Newsquawk Daily European Equity Opening News - 26th November 2024

ASIA

APAC stocks were ultimately mixed but with early jitters seen following Trump's tariff remarks against Canada, Mexico and China in which he announced to charge Mexico and Canada a 25% tariff on all products and will charge China 'an additional 10% Tariff, above any additional Tariffs'. ASX 200 declined with weakness seen in energy, gold stocks and financials after the recent drop in underlying commodity prices and yields. Nikkei 225 underperformed as firmer-than-expected Services PPI data supports the case for the BoJ to resume policy normalisation. Hang Seng and Shanghai Comp kept afloat in rangebound trade amid the latest Trump tariff threat but with the downside cushioned as increased tariffs would also likely be met with further policy support measures by China, while the PBoC recently pledged measures to promote tech including prioritising policy support for private, small and medium firms.

Toyota (7203 JT) is to postpone the production start for their next-gen EV to mid-2027 (prev. guided 2026), via Kyodo.

EUROPEAN CLOSES

CLOSES: DAX: +0.45% at 19,410, FTSE 100: +0.36% at 8,292, CAC 40: +0.03% at 7,257, Euro Stoxx 50: +0.21% at 4,799, AEX: -0.05% at 879, IBEX 35: +0.47% at 11,712, FTSE MIB: -0.20% at 33,428, SMI: -0.18% at 11,695, PSI: +0.47% at 6,439.

SECTORS: Consumer Disc 1.12%, IT 0.56%, Telecoms 0.53%, Financials 0.28%, Materials 0.26%, Consumer Stpl -0.07%, Industrials -0.12%, Utilities -0.33%, Healthcare -0.38%, Energy -1.60%.

FTSE 100

Barclays (BARC LN) - Co. is to establish a new private banking centre within Singapore. (Newswires)

NatWest (NWG LN) - UK Gov't stake in the Co. at 10.99% as of 21st November, vs 11.34% previously. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

DAX

Deutsche Telekom (DTE GY) CFO P. Illek sold shares on the 22nd November at a price of EUR 29.30/shr. (Newswires)

Siemens (SIE GY) - TPG is reportedly in advanced talks to purchase the Indian wind energy unit of Siemens Gamesa, via Bloomberg citing sources; could be valued at over USD 300mln. (Bloomberg)

OTHER GERMAN COMPANIES

BROKER MOVES

Gerresheimer (GXI GY) initiated with Outperform at Bernstein +2.8% in pre-market trade

CAC

Renault (RNO FP) - Nissan (7201 JT) seeks an anchor investor to help it through make-or-break 12 months, according to FT; reportedly targeting a bank or insurance group to replace some of Renault's equity. (FT)

TotalEnergies (TTE FP) - Takes note of interview with the French Ecological Transition Minister: clarifies that all renovation work undertaken complies with gov't regulations and Co. goes even further with the checks. Has never claimed CEE, contests the penalty and will appeal. (Newswires)

OTHER FRENCH COMPANIES

BROKER MOVES

Amundi (AMUN FP) downgraded to Neutral from Overweight at JPMorgan

PAN EUROPE

Auto Names - US President Biden's administration rejects bid to reconsider rules to require nearly all new cars and trucks by 2029 to have advanced automatic emergency braking. (Newswires)

Chip Names - Xiaomi (1810 HK) readies its own chip, pressuring MediaTek (2454 TT) and Qualcomm (QCOM), according to Bloomberg. (Bloomberg)

Tobacco Names - UK Parliament will on Tuesday debate and vote on plans to ban anyone aged 15 or younger this year from ever being able to purchase cigarettes. Measure would also ban vape advertising and their sale within vending machines and restrict packaging/flavours which appeal mostly to young people. (Newswires)

Trump Tariff Announcement - Trump said as one of his many first executive orders, he will charge Mexico and Canada a 25% tariff on all products coming into the US which will remain in effect until drugs, in particular Fentanyl, and all 'Illegal Aliens' stop invading the US. Furthermore, would charge China “an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America” until drugs stop pouring into the US. (Newswires/Truth Social)

BROKER MOVES

Enagas (ENG SM) upgraded to Neutral from Underweight at JPMorgan

SMI

Roche (ROG SW) - Updates on phase III SKYSCRAPER-01 study: the study did not reach the primary endpoint of overall survival at the final analysis. The overall safety profile observed remained consistent with longer follow-up, and no new safety signals were identified. Elsewhere, Co. is to acquire Poseida Therapeutics for USD 9/shr or an equity value of c. USD 1.0bln; transaction expected to close in Q1-2025. (Roche/GlobeNewswire)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

BROKER MOVES

US

CLOSES: SPX +0.30% at 5,987, NDX +0.14% at 20,805, DJIA +0.99% at 44,737, RUT +1.47% at 2,442

SECTORS: Energy -2.01%, Technology -0.35%, Utilities +0.20%, Consumer Staples +0.37%, Financials +0.61%, Industrials +0.66%, Communication Services +0.76%, Health +0.90%, Materials +0.94%, Consumer Discretionary +0.99%, Real Estate +1.28%.

Intel (INTC), Qualcomm (QCOM) - Qualcomm's interest in acquiring Intel has diminished, likely derailing what could have been a historic tech deal, Bloomberg reports. The complexities of acquiring Intel in its entirety have made the prospect less appealing. However, Qualcomm may explore acquiring parts of Intel or revisit the idea in the future, sources suggest.

Apple (AAPL) - Apple is facing significant hurdles in launching its own AI models in China, with a top Chinese official stating that foreign companies must partner with local entities to navigate the complex approval process, FT reports. Despite efforts to collaborate with Chinese tech giants like Baidu (BIDU), ByteDance, and others, Apple's entry into the market may be delayed into 2025 due to regulatory challenges, the report says.

Rivian (RIVN) received conditional approval for up to USD 6.6bln loan from the US DoE to build an EV factory in Georgia.

26 Nov 2024 - 06:45- Research Sheet- Source: Newsquawk