Newsquawk Daily European Equity Opening News - 25th October 2024

ASIA

APAC stocks were mostly higher following a similar handover from Wall St albeit with upside capped in a somewhat cautious session amid ongoing geopolitical concerns and heading into next month's key events. ASX 200 marginally gained and was led by notable strength in tech after WiseTech's CEO and founder stepped down due to a secret affairs and payments scandal, although the upside in the index was limited by weakness in consumer stocks. Nikkei 225 underperformed following recent yen strength and amid uncertainty ahead of Sunday's election.Hang Seng and Shanghai Comp rebounded from yesterday's selling with the help of strength in tech and automakers, while the PBoC conducted an MLF operation and kept the 1-year MLF rate unchanged at 2.00%, as expected.

Kia Motors (000270 KS) - Q2 (KRW) net 2.27tln (exp. 2.50tln), oper. profit 2.88tln (exp. 3.2tln), rev. 26.5tln (exp. 26.5tln)

EUROPEAN CLOSES

CLOSES: DAX +0.39% at 19,454, FTSE 100 +0.13% at 8,269, CAC 40 +0.08% at 7,503, Euro Stoxx 50 +0.27% at 4,936, AEX +0.67% at 896, IBEX 35 -0.21% at 11,840, FTSE MIB 0.00% at 34,699, SMI +0.24% at 12,177.

SECTORS: Consumer Disc 1.03%, Telecoms 0.77%, IT 0.27%, Consumer Stpl 0.21%, Energy 0.03%, Financials -0.14%, Utilities -0.26%, Healthcare -0.45%, Industrials -0.50%, Materials -0.54%

FTSE 100

HSBC (HSBA LN) - Joins China payments system as the country pushes for yuan usage, according to Bloomberg. (Bloomberg)

Legal & General (LGEN LN) - Acquires a stake in Taurus Investment Holdings and handed the Co. USD 200mln to buy and improve apartment blocks for rent, according to The Times. (The Times)

OTHER UK COMPANIES

BROKER MOVES

DAX

Mercedes-Benz (MBG GY) - Q3 (EUR) Net 1.72bln (exp. 2.01bln, prev. 3.72bln Y/Y), Revenue 34.5bln (exp. 36.6bln, prev. 37.2bln Y/Y); cuts FY rev. outlook "slightly below Y/Y" (prev. guided "at prior level"); affirms EBIT. Cuts FY EV share of car sales 18-19% (prev. guided 19-20%).Adj. FCF 2.45bln (prev. 2.45bln Y/Y). Affirms FY car adj. RoS 7.5-8.5%. Cars adj. RoS 4.7% (prev. 12.4% Y/Y). (Newswires)

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

Accor (AC FP) - Q3 2024 (EUR): Revenue 1.43bln (exp. 1.38bln), RevPar +5.3% (exp. +5.2%); improves EBITDA outlook to between 1.1-1.125bln in 2024. (Newswires)

Safran (SAF FP) - Q3 (EUR): Revenue 6.64bln (exp. 6.77bln). Outlook: Raises FY24 adj. recurring op. 4.1bln (prev. guided 4bln). Cuts adj. revenue 27.1bln (prev. guided 27.4bln). (Newswires)

Sanofi (SAN FP) - Q3 (EUR): EPS 2.86 (exp. 2.51), Revenue 13.4bln (exp. 12.8bln). FCF 3.33bln, +79.5% Y.Y. Affirms guidance. (Newswires)

Vinci (DG FP) - Q3 (EUR): Revenue 18.5bln (exp. 19.2bln). Order intake +1% Y/Y, Order book +6% Y/Y. Affirms guidance. (Newswires)

OTHER FRENCH COMPANIES

ADP (ADP FP) - 9m (EUR): Revenue 4.61bln (prev. 4.12bln Y/Y). Affirms guidance. (Newswires)

Bollore (BOL FP) - Q3 (EUR): Revenue 5.56bln (prev. 3.20bln Y/Y). Organic rev. +2% Y/Y. (Newswires)

Remy Cointreau (RCO FP) - Q2 (EUR): Revenue 318mln (exp. 318.4mln). Notes of persistently sluggish consumer trends in EMEA and persistent lack of visibility of recovery in the US. Cuts FY Revenue outlook "double-digit decline organically" (prev. guided "gradual recovery with H1 affected by mixed consumption in EMEA region". (Newswires)

Wendel (MF FP) - Q3 (EUR): Revenue 2.01bln (prev. 1.72bln Y/Y). Raises FY guidance: organic rev. +9-10% (prev. high single-digit growth). (Newswires)

Unibail-Rodamco-Westfield (URW FP) - 9m Tenant sales +4.3% Y/Y, footfall +2.4% Y/Y, LFL turnover +9.1% (Newswires)

Valeo (FR FP) - Q3 2024 (EUR): Revenue 4.97bln (exp. 5.17bln), Organic revenue -2%; trims FY revenue guidance. Still forecasts FY free cash flow about 350mln (exp. 354.1mln). Still forecasts FY EBITDA margin 12.1-13.1% (exp. 12.5%). Sees FY revenue about 21.3bln (prev. 22bln). To focus on generating FCF and reducing debt in 2025. 2025 outlook shows a worsening economic environment. (Newswires)

BROKER MOVES

PAN EUROPE

Eni (ENI IM) - Q3 (EUR): Adj. Net 1.27bln (exp. 1.12bln), Adj. Op. 3.4bln (Exp. 3.15bln). Confirms to further raise share buyback in 2024 to EUR 2bln. Narrows FY Hydrocarbon production 1.7mln boepd (prev. guided 1.69-1.71mln boepd). Sees FY pro forma adj. EBIT 14bln (prev. guided 15bln). (Newswires)

Signify (LIGHT NA) - Q3 (EUR): Net 108mln (prev. 83mln Y/Y), Revenue 1.54bln (prev. 1.65bln Y/Y). Affirms guidance. (Newswires)

BROKER MOVES

SMI

Holcim (HOLN SW) - Q3 (CHF): Recurring EBIT 1.67bln (exp. 1.67bln, prev. 1.6bln Y/Y). Revenue 7.12bln (exp. 6.71bln, prev. 7.34bln Y/Y). Affirms guidance. (Newswires)

Sika (SIKA SW) - 9m (CHF): Net 922.6mln (prev. 736.5mln Y/Y), EBIT 1.29bln (prev. 1.14bln Y/Y), Revenue 8.9bln (prev. 8.45bln Y/Y). Affirms FY guidance. (Newswires)

SGS (SGSG SW) - Q3 (CHF): Revenue 1.7bln, +3.8% Y/Y. Affirms guidance. (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Konecranes (KCR FH) - Q3 (EUR): Sales 1.06bln (exp. 1.05bn), Net Income 101.1mln (exp. 89mln). Affirms guidance. Demand environment within industrial customer segments has remained good and continues on a healthy level. (Newswires)

BROKER MOVES

US

CLOSES: SPX +0.21% at 5,910, NDX +0.83% at 20,233, DJIA -0.33% at 42,374, RUT +0.23% at 2,219

SECTORS: Consumer Discretionary +3.24%, Communication Services +0.24%, Real Estate +0.22%, Technology +0.21%, Financials +0.08%, Energy -0.19%, Consumer Staples -0.22%, Health -0.68%, Utilities -0.71%, Industrials -0.71%, Materials -1.42%

Apple (AAPL) - Apple regained the Number 2 spot in China’s smartphone market in Q3 2024, with a 15.6% share due to strong iPhone 16 sales, trailing Vivo’s 18.6%, according to IDC data cited by China's SCMP newspaper. Huawei closely followed with 15.3%, seeing a +42% Y/Y surge. China’s smartphone shipments grew +3.2% Y/Y to 68.8mln units. Separately, DigiTimes reports that Apple is reducing production of its Vision Pro mixed reality headset, with potential halting of manufacturing by the end of 2024; Apple is shifting focus to developing more affordable MR headsets for a 2025 launch. (SCMP)

Tapestry (TPR) - Deal with Capri (CPRI) has been blocked by judge in US FTC win. (Newswires)

TSMC (TSM) - TSMC achieved higher production yields at its Arizona plant compared to similar facilities in Taiwan, with yields exceeding those by 4ppts, Bloomberg reports. The report adds that it is a significant win for TSMC’s US expansion despite earlier delays and labour issues, positioning the Arizona plant for stronger productivity as it targets full production by 2025. Separately, DigiTimes reports that TSMC plans to increase its foundry prices for sub-5nm chips in 2025, with costs for 2nm technology expected to surpass USD 30k; the adjustment aims to mitigate gross margin losses from high operating costs and expenses related to deploying 2nm technology. (DigiTimes)

Western Digital Corp (WDC) - Q1 2025 (USD): Adj. EPS 1.78 (exp. 1.71), Revenue 4.095bln (exp. 4.12bln). (Newswires)

25 Oct 2024 - 06:57- Research Sheet- Source: Newsquawk

EURFTSE 100 IndexTSMCEuropeDAX 40 IndexSAF.FPRCO.FPDG.FPFR.FPWDC.USPBoCTSM.USAC.FPSAN.FPLGEN.LNENI.IMMF.FPBOL.FPADP.FP000270.KSHSBA.LNSCMP.USChinaUnited StatesCHFUSDSIKAS&P 500 IndexNASDAQ 100 IndexDow Jones Industrial AverageStaples IncAAPLTPRTaiwanWestern Digital CorpWDCSGS SAJPYKia Motors CorpAEX 25 IndexITHSBACNYLGENMBGGermanyAccor SARemy Cointreau SASafran SASAFSanofiSANValeo SAVinci SADGFranceBollore SAWendel SAURWEni SpAHOLNSika AGAsian SessionEU SessionAsian SessionEU SessionResearch SheetHighlightedGeopoliticalResearch SheetHighlightedUnited KingdomKRWAsiaData

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: