Newsquawk Daily European Equity Opening News - 25th 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 mixed with the growth and tech-led momentum from the US fading overnight. ASX 200 was led higher by strength in mining stocks but with upside capped by a lack of fresh catalysts. Nikkei 225 was indecisive as JPY nursed recent losses and the 10yr yield neared the BoJ’s cap. Hang Seng and Shanghai Comp. weakened with tech names pressured after the US downplayed speculation of a deal on Chinese stock listings and with the PBoC's liquidity boost only providing brief support.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.15% at 3,863; FTSE 100 +0.09% at 7,467; DAX -0.07% at 14,274; CAC 40 -0.39% at 6,556; IBEX 35 -0.28% at 8,305; FTSE MIB +0.26% at 26,637; SMI +0.26% at 12,131

SECTORS: Telecoms 0.62%, IT 0.39%, Consumer Stpl 0.37%, Utilities 0.31%, Healthcare 0.24%, Energy 0.02%, Materials -0.04%, Financials -0.54%, Consumer Disc -0.60%, Industrials -0.86%

FTSE 100

Diageo (DGE LN) - Co. is to sell its Windsor unit for GBP 124mln. (Newswires)

LSE (LSEG LN) - BCP is reportedly looking sell 5.78mln shares via bookbuild, according to reports. (Newswires)

UK Retailers - Apollo Global Management is said to be lining up banks to fund a GBP 6bn buyout of Boots, according to sources. (Sky News)

OTHER UK COMPANIES

BROKER MOVES

B&M European Value Retail (BME LN) downgraded to Neutral from Outperform at Credit Suisse

Bellway (BWY LN) reiterated with Overweight at JPMorgan Chase

Berkeley Group (BKG LN) reiterated with Overweight at JPMorgan Chase

BHP (BHP LN) upgraded to Add from Hold at Morgans Financials

Britvic (BVIC LN) reiterated with Overweight at JPMorgan Chase

British Land (BLAND LN) upgraded to Hold from Underperform at Jefferies

Bunzl (BNZL LN) downgraded to Hold from Buy at HSBC

Crest Nicholson (CRST LN) reiterated with Neutral at JPMorgan Chase

Drax Group (DRX LN) upgraded to Overweight from Equal Weight at Morgan Stanley

Homeserve (HSV LN) upgraded to Hold from Underperform at Jefferies

Indivior (INDV LN) initiated with Equal Weight at Morgan Stanley

Persimmon (PSN LN) reiterated with Overweight at JPMorgan Chase

Redrow (RDW LN) reiterated with Overweight at JPMorgan Chase

Restaurant Group (RTN LN) downgraded to Underweight from Equal Weight at Barclays

Taylor Wimpey (TW/ LN) reiterated with Overweight at JPMorgan Chase

DAX

OTHER GERMAN COMPANIES

BROKER MOVES

Duerr (DUE GY) initiated with Underperform at Exane BNP

Software AG (SOW GY) upgraded to Equal Weight from Underweight at Morgan Stanley

CAC

Renault (RNO FP) - CEO said this year will be more difficult than previously expected. (Newswires)

STMicroelectronics (STM FP) - Co. has confirmed a quarterly dividend of USD 0.24/shr.

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

Mobile Network Providers - Apple (AAPL) is reportedly developing hardware subscription service for iPhones which could be launched by the end of the year or in 2023, according to Bloomberg. (Newswires)

Repsol (REP SM) - Co. is increasing fuel discounts for haulers by an additional EUR 0.10/L. (Newswires)

Saipem (SPM IM) - FY21 (EUR): Revenue 6.88bln (prev. 7.34bln Y/Y). Adj. EBITDA -1.19bln (prev. +614mln). Targets FY21-25 EBITDA over EUR 1bln. FCF over 70mln. Co. approves a capital increase of EUR 2bln. (Newswires)

BROKER MOVES

Indras Sistemas (IDR SM) upgraded to Equal Weight from Underweight at Morgan Stanley

SMI

ABB (ABBN SW) - Co. is to launch a new USD 3bln share buyback. (Newswires)

Roche (ROG SW) - Roche announces collaboration with Bristol Myers Squibb (BMY) to advance personalised healthcare through digital pathology solutions. (PR Newswire)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

BROKER MOVES

Telenor (TEL NO) downgraded to Sell from Neutral at Goldman Sachs

US

CLOSES: SPX +1.43% at 4,520, NDX +2.2% at 14,766, DJIA +1.02% at 34,708, R2K +0.71% at 2,072.

SECTORS: Technology +2.71%, Materials +1.96%, Communication Svs. +1.69%, Health Care +1.15%, Utilities +0.99%, Financials +0.76%, Industrials +0.74%, Consumer Discretionary +0.73%, Real Estate +0.64%, Consumer Staples +0.62%, Energy +0.13%.

RUSSIA-EXPOSED EUROPEAN STOCKS

EUROPEAN COMPANIES WITH STAKES IN RUSSIAN FIRMS

Source: Goldman Sachs/GoogleOrder: Descending market cap

• 
  Shell (SHEL LN) - (Energy) Has a stake of around 28% stake in Gazprom-operated Sakhalin-2 LNG project. [Announced the exit of Gazprom entities (Mar 1)]
  


• 
  TotalEnergies (TTE FP) - (Energy) Exposed via its partnerships with Russian nat gas producers Novatek and Yamal LNG. [Holds presence in Russia but announced no further investments (Mar 1)]
  


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


• 
  BP (BP/ LN) - (Energy) Exposed via its 20% stake in Rosneft. [Announced sale of stake with potential hit of USD 25bln (Feb 27)]
  


• 
  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. [No longer pursuing investments in Russia (Mar 7)]


• 
  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%

25 Mar 2022 - 06:40- EnergyResearch Sheet- Source: Newsquawk