Newsquawk Daily European Equity Opening News - 24th April 2023

24th April 2023

ASIA

APAC stocks were mixed after the lack of macro drivers over the weekend and as participants brace for this week’s key events including big US tech earnings and the first BoJ meeting under Governor Ueda’s leadership. ASX 200 was lacklustre as gains in tech and defensives were offset by underperformance in the mining-related industries with notable losses in Fortescue Metals and South32 after weaker quarterly output updates. Nikkei 225 eked slight gains after source reports that the BoJ is likely to maintain ultra-loose monetary policy and dovish guidance, while it was also reported the BoJ is considering a comprehensive review of the impact of the monetary easing taken over the longer term and are planning to examine a quarter century of deflation. Hang Seng and Shanghai Comp were subdued despite the PBoC’s liquidity efforts and the announcement of policies to support trade by China’s Vice Commerce Minister who also noted that uncertainty in external demand remains the biggest restraint for China’s trade, while frictions lingered with the US reported to have urged South Korea not to fill China’s shortfalls if Beijing bans Micron chips.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.54% at 4,408, FTSE 100 +0.15% at 7,914, DAX 40 +0.54% at 15,881, CAC 40 +0.51% at 7,577, FTSE MIB +0.43% at 27,745, IBEX 35 -0.37% at 9,415, SMI +0.63% at 11,462.

SECTORS: Healthcare 1.85%, IT 1.63%, Consumer Stpl 0.96%, Utilities 0.56%, Consumer Disc 0.34%, Energy 0.05%, Financials -0.21%, Industrials -0.22%, Telecoms -0.23%, Materials -1.56%

FTSE 100

BP (BP/ LN) - The National Employment Savings Trust (Nest) intends to support a resolution from Follow This which calls for the Co. to align its emission reduction plan with the Paris Agreement at the April 27th AGM. (Guardian)

HSBC (HSBA LN) - Pirc has reportedly urged shareholders to vote against the re-election of Chairman Quinn at the AGM, via Mail on Sunday; highlighting Cos links to human rights abuse. (Mail on Sunday)

OTHER UK COMPANIES

THG (THG LN) - Sue Farr, who is the senior independent director at British American Tobacco (BATS LN) is to take the equivalent role at THG, via Sky News citing sources. (Sky News)

BROKER MOVES

DAX

Adidas (ADS GY) - Siu, brand country manager for China, said 2022 was difficult and 2023 probably won’t be much easier. (FT)

SAP (SAP GY) - CEO said the Co. is working with OpenAI to deploy ChatGPT in their products. (Newswires)

OTHER GERMAN COMPANIES

Salzgitter (SZG GY) – Prelim Q1 2023 (EUR): EBITDA 290mln (prev. 548mln). Pretax 183mln (prev. 465mln). (Newswires)

Software AG (SOW GY) - Co. has received an offer to be acquired by PE firm Silver Lake for EUR 30/shr (vs Friday's EUR 19.97 close). Software AG said Q1 traded in-line with market forecasts across the board. (Newswires) 

BROKER MOVES

CAC

Casino (CO FP) - Casino holder Kretinsky has reportedly proposed a EUR 1.1bln capital hike, according to Bloomberg. (Newswires)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

Philips (PHIA NA) - Q1 2023 (EUR): Revenue 4.17bln (exp. 3.99bln). Adj. EBITDA 359mln (exp. 213mln). Co. has made EUR 575mln in provisions for recall litigation costs. Comparable revenue Y/Y +5.7% (exp. +2.2%). (Newswires)

Santander (SAN SM) - Co. is reportedly in discussion to hire several of Credit Suisse’s (CSGN SW) senior investment bankers located in New York, via FT citing sources. (FT)

BROKER MOVES

SMI

Credit Suisse (CSGN SW) - Q1 2023 (CHF): Revenue 18.5bln (prev. 4.41bln) Adj. pretax -1.32bln (prev. -1.10bln0. Earnings include a writedown of CHF 15bln related to AT1 capital notes. CET1 ratio 20.3% (prev. 13.8%). Co. reported net outflows of 61.2bln and that customer deposits declined by CHF 67bln. (Newswires/Credit Suisse) Credit Suisse and M Klein & Co. have agreed to terminate the acquisition of Klein Group. (Newswires) 

GAM (GAM SW) - Zürcher Kantonalbank reportedly held discussions with GAM recently about acquiring the business, via FT citing sources. (FT) As a reminder, GAM is due to report on April 25th

UBS (UBSG SW) – Co. is reportedly mulling mass job cuts, according to reports citing Swiss press, while suggesting the merger with Credit Suisse (CSGN SW) is yet to be finalised. (Newswires) Separately, Chritian Bluhm is to continue as the Group Risk Officer, and Damien Vogel has been appointed to the newly created role of Group Risk Control Head of Integration. (Newswires) 

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

BROKER MOVES

US

CLOSES: SPX +0.09% at 4,133, NDX +0.11% at 13,000, DJIA +0.07% at 33,809, RUT +0.10% at 1,791.

SECTORS: Consumer Discretionary +1.2%, Consumer Staples +0.75%, Health +0.68%, Communication Services +0.32%, Utilities +0.3%, Real Estate +0.17%, Industrials -0.24%,Technology -0.37%, Financials -0.39, Energy -0.59%, Materials -0.91%.

24 Apr 2023 - 06:50- EquitiesResearch Sheet- Source: Newsquawk