Newsquawk Daily European Equity Opening News - 2nd July 2024

2nd July 2024

ASIA

APAC stocks were ultimately mixed amid rising global yields and recent soft US data. ASX 200 was subdued by weakness in real estate and miners, while RBA Minutes did little to shift the dial. Nikkei 225 recouped early losses and eventually reclaimed the 40,000 level for the first time since early April. KOSPI retreated after North Korea claimed it successfully test-fired a new tactical ballistic missile on Monday capable of carrying a super large warhead, while index heavyweight Samsung Electronics traded indecisively after its workers' union announced a 3-day strike. Hang Seng and Shanghai Comp. were marginally positive as the former gained on return from the long weekend in which property stocks briefly lifted the index to just shy of 18,000, while the mainland index was rangebound and attempted to reclaim the 3,000 status.

Samsung Electronics (005930 KS) - Union official says the union at Samsung Electronics in South Korea is to stage a strike between July 8th and 10th. (Newswires)

EUROPEAN CLOSES

CLOSES: DAX +0.47% at 18,322, CAC 40 +1.09% at 7,561, AEX -0.09% at 923, PSI +1.76% at 6,594, FTSE 100 +0.03% at 8,167, FTSE MIB +1.70% at 33,717, Euro Stoxx 50 +0.74% at 4,930, IBEX 35 +1.04% at 11,057, SMI +0.50% at 12,053.

SECTORS: Utilities 1.30%, Financials 1.28%, Energy 1.06%, Industrials 0.53%, Telecoms 0.18%, Consumer Stpl 0.14%, Materials -0.04%, Healthcare -0.16%, Consumer Disc -0.17%, IT -0.94%

FTSE 100

British American Tobacco (BATS LN)/Imperial Brands (IMB LN) - Philip Morris International (PM) affiliate, Swedish Match USA (delisted from Nasdaq Stockholm in 2022), presented evidence to the TPSAC on June 26th, supporting the renewal and expansion of marketing General Snus as a Modified Risk Tobacco Product. It seeks broader channels beyond its website to communicate reduced-risk claims. (Newswires)

UK Retail - UK BRC Shop Price Index YY (Jun) 0.2% (Prev. 0.6%). (Newswires)

OTHER UK COMPANIES

BROKER MOVES

DAX

OTHER GERMAN COMPANIES

Northern Data (NB2 GY) - Co. reportedly weighs AI unit US IPO at USD 16bln value, according to Bloomberg. (Newswires)

BROKER MOVES

CAC

Airbus (AIR FP) - Co. reportedly delivered around 67 airplanes in June to reach around 323 units in H1 24, according to Reuters citing sources. (Newswires)

Renault (RNO FP) - LG Energy Solution (373220 KS) entered a deal to supply 39 GWh scale EV batteries to Renault. (Newswires)

Sodexo (EO FP) - Q3 (EUR): Revenue 6.07bln (exp. 6.11bln). FY24 guidance confirmed. (Newswires)

OTHER FRENCH COMPANIES

Ipsen (IPN FP) - Collaboration and license agreement for the development of Cabometyx in advanced neuroendocrine tumours based on positive Phase III trials. (Newswires)

Vallourec (VK FP) receives the necessary approvals to commence its Phase 1 mine extension project in Brazil to progress the first extension phase of its Pau Branco iron ore mine. (Newswires)

BROKER MOVES

PAN EUROPE

BROKER MOVES

SMI

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Maersk (MAERSK DC) - Co. said the coming months will be challenging for carriers and businesses alike, as the Red Sea situation stretches into Q3 24. CEO said the longer this lasts, the more their costs will get deeply ingrained. Co. does not yet exactly know how much of these costs will be recovered, and for how long, and higher rates seeing right now are of a temporary nature. Co. will have, in the coming months, mission positions or ships that are sailing that are a significantly different size from what they normally would have on that string, which will also imply reduced ability for Maersk to carry all demand that there is. (Newswires)

BROKER MOVES

US

CLOSES: SPX +0.27% at 5,475, NDX +0.66% at 19,812, DJI +0.13% at 39,170, RUT -0.86% at 2,030.

SECTORS: Technology +1.30%, Consumer Discretionary +0.73%, Financials +0.22%, Communication Services +0.10%, Energy +0.02%, Health -0.56%, Consumer Staples -0.67%, Utilities -0.69%, Real Estate -0.99%, Industrials -1.10%, Materials -1.55%.

Boeing (BA) - Co. is to plead guilty to fraud or face a criminal trial under DoJ offer, according to FT. (FT)

GameStop (GME) - Roaring Kitty lawsuit over GameStop (GME) was withdrawn on Monday without an explanation but could be refiled, according to a filing. (Newswires)

Paramount (PARA) - Barry Diller is exploring a bid to take control of Paramount, according to NYT. (NYT) Separately, Co. is reportedly hunting for a streaming partner and could kick off a wave of deals, via CNBC, Warner Bros. Discovery (WBD) has an interest in merging Max and Paramount+ as a joint venture, according to CNBC citing sources. (CNBC)

Salesforce (CRM) - Shareholders reject compensation plan for CEO and other top executives. (Newswires) 

02 Jul 2024 - 06:44- EquitiesResearch Sheet- Source: Newsquawk