Newsquawk Daily European Equity Opening News - 17th August 2023

17th August 2023

ASIA

Asia-Pac stocks mostly suffered another day of selling and followed suit to the losses on Wall St as yields continued to edge higher after FOMC Minutes noted that most officials saw significant upside risks to inflation which could require further tightening. ASX 200 (-0.5%) retreated as participants digested a slew of earnings releases and disappointing jobs data which showed a surprise contraction in the headline employment change and a larger-than-expected uptick in the unemployment rate to 3.7% from 3.5%. Nikkei 225 (-0.5%) declined after soft data releases including the miss on machinery orders and although the declines in exports and imports weren’t as bad as feared, exports printed in contraction territory for the first time in 29 months. Hang Seng (-0.3%) and Shanghai Comp. (Flat) were pressured at the open which saw the Hong Kong benchmark enter bear market territory after declining more than 20% from its January high amid earnings-related disappointment following results from Tencent and JD.com, although Chinese markets then recovered most of the earlier losses following another firm liquidity injection by the central bank and recent economic pledges by Premier Li.

EUROPEAN CLOSES

Bourses: DAX +0.14% at 15,789, FTSE 100 -0.44% at 7,357, CAC 40 -0.10% at 7,260, Euro Stoxx 50 -0.09% at 4,285, IBEX 35 +0.03% at 9,350, FTSE MIB -0.93% at 28,170, SMI +0.03% at 10,988.

Sectors: Consumer Stpl 0.22%, IT 0.13%, Materials 0.07%, Utilities 0.07%, Healthcare 0.06%, Energy -0.09%, Industrials -0.13%, Consumer Disc -0.13%, Financials -0.31%, Telecoms -0.38%

FTSE 100

Ex-Dividends - Pershing Square (PSH LN), Imperial Brands (IMB LN), GSK (GSK LN), Schroders (SDR LN), Anglo American (AAL LN), ConvaTec Group (CTEC LN), London Stock Exchange Group (LSEG LN), abrdn (ABDN LN), Hiscox (HSX LN), Entain (ENT LN), Berkeley Group (BKG LN) will trade without entitlement to its latest dividend payout. (Newswires)

OTHER UK COMPANIES

Premier Miton (PMI LN) - Co. is reportedly in talks about buying a chunk of R&M (RMMC LN) from AssetCo (ASTO LN), according to Sky News citing sources. (Sky News) In June 2021, the firm collected GBP 30.9mln to fund the acquisition, which eventually fell through.

BROKER MOVES

LondonMetric (LMP LN) upgraded to Overweight from Neutral at JP Morgan Chase

DAX

OTHER GERMAN COMPANIES

BROKER MOVES

E.ON (EOAN GY) upgraded to Buy from Hold at HSBC

Lanxess (LXS GY) downgraded to Equal Weight from Overweight at Barclays

CAC

OTHER FRENCH COMPANIES

Ipsen (IPN FP) - US FDA approves Ipsen’s SohonosTM (palovarotene) capsules, the first and only treatment for people with fibrodysplasia ossificans progressiva. (Ipsen)

BROKER MOVES

PAN EUROPE

Adyen (ADYEN NA) - H1 (EUR): EBITDA 320mln (prev. 356mln YY), Revenue 739mln (prev. 609mln YY, exp. 777mln). EBITDA margin 43% (exp. 48.6%). Affirms guidance. (Newswires)

Aegon (AGN NA) - H1 (EUR): Net -199mln (prev. +46mln YY), Operating profit 818mln (prev. 796mln YY), Insurance Revenue 5.37bln (prev. 5.51bln YY). (Newswires)

ArcelorMittal (MT NA) - Is discussing a possible bid for US Steel (X), according to Reuters sources. (Newswires)

Bam Groep (BAMNB NA) - Q1 (EUR): Adj. EBITDA 119mln (prev. 182mln YY), Revenue 2.97bln (prev. 3.33bln YY). (Newswires)

BROKER MOVES

Recordati (REC IM) reiterated with Overweight at JP Morgan Chase

SMI

Geberit (GEBN SW) - H1 (CHF): Net 369mln (prev. 402mln YY), EBITDA 526mln (exp. 555mln), Revenue 1.66bln (exp. 1.73bln). (Newswires)

Roche (ROG SW) - Launches a new addition to the cobas connection modules, the CCM Vertical, helping to improve lab efficiency. (Newswires)

OTHER SWISS COMPANIES

Cembra Money Bank (CMBN SW) - Introduces a solution for its integrated digital processing of chargebacks directly in its credit card app. (Newswires)

BROKER MOVES

SCANDINAVIA

Coloplast (COLOB DC) - Q3 (DKK): Net 1.27bln (exp. 1.30bln), EBITDA 1.95bln (exp. 2.05bln), Revenue 6.11bln (prev. 6.2bln). (Newswires)

GN Store Nord (GN DC) - Q2 (DKK): Revenue 4.39bln (exp. 4.6bln), Adj. EBITA 404mln. Raises FY23 organic revenue +9-13% (prev. +5-10%). (Newswires)

Kojamo (KOJAMO FH) - Q2 (EUR): FFO 51.7mln (prev. 42.4mln YY), Revenue 109mln (prev. 101mln YY). To launch a EUR 43mln saving program during 2024, including up to 80 job reductions. (Newswires)

BROKER MOVES

US

CLOSES: SPX -0.76% at 4,404, NDX -1.07% at 14,876, DIA -0.52% at 34,766, RUT -1.28% at 1,872.

SECTORS: Consumer Discretionary -1.27%, Communication Services -1.21%, Real Estate -1.2%, Energy -0.9%, Technology -0.88%, Health -0.78%, Materials -0.66%, Industrials -0.55%, Consumer Staples -0.28%, Financials -0.21%, Utilities +0.46%.

17 Aug 2023 - 06:47- Research Sheet- Source: Newsquawk