Newsquawk Daily European Equity Opening News - 24th May 2024

24th May 2024

ASIA

APAC stocks followed suit to the selling on Wall St where the initial NVIDIA-related euphoria was soured after strong US PMI data lifted the dollar and yields.ASX 200 declined with underperformance seen in the consumer and rate-sensitive sectors. Nikkei 225 gapped down at the open beneath the 39,000 level amid the headwinds from the US, while participants digested mixed inflation data which slowed in pace from the prior month. Hang Seng and Shanghai Comp were lower with the former weighed on by losses in the property sector and with tech stocks pressured by mixed earnings, while the downside was limited in the mainland amid a lack of catalysts.

Samsung Electronics (005930 KS) - HBM3 and HBM3E chips have yet to pass Nvidia's (NVDA) tests due to heat and power consumption problems, while Co. says it is optimising its products through close collaboration with customer, according to Reuters's sources

EUROPEAN CLOSES

CLOSES: IT 1.57%, Industrials 0.90%, Energy 0.53%, Healthcare 0.23%, Consumer Disc -0.03%, Financials -0.06%, Materials -0.27%, Telecoms -0.71%, Consumer Stpl -0.85%, Utilities -2.69%

SECTORS: DAX: +0.03% at 18,686.63, FTSE 100: -0.37% at 8,339.23, CAC 40: +0.13% at 8,102.33, Euro Stoxx 50: +0.23% at 5,036.55, IBEX 35: -0.16% at 11,311.1, FTSE MIB: +0.02% at 34,467.67, AEX: +0.41% at 914.27.

FTSE 100

Energy prices - Energy bills could fall as much as 7% in July, attributed to the new price caps that are due to be announced at 07:00 BST on May 24 2024, via the BBC. (BBC)

Glencore (GLEN LN) - Australia's Queensland State Environment Department says Glencore's CTSCO Surat Basin carbon capture project is not suitable to proceed due to potential impacts on groundwater resources. (Newswires)

GSK (GSK LN) - Says Zantac verdict consistent with scientific consensus that there is no consistent or reliable evidence that ranitidine increases the risk of any cancer. The next Zantac trial due to start in Illinois has been dismissed. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

Aviva (AV/ LN) downgraded to Hold from Buy at HSBC

DAX

Brenntag (BNR GY) - Brenntag Pacific Teamsters to rally and demand the end of lockout; local 315 workers will rally outside of Brenntag Pacific Chemical plant on Friday, May 24. (Newswires)

thyssenkrupp (TKA GY) - Supervisory board approves sale of 20% in steel division to Czech energy firm EPCG. (Newswires)

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

OTHER FRENCH COMPANIES

Atos (ATO FP) - Jean-Louis Bouchard, Chairman of Econocom, has explained his decision to join the consortium to buy out Atos. Still, join forces to respond to major tenders in the field of outsourcing and equipment financing. (Newswires)

BROKER MOVES

PAN EUROPE

Repsol (REP SM) - Receives license from US Treasury Department to continue and expand oil and gas business in Venezuela, according to Reuters sources. (Reuters)

BROKER MOVES

SMI

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Genmab (GMAB DC) - To showcase data in various patient populations to be presented at its annual meeting. (Newswires)

BROKER MOVES

US

CLOSES: SPX -0.74% at 5,267, NDX -0.44% at 18,623, DJIA -1.53% at 39,869, RUT -1.60% at 2,048.

SECTORS: Real Estate -2.16%, Utilities -1.7%, Consumer Discretionary -1.52%, Financials -1.51%, Industrials -1.22%, Consumer Staples -1.2%, Communication Services -1.15%, Health -1.08%, Energy -1.02%, Materials -0.88%, Technology +0.56%.

Crypto - Sources on X report that the US SEC approves the listing of spot Ethereum ETFs. (X)

Meta (META) - Is working on a paid version of its AI assistant, according to The Information. (The Information)

Nvidia (NVDA) - Co. cuts china prices as it competes with Huawei, according to Reuters citing sources. The lower prices underscore the recent challenges in China amid recent US sanctions. 

Tesla (TSLA) - To cut Model Y output at Shanghai plant by at least 20% during March-June 2024, via Reuters citing sources. (Reuters)

24 May 2024 - 06:51- EquitiesData- Source: Newsquawk