Newsquawk Daily European Equity Opening News - 27th June 2023

27th June 2023

ASIA

Asia-Pac stocks were mostly higher after the risk tone gradually improved following the predominantly negative handover from the US where the major indices were subdued heading into quarter-end and the Nasdaq underperformed amid weakness in tech and communications. ASX 200 (+0.5%) was positive as strength in financials and cyclical sectors picked up the slack from the losses in tech and telecoms. Nikkei 225 (-0.7%) was pressured and continued its pullback from the 33,000 level amid increasing speculation that the recent currency weakness could force the BoJ’s hand regarding YCC. Heng Seng (+1.6%) and Shanghai Comp. (+0.9%) were firmer with Hong Kong led by gains in tech and property after the PBoC’s continued liquidity efforts, while Premier Li pledged to roll out effective policy measures and it was also reported that US Treasury Secretary Yellen is planning a trip to China early next month.

TSMC (2330 TT/TSM) - Co. reportedly plans to start building 1.4nm chip fab in 2026. Mass production seen around 2027/28, according to Liberty Times Net. (Liberty Times Net)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.21% at 4,280, FTSE 100 -0.11% at 7,453, DAX 40 -0.11% at 15,813, CAC 40 +0.29% at 7,184, FTSE MIB +0.12% at 27,242, IBEX 35 +0.09% at 9,274, SMI -0.64% at 11,149.

SECTORS: Energy 1.04%, Materials 0.58%, Consumer Disc 0.38%, IT 0.37%, Financials 0.25%, Utilities 0.09%, Telecoms -0.10%, Industrials -0.18%, Consumer Stpl -0.47%, Healthcare -1.06%

FTSE 100

UK Banks - Banks are not passing interest rate hikes on to savers fast enough, according to UK Chancellor Hunt. (Sky News)

UK Grocery Names – UK’s Fresh Produce Consortium (FPC) said UK’s post-Brexit border strategy risks further pushing up food prices. (Guardian) Supermarket executives will be questioned by MPs on Tuesday over why food prices are still rising as some wholesale costs are falling. Tesco (TSCO LN), Sainsbury's (SBRY LN), Asda and Morrisons - (BBC)

OTHER UK COMPANIES

Aston Martin (AML LN) - Co. aims to hit its adj. profit and revenue targets by 2024-2025, according to FT. (FT)

Carnival (CCL) says the booking acceleration seen over the last three weeks has not stopped. (Newswires)

BROKER MOVES

BT (BT/A LN) downgraded to Sell from Neutral at UBS. (Newswires)

DAX

OTHER GERMAN COMPANIES

Tech Names – EU’s digital rules are reportedly facing its first legal challenge, with Zalando (ZAL GY) complaining it was labelled a “very large platform” under the Digital Services Act. (FT)

BROKER MOVES

CAC

Kering (KER FP) - Co. acquired the high-end perfume label, Creed. CFO said the Co. remains attentive to M&A but they are very selective. (Newswires)

Sanofi (SAN FP) - Positive topline Phase 2b data in atopic dermatitis support amlitelimab as a potential first and best-in-class novel investigational anti-OX40-ligand monoclonal antibody. Study met its primary endpoint of percentage change in eczema area and severity score from baseline at 16 weeks. (Sanofi/Newswires)

TotalEnergies (TTE FP) – Partners with Petronas and Mitsui on a Carbon Storage Hub in Malaysia. (Newswires)

OTHER FRENCH COMPANIES

AB Science (AB FP) – Receives notice of Allowance for European patent covering masitinib in the treatment of metastatic castrate refractory prostate cancer. (Newswires)

Accor (AC FP) – Sells 33% stake in Risma to Murtis for MAD 130/shr. (Newswires)

Technip Energies (TE FP) - Co. to resolve outstanding matters with the French Parquet National Financer and agrees to pay public interest fine of EUR 54.1mln. (Newswires)

Vallourec (VK FP) - Signs a memorandum of understanding with the Saudi Ministry of Investment. (Newswires)

BROKER MOVES

PAN EUROPE

Leveraged ETFs – The SEC advisory group has called for single-stock ETFs’ names to be changed to avoid confusion with traditional ETFs. (FT)

Poste Italiane (PST IM) - CEO says the Co. may sell up to 50% of EUR 700mln logistics hub. (Newswires)

Saipem (SPM IM) - Co. has been awarded two new offshore drilling contracts for c. USD 550mln in the Mediterranean Sea and in the Middle East. (Newswires)

UCB (UCB BB) - Announces that BLA for bimekizumab remains under review with the FDA, now expects FDA action in Q3 2023. (Newswires). Announces FDA approval of Rystiggo, for treatment of adults with generalised Myasthenia Gravis and will be commercially available during Q3 2023. (Newswires)

BROKER MOVES

SMI

OTHER SWISS COMPANIES

Helvetia (HELN SW) - Provides information on the implementation of the new accounting principles prescribed under IFRS 17/9. (Newswires)

BROKER MOVES

SCANDINAVIA

BROKER MOVES

Maersk (Maerskb DC) initiated with Hold at Jefferies.

US

CLOSES: SPX -0.44% at 4,329, NDX -1.36% at 14,689, DJIA -0.03% at 33,715, RUT +0.09% at 1,823.

SECTORS: Communication Services -1.88%, Consumer Discretionary -1.25%, Technology -1.03%, Health -0.6%, Financials -0.2%, Consumer Staples +0.03%, Industrials +0.79%, Utilities +0.98%, Materials +1%, Energy +1.71%, Real Estate +2.21%.

27 Jun 2023 - 06:50- Research Sheet- Source: Newsquawk