Newsquawk Daily European Equity Opening News - 19th November 2024

ASIA

APAC stocks traded mostly in the green following the similar performance stateside although gains were capped amid relatively quiet newsflow with no major fresh macro catalysts to drive price action. ASX 200 outperformed and notched a fresh record high with all sectors in the green and the advances led by a tech resurgence and strength in gold miners, while there were recent amiable Xi-Albanese comments and Morgan Stanley raised its ASX 200 target. Nikkei 225 traded higher and shrugged off a firmer currency as Japan aims for cabinet approval of an economic package soon. Hang Seng and Shanghai Comp swung between gains and losses despite better-than-expected earnings from Xiaomi which failed to lift shares in the smartphone/EV maker, while support pledges by regulators did little to boost sentiment and the EU is also reportedly to demand tech transfers from Chinese companies in return for EU subsidies which would apply to batteries but could be expanded to other green sectors.

EUROPEAN CLOSES

CLOSES: DAX: -0.18% at 19,176, FTSE 100: +0.57% at 8,109, CAC 40: +0.12% at 7,278, Euro Stoxx 50: -0.11% at 4,790, AEX: +0.33% at 865, IBEX 35: +0.33% at 11,675, FTSE MIB: -1.27% at 33,758, SMI: +0.04% at 11,632, PSI: -0.23% at 6,413.

SECTORS: Energy 0.70%, Financials 0.42%, Telecoms 0.42%, Consumer Stpl 0.37%, Materials 0.17%, Consumer Disc 0.12%, Industrials -0.11%, IT -0.24%, Utilities -0.45%, Healthcare -0.50%                         

FTSE 100

AstraZeneca (AZN LN) - GRAIL has begun testing patients for eligibility in the TROPION-Lung12 Phase 3 study, evaluating adjuvant treatments for Stage I adenocarcinoma NSCLC. The study uses GRAIL's ctDNA assay to screen patients pre-surgery, supporting AstraZeneca and Daiichi Sankyo's research. (Newswires) Study is sponsored by AstraZeneca

Flutter (FLTR LN) - Kevin Harrington succeeds Ian Brown as UK & Ireland CEO. (Newswires)

Rio Tinto (RIO LN) - Rio Tinto announced that it, Bougainville Copper, and the Autonomous Bougainville Government signed an MOU to address environmental and human rights impacts of the Panguna Mine, focusing on long-term solutions and community consultation. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

DAX

OTHER GERMAN COMPANIES

Delivery Hero (DHER GY) - Talabat IPO price range at AED 1.50-1.60/shr, implying a market cap of AED 34.94-37.26bln. (Newswires)

ThyssenKrupp (TKA GY) - Q4 (EUR): Sales 8.81bln (exp. 8.59bln), Order intake 7.991bln, -5% Y/Y. FY Net Loss 1.4bln (prev. 2bln Y/Y), attributed mainly to the write-down of steel business. Expects 2025 Net Profit of 100-500mln (exp. 429mln). Sales to grow 0-3% (exp. -0.6%). If a 50:50 steel JV does not materialise have agreed to a mutual right of recession with EPCG for the 20% stake that has already been sold. Investor slides: Mid-term margin target of 6-7% at Steel Europe is under review. (Newswires)

ThyssenKrupp Nucera (NCH2 GY) - FY (EUR): 23/24 order intake slightly higher than prior year level of EUR 613mln. Sales roughly hit mid-point of EUR 920-900mln (exp. 856mln). (Newswires)

BROKER MOVES

CAC

Kering (KER FP) - Appoints Cedric Charbit as new CEO of Saint Laurent and Gianfranco Gianangelli as CEO of Balenciaga, appointments effective January 2nd, 2025. (Newswires) Confirms Bloomberg reporting

OTHER FRENCH COMPANIES

ADP (ADP FP) - October group traffic 32.5mln, +6.5% Y/Y. (Newswires)

Vivendi (VIV FP) - Supervisory board Chairman Bollore during the Canal+ CMD says, focus is towards English-speaking countries, London is a much more adequate location to list than any other in Europe. (Newswires)

BROKER MOVES

PAN EUROPE

Caixabank (CABK SM) - Plans to mobilise over EUR 100bln in sustainable finance between 2025 and 2027. Sees cost-to-income remaining at low levels and below peer avg. ratio. Aims to keep NII stable by end of the period. Plans to invest upwards of EUR 5bln over next three years. To carry out share capital reduction by cancelling all treasury shares from buy-back program. (Newswires)

UCB (UCB BB) - Dapirolizumab Pegol Phase 3 Data Presented at the American College of Rheumatology Shows Significant Reduction in Systemic Lupus Erythematosus Disease Activity. (UCB)

BROKER MOVES

SMI

Nestle (NESN SW) - Sees medium-term organic growth at 4%+. Cost savings of at least CHF 2.5bln above existing initiatives by end-2027. Confirms 2024 guidance. Confirms underlying EPS broadly flat in constant currency. (Newswires)

OTHER SWISS COMPANIES

Sonova (SOON SW) - H1 (CHF): Sales 1.83bln, +5.9% Y/Y, Adj. EBITA 325.2mln, -3.7% Y/Y. Outlook 2024/25: Reported sales growth in CHF to be reduced by 1-2 percentage points. Adj. EBITA growth in CHF to be negatively affected by 4-5 percentage points. (Newswires)

BROKER MOVES

SCANDINAVIA

BROKER MOVES

US

CLOSES: SPX +0.39% at 5,894, NDX +0.71% at 20,539, DJIA -0.13% at 43,390, RUT +0.11% at 2,306

SECTORS: Industrials -0.17%, Health unch., Technology +0.21%, Financials +0.23%, Consumer Staples +0.66%, Utilities +0.72%, Materials +0.74%, Real Estate +0.84%, Consumer Discretionary +0.85%, Communication Services +1.04%, Energy +1.05%.

Archer-Daniels-Midland (ADM) - Q3 adj. EPS 1.09 (exp. 1.09), Q3 revenue USD 19.94bln (exp. 21.5bln). Ahead, exec said its sees softer market conditions into next year, but is taking actions to improve performance and drive value creation; it is redoubling its focus on productivity and operational excellence, while maintaining a disciplined approach to capital allocation. Reiterates FY24 EPS guidance at between USD 4.50-5.00 (exp. 4.60). (Newswires)

Alphabet (GOOG) - The DoJ plans to ask a judge to require Google to sell its Chrome browser, citing illegal search market monopolisation, Bloomberg reports. Additional measures will target AI and Android dominance, marking a significant antitrust crackdown, the report adds. (Bloomberg)

Crypto, Coinbase Global (COIN) - President-elect Donald Trump is set to meet Coinbase CEO Brian Armstrong to discuss potential administration appointments, including leadership of the SEC, WSJ reports. Trump, now pro-crypto, has pledged transparent regulatory reforms and proposed a crypto advisory council.

Nippon Steel (NPSCY), US Steel (X) - Nippon Steel is intensifying efforts to secure regulatory approval for its USD 15bln acquisition of US Steel, meeting with local officials and union workers in Pittsburgh, FT reports. The deal has faced political resistance, but support is growing among some workers. (Newswires)

S&P 500 - Goldman Sachs forecasts S&P 500 to rise to 6,500 by year-end 2025. (Newswires)

Trip.com (TCOM) - The Chinese travel agency reported Q3 adj. earnings per ADS of USD 1.25; Q3 revenue RMB 15.9bln (exp. 15.7bln), Q3 EBITDA EMB 5.7bln (exp. 5.3bln). Exec said both domestic and international travel exhibited robust growth in the quarter, adding that with increasing consumer confidence and heightened travel sentiment, it is optimistic about the continued growth of the travel industry. (Newswires)

Trump Media & Technology (DJT), Bakkt Holdings (BKKT), Intercontinental Exchange (ICE) - Donald Trump’s media company is reportedly in advanced talks to acquire Intercontinental Exchange’s cryptocurrency trading platform Bakkt, FT reports. The all-share deal would expand TMTG's presence into crypto markets. (FT)

19 Nov 2024 - 06:57- CryptocurrencyResearch Sheet- Source: Newsquawk