Newsquawk Daily European Equity Opening News - 1st March 2024

1st March 2024

ASIA

APAC stocks traded with positive bias amid tailwinds from the US following an absence of any hawkish surprises in the PCE data, while participants also reflected on the latest Chinese PMI figures.ASX 200 printed fresh record highs and entered bull market territory after gaining over 20% from its 2022 low. Nikkei 225 extended on its best levels and advanced closer to the 40,000 level amid a weaker currency and after BoJ Governor Ueda said Japan's economy is not yet in a situation where sustained achievement of 2% inflation can be foreseen, which is in contrast with the prior day's hawkish rhetoric from board member Takata. Hang Seng and Shanghai Comp. lagged behind their regional peers although the Hong Kong benchmark clawed back initial losses with the help of tech strength, while the mainland was indecisive after the PBoC drained liquidity and as participants digested Chinese PMI data which was mostly encouraging although Official Manufacturing PMI remained in contraction territory for the 5th consecutive month.

EUROPEAN CLOSES

CLOSES: DAX: +0.44% at 17,678.19, FTSE 100: +0.07% at 7,630.02, CAC 40: -0.34% at 7,927.43, Euro Stoxx 50: -0.10% at 4,878.95, IBEX 35: -0.67% at 10,001.30, FTSE MIB: -0.11% at 32,580.94, SMI: +0.16% at 11,432.50.

SECTORS: Materials 0.81%, Utilities 0.57%, Industrials 0.46%, IT 0.24%, Financials 0.23%, Telecoms 0.23%, Energy -0.36%, Consumer Disc -0.38%, Consumer Stpl -0.63%, Healthcare -1.03%

FTSE 100

OTHER UK COMPANIES

Bridgepoint Group (BPT LN) - Co. is set to begin the process of looking for a successor to Chairman Jackson, via Sky News citing sources. (Sky News)

BROKER MOVES

Howden Joinery (HWDN LN) downgraded to Neutral from Buy at Citi

Relx (REL LN) downgraded to Hold from Buy at Berenberg

DAX

Deutsche Bank (DBK GY) - Co. is reportedly preparing a liquidation lawsuit against Shimao Group, a Chinese developer, via Reuters citing sources. (Newswires)

OTHER GERMAN COMPANIES

Sixt (SIX2 GY) - FY23 (EUR): Pretax 464.3mln (exp. 341mln, prev. 550.2mln Y/Y), Revenue 3.62bln (exp. 3.56bln, prev. 3.07bln Y/Y). Guides FY24 Pretax 400-520mln. On Thursday 29th Feb: Expects consolidated earnings before taxes in Q1 '24 of EUR -15 to -28mln (prev. 33.3mln in Q1 '23); expects a significant increase in consolidated revenue (Q1 '23 695.1mln). (Newswires)

BROKER MOVES

CAC

Saint Gobain (SGO FP) - FY23 (EUR): Recurring Op. 6.39bln (prev. 6.48bln Y/Y), EBITDA 7bln (exp. 6.9bln, prev. 7.12bln Y/Y), Revenue 47.9bln (exp. 47.8bln, prev. 51.2bln Y/Y). Expects to complete previously announced 5yr 2bln buyback in 2024. Guides initial FY24 Op. margin "double digit". (Newswires)

OTHER FRENCH COMPANIES

Valeo (FR FP) - FY23 (EUR): Net 221mln (exp. 359mln, prev. 230mln Y/Y), EBITDA 2.65bln (exp. 2.83bln, prev. 2.4bln Y/Y), Revenue 22.04bln (exp. 22.9bln, prev. 20.0bln Y/Y). Guides initial FY23 Revenue 22.5-23.5bln. (Newswires)

BROKER MOVES

PAN EUROPE

ACS (ACS SM) - FY23 (EUR): Net 780mln (exp. 645mln, prev. 668mln Y/Y), Revenue 35.74bln (exp. 36.96bln, prev. 33.62bln Y/Y), EBITDA 1.91bln (exp. 1.97bln, prev. 1.75bln Y/Y). (Newswires)

argenx (ARGX BB) - Q4 (EUR): EPS -1.64 (exp. -1.23), Revenue 374.4mln (exp. 372mln). Says sBLA for VYVGART Hytrulo for CIDP accepted for priority review by FDA with PDUFA target action date of June 21'24. (Newswires)

Acciona (ANA SM) - FY23 (EUR): Net 541mln (exp. 476.6mln), EBITDA 1.98bln (exp. 1.89bln), Revenue 3.55bln (exp. 3.49bln). Announces up to EUR 70mln stock buyback. (Newswires)

Aegon (AGN NA) - Q4 (EUR): Net -199mln (prev. -2.36bln Y/Y), Op. 681mln (prev. 488mln). Solvency II 193% (prev. 202% Y/Y). To re-elect CEO Friese. (Newswires)

bpost (BPOST BB) – Q4 (EUR): Net 32.4mln (prev. 77.8mln Y/Y), Adj. EBIT 70.9mln (prev. 71mln Y/Y), Revenue 1.22bln (prev. 1.3bln Y/Y). Guides initial FY24 “stable Y/Y”. (Newswires)

BBVA (BBVA SM) - To establish a new Global Finance unit for clean tech. Buy back to begin on March 4th, to acquire a maximum of 557mln shares; purpose is to reduce share capital, acquired shares to be cancelled. (Newswires)

Cellnex (CLNX SM) - FY23 (EUR): Net -297mln (exp. -124mln, prev. -297mln Y/Y), adj. EBITDA 3.01bln (exp. 3.21bln, prev. 2.63bln Y/Y), Revenue 4.05bln (exp. 4.27bln, prev. 3.50bln Y/Y). (Newswires)

Defence Names - Dutch Government is reportedly set to acquire four new air defence and command frigates with a decision due on Friday, according to RTL Nieuws citing unspecified sources. (RTL Nieuws)

IMCD (IMCD NA) - FY23 (EUR): Net 292mln (prev. 313mln), EBITA 515mln (prev. 554mln Y/Y), Revenue 4.44bln (prev. 4.60bln Y/Y). (Newswires)

Inmobiliaria Colonial (COL SM) - FY23 (EUR): Net -1.02bln (prev. +8mln Y/Y), Gross Rental Income 377mln (prev. 354mln Y/Y). Guides initial FY24 EPS 0.3-0.32 (prev. 0.32 Y/Y). (Newswires)

Leonardo (LDO IM) - FY23 (EUR): EBITA 1.29bln (exp. 1.18bln, prev. 1.22bln Y/Y), Net Debt 2.32bln, Revenue 15.3bln (exp. 15.36bln), Orders 17.9bln; to present industrial plan 2024-2028 on March 12th, 2024. CEO says is in new discussions with Germany's Hensoldt over JV. (Newswires)

OMV (OMV AV) - UAE's ADNOC closes the acquisition of a 24.9% stake in the Co., via Reuters. (Reuters)

Melia Hotels (MEL SM) - Q4 (EUR): Net 21.4mln (exp. 4mln), EBIT 35.8mln (exp. 39mln). Guides initial FY24 Revenue 500mln. (Newswires)

Viscofan (VIS SM) - FY23 (EUR): Net 141mln (prev. 139.4mln Y/Y), EBITDA 268.4mln (prev. 267.2mln Y/Y), Revenue 1.23bln (prev. 1.2bln Y/Y). (Newswires)

BROKER MOVES

EDP Renovaveis (EDPR PL) upgraded to Buy from Neutral at Goldman Sachs

Moncler (MONC IM) downgraded to Hold from Buy at HSBC

SMI

Bucher (BUCN SW) - FY23 (CHF): Net 265mn (exp. 263mln, prev. 335mln Y/Y), EBIT 424mln (exp. 340mln, prev. 425mln Y/Y), Net Sales 3.58bln (prev. 3.60bln Y/Y). Guides FY24 Op. profit margin is expected to decline, but still double digits. (Newswires)

Kuehne + Nagel (KNIN SW) - FY (CHF): EBIT 1.9bln (exp. 2.0bln), Revenue 23.8bln (exp. 24.0bln). Appoints Dominik de Daniel as CEO, effective 1st April. Co. is to acquire City Zone Express to strengthen cross-border offering in Asia Pacific, no terms disclosed. (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Orsted (ORSTED DC) - Co. and Eversource's Sunrise Wind project awarded the right to negotiate a 25-year offshore wind renewable energy certificate agreement for an offshore wind farm with a max capacity of 924MW. (Newswires)

BROKER MOVES

Royal Unibrew (RBREW DC) downgraded to Hold from Buy at Danske Bank

US

CLOSES: SPX +0.52% at 5,096, NDX +0.95% at 18,043, DJIA +0.12% at 38,996, RUT +0.71% at 2,054.

SECTORS: Technology +1.3%, Communication Services +1.27%, Consumer Discretionary +0.97%, Real Estate +0.91%, Materials +0.82%, Energy +0.43%, Industrials +0.4%, Utilities +0.09%, Financials +0.06%, Consumer Staples -0.27%, Health -0.68%.

Dell Technologies Inc (DELL) - Q4 2023 (USD): Adj. EPS 2.20 (exp. 1.73), Revenue 22.32bln (exp. 22.16bln). (Newswires)

Google (GOOG) - Says 10 companies in India have chosen to not pay for the value they receive on Google Play. (Newswires)

New York Community Bancorp (NYCB) - Identified material weaknesses in internal controls and discussed matters disclosed with KPMG; expects to file 10k late. Says completed goodwill impairment assessment on Feb. 23rd and determined a goodwill impairment charge was required, resulting in a USD 2.4bln decrease to Q4 and annual net (loss) income. (Newswires) Shares -21% after-hours.

01 Mar 2024 - 06:52- Research Sheet- Source: Newsquawk