Newsquawk Daily European Equity Opening News

ASIA

APAC stocks traded subdued but mostly within tight ranges following a mixed lead on Wall Street, whilst volume in APAC remained low amid thin summer trade. ASX 200 was pressured by Telecoms and Energy, whilst the hotter-than-expected Aussie CPI sent the index lower, albeit briefly. Nikkei 225 was hindered by the recent upside in the JPY, although price action was contained to tight ranges. Losses lead by Banks and Miners. No notable reaction was seen to BoJ Deputy Governor Himino who noted financial and capital markets remain unstable and the BoJ needs to monitor their developments with the utmost vigilance. Hang Seng and Shanghai Comp initially traded in tight ranges but the Hang Seng later extended on losses with Hong Kong seeing its earnings pick up in pace - Meituan and BYD traded lower ahead of earnings.

Alibaba (BABA/ 9988 HK) - Converts secondary listing on Hong Kong Exchange into primary listing; says the Co. is now a dual primary listed firm on NYSE and HKEX. (Newswires)

EUROPEAN CLOSES

CLOSES: DAX: +0.44% at 18,698, FTSE 100: +0.21% at 8,345, CAC 40: -0.32% at 7,566, Euro Stoxx 50: flat at 4,897, AEX: flat at 908, IBEX 35: +0.55% at 11,327, FTSE MIB: +0.52% at 33,779, SMI: -0.55% at 12,291, PSI: +0.45% at 6,746

SECTORS: Consumer Stpl 0.64%, Financials 0.52%, Telecoms 0.51%, Energy 0.36%, Healthcare 0.25%, Materials 0.24%, Utilities 0.16%, IT 0.11%, Industrials -0.06%, Consumer Disc -0.46%

FTSE 100

Barclays (BARC LN) - Appointed Martin Douglass as Head of Financial Sponsors M&A. (Newswires)

FTSE Reshuffle - Burberry (BRBY LN) and easyJet (EZJ LN) are indicated to leave the FTSE 100 index. Hiscox (HSX LN) and Tritax Big Box (BBOX LN) are candidates for promotion into the FTSE 100. According to the indicative review as of 23rd August data. Final review will be based on 3rd September close and announced on 4th September. (LSEG)

GSK (GSK LN) - Delaware supreme court will hear an appeal by GSK to end more than 70k lawsuits, which claimed that its discontinued Zantac drug caused cancer, according to The Times. (The Times) "Alongside review by the Delaware Supreme Court, the Company will press additional defences in the litigation, including failure to provide proof of use and proof of diagnosis requirements recently ordered by the Court". (GSK)

HSBC (HSBA LN) - Incoming CEO Elhedery is mulling plans that could remove layers of middle management at the bank, according to Bloomberg citing sources. (Bloomberg)

Hargreaves Lansdown (HL/ LN) - Co-founder said the GBP 5.4bln agreed bid price for the Co., is "questionable" and "not the greatest deal in the world", according to The Times. (The Times)

Mining names - One global aluminium producer reportedly seeks USD 185/t premium in talks, +8% from the current quarter, according to Reuters sources. (Reuters)

Prudential (PRU LN) - H1 (USD): Op. Profit 1.54bln (prev. 1.46bln Y/Y). First interim dividend of 6.85/shr. Seen a pick up in sales momentum in June, which continues into H2. First tranche of USD 2bln share buyback in execution. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

Direct Line (DLG LN) upgraded to Buy from Neutral at Citi

Kingfisher (KGF LN) downgraded to Neutral from Buy at Citi

DAX

OTHER GERMAN COMPANIES

Aroundtown (AT1 GY) - H1 (EUR): Revenue 770.8mln, -5% Y/Y. Slightly increases 2024 guidance. FFO guidance increased to a range of EUR 290-320mln. (Newswires)

BROKER MOVES

CAC

Capgemini (CAP FP) - To reinforce its data-driven digital transformation capabilities with the acquisition of Synti; the transaction is due to close in the coming months. (Newswires)

Vinci (DG FP) - July airport passengers +6% Y/Y. (Newswires)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

Ageas (AGS BB) - Announced a new share buyback programme totalling EUR 200mln. (Newswires)

Italian Stocks - Italy is to approve its updated fiscal plan by mid-September, according to The Treasury. (Newswires)

BROKER MOVES

SMI

Novartis (NOVN SW) - Novartis twice-yearly Leqvio demonstrated clinically meaningful, statistically significant LDL-C lowering as a monotherapy in patients at low or moderate ASCVD risk. Data will be shared with regulatory agencies and presented at an upcoming medical meeting. (Novartis)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Elekta (EKTAB SS) - Q1 (SEK): Sales 3.8bln (exp. 3.68bln), adj. EBIT 282mln (exp. 241mln). Guidance: New sales are expected to grow by mid-single digit for the FY of 24/25 with an improved EBIT margin supported by the recent product launch Elekta Evo. (Newswires)

BROKER MOVES

US

CLOSES: SPX +0.16% at 5,626, NDX +0.33% at 19,582, DJIA flat at 41,251, RUT -0.67% at 2,203

SECTORS: Energy -0.93%, Utilities -0.74%, Consumer Discretionary -0.47%, Communication Services -0.44%, Materials -0.01%, Industrials +0.01%, Health +0.10%, Consumer Staples +0.22%, Real Estate +0.25%, Financials +0.48%, Technology +0.63%.

Apple (AAPL) cuts about 100 service jobs as part of a priority shift, according to Bloomberg. (Bloomberg)

PVH Corp (PVH) Q2 2024 (USD): Adj. EPS 3.01 (exp. 2.29), Revenue 2.07bln (exp. 2.07bln). Revenue metrics: Calvin Klein total 930.3mln (exp. 933.9mln). Calvin Klein North America 318.4mln (exp. 321.7mln). Calvin Klein International 611.9mln (exp. 610.3mln). Tommy Hilfiger total 1.09bln (exp. 1.09bln). Tommy Hilfiger North America 323.4mln (exp. 328.8mln). Tommy Hilfiger international 770.0mln (exp. 759.5mln). Guidance: Still forecasts FY revenue of -6% to -7%. FY adj. EPS 11.55-11.80 (exp. 11.31). (PVH IR)

28 Aug 2024 - 06:45- Research Sheet- Source: Newsquawk