Newsquawk Daily European Equity Opening News - 29th November 2023
29th November 2023
ASIA
Asia-Pac stocks were mixed after the choppy performance on Wall St where stocks wavered, treasuries rallied and the dollar dipped on dovish Fed rhetoric, while the region also digested the RBNZ’s hawkish hold where it kept rates unchanged but signalled risks of a future hike. ASX 200 (+0.3%) was positive with the index helped by encouraging data including better-than-expected Construction Work Done which feeds into next week’s GDP release and after softer monthly CPI all but guaranteed a pause at the December RBA meeting. Nikkei 225 (-0.2%) swung between gains and losses with early pressure from a firmer currency before the index rebounded off lows, while there were also comments from BoJ Adachi who stuck to the dovish script as he noted it is appropriate to patiently maintain easy policy and if needed, the BoJ will take additional easing steps. Hang Seng (-2.5%) and Shanghai Comp. (-0.5%) declined with underperformance in Hong Kong amid property sector woes and after the recent rises in domestic money market rates, while the PBoC’s open market operations also resulted in a net daily drain.
EUROPEAN CLOSES
CLOSES: DAX -0.39% at 15,966.37, FTSE 100 -0.37% at 7,460.70, CAC 40 -0.37% at 7,265.49, Euro Stoxx 50 -0.39% at 4,355.15, IBEX 35 -0.03% at 9,936.10, FTSE MIB -0.31% at 29,342.29, SMI -0.59% at 10,815.10.
SECTORS: Utilities 0.59%, Energy 0.41%, Industrials 0.20%, Financials 0.11%, Telecoms 0.02%, Materials -0.10%, IT -0.20%, Consumer Stpl -0.44%, Consumer Disc -0.89%, Healthcare -1.45%
FTSE 100
Barclays (BARC LN), Lloyds (LLOY LN) - More than two-thirds of The Daily Telegraph's readership have said they are less likely to read the newspaper should it be taken over by Abu Dhabi, according to The Times. (The Times)
OTHER UK COMPANIES
Deliveroo (ROO LN) – Co. now provides DIY/hardware products as part of its shopping section within the app, according to The Times. (The Times)
BROKER MOVES
Aviva (AV/ LN) downgraded to Hold from Buy at Deutsche Bank
Diageo (DGE LN) downgraded to Neutral from Overweight at JP Morgan
Direct Line (DLG LN) upgraded to Buy from Hold at Deutsche Bank
Legal & General (LGEN LN) upgraded to Buy from Hold at Deutsche Bank
M&G (MNG LN) upgraded to Buy from Hold at Deutsche Bank
DAX
OTHER GERMAN COMPANIES
Aroundtown (AT1 GY) - 9M (EUR): FFO/shr 0.23 (prev. 0.25 Y/Y), Adj. EBITDA 748mln (prev. 758mln Y/Y), Rental Income 885mln (prev. 903mln Y/Y). (Newswires)
BROKER MOVES
BMW (BMW GY) upgraded to Overweight from Neutral at JP Morgan
Siltronic (WAF GY) upgraded to Buy from Hold at Berenberg Shares seen +2.5% in pre-market trade
Volkswagen (VOW3 GY) downgraded to Neutral from Overweight at JP Morgan
CAC
Transport Names - French Transport Minister Beaune says the rise of highway tolls will be lower than 3%, increases in following years will also be moderate. (Newswires)
OTHER FRENCH COMPANIES
BROKER MOVES
Kering (KER FP) downgraded to Hold from Buy at Stifel Nicolaus
Legrand (LR FP) downgraded to Underperform from Sector Perform at RBC
Michelin (ML FP) upgraded to Neutral from Underweight at JP Morgan
TotalEnergies (TTE FP) downgraded to Hold from Buy at Jefferies
PAN EUROPE
Ferrovial (FER SM) - Announces agreement to sell entire 25% stake in London's Heathrow Airport Holdings for GBP 2.37bln. (Newswires)
IMCD (IMCD NA) - Acquires Guangzhou RBD Chemical. No terms disclosed. (Newswires)
JPMorgan European Equity Strategy – JPM cuts Food, Retail, Hotels/Travel & Semiconductors to Underweight. (Newswires)
Prosus (PRX NA) - H1 (EUR): Net -110mln (prev. 338mln Y/Y), Revenue 2.6bln (prev. 2.3bln Y/Y). Sees consolidated economic profit in H2'24 (prev. guidance H1'25). (Newswires/Bloomberg)
Saipem (SPM IM) - Awarded USD 1.9bln in two offshore contracts. (Newswires)
BROKER MOVES
Davide Campari (CPR IM) downgraded to Underweight from Neutral at JP Morgan
SMI
Richemont (CFR SW) - Notes the media reports on FARFETCH. Carefully monitoring the situation, including reviewing its options with respect to its arrangements with FARFETCH. Note that it does envisage lending or investing in FARFETCH. (Newswires)
OTHER SWISS COMPANIES
BROKER MOVES
SCANDINAVIA
Maersk (MAERSK DC) - Market Update: Currently, we do not anticipate any impact of low water levels on our ability to load contracted volumes on all services. (Newswires)
Norsk Hydro (NHY NO) - Guides up to NOK 2bln greener earnings uplift by 2030. Updating 2024 and medium-term CAPEX guiding to 15bln Y/Y from currency, inflation and 2023 carry-over. Aiming to distribute 50-60% of adjusted net income to shareholders for 2023. (Newswires)
BROKER MOVES
Carlsberg (CARLB DC) upgraded to Neutral from Underweight at JP Morgan
Equinor (EQNR NO) downgraded to Underperform from Hold at Jefferies
Evolution (EVO SS) upgraded to Buy from Neutral at Citi
Vestas Wind Systems (VWS DC) upgraded to Buy from Hold at Berenberg
US
CLOSES: SPX +0.10% at 4,554, NDX +0.30% at 16,010, DJIA +0.24% at 35,416, RUT -0.46% at 1,792.
SECTORS: Consumer Discretionary +0.54%, Real Estate +0.52%, Consumer Staples +0.4%, Communication Services +0.32%, Utilities +0.31%, Materials +0.2%, Technology +0.19%, Energy +0.06%, Financials -0.1%, Industrials -0.24%, Health -0.5%.
Apple (AAPL) - Sent a proposal to Goldman Sachs to exit from the credit card partnership in around 12-15 months, according to WSJ. (WSJ)
Google (GOOGL) - Adverts appear on sanctioned sites, according to third-party research cited by the FT, which suggests the Co. has served ads on hundreds of questionable sites in violation of its own policies. (FT)
Nvidia (NVDA) - CFO says the Co. will bring new products for China; SAAS business is approaching USD 1bln within this quarter - UBS conference. (Newswires)
Jabil (JBL) - Cuts outlook; Q1 revenue view USD 8.3-8.4bln (prev. 8.4-9bln, exp. 8.74bln), FY core EPS above 9.00 (exp. 9.59); said during the final stretch of Q1, experienced softening in demand, as a result of short-term inventory corrections. (Newswires)
UnitedHealth (UNH) - Reaffirms FY23 EPS view between USD 24.85-25.00 (exp. 24.95); Guides initial FY24 EPS between 27.50-28.00 (exp. 27.91), Revenue 400-403bln (exp. 393.7bln). (Newswires)
29 Nov 2023 - 06:50- Research Sheet- Source: Newswires
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