dropped. (Newswires)

Thyssenkrupp (TKA GY) - Q2 (EUR): Sales 9.06bln (exp. 9.34bln), Order intake 8.58bln, -16%. Cuts outlook: Now expects FY24 sales to be below prior level of 37.5bln (exp. 36.1bln). Net loss in low-triple digit million range (exp. +203mln). Still in talks to sell further 30% stake in steel unit to Daniel Kretinsky's EPCG, and goal is 50/50 JV. (Newswires)

OTHER GERMAN COMPANIES

Encavis (ECV GY) - Q1 (EUR): Revenue 86.6mln (exp. 87mln). Confirms FY24 guidance. (Newswires)

E.On (EOAN GY) - Q1 (EUR): Sales 22.64bln (exp. 33.5bln), adj. EBITDA 2.75bln (prev. 2.71bln). Confirms FY24 guidance. (Newswires)

Fraport (FRA GY) - April 2024: 5.1mln passengers, +5.6% Y/Y. Total traffic at airports managed by Co., +7% Y/Y to 12mln passengers. (Newswires)

Leg Immobilien (LEG GY) - Positive outlook for 2024 confirmed. (Newswires)

Metro AG (B4B GY) - Set to reduce its board to four from five positions. (Newswires)

BROKER MOVES

CAC

Airbus (AIR FP)/Airliners - US DOJ is considering whether to prosecute Boeing (BA) over two 737 Max crashes in 2018 & 2019 which killed a total of 346 people. DOJ says Boeing breached terms of a 2021 agreement which prevented criminal charges over the incident. In response, Boeing says it “believes it honoured the terms of that agreement"; Boeing has until 13th June to respond. (Newswires)

Euronext (ENX FP) - Q1 2024 (EUR): adj. EPS 1.58 (exp. 1.47), Revenue 401.9mln (exp. 393.6mln), adj. EBITDA 251.3mln (exp. 234.9mln), adj. EBITDA margin 62.5% (exp. 59.7%)

OTHER FRENCH COMPANIES

Eutelsat (ETL FP) - Q1 (EUR): Revenue 300.8mln (exp. 301mln), +10.6%. Confirms FY24 guidance. (Newswires)

Eiffage (FGR FP) - Q1 2024 (EUR): Revenue 5.2bln, +4.9% or +13.1% internationally; confirmation on 2024 outlook. Contracting order book 27.8bln, +40% Y/Y. (Newswires)

Wendel (MF FP) - Completes the acquisition of 51% stake in UK partners. (Newswires)

BROKER MOVES

PAN EUROPE

ABN AMRO (ABN NA) - Q1 (EUR): Net Income 674mln (exp. 546mln, prev. 532mln Y/Y), RoE 11.6%. Expects FY24 costs to be around 5.3bln due to higher staff costs in the second half of the year. NII expected to be around 6.3bln from further improvement in treasury result in H2'24. (Newswires)

Grifols (GRF SM) - Q1 2024 (EUR): Net revenues 1.63bln (prev. 1.56bln), adj. EBITDA 350mln, Net income -21mln; on track for FY24 guidance. CFO Arroyo to leave the Co. next year. (Newswires)

InPost (INPST NA) - Q1 (PLN): Revenue 2.42bln (exp. 2.40bln), +22% Y/Y, adj. EBITDA 760mln, +36% Y/Y. (Newswires)

BROKER MOVES

SMI

Roche (ROG SW) - Roche announces FDA approval of one of the first HPV self-collection solutions in the U.S., expanding access and screening options to help eliminate cervical cancer. (Roche)

SoftwareOne (SWON SW) - Q1 (CHF): adj. EBITDA 45.5mln (exp. 46.8mln). Revenue +7.4% Y/Y. Confirms FY24 guidance. (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Getinge (GETIB SS) - 2024-2028 financial targets: adj. EPS growth above 12% on average. (Newswires)

Neste (NESTE FH) - Co. revises downwards its 2024 comparable sales guidance, expected it in a range of USD 480-650/ton. (Newswires)

BROKER MOVES

US

CLOSES: SPX +0.48% at 5,246, NDX +0.68% at 18,322, DJIA +0.32% at 39,557, RUT +1.14% at 2,085.

SECTORS: Technology +0.93%, Real Estate +0.69%, Financials +0.48%, Communication Services +0.47%, Consumer Discretionary +0.44%, Health +0.43%, Utilities +0.21%, Materials +0.08%, Industrials unch., Energy -0.15%, Consumer Staples -0.22%.

Alphabet (CEO) - Says more than 1.5mln developers use their Gemini AI models; launching AI overviews in search across the US this week - Google I/O event. (Newswires)

Sony (SONY) - Is reportedly rethinking the Paramount (PARA) bid, according to CNBC. (Newswires)

Tesla (TSLA) - Is to lay off an additional 601 employees in California. (Newswires)

15 May 2024 - 06:55- EquitiesData- Source: Newsquawk