Newsquawk Daily European Equity Opening News - 24th March 2022

 

The Daily European Equity Opening News is uploaded at 0700GMT/0300EDT recapping all of the overnight equity news.

From 0700GMT/0300EDT all equity news will be covered in real-time over the audio and headline feed and the full audio rundown will be at 0715GMT/0315EDT.

There will be an additional audio rundown at 0750GMT/0350EDT recapping any company news which has hit the wires since 0715GMT/0215EDT ahead of the European equity open

European equity coverage will only cover companies in the STOXX 600 or companies of systemic importance to particular sectors.

ASIA

APAC stocks traded cautiously after the losses in global peers as rising oil prices stoked growth concerns and with sentiment not helped by further hawkish Fed rhetoric. ASX 200 recouped early losses as energy the sector and mining stocks cheered recent commodity gains. Nikkei 225 initially retreated below 28k but then saw a late rebound to keep its winning streak intact. Hang Seng and Shanghai Comp. conformed to the risk-averse mood after the PBoC drained liquidity and amid weakness in tech, with the worst-performing stocks in Hong Kong dragged lower by recent earnings.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -1.45% at 3,869; FTSE 100 -0.22% at 7,461; DAX -1.31% at 14,284; CAC 40 -1.17% at 6,581; IBEX 35 -1.87% at 8,328; FTSE MIB -0.94% at 26,569; SMI -0.86% at 12,097.

SECTORS: Energy 2.60%, Materials -0.01%, Healthcare -0.13%, Industrials -0.98%, Telecoms -1.14%, Consumer Stpl -1.16%, IT -1.63%, Financials -1.65%, Consumer Disc -2.10%, Utilities -2.45%

FTSE 100

FTSE 100 ex-dividend - British American Tobacco (BATS LN), Ferguson (FERG LN), Pearson (PSON LN), Prudential (PRU LN) and Schroders (SDR LN) will trade without entitlement to their latest dividend. (Newswires)

Glencore (GLEN LN) - Qatar Sovereign Wealth Fund is selling its USD 1.1bln stake in the Co.; secondary guidance GBP 4.97/shr according to separate reports (vs GBP 5.12 close on Wednesday). (Newswires/Times)

OTHER UK COMPANIES

BROKER MOVES

British American Tobacco (BATS LN) upgraded to Overweight from Neutral at JPMorgan Chase

Drax (DRX LN) downgraded to Hold from Buy at Jefferies

IAG (IAG LN) downgraded to Hold from Buy at Deutsche Bank

Rightmove (RMV LN) upgraded to Sector Perform from Underperform at RBC

Wizz Air (WIZZ LN) downgraded to Hold from Buy at Deutsche Bank

DAX

Volkswagen (VOW3 GY) - Co. will resume EV production in Dresden and Zwickau from next week, sooner than planned. (Newswires)

OTHER GERMAN COMPANIES

Daimler Trucks (DTG GY) - Adj. EBIT rose significantly to EUR 2.552bln (prev. 657mln). (Newswires)

HeidelbergCement (HEI GY) - Co. is to propose a dividend of EUR 2.40/shr (prev. EUR 2.20/shr) (Newswires)

BROKER MOVES

Bechtle (BC8 GY) upgraded to Buy from Hold at Jefferies

Deutsche Lufthansa (LHA GY) downgraded to Hold from Buy at Deutsche Bank

MorphoSys (MOR GY) initiated with Buy at Berenberg

CAC

Airbus (AIR FP) - Co. said the current geopolitical crisis will impact the aviation industry. CEO says centre of gravity of aviation is moving east and has a trajectory to land in India. (Newswires)

Casino (CO FP) - Co. is said to be mulling offloading part or all its 73% stake in GreenYellow, according to Bloomberg sources, who also suggested GreenYellow could be valued at over EUR 1bln. (Newswires)

Renault (RNO FP) - Co. has shut down its operations in Russia and is mulling exiting its venture. Co. revised its 2022 financial outlook with: a Group operating margin of around 3% (vs prev. ≥ 4% ), and a "positive" automotive operating free cash flow (vs prev. ≥ EUR 1bln). (Newswires/Renault)

OTHER FRENCH COMPANIES

Valneva (VLA FP) - FY21 (EUR): Revenue 348.1mln (prev. 110.3mln Y/Y). EBITDA -47.1mln (prev. -45.2mln) (Newswires)

BROKER MOVES

L'Oreal (OR FP) downgraded to Underperform from Hold at Jefferies

PAN EUROPE

Fincanteri (FCT IM) - FY21 (EUR): Revenue 6.91bln (exp. 6.80bln). EBITDA 495mln (prev. 314mln Y/Y). Net 22mln (prev. -240mln). (Newswires)

Telecom Italia (TIT IM) - KKR has reportedly reiterated its interest in Telecom Italia, according to Reuters sources. (Newswires)

BROKER MOVES

Enel (ENEL IM) upgraded to Buy from Hold at Jefferies

Essity (ESSITYB SS) reiterated with Underweight at JPMorgan Chase

SMI

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

BROKER MOVES

Orsted (ORESTED DC) upgraded to Hold from Underperform at Jefferies

Outokumpu (OUT1V FH) upgraded to Neutral from Underperform at Credit Suisse

US

CLOSES: SPX -1.26% at 4,455, NDX -1.41% at 14,448, DJIA -1.29% at 34,359, R2K -1.91% at 2,049.

SECTORS: Financials -1.84%, Health Care -1.77%, Technology -1.5%, Communication Services -1.25%, Consumer Discretionary -1.23%, Real Estate -1.03%, Industrials -0.91%, Consumer Staples -0.89%, Materials -0.39%, Utilities +0.17%, Energy +1.74%.

RUSSIA-EXPOSED EUROPEAN STOCKS

EUROPEAN COMPANIES WITH STAKES IN RUSSIAN FIRMS

Source: Goldman Sachs/GoogleOrder: Descending market cap

EUROPEAN COMPANIES WITH RUSSIAN SALES EXPOSURE ABOVE 20%

24 Mar 2022 - 06:49- EnergyResearch Sheet- Source: Newsquawk

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