Newsquawk Daily European Equity Opening News - 28th March 2024

28th March 2024

ASIA

APAC stocks partially sustained the momentum from the late ramp-up on Wall St heading into quarter-end. ASX 200 rose to a fresh record high with the broad-based gains in the index led by strength in the mining industry. Nikkei 225 was pressured after the JPY bounced back from 33-year lows amid intervention risks. Hang Seng and Shanghai Comp. were underpinned by tech strength and after another firm PBoC liquidity operation, while China's 3rd highest-ranked official Zhao Leji stated at the Boao Forum that China's economy will provide a strong driving force for a world recovery and that China will reduce the 'negative list' for foreign investors.

Toyota (7203 JT) - February global parent-only vehicle production fell 2.6% Y/Y to 737.2k units and parent-only global sales fell 6.9% Y/Y to 719.6k units. (Newswires)

US-China - US intelligence officials briefed Senators in February with information regarding China's WuXi AppTec (2359 TT) and concerns included that the Co. had transferred IP to China, according to Reuters sources. (Newswires)

EUROPEAN CLOSES

CLOSES: DAX: +0.49% at 18,475, FTSE 100: +0.01% at 7,932, CAC 40: +0.25% at 8,205, Euro Stoxx 50: +0.37% at 5,083, IBEX 35: +1.09% at 11,111, FTSE MIB: +0.21% at 34,760, SMI: +0.25% at 11,710.

SECTORS: Utilities 1.25%, Consumer Stpl 0.56%, Telecoms 0.53%, Healthcare 0.44%, Consumer Disc 0.37%, Materials 0.36%, Financials -0.10%, Industrials -0.33%, IT -0.41%, Energy -0.66%

FTSE 100

abrdn (ABDN LN) - Abdrn Property, a property fund managed by abrdn, will be wound down after a proposed tie-up with a rival fund. (Newswires)

Ex-Dividend - Smith & Nephew (SN/ LN), Taylor Wimpey (TW/ LN), Melrose Industries (MRO LN), Prudential (PRU LN), M&G (MNG LN) will trade without entitlement to their latest dividend payouts. (dividenddata)

OTHER UK COMPANIES

Carnival (CCL LN) - CFO said that given hostilities in the Red Sea region have continued, Co. probably will not be sailing there for the rest of 2024 and early 2025. (Newswires)

BROKER MOVES

Diploma (DPLM LN) downgraded to Hold from Buy at Jefferies

DAX

Infineon (IFX GY) - Co. and HD Korea Shipbuilding are jointly developing tech for the electrification of ships. (Newswires)

OTHER GERMAN COMPANIES

Scout24 (G24 GY) - FY23 Prelim: Revenue growth 13.8%. Dividend proposal of EUR 1.2/shr, +20% from the prior dividend. Share buy-back programme with a volume of EUR 50mln. FY24: EBITDA margin 61%, Revenue growth 9-11%. (Newswires)

BROKER MOVES

CAC

TotalEnergies (TTE FP) - France might hike the windfall tax on energy companies, according to PM Attal. (Newswires)

Sanofi (SAN FP) - Moody's affirms Sanofi's A1 rating and changes outlook to 'Positive'. (Newswires)

Valeo (FR FP) - Co. and Google Cloud announced the expansion of the partnership to develop new AI tools. (Newswires)

OTHER FRENCH COMPANIES

Casino (CO FP) - Announced the successful implementation of Co's financial restructuring. Trading in Casino shares will resume on Thursday 28th March 2024. New CEO Mr Phillippe Palazzi. The following transaction of Casino's share capital will be carried out in April 2024: A reverse share split of shares comprising Casino's share capital. (Newswires)

Soitec (SOI FP) - Co. confirms FY24 guidance. H1'25 is expected to decline by around 15% Y/Y. (Newswires)

Spie (SPIE FP) - Co. signed an agreement to acquire MBG Energy in Germany; Co. generated a revenue of approx. 15mln in 2023. (Newswires)

BROKER MOVES

PAN EUROPE

ASML (ASML NA) - China's Commerce Minister discussed with Dutch counterpart lithography machines and strengthening semiconductor industry cooperation, while the Commerce Minister stated that China hopes the Netherlands will uphold the spirit of the contract, support companies in fulfilling their contractual obligations, and ensure the normal conduct of lithography machine trade. (Newswires)

InPost (INPST NA) - FY Revenue 8.86bln (exp. 8.9bln), Parcel growth +20% Y/Y. FY24: Profitable in all key markets, revenue growth above volume growth. Adj. EBITDA increase in line with revenue. (Newswires)

Intesa Sanpaolo (ISP IM) - Co. said it had reduced EUR 36bln exposure to cheap funds borrowed from the ECB. (Newswires)

Stellantis (STLAM IM/STLAP FP) - Co. said it has signed a deal with unions which could lead to a reduction in the workforce of around 3k people. (Newswires)

BROKER MOVES

SMI

ABB (ABBN SW) - Co. launches new share buyback programme of up to USD 1bln. (Newswires)

UBS (UBSG SW) - Co. said in a letter to shareholders that clients have entrusted them with USD 77bln of net new assets since the closing of the Credit Suisse acquisition. UBS remains committed to progressive dividends accruing for a mid-teen percentage increase in dividends per share for the 2024 financial year. Annual report: Co. says have incurred substantial transactional fees. Says increases in capital and liquidity standards could significantly curtail our ability to pursue strategic opportunities. Awarded retention of CHF 735mln. Elsewhere, UBS and Apollo conclude investment and transaction service agreements. Will close out its investment management agreement with Atlas. (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Volvo AB (VOLVB SS) - AGM resolved an ordinary dividend of SEK 7.50/shr and an extraordinary dividend of SEK 10.50/shr. (Newswires)

BROKER MOVES

US

CLOSES: SPX +0.86% at 5,248, NDX +0.39% at 18,280, DJIA +1.22% at 39,760, RUT +2.13% at 2,114.

SECTORS: Utilities +2.75%, Real Estate +2.42%, Industrials +1.6%, Materials +1.44%, Health +1.3%, Financials +1.22%, Consumer Discretionary +1.1%, Consumer Staples +0.96%, Energy +0.94%, Technology +0.12%, Communication Services +0.11%.

28 Mar 2024 - 06:50- Research Sheet- Source: Newsquawk