Newsquawk Daily European Equity Opening News - 17th September 2024

ASIA

APAC stocks were mostly positive but with gains capped as participants continued to second-guess the magnitude of the looming Fed rate cut, while markets in Mainland China, Taiwan and South Korea remained closed for holidays. ASX 200 marginally edged higher and printed a fresh intraday record high with early advances led by real estate and tech. Nikkei 225 suffered on return from the long weekend and fell beneath 36,000 amid headwinds from the recent currency strength. Hang Seng shrugged off early cautiousness and gradually climbed higher ahead of the Mid-Autum Festival in Hong Kong, while Midea Group's H shares surged over 8% on its Hong Kong debut following Hong Kong's largest IPO in three years.

EUROPEAN CLOSES

CLOSES: DAX: -0.38% at 18,629, FTSE 100: +0.06% at 8,278, CAC 40: -0.21% at 7,449, Euro Stoxx 50: -0.32% at 4,828, AEX: -0.43% at 896, IBEX 35: +0.35% at 11,581, FTSE MIB: flat at 33,570, SMI: -0.22% at 12,011, PSI: -0.70% at 6,791.

SECTORS: Telecoms 0.38%, Utilities 0.38%, Financials 0.11%, Healthcare 0.01%, Energy -0.02%, Materials -0.07%, Consumer Stpl -0.07%, Industrials -0.29%, Consumer Disc -0.43%, IT -1.27%

FTSE 100

Anglo American (AAL LN) - Australian coal miner New Hope has bid for the Co's coal assets in Queensland state. (Newswires)

BP (BP/ LN) - LAZ collaborates with BP to bring BP Pulse ultra-fast public EV charging hubs to 20 cities over the next five years. (Newswires)

Vodafone (VOD LN) - Italy's competition watchdog said a planned tie-up with Swisscom (SCMN SW) could pose a threat to competition within the country's fixed line connectivity services. (Newswires

OTHER UK COMPANIES

DS Smith (SMDS LN) / Paper Names - In the US session there was some upside seen in paper-related names (PKG, IP, SW) attributed to sell side analysts saying that Cascades announced a USD 40/tonne linerboard and USD 70/tonne medium price increase, which should support current prices - UNCONFIRMED. (Newsquawk contacts)

THG (THG LN) - Co. will reportedly signal to investors this week that it is looking into spinning off Ingenuity, via Sky News citing sources; Ingenuity is its technology services unit. (Sky News)

Wizz Air (WIZZ LN) - CEO expects 15-20% growth in passenger volume next year. (Newswires)

BROKER MOVES

DAX

Fresenius SE (FRE GY) - Fresenius Kabi is recalling a certain lot of the Ivenix LVP Primary Administration Sets after identifying a manufacturing defect that may cause uncontrolled medication flow. (Fresenius)

OTHER GERMAN COMPANIES

Aixtron (AIXA GY) - Renews contract of CEO Dr. Felix Grawert by another 5 years. (Newswires)

BROKER MOVES

CAC

Airbus (AIR FP) - Selected by MDA Space to deliver over 200 Sparkwing Solar Arrays. Elsewhere, The Telegraph writes that the Co. is reviving plans for a new helicopter factories in the UK as part of its attempt to secure a GBP 1bln contract from the MoD. (Newswires / The Telegraph)

Euronext (ENX FP) - Successful expansion of Euronext clearing to all Euronext financial derivative markets. On track to reach target of EUR 115mln run-rate annual EBITDA synergies by end-2024. (Newswires)

EssilorLuxottica (EL FP) - Co. and Meta (META) announce a long term partnership, shaping the future of smart eyewear category. (Newswires)

OTHER FRENCH COMPANIES

ADP (ADP FP) - Aug traffic 36.1mln, +6.3% Y/Y. (Newswires)

Eiffage (FGR FP) - Smulders won two new offshore wind contracts; order intake over EUR 1bln since the start of 2024. (Newswires)

Rubis (RUI FP) - Targets consolidated EBITDA of EUR 50-55mln by 2027; power EBITDA of EUR 80-85mln by 2027. (Newswires)

BROKER MOVES

PAN EUROPE

Chip names - US and Japan are nearing a deal to curb chip technology exports to China, according to FT. (FT)

Stellantis (STLAM/STLAP FP) - UAW files federal labour charges against Stellantis for violating the contract, refusing to provide information and moving Durango production out of America. (Newswires)

UniCredit (UCG IM) - Co. is seeking approval from the ECB to increase its stake in Commerzbank (CBK GY) to 30%, via Messaggero. (Messaggero)

BROKER MOVES

SMI

Helvetia (HELN SW) - Co. has decided to redeem CHF 225mln hybrid bond on its first optional redemption date on 17 Oct 2024. (Newswires)

OTHER SWISS COMPANIES

Clariant (CLN SW) - Sells the Real Estate property "Industrial Park Fecheneim" for EUR 95mln; expected to close EUR 95mln. (Newswires)

BROKER MOVES

SCANDINAVIA

Norsk Hydro (NHY NO) - Norsk Renewables has received approval of its environmental authorisation. (Newswires)

BROKER MOVES

US

CLOSES: SPX +0.13% at 5,633, NDX -0.47% at 19,423, DJIA +0.55% at 41,622, RUT +0.31% at 2,189

SECTORS: Technology -0.95%, Consumer Discretionary -0.32%, Real Estate +0.21%, Consumer Staples +0.29%, Industrials +0.53%, Health +0.59%, Utilities +0.74%, Communication Services +0.89%, Materials +0.90%, Energy +1.20%, Financials +1.22%.

Intel (INTC) - In a series of announcements after the close, Intel said it and AWS (AMZN) are expanding their strategic collaboration by co-investing in custom chip designs, including an AI fabric chip and a custom Xeon 6 chip; the partnership supports US semiconductor manufacturing and AWS's data centre expansion in Ohio. Separately, it said it plans to establish Intel Foundry as an independent subsidiary to provide clearer separation for external customers and suppliers; the move aims to maximise growth and flexibility, while maintaining leadership and expanding operations in Europe, the US, and Malaysia. CEO said it is streamlining its product portfolio to enhance focus and efficiency; this includes maximising the x86 franchise, simplifying business units, and integrating software for better innovation. Edge, Automotive, and AI investments remain priorities alongside custom chip offerings for emerging needs. Intel will be pausing manufacturing buildout projects in Poland and Germany. Elsewhere, the chipmaker said it is more than halfway to its workforce reduction target of 15,000; it also plans to reduce two-thirds of its global real estate by year-end and sell part of its stake in Altera to improve liquidity. Intel's shares finished afterhours trading with gains of 8%, building on the 6.4% upside seen in Monday's trading.

Microsoft (MSFT) - Announces quarterly dividend increase of 10% to USD 0.83/shr and a new USD 60bln share repurchase program. (Newswires)

Smartsheet (SMAR) - Vista Equity and Blackstone (BX) reportedly nearing a deal to buy Smartsheet (SMAR) for around USD 56/shr, or nearly USD 8bln, according to Reuters citing sources. (Reuters)

17 Sep 2024 - 06:51- Research Sheet- Source: Newsquawk