Newsquawk Daily European Equity Opening News - 24th November 2023
24th November 2023
ASIA
Asia-Pac stocks traded mixed in the absence of a lead from Wall St owing to the Thanksgiving holiday and as markets headed into the start of the temporary Israel-Hamas truce. ASX 200 (+0.2%) was led higher by strength in utilities, financials and the energy sector albeit with gains capped by tech weakness and after an Australian warship sailed through the Taiwan Strait which risks stoking frictions between Australia and its largest trading partner. Nikkei 225 (+0.5%) outperformed on return from its holiday closure as participants digested data releases including national CPI which printed softer than expected although mostly accelerated from the previous month. Hang Seng (-1.4%) and Shanghai Comp. (-0.7%) were pressured despite the lack of obvious catalysts, while PBoC liquidity efforts and news that China is mulling unprecedented support for the property sector by allowing banks to offer unsecured short-term loans to qualified developers have failed to support the risk tone.
EUROPEAN CLOSES
CLOSES: DAX +0.23% at 15,994.73, FTSE 100 +0.19% at 7,483.58, CAC 40 +0.24% at 7,277.93, Euro Stoxx 50 +0.22% at 4,361.45, IBEX 35 +0.18% at 9,905.50, FTSE MIB +0.28% at 29,235.71, SMI +0.18% at 10,851.62.
SECTORS: Energy 1.54%, Healthcare 0.70%, Financials 0.45%, Materials 0.17%, Industrials 0.17%, Utilities 0.14%, IT 0.01%, Telecoms -0.09%, Consumer Disc -0.11%, Consumer Stpl -0.16%
FTSE 100
Barclays (BARC LN) - Working on GBP 1bln cost savings plan which could involve up to 2k job cuts, according to Reuters source. (Reuters) Do note this story came out at 16:22 on 23rd November 2023, which led to marginal upside before the cash close.
Barclays (BARC LN)/Lloyds (LLOY LN) - Abu Dhabi's al-Jaber is set to take charge at the Telegraph, according to The Times. (The Times)
Vodafone (VOD LN) - Swisscom's (SCMN SW) Fastweb is exploring a deal for Vodafone's Italian unit, according to Bloomberg citing sources. Vodafone rejected a EUR 11.25bln bid for the unit last year. (Bloomberg)
UK Firms - Ministers told the CMA to support businesses, economic growth and speed up the decision making process, according to The Times. (The Times)
OTHER UK COMPANIES
BROKER MOVES
DAX
BASF (BAS GY) - ADNOC is exploring a potential acquisition of Wintershell Dea, a European energy unit, backed by BASF. A deal could be valued at more than USD 11bln, according to sources cited by Bloomberg. (Bloomberg) Shares seen +1.8% in pre-market trade
OTHER GERMAN COMPANIES
BROKER MOVES
Continental (CON GY) upgraded to Overweight from Equal Weight at Barclays
Evonik Industries (EVK GY) upgraded to Buy from Hold at Stifel Nicolaus
Fresenius Medical Care (FME GY) upgraded to Hold from Reduce at HSBC
Porsche (POR3 GY) downgraded to Equal Weight from Overweight at Barclays
Mercedes-Benz (MBG GY) downgraded to Equal Weight from Overweight at Barclays
CAC
OTHER FRENCH COMPANIES
BROKER MOVES
Forvia (EO FP) upgraded to Overweight from Underweight at Barclays
Michelin (ML FP) downgraded to Underweight from Overweight at Barclays
PAN EUROPE
Elia (ELI BB) - Raises FY23 Adj. ROE "upper range of 6-7%" (prev. 6-7%). (Newswires)
BROKER MOVES
Endesa (ELE SM) downgraded to Neutral from Outperform at BNP Paribas
SMI
OTHER SWISS COMPANIES
BROKER MOVES
SCANDINAVIA
Axfood (AXFO SS) - Reaffirms financial targets. (Newswires)
Kongsberg Gruppen (KOG NO) - Defence unit to develop new "Super Missile" with Norway and Germany. (Newswires)
BROKER MOVES
US
Nvidia (NVDA) - Told customers it is delaying the launch of China-targeted H20 AI chip until Q1 2024 with the delay due to issues server manufacturers are having integrating the H20 chip, according to Reuters sources. (Reuters)
24 Nov 2023 - 06:48- EquitiesData- Source: Newsquawk
Subscribe Now to Newsquawk
Click here for a 1 week free trial
Newsquawk provides audio news and commentary for over 15,000professional traders and brokers worldwide. Services include:
- Real-time audio coverage from 0630 to 2200 London time plus Asia-Pac 2200 to 1000 London time
- Teams of analysts covering equities, fixed income, FX, energy, and metals markets
- Real-time scrolling news service with instant analysis
- Daily and weekly pre-market research and calendars
- Video updates covering near-term key risk events & primary trading themes
- One-to-one chat with our expert analysts