Newsquawk Daily European Equity Opening News - 25th March 2024

25th March 2024

ASIA

APAC stocks traded mixed amid a lack of major macro drivers heading into month-end and a slew of data releases. ASX 200 finished higher with early outperformance in property and tech owing to softer yields. Nikkei 225 pulled back from record highs as investors booked profits amid some mild yen strength. Hang Seng and Shanghai Comp. were initially indecisive as participants digested recent earnings releases, although eventually strengthened after the slew of rhetoric from Chinese officials including Premier Li who noted relatively big room for macro policy.

BYD Company (1211 HK) - Lowers the starting price of a new version of SEAL electric sedan to CNY 179,800. (Newswires)

Nissan (7201 JT) - Targets an additional 1mln units in sales by end-FY2026 vs FY2023; 30 new Models to be launched by FY26, of which 16 will be electrified; dividend and buyback to target total shareholder return of over 30%. Targeting more than 6% operating profit margin by FY26. Aims to reduce cost of next generation EVs by 30% vs current Ariya crossover.

EUROPEAN CLOSES

CLOSES: DAX: +0.18% at 18,213, CAC 40: -0.34% at 8,152, FTSE 100: +0.61% at 7,931, IBEX 35: +0.70% at 10,943, FTSE MIB: +0.05% at 34,344, Euro Stoxx 50: -0.43% at 5,030, SMI: -0.44% at 11,652.

SECTORS: Utilities 1.05%, Consumer Stpl 0.57%, Telecoms 0.51%, Energy 0.22%, Industrials 0.21%, Healthcare 0.02%, Financials 0.01%, Materials -0.04%, Consumer Disc -0.88%, IT -1.08%

FTSE 100

FTSE 100 - Goldman Sachs raises 2024 FTSE 100 target to 8,200 (prev. 7,900, last closed 7,930.92). (Newswires)

Whitbread (WTB LN) - Co. is said to have drafted in advisers to sell between 30-50 of its "worst performing" Beefeater and Brewers Fayre pubs. Co. is said to have been close to offloading the business to Platinum Equity, but the deal collapsed after the two parties failed to agree on a price, according to sources. (Times)

OTHER UK COMPANIES

Direct Line (DLG LN) - Response to rule 2.8 termination announcement. Is confident in Co's standalone prospects. Ageas (AGS BB) confirms it will not make an offer for Direct Line, as it is not able to identify additional elements base on to justify adjustments to terms of a possible offer. (Newswires)

BROKER MOVES

Bunzl (BNZL LN) reinstated with Neutral at JP Morgan

Intertek (ITRK LN) reinstated with Neutral at JP Morgan

DAX

OTHER GERMAN COMPANIES

Delivery Hero (DHER GY) - Co. says CFO Thomassin will remain until September 2024 and board is actively engaged to finding a successor to ensure a smooth transition. (Newswires)

BROKER MOVES

Heidelberg Materials (HEI GY) upgraded to Buy from Hold at Deutsche Bank

CAC

Danone (BN FP) - Russian regulatory approvals required for the disposal of its EDP business in Russia to Vamin R LLC have been obtained. Total loss recognised in its accounts amounts to EUR 1.2bln. Disposal is expected to close in a couple of weeks. (Newswires)

TotalEnergies (TTE FP) - Port Arthur Texas (238k bpd) refinery production reduced and the crude unit was shut after a fire, via Reuters citing sources. (Reuters)

OTHER FRENCH COMPANIES

Atos (ATO FP) - Atos' largest shareholder Onepoint opposes any sale plan for Atos, according to Figaro, who revealed a plan to "guarantee the integrity of the group". (Figaro)

BROKER MOVES

PAN EUROPE

Ferrovial (FER SM) - Macquarie has denied press reports suggesting it is mulling a multibillion pound bid for a majority stake in Heathrow Airport, according CityAM. (CityAM)

Pirelli (PIRC IM) - Co. said that it had signed an agreement with a few international banks for a new EUR 600mln credit line, maturing in Oct 2028. (Newswires)

Telecom Italia's (TIT IM) - Italy's government and Asterion are said to be mulling a joint bid for Telecom Italia's (TIT IM) Sparkle unit, according to Bloomberg. (Bloomberg)

Stoxx 600 - Goldman Sachs raises 2024 Stoxx600 target to 540 (prev. 510, last closed 509.64). (Newswires)

Tod's (TOD IM) - Italy's watchdog approved the offer document for Crown Bidco's takeover bid for Tod's, according to Reuters. (Newswires) 

BROKER MOVES

SMI

OTHER SWISS COMPANIES

BROKER MOVES

SGS (SGS SW) reinstated with Neutral at JP Morgan

SCANDINAVIA

SBB (SBBB SS) - Announcement of results of tender offers. The expected settlement date in respect of offers is 26 March 2024. (Newswires)

BROKER MOVES

US

CLOSES: SPX -0.14% at 5,234, NDX +0.10% at 18,339, DJI -0.77% at 39,476, RUT -1.27% at 2,072.

SECTORS: Communication Services +0.85%, Technology +0.45%, Utilities +0.15%, Health -0.14%, Energy -0.2%, Industrials -0.34%, Consumer Staples -0.56%, Materials -0.59%, Consumer Discretionary -0.63%, Financials -1.21%, Real Estate -1.24%.

Super Micro Computer (SMCI) - Reports net proceeds of USD 1.73bln from the offering. (Newswires)

25 Mar 2024 - 06:57- EquitiesResearch Sheet- Source: Newsquawk