Newsquawk Daily European Equity Opening News - 18th June 2024

18th June 2024

ASIA

APAC stocks took impetus from the gains in the US where the S&P 500 and the Nasdaq notched record highs once again despite the lack of any major fresh macros drivers and as a deluge of Fed rhetoric looms. ASX 200 was underpinned with financials and defensives front-running the broad advances seen across sectors, while attention turned to the RBA decision where the central bank provided no surprises and kept the Cash Rate target unchanged at 4.35%. Nikkei 225 recovered some of the prior day's notable losses amid the rising tide across global equity markets and was unfazed by the latest comments from BoJ Governor Ueda who suggested the potential for a July rate hike depending on the data. Hang Seng and Shanghai Comp. were ultimately mixed as the Hong Kong benchmark later deteriorated after failing to sustain the 18,000 level, while the mainland conformed to the positive mood after the PBoC upped its liquidity efforts.

EUROPEAN CLOSES

CLOSES: DAX: +0.4% at 18,074, CAC 40: +0.91% at 7,572, PSI: -0.28% at 6,520, FTSE 100: flat at 8,142, IBEX 35: -0.30% at 10, 960, FTSE MIB: +0.74% at 32,908, SMI: -0.28% at 12,010, Euro Stoxx 50: +0.84% at 4,880.

SECTORS: IT 0.94%, Financials 0.78%, Industrials 0.36%, Energy 0.33%, Consumer Disc 0.33%, Telecoms -0.10%, Consumer Stpl -0.16%, Materials -0.22%, Healthcare -0.94%, Utilities -0.99%

FTSE 100

IAG (IAG LN) - EU antitrust regulators are asking rivals whether IAG's recent concessions re. Spanish airline Iberia, were sustainable, according to Reuters citing sources. The sources add that the regulators want to know whether rivals have the financial capability to operate routes, and have one week to provide feedback. (Reuters)

UK Banks - UK's Labour Party said it would give regulators the power to significantly increase the number of "banking hubs" on high streets in the UK, via Reuters. This would allow people, particularly in rural areas, easy access to cash. (Reuters)

OTHER UK COMPANIES

BROKER MOVES

DAX

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

Renault's (RNO FP) - Dacia expects its revenue to double between 2022 and 2030 driven half by volume and half by mix and price. Fixed costs are expected to increase slightly over the same time period. (Newswires)

Technip Energies (TE FP) - Co. and KSPS sign a long-term services agreement with KPO for the development of the Karachganak field in Kazakhstan. (Newswires)

OTHER FRENCH COMPANIES

Aeroports de Paris (ADP FP) - May 2024 Traffic: 31.4mln passengers, +8.4%. (Newswires)

Alstom (ALO FP) - Books a new order in Europe of around EUR 670mln, further details to be announced later. (Newswires)

Euronext (ENX FP) - Announces completion of share repurchase programme as part of its long-term incentive plan. (Newswires)

JCDecaux (DEC FP) - IGPDecaux wins a 13-year contract for Rome Metro, buses and trams in Italy. (Newswires)

BROKER MOVES

STMicroelectronics (STMPA FP) upgraded to Neutral from Sell at Goldman Sachs

PAN EUROPE

ArcelorMittal (MT NA) - Says mining and steelworks in Western Mexico halted by workers' "illegal blockage" since May 25th; estimates 300k tons of steel blocked by the dispute. (Newswires)

Defence Names - EU officials say French vote puts European defence push at risk, according to Bloomberg. Some European Union capitals are concerned that initiatives like joint military spending and fresh Ukraine support could fall by the wayside. (Bloomberg)

Fincantieri (FCT IM) - Board convened to confer CEO Folgiero on an interim basis until a replacement is found. (Newswires)

Miners - One global aluminium producer seeks a USD 190/ton premium for July-Sept. from Japanese buyers which is up 28%-31% from the current quarter and another producer raises its offer to USD 185/ton from USD 175/ton in Japan talks which is up 25%-28% Q/Q. (Newswires)

UniCredit (UCG IM) - As of Q1 MREL (minimum requirement for loss-absorbing liabilities) eligible liabilities equal to 32.81% of RWA, 10.16% of LRE (Leverage Ratio Exposure). (Newswires)

BROKER MOVES

SMI

Roche (ROG SW) - Roche receives FDA clearance on its digital pathology solution for diagnostic use. (Roche)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Novozymes (NSISB DC) - 2024 outlook of pro forma organic sales growth now expected at the upper end of the 5-7% range; an expected dividend payout ratio of 40-60%. (Newswires)

BROKER MOVES

US

CLOSES: SPX +0.77% at 5,473, NDX +1.24% at 19,903, DJIA +0.49% at 38,778, RUT +0.79% at 2,022.

SECTORS: Utilities -1.14%, Real Estate -0.7%, Health -0.2%, Energy +0.23%, Communication Services +0.39%, Materials +0.7%, Financials +0.81%, Consumer Staples +0.99%, Industrials +1.08%,Technology +1.18%, Consumer Discretionary +1.43%.

TSMC (2330 TT) - Is said to start another round of price hike talks, according to sources cited by DigiTimes. (DigiTimes)

18 Jun 2024 - 06:56- Fixed IncomeResearch Sheet- Source: Newsquawk