Newsquawk Daily European Equity Opening News - 1st September 2023

1st September 2023

ASIA

APAC stocks trade mixed following a similar lead from Wall Street, whilst Hong Kong markets were closed due to Typhoon Saola. ASX 200 is weighted by its metals, and materials names with the index declining further under the 7,300 mark. Nikkei 225 opened in the red but quickly trimmed losses with the rebound spearheaded by the energy sector. KOSPI is underpinned by the South Korean trade data which printed better than feared, whilst Samsung shares rose 3%, possibly amid tailwinds from stellar Dell earnings stateside. Shanghai Comp opened firmer after large Chinese banks cut their deposit rates, while the PBoC also lowered down payment for first and second-time home buyers and announced a cut to the FX RRR. Hong Kong markets are closed due to Typhoon Signal 8.

EUROPEAN CLOSES

CLOSES: DAX +0.35% at 15,947, FTSE 100 -0.46% at 7,439, CAC 40 -0.65% at 7,317, Euro Stoxx 50 -0.44% at 4,296, IBEX 35 -0.47% at 9,506, FTSE MIB -0.29% at 28,832, SMI +0.19% at 11,112.

SECTORS: Telecoms 0.38%, Materials 0.26%, Utilities 0.26%, Energy 0.02%, IT -0.07%, Industrials -0.11%, Financials -0.15%, Healthcare -0.45%, Consumer Stpl -0.50%, Consumer Disc -0.61%

FTSE 100

BAE Systems (BAE LN) - Awarded two US Army contracts for total value of USD 706.7mln from DoD. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

DAX

OTHER GERMAN COMPANIES

Aurubis (NDA GY) - Co. says it has been the target of a huge theft. Identifies serious indications of a shortfall in metals, and believes it has been the target of further criminal activity. Damages potentially in the 3-digit million euro range. Co. will not achieve prior FY EBT guidance of EUR 450-550mln. (FT/Newswires) Shares seen down -8.1% in pre-market trade.

Ipsen (IPN FP) - Announces change in R&D leadership, Huguet to replace Mayer. (Newswires)

BROKER MOVES

Beiersdorf (BEI GY) upgraded to Overweight from Neutral at JP Morgan

Volkswagen (VOW3 GY) downgraded to Sell from Neutral at UBS

CAC

OTHER FRENCH COMPANIES

Biomerieux (BIM FP) - H1 (EUR): EPS 1.36 (Prev. 1.93 YY), Adj. Op 291mln (Prev. 322mln YY), Revenue 1.77bln (Prev. 1.66bln YY). (Newswires)

BROKER MOVES

Renault (RNO FP) downgraded to Sell from Neutral at UBS

PAN EUROPE

Energy Names - Morgan Stanley upgrades the European Energy sector to overweight. (Newswires)

Stellantis (STLAP FP/STLAM IM) - UAW said it filed for unfair labour practices against GM (GM) and Stellantis (STLAP FP/STLAM IM), suggesting they refuse to bargain in good faith, according to the union. Ford (F) makes a substantial UAW offer including a significant pay increase, tiers eliminated, 25% faster growth to top wages. (Newswires)

BROKER MOVES

Acciona Energias (ANE SM) upgraded to Buy from Hold at Mirabaud

Galp Energia (GALP PL) upgraded to Equal Weight from Underweight at Morgan Stanley

SMI

Roche (ROG SW) - Genentech’s Alecensa Delivers Unprecedented Phase III Results for People With ALK-Positive Early-Stage Lung Cancer. (Businesswire)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Getinge (GETIB SS) - Getinge/Maquet/Datascope Recalls Cardiosave Hybrid and Rescue Intra-aortic Balloon Pumps (IABPs) for Power Failures When Device is Unseated from Cart. (FDA)

Vestas Wind Systems (VWS DC) - Signs agreement for US offshore wind project. (Vestas)

BROKER MOVES

Equinor (EQNR NO) upgraded to Equal Weight from Underweight at Morgan Stanley

Essity (ESSITY SS) downgraded to Underweight from Neutral at JP Morgan

US

CLOSES: SPX -0.16% at 4,507, NDX +0.25% at 15,501, DJIA -0.48% at 34,721, RUT -0.19% at 1,899.

SECTORS: Consumer Discretionary +0.51%, Technology +0.37%, Energy +0.14%, Communication Services +0.11%, Materials -0.06%, Financials -0.41%, Industrials -0.51%, Consumer Staples -0.54%, Real Estate -0.77%, Utilities -1.04%, Health -1.20%.

Dell Technologies Inc (DELL) - Q2 2023 (USD): Adj. EPS 1.74 (exp. 1.14), Revenue 22.9bln (exp. 20.85bln). (Dell)

Intel (INTC) - CEO Gelsinger says Q3 is above mid-point of guidance. Guided EPS USD 0.2 (Exp. USD 0.21). (Newswires)

Broadcom (AVGO) - Q3 2023 (USD): Adj. EPS 10.54 (exp. 10.43), Revenue 8.88bln (exp. 8.87bln) KEY METRICS: Adj. EBITDA 5.80bln (exp. 5.71bln). Semiconductor solutions revenue 6.94bln (exp. 6.87bln). Infrastructure software revenue 1.94bln (exp. 1.91bln). GUIDANCE: Q4 revenue view 9.27bln (exp. 9.28bln). COMMENTARY: Q4 outlook projects Y/Y growth, reflecting continued leadership in networking for generative AI. (Newswires) 

Tesla (TSLA) - Cuts China prices for Model S and Model X. Model S CNY -56,000. Model S Plaid CNY -130,000. Model X CNY -98,000. Model X Plaid CNY -151,000. (Newswires)

01 Sep 2023 - 06:44- Research Sheet- Source: Newsquawk