Newsquawk Daily European Equity Opening News - 22nd May 2024

22nd May 2024

ASIA

APAC stocks were mostly rangebound as global markets brace for the FOMC Minutes and Nvidia earnings. ASX 200 just about kept afloat as strength in the heavy industries picked up the slack from the sluggish consumer and tech sectors. Nikkei 225 underperformed following a retreat beneath the 39,000 level and amid mixed data releases as trade data disappointed but machinery orders topped forecasts and showed a surprise M/M expansion. Hang Seng and Shanghai Comp were somewhat varied as the former mildly resumed its advances with XPeng among the notable gainers in Hong Kong due to its Q2 delivery guidance, while the mainland was contained amid a lack of drivers and lingering trade frictions.

EUROPEAN CLOSES

CLOSES: DAX: -0.23% at 18,726.36, FTSE 100: -0.09% at 8,416.45, CAC 40: -0.67% at 8,141.46, Euro Stoxx 50: -0.56% at 5,045.85, AEX: -0.38% at 911.51, IBEX 35: -0.04% at 11,334.90, FTSE MIB: -0.64% at 34,603.61, SMI: -0.23% at 11,996.70.

SECTORS: Energy -0.04%, Materials -0.06%, Industrials -0.13%, Utilities -0.17%, Financials -0.28%, Consumer Stpl -0.55%, IT -0.66%, Telecoms -0.66%, Consumer Disc -0.67%, Healthcare -0.69%

FTSE 100

Anglo American (AAL LN) - Under UK takeover rules, BHP (BHP AT) has until 17:00 BST on Wednesday 22nd May 2024 (today) to make a binding bid for Anglo American or it must walk away for at least six months. (Bloomberg)

Shell (SHEL LN) – Shareholders rejected a climate resolution filed by an activist group, in favour of the Co's own climate resolution. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

DAX

OTHER GERMAN COMPANIES

Evotec (EVT GY) – Q1 (EUR): Revenue 155.18mln (exp. 195mln), Adj. EBITDA -5.46mln (exp. 18mln). Outlook 2024: Revenues expected to grow by double-digit percentage. (Newswires)

BROKER MOVES

CAC

Schneider Electric (SU FP) - Co. said talks with Bentley Systems (BSY) have ended, according to Bloomberg. (Bloomberg)

OTHER FRENCH COMPANIES

ADP (ADP FP) – Appoints Augustis De Romanet De Beaune as interim Chair and CEO. (Newswires)

BROKER MOVES

Eutelsat (ETL FP) downgraded to Neutral from Buy at Citi

PAN EUROPE

BBVA (BBVA SM) – Co. hired lobbyists to help overcome the Spanish Government’s opposition to its recent hostile takeover offer for Banca Sabadell (SAB SM), according to Bloomberg. (Bloomberg)

Luxury names – Chanel said 2023 revenues were +16% to USD 19.7bln; plans to open more stores in China. (Reuters)

BROKER MOVES

DSM-Firmenich (DSFIR NA) upgraded to Overweight from Equal Weight at Morgan Stanley

SMI

Roche (ROG SW) - Roche granted FDA Breakthrough Device Designation for blood test measuring Lp(a), a key marker for hereditary cardiovascular risk. (Roche)

Swiss Life (SLHN SW) – Q1 (CHF): Fee income 639mln, +11% Y/Y, Premiums 7.5bln, +2% Y/Y. Expects fee incoem guidance to reach lower end of the target range of CHF 850-900mln by the end of 2024. (Newswires)

OTHER SWISS COMPANIES

Sandoz (SDZ SW) - Sandoz receives European Commission approval for Wyost and Jubbonti, the first and only biosimilars of denosumab in Europe. Expect to launch from Nov 2025 onwards. (Sandoz)

BROKER MOVES

SCANDINAVIA

Bavarian Nordic (BAVA DC) – Co. said the share buy-back program, which was announced and initiated on May 8, 2024, has now been terminated, as the intended number of shares under the program has been repurchased. (Bavarian Nordic)

BROKER MOVES

US

CLOSES: SPX +0.25% at 5,321, NDX +0.21% at 18,713, DJIA +0.17% at 39,873, RUT -0.20% at 2,098.

SECTORS: Utilities +0.97%, Consumer Staples +0.6%, Financials +0.57%, Consumer Discretionary +0.49%, Technology +0.31%, Health +0.18%, Communication Services +0.05%, Materials -0.01%, Real Estate -0.05%, Industrials -0.33%, Energy -0.51%.

Nvidia (NVDA) - NVDA’s earnings are to be released after close on Wednesday at 21:20BST.

22 May 2024 - 06:50- EquitiesResearch Sheet- Source: Newsquawk