Newsquawk Daily European Equity Opening News - 19th April 2022

The Daily European Equity Opening News is uploaded at 0700BST/0200EDT recapping all of the overnight equity news.

From 0700BST/0200EDT all equity news will be covered in real-time over the audio and headline feed and the full audio rundown will be at 0715BST/0215EDT.

There will be an additional audio rundown at 0750BST/0250EDT 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 saw a mixed performance as more markets reopened and trade picked up from the holiday lull. ASX 200 gained on return from the extended weekend, led by strength in commodity-related sectors and top-weighted financials. Nikkei 225 briefly reclaimed the 27k level as continued currency depreciation underscored the Fed and BoJ policy divergence. Hang Seng was pressured as it took its first opportunity to react to the PBoC’s underwhelming policy decisions and with tech hit after Shanghai's market regulator summoned 12 e-commerce platforms including Meituan on price gouging during COVID outbreaks. Shanghai Comp was choppy as participants mulled over the latest virus-related developments including an increase in Shanghai deaths and the lockdown of five districts in the steel producing hub of Tangshan, although policy support pledges from the PBoC and NDRC ultimately provided a cushion.

Toyota (7201 JT) - May global production plan circa. 750k units, plan from May through July is to average circa. 800k units. (Newswires)

FTSE 100

FTSE 100 - CEO pay for FTSE 100 Cos, out of the first 50 to publish FY21 earnings, has bounced back to pre-COVID levels, according to PwC analysis. (FT)

NatWest (NWG LN) - Investment Association has issued a "amber top" warning in relation to the remuneration policy for the CEO ahead of the AGM. (Times)

Next (NXT LN) - Co. has acquired 44% of JoJo Maman Bebe, with funds managed by Kempner purchasing the remainder. (BBC)

Ocado (OCDO LN) - An employment tribunal has ordered the Co. to pay a former warehouse worker who raised fire safety concerns GBP 20k. (Times)

Rolls-Royce (RR/ LN) - British-designed fighter jet Aeralis has won backing of its partner Rolls-Royce with regards to pilot training in jets that could replace the RAF's current fleet. Rolls-Royce has agreed to supply the engines for the planes. Aeralis estimates there is a market for around 5,500 of its jets, with a potential value of GBP 150bln. (Telegraph)

OTHER UK COMPANIES

Metro Bank (MTRO LN) - Data compiled by TSB Bank suggests Metro Bank is among the worst when it comes to paying suppliers on time. (Times)

Ted Baker (TED LN) - Ousted founder Kelvin has announced his support to PE firm Sycamore in the formal sale process. (Times)

BROKER MOVES

BP (BP/ LN) reiterated with Overweight at JPMorgan Chase

CRH (CRH LN) upgraded to Overweight from Equal Weight at Barclays

ITV (ITV LN) downgraded to Sell from Hold at Berenberg

Wizz Air (WIZZ LN) downgraded to Reduce from Hold at HSBC

DAX

BMW (BMW GY) - CEO Zipse says they will not cut a single job in the transition from ICE to EV; there will be fully electric production without anyone losing their job, possibly by end-decade. (FT)

Volkswagen (VOW3 GY) - Plants in Changchun, China are slowly resuming production as the COVID situation eases. Still assessing the feasibility of reopening its Shanghai plant. (Newswires)

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

OTHER FRENCH COMPANIES

ADP (ADP FP) - March Traffic: Total traffic doubled YY; international traffic increased to 1.9mln. Since the beginning of the year, group total traffic +79% YY. (Newswires)

Virbac (VIRP FP) - Q1 Update (EUR): Revenue 318mln, +19%. Expanding revenue growth outlook to a 5-10% range. Continue to face significant production, logistical and supply constraints and more recently impact of inflation on costs. (Newswires)

BROKER MOVES

Carrefour (CA FP) upgraded to Buy from Hold at Berenberg

PAN EUROPE

Aviation/Travel Names - UK Aviation Minister Courts has written to relevant executives saying, by end-April, the UK Gov't will look to drop a requirement for background checks to be completed before training begins. (FT)

Mapfre (MAP SM) - Q1 Update (EUR): Premiums 6.54bln (prev. 5.9bln), Iberia premiums over 2.5bln, +2.3%. (Newswires)

BROKER MOVES

Eni (ENI IM) reiterated with Overweight at JPMorgan Chase

SMI

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Kesko (KESKOB FH) - March sales +6.1% Y/Y at EUR 1.085bln; comparable sales +5.6% Y/Y. (Newswires)

BROKER MOVES

US

CLOSES: SPX +0.00% at 4,392, NDX +0.13% at 13,910, DJIA -0.11% at 34,411, R2K -0.84% at 1,989

SECTORS: Energy +1.51%, Financials +0.61%, Consumer Discretionary +0.34%, Technology +0.32%, Materials +0.08%, Communication Services -0.16%, Real Estate -0.28%, Industrials -0.38%, Utilities -0.49%, Consumer Staples -0.81%, Health -1.12%.

19 Apr 2022 - 06:42- Fixed IncomeResearch Sheet- Source: Newsquawk