Newsquawk Daily European Equity Opening News - 15th November 2023

15th November 2023

ASIA

Asia-Pac stocks followed suit to the global risk-on mood after softer-than-expected US CPI data spurred dovish Fed repricing amid hopes that the Fed could be done with its hiking cycle, while the region also digested better-than-expected Chinese activity data. ASX 200 (+1.4%) was led higher by notable outperformance in real estate and tech following a decline in yields and with the index unfazed by the acceleration in the Wage Price Index. Nikkei 225 (+2.5%) extended on gains throughout the session after it gapped above the 33,000 level alongside the broad heightened risk appetite which helped markets shrug off disappointing preliminary Q3 GDP. Hang Seng (+3.0%) and Shanghai Comp. (+0.4%) were underpinned after Chinese Industrial Production and Retail Sales topped forecasts, while sentiment is also supported by reports that China is mulling CNY 1tln of new funding to boost the housing market and after the PBoC conducted the largest MLF net injection in seven years.

Samsung SDI (006400 KS) - JV with Stellantis (STLAM IM/ STLAP FP) is to raise USD 860mln. (Newswires)

Wanda (3699 HK) - Pre-IPO backers reject an initial offer for repayment delay. (Newswires)

EUROPEAN CLOSES

CLOSES: DAX +1.77% at 15,616.15, FTSE 100 +0.19% at 7,439.92, CAC 40 +1.39% at 7,185.68, Euro Stoxx 50 +1.43% at 4,292.85, IBEX 35 +1.71% at 9,623.30, FTSE MIB +1.46% at 29,348.94, SMI +1.16% at 10,713.00, PSI +0.62% at 6,340

SECTORS: Consumer Disc 2.67%, Materials 2.27%, Utilities 1.73%, Industrials 1.72%, IT 1.55%, Financials 0.95%, Consumer Stpl 0.58%, Telecoms 0.44%, Healthcare 0.08%, Energy -0.74%

FTSE 100

Glencore (GLEN LN) - United Steelworkers union says won't support Glencore's takeover of Teck Resource's (TECK) steelmaking coal operations without further commitments. (Newswires)

Pershing Square (PSH LN) Q3 13F - Increased: Alphabet (GOOG), Hilton Worldwide (HLT), Howard Hughes (HHC). Reduced: Lowe's (LOW). (Newswires)

OTHER UK COMPANIES

BROKER MOVES

Compass Group (CPG LN) upgraded to Buy from Hold at Deutsche Bank

DAX

Infineon (IFX GY) - Q4 (EUR): Revenue 4.1bln (exp. 4.1bln), adj. EPS 0.65 (exp. 0.59), EPS 0.57 (exp. 0.51), adj. Gross Margin 45.5% (exp. 45.5%). FY23: Revenue 16.3bln (exp. 16.3bln), Segment Result 4.4bln, +30% Y/Y. FY dividend of 0.35/shr (exp. 0.34/shr, prev. 0.32/shr). FY24 Guidance: Revenue 16.5-17.5bln (exp. 16.98bln), Segment Result Margin 24%, adj. Gross Margin 45%. Q1 Outlook: Revenue 3.8bln (exp. 3.99bln), Segment Result Margin 22%. CEO: “Structural semiconductor growth in the areas of renewable energy, electromobility – especially in China – and microcontrollers for the automotive industry remains unabated. In contrast, consumer, communication, computing and IoT applications are experiencing a temporary period of low demand." And “Overall, we are expecting revenue growth to continue in the 2024 fiscal year but at a slower rate. We are reacting decisively to the market situation.” (EQS) -1.1% in Lang & Schwarz pre-market trade

Merck (MRK GY) - Unit Emd Serono receives US FDA BLA supplement 51 approval for Gonai-F. (Newswires)

OTHER GERMAN COMPANIES

Evotec (EVT GY) - Presents a precision medicine platform for accelerated pipeline building at Capital Markets Day. (Newswires)

Siemens Energy (ENR GY) - Q4 (EUR): Adj. Net -487mln (prev. +564mln Y/Y), Revenue 8.52bln (prev. 9.18bln Y/Y), Co. to acquire 18% of Siemens India for EUR 2.18bln. Guides initial FY24 Net "up to 1bln", Adj. Profit Margin -2% to +1%, SSS +3-7%. CEO says to focus wind on the most profitable markets. (Newswires)

BROKER MOVES

CAC

Alstom (ALO FP) - H1 (EUR): Adj. Net 174mln (prev. 179mln Y/Y), Revenue 8.44bln (prev. 8.05bln Y/Y). Cuts FY23/24 FCF -750mln to -500mln (prev. guidance -700mln to -500mln). No dividend to be paid in FY23/24. To cut Net Debt by EUR 2bln via asset sales and capital increase. As many as 1.5k job cuts. (Newswires)

Renault (RNO FP) - Announces Ampere unit strategy. Ampere targets Revenue at EUR 25bln in 2031 and +10% Op. margin from 2030 onwards with a clear milestone to reach its breakeven point in 2025. Preparing the IPO in H1'24. (Newswires)

TotalEnergies (TTE) - A planned overhaul of the gasoline-producing FCC at its 238k BPD Port Arthur refinery in Texas is expected to continue into late November, Reuters reports. (Reuters)

Vinci (DG FP) - Reports (Oct) Airport traffic +19.1% Y/Y; Autoroutes +5.4% Y/Y. (Newswires)

OTHER FRENCH COMPANIES

JC Decaux (DEC FP) - Signs a 10-year advertising contract with Rungls International. (Newswires)

BROKER MOVES

Bureau Veritas (BVI FP) downgraded to Hold from Buy at Stifel Nicolaus

PAN EUROPE

Fincantieri (FCT IM) - 9M (EUR): EBITDA 276mln (prev. 172mln Y/Y), Revenue 5.38bln (prev. 5.32bln Y/Y). (Newswires)

Oil & Gas Names - EU agrees on law to track and reduce methane emissions from the oil and gas sector. (Newswires)

BROKER MOVES

Ahold Delhaize (AD NA) downgraded to Equal Weight from Overweight at Morgan Stanley

Banco BPM (BAMI IM) downgraded to Market Perform from Outperform at Keefe Bruyette

CaixaBank (CABK SM) upgraded to Outperform from Market Perform at Keefe Bruyette

Elia (ELI BB) upgraded to Buy from Hold at Citi

Reply (REY IM) downgraded to Hold from Buy at SocGen

SMI

Holcim (HOLN SW) - To divest its business in Uganda and Tanzania for an EV of USD 120mln. (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

SGS (SGSN SW) downgraded to Sell from Hold at Stifel Nicolaus

SCANDINAVIA

BROKER MOVES

US

CLOSES: SPX +1.91% at 4,496, NDX +2.13% at 15,812, DJI +1.43% at 34,828, RUT +5.39% at 1,798

SECTORS: Real Estate +5.32%, Utilities +3.94%, Cons Disc +3.32%, Materials +2.91%, Industrials +2.04%, Financials +1.94%, Technology +1.92%, Communication Svs +1.42%, Cons Stpl +0.9%, Health +0.7%, Energy +0.54%

Berkshire Hathaway (BRK/A) 13-F says it slightly reduced its stake in Amazon (AMZN) and HP, eliminates holding in General Motors (GM), Protector & Gamble (PG) and Celanese (CE), while it said it is not disclosing one or more of its stock holdings and requested the SEC permission to keep the details confidential. (Newswires)

Soros Fund Management 13-F - Takes new stake in Google (GOOGL) and Nvidia (NVDA), boosts stake in General Motors (GM), Uber (UBER) and Nike (NKE), while it dissolved stakes in Disney (DIS), Microsoft (MSFT) and Rivian (RIVN), according to 13 F filing. (Newswires)

Nike (NKE) - Raises quarterly dividend by 9% to USD 0.37/shr. (Newswires)

15 Nov 2023 - 06:52- Data- Source: Newswires