Newsquawk Daily European Equity Opening News - 25th February 2022

The Daily European Equity Opening News is uploaded at 0700GMT/0200EST recapping all of the overnight equity news.

From 0700GMT/0200EST all equity news will be covered in real-time over the audio and headline feed and the full audio rundown will be at 0715GMT/0215EST.

There will be an additional audio rundown at 0750GMT/0250EST recapping any company news which has hit the wires since 0715GMT/0215EST 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 mostly gained after the firm rebound on Wall St. ASX 200 was capped amid a slew of earnings and with outperformance in tech offset by weakness in miners and financials. Nikkei 225 outperformed and reclaimed the 26k status with exporters underpinned by a more favourable currency. KOSPI gained with index heavyweight Samsung Electronics underpinned as it launched global sales of its flagship smartphone and latest tablet which have attracted record pre-orders. Hang Seng and Shanghai Comp. were mixed with the mainland underpinned after the PBoC boosted its daily liquidity operation which resulted in the biggest weekly cash injection in more than two years. although Hong Kong was constrained by losses in the energy majors and with financials subdued amid pressure in HSBC shares and after China Communist Party inspections on financial institutions.

TSMC (2330 TT) - said it is fully committed to complying with new export control rules against Russia and it has rigorous export control system in place. (Newswires)

EUROPEAN CLOSES

CLOSES: EURO STOXX 50 -3.6% at 3,828, FTSE 100 -3.9% at 7,207, DAX 40 -4.0% at 14,052, CAC 40 -3.8% at 6,521, FTSE MIB -4.2% at 24,877, IBEX 35 -2.9% at 8,198, SMI -2.6% at 11,636.

SECTORS: Energy -0.34%, Utilities -1.08%, IT -1.11%, Healthcare -1.74%, Materials -2.83%, Industrials -2.93%, Consumer Stpl -3.29%, Telecoms -3.70%, Consumer Disc -4.44%, Financials -6.00%

RUSSIA-EXPOSED EUROPEAN STOCKS

EUROPEAN COMPANIES WITH STAKES IN RUSSIAN FIRMS

Source: Goldman Sachs/Google

Order: Descending market cap

• 
  Shell (SHEL LN) - (Energy) Has a stake of around 28% stake in Gazprom-operated Sakhalin-2 LNG project.


• 
  TotalEnergies (TTE FP) - (Energy) Exposed via its partnerships with Russian nat gas producers Novatek and Yamal LNG.


• 
  Prosus (PRX AV) - (Tech) Co. owns Avito, a Russian classified advertisements website.


• 
  BP (BP/ LN) - (Energy) Exposed via its 20% stake in Rosneft.


• 
  Equinor (EQNR NO) - (Energy) Owns minority stakes in three oilfields in Russia.


• 
  Glencore (GLEN LN) - (Basic Resources) Owns a 0.6% stake in Rosneft and 10.5% in Anglo-Russian green energy and metals company EN+.


• 
  OMV (OMV AV) - (Energy) Exposed via the Yuzhno-Russkoye oil and gas field.


• 
  Tenaris (TEN IM) - (Energy) Exposed via a pipeline deal it owns 49% interest in.


• 
  Renault (RNO FP) - (Auto & Parts) 6% of Renault's revenue and 15% of EBIT comes from its ownership of AvtoVAZ - Russian automobile manufacturing company.


• 
  Alstom (ALO FP) - (Industrial) Has a 20% stake in Russia's largest rail manufacturer - Transmasholdings.

EUROPEAN COMPANIES WITH RUSSIAN SALES EXPOSURE ABOVE 20%

• 
  VEON (VEON AV) (Telecom) 48%


• 
  Polymetal (POLY LN) (Basic Materials) 42%


• 
  EVRAZ (EVR LN) (Basic Materials) 38%


• 
  Uniper (UN01 GY) (Utilities) 25%


• 
  Fortum (FORTUM FH) (Utilities) 25%


• 
  NOKIAN (TYRES FH) (Autos) 21%

FTSE 100

BP (BP/ LN) - Co. is under pressure from UK MPs to abandon its 20% stake in Russian oil Co. Rosneft. This comes as UK PM Johnson said the UK must reduce its reliance on Russian hydrocarbons. (Telegraph)

OTHER UK COMPANIES

BROKER MOVES

DAX

BASF (BAS GY) - Q4 2021 (EUR): Revenue 19.78bln (exp. 18.68bln). Adj. EBIT 1.23bln (exp. 1.35bln). Guides 2022 revenue between 74-77bln (exp. 76.41bln). Guides 2022 Adj. EBIT between 6.6-7.2bln (exp. 7.03bln). FY dividend 3.40/shr (exp. 3.39/shr)

Volkswagen (VOW3 GY)/ Porsche SE (PAH3 GY) - In the event of a successful Porsche AG IPO, Volkswagen is to distribute a special dividend amounting to 49% of gross proceeds. (Newswires)

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

Saint-Gobain (SGO FP) - FY21 (EUR): Revenue 44.2bln (prev. 38.1bln Y/Y). Adj. EBITDA 6.20bln (exp. 6.24bln). Recurring net 2.82bln (prev. 1.47bln). (Newswires)

Teleperformance (TEP FP) - Entered into an agreement whereby Goldman Sachs (GS) bought around 58k shares on behalf of Teleperformance. (Newswires)

OTHER FRENCH COMPANIES

Vallourec (VK FP) - Q4 2021 (EUR): Revenue 1.06bln (exp. 850mln). EBITDA 126mln (prev. 76mln). (Newswires)

BROKER MOVES

TotalEnergies (TTE FP) downgraded to Sector Perform from Outperform at RBC

PAN EUROPE

ACS (ACS SM) - FY21 (EUR): Revenue 27.8bln (exp. 27.6bln). EBITDA 1,60bln (exp. 1.50bln). (Newswires)

bpost (BPOST BB) - Q4 2021 (EUR): Revenue 1.3bln (exp. 1.22bln). Adj. EBIT 88.1mln (exp. 81.5mln). Co. guides initial Capex around EUR 250mln. (Newswires)

Ferrovial (FER SM) - FY21 (EUR): Revenue 6.78bln (prev. 6.53bln). EBITDA 596mln (prev. 406mln). (Newswires)

Juventus (JUVE IM) - H1 (EUR): Revenue 223.1mln (prev. 258.3mln Y/Y). Net -119mln (prev. -113.7mln). (Newswires)

Moncler (MONC IM) - FY21 (EUR): Revenue 2.0bln (exp. 1.99bln). EBIT 603mln (exp. 575mln). Net 411mln (exp. 390mln). (Newswires)

Russia-exposed banks- US sanctions target Sberbank, VTB, Otkritie, Novikom and Sovcom of Russia, imposes corresponding banking restrictions on Sberbank. (Newswires)

Wienerberger (WIE AV) - Co. is said to be in discussions to divest its French pipe unit, according to reports. (Newswires)

BROKER MOVES

Merlin Properties (MRL SM) reiterated with Overweight at JPMorgan Chase

SMI

Holcim (HOLN SW) - Q4 2021 (CHF): Revenue 6.99bln (prev. 5.99bln). Recurring EBIT 1.10bln (prev. 1.04bln). (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

BROKER MOVES

US

CLOSES: S&P 500 +1.4% at 4,286, Nasdaq 100 +3.4% at 13,974, Dow Jones +0.3% at 33,223, Russell 2000 +2.5% at 1,993.

SECTORS: Technology +3.5%, Communication Services +3.1%, Consumer Discretionary +2.5%, Real Estate +1.8%, Industrials +1.2%, Utilities +0.7%, Health +0.5%, Materials -0.3%, Energy -0.9%, Financials -1.2%, Consumer Staples -1.7%.

Tesla (TSLA) -SEC probes trading by CEO Musk and Brother in wake of Tesla CEO sales. The investigation looks partly at Kimbal Musk’s trades before brother’s pledge to sell shares based on Twitter poll, according to WSJ. (WSJ)

25 Feb 2022 - 06:48- MetalsGeopolitical- Source: Newsquawk