Newsquawk Daily European Equity Opening News - 23rd August 2024

23rd August 2023

ASIA

APAC stocks were ultimately mixed amid cautiousness as traders braced for a slew of global central bank rhetoric including Fed Chair Powell's speech at the Jackson Hole Symposium. ASX 200 was restricted amid notable weakness across the commodity-related sectors. Nikkei 225 swung between gains and losses after Japanese CPI printed mostly in line with expectations, while there was also a slew of commentary from BoJ Governor Ueda who stood by last month's BoJ rate hike. Hang Seng and Shanghai Comp. initially diverged with the former pressured by underperformance in NetEase and Baidu due to earnings disappointment, while the mainland was indecisive amid very few fresh catalysts.

EUROPEAN CLOSES

CLOSES: DAX: +0.25% at 18,495, FTSE 100: +0.06% at 8,288, CAC 40: flat at 7,524, Euro Stoxx 50: flat at 4,885, AEX: +0.08% at 908, IBEX 35: +0.37% at 11,156, FTSE MIB: flat at 33,311, SMI: +0.62% at 12,326, PSI: -0.43% at 6,645

SECTORS: Healthcare 0.88%, Consumer Stpl 0.61%, Financials 0.60%, Utilities 0.38%, Telecoms 0.34%, Industrials 0.23%, Consumer Disc 0.22%, Materials -0.14%, Energy -0.51%, IT -0.54%

FTSE 100

AstraZeneca (AZN LN) - Warns of moving UK vaccine production to the US amid a recent deadlock with the UK's Labour Government, regarding plans to cut state aid, via the FT. (FT)

BP (BP/ LN) - China's JIAAO Enprotech signed an investment deal with BP on sustainable aviation fuel; BP to take a 15% equity stake in a unit of JIAAO for CNH 354mln. (Newswires)

UK Consumer Confidence - UK GfK Consumer Confidence (Aug) -13.0 vs. Exp. -12.0 (Prev. -13.0); “There are strong personal financial expectations for the coming year with a three-point uptick in this measure from +6... this more positive outlook may be due to a mortgage friendly interest rate cut at the beginning of August – and hopes of more to come”. (GfK)

OTHER UK COMPANIES

BROKER MOVES

Smiths (SMIN LN) initiated with Hold at Berenberg

DAX

Deutsche Bank (DBK GY) - Elliott gets EUR 200mln payday from Deutsche Bank settlement, via Bloomberg (Bloomberg)

Infineon Technologies (IFX GY) - Co. and Qimonda reach settlement. The settlement agreement provides for a payment of EUR 753.5mln. The amount consists of a nominal settlement amount of EUR 800mln less set-off amounts from previous agreements with the insolvency administrator. Amount in excess of this will have a negative impact on earnings and cash form. The insolvency administrator had claimed an amount of around EUR 3.4bln plus interest. (Newswires)

OTHER GERMAN COMPANIES

Biontech (22UA GY) - Pfizer and Biontech receive US FDA approval and authorisation for the Omicron Covid-19 vaccine. (Newswires)

BROKER MOVES

CAC

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

Proximus (PROX BB) - Will activate alternative scenarios for its headquarters as Immobel has not exercised the call option to acquire and redevelop Proxium towers. (Newswires)

BROKER MOVES

SMI

Nestle's (NESN SW) - CEO Mark Schneider has relinquished his role, effective September 1st, with Laurent Freixe appointed the replacement. New CEO Freixe says will focus on managing costs and will focus on expanding market share. (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Getinge (GETIB SS) - To acquire Paragonix for USD 446mln. (Newswires)

Volvo AB (VOLVB SS) - Will build its new Mexican heavy-duty truck manufacturing plant in Monterrey; investment of approx. USD 700mln. (Newswires)

BROKER MOVES

Demant (DEMANT DC) upgraded to Hold from Underperform at Jefferies

US

CLOSES: SPX -0.89% at 5,571, NDX -1.68% at 19,492 DJIA -0.43% at 40,713, RUT -0.95% at 2,150

SECTORS: Technology -2.13%, Consumer Discretionary -1.87%, Communication Services -0.93%, Materials -0.24%, Industrials -0.18%, Utilities -0.17%, Consumer Staples -0.11%, Health -0.02%, Energy +0.32%, Financials +0.48%, Real Estate +0.56%.

Apple (AAPL) - To offer more options for choosing default browser in the EU. Plans to create a dedicated space on iPhones for changing default apps. Says new features to be available later this year in EU. To allow deletion of apps such as camera, App Store, photos, and messages. (Newswires)

Amazon (AMZN) - Tenders reportedly show that state-linked Chinese entities use Amazon (AMZN) Cloud unit to access restricted AI chips and models including Nvidia (NVDA) chips banned from export to China, according to Reuters. (Reuters)

Canadian National Railway (CNI), Canadian Pacific Kansas City (CP) - The Canadian government intervened to end a rail stoppage by requesting a back-to-work order from the Industrial Relations Board. Canadian National Railway and Canadian Pacific Kansas City had locked out over 9,000 workers, halting operations. CN plans to end its lockout, while CPKC awaits the order to resume services. (Newswires)

Paramount Global (PARA) - Skydance accused Paramount’s special committee of breaching their deal by extending negotiations with other bidders, WSJ reports. In a letter, Skydance's lawyers demand that Paramount stop talks with Edgar Bronfman Jr., and reserve the right to terminate the agreement in the future. (WSJ)

23 Aug 2024 - 06:51- Fixed IncomeResearch Sheet- Source: Newsquawk