Newsquawk Daily European Equity Opening News - 18th May 2022

The Daily European Equity Opening News is uploaded at 0700GMT/0300EDT recapping all of the overnight equity news.

From 0700BST/0300EDT all equity news will be covered in real-time over the audio and headline feed and the full audio rundown will be at 0715BST/0315EDT.

There will be an additional audio rundown at 0750BST/0350EDT recapping any company news which has hit the wires since 0715BST/0215EDT ahead of the European equity open

European equity coverage will only cover companies in the STOXX 600 or companies of systemic importance to particular sectors.

ASIA

APAC stocks traded mixed as the regional bourses only partially sustained the momentum from global peers. ASX 200 was led higher by outperformance in the mining and materials related sectors, while softer than expected wage price data reduced the prospects of a more aggressive RBA rate hike next month. Nikkei 225 briefly reclaimed the 27,000 level but retreated off its highs as participants digested GDP data which printed in negative territory, albeit at a narrower than feared contraction. Hang Seng and Shanghai Comp were subdued with large-cap tech stocks pressured in Hong Kong including JD.com despite beating earnings expectations and with Tencent bracing for the expected slowest revenue growth since its listing, while the mainland was hampered by the mixed COVID-19 situation as Shanghai registered a 4th consecutive day of zero transmissions outside of quarantine, although Beijing was said to lockdown some areas in its Fengtai district for 7 days.

Tech Names - China's Xiaomi (1810 HK), Vivo and Oppo cut 20% of orders amid lockdown and inflation woes, according to Nikkei. (Nikkei)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +1.52% at 3,741; FTSE 100 +0.72% at 7,518; DAX +1.59% at 14,185; CAC 40 +1.30% at 6,430; IBEX 35 +1.46% at 8,475; FTSE MIB +1.12% at 24,301; SMI +0.50% at 11,730.

SECTORS: Basic Materials 3.42%, Technology 2.12%, Financial Services 1.88%, Industrials 1.72%, Consumer Goods 1.28%, Energy 1.24%, Consumer Services 0.93%, Utilities 0.84%, Telecoms 0.71%, Healthcare 0.53%

FTSE 100

OTHER UK COMPANIES

TUI (TUI LN) - TUI AG resolves cash capital increase from authorised capital by up to 162.3mln shares to further reduce government financing. (Yahoo Finance) Reports suggest the shares were placed at EUR 2.62/shr (vs EUR 2.89 close yesterday for its German listing). (Newswires)

BROKER MOVES

Land Securities (LAND LN) upgraded to Hold from Underperform at Jefferies

WH Smith (SMWH LN) upgraded to Overweight from Neutral at JPMorgan Chase

DAX

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

Societe Generale (GLE FP) – CEO Oudea will not renew his term, which ends on May 23rd 2023. (Newswires)

OTHER FRENCH COMPANIES

Alstom (ALO FP) - Co. has won Israel's NTA contract for design, build and maintenance, and financing of Tel Aviv's green light rail systems; Alstom's share is valued at EUR 858mln. (Newswires)

Euronext (ENX FP) - Q1 2022 (EUR): Revenue 395.7mln (exp. 390mln), Adj. EBTIDA +66.8% to EUR 252.2mln. Adj. EPS +7.3% to 1.544. (Newswires)

BROKER MOVES

PAN EUROPE

ABN AMRO (ABN NA) - Q1 2022 (EUR): Net 295mln (prev. -54mln Y/Y). Revenue 1.93bln (prev. 1.85bln). CET1 Ratio 15.7% (prev. 17.4%). Co. says costs are higher due to additional AML provision and regulatory levies; remain fully committed to cost target below EUR 4.7bln in 2024. First share buyback programme of EUR 500mln finalised. (Newswires/ABN AMRO)

Saipem (SPM IM) - On May 23, 2022, there will be a reverse stock split of Saipem ordinary shares, in the ratio of 21 new ordinary shares for every 100 outstanding ordinary shares. (Saipem)

Siemens Gamesa (SGRE SM) - Siemens Energy (ENR GY) is to purchase the remaining stake in Siemens Gamesa and delist the Co.is to make an offer as soon as next week, according to Bloomberg sources. Siemens Energy already owns 67% of Siemens Gamesa. (Newswires)

UniCredit (UCG IM)/Commerzbank (CBK GY) – Cos were reportedly planning informal discussions around a merger of their respective German operations; an early 2022 meeting was arranged but did not occur due to the Ukraine war, according to sources. (FT)

BROKER MOVES

Ahold Delhaize (AD NA) upgraded to Overweight from Neutral at JPMorgan Chase

Repsol (REP SM) upgraded to Buy from Hold at HSBC

SMI

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

BROKER MOVES

US

CLOSES: SPX +2.02% at 4,089, NDX +2.62% at 12,564, DJIA +1.34% at 32,655, RUT +2.99% at 1,839.

SECTORS: Technology +2.91%, Materials +2.87%, Financials +2.69%, Consumer Discretionary +2.68%, Industrials +2.28%, Communication Services +1.83%, Health +1.39%, Energy +1.14%, Real Estate +1.04%, Utilities +1.03%, Consumer Staples -1.15%.

18 May 2022 - 06:45- EquitiesData- Source: Newsquawk