Newsquawk Daily European Equity Opening News - 30th June 2023
30th June 2023
ASIA
Asia-Pac stocks mostly traded with cautious gains amid the higher yield environment and as participants digested a slew of data releases at quarter-end including the latest Chinese official PMIs. ASX 200 (Flat) lacked direction on the last day of the financial year in Australia as gains in the commodity-related sectors and utilities offset the losses in real estate and tech. Nikkei 225 (-0.5%) was subdued after mixed data releases including disappointing Industrial Production and softer-than-expected Tokyo CPI although the losses were cushioned by recent currency moves in which USD/JPY briefly climbed above the 145.00 level for the first time since November. Hang Seng (+0.2%) and Shanghai Comp. (+0.8%) were initially choppy but ultimately gained after the latest Chinese PMI data in which headline Manufacturing PMI matched estimates at 49.0 and Non-Manufacturing PMI was slightly softer-than-expected at 53.2 (exp. 53.3) but remained at a firm expansion.
Toyota (7203 JT) - Q3 global output is to increase 10% Y/Y to 2.59mln units, according to Chubu Keizai newspaper (Chubu Keizai)
EUROPEAN CLOSES
Bourses: Euro Stoxx 50 +0.23% at 4,354, FTSE 100 -0.38% at 7,471, DAX 40 -0.01% at 15,946, CAC 40 +0.36% at 7,312, FTSE MIB +1.05% at 27,928, IBEX 35 +0.31% at 9,510, SMI -0.11% at 11,171.
Sectors: Financials 0.53%, Consumer Disc 0.52%, IT 0.41%, Energy 0.17%, Materials 0.10%, Consumer Stpl -0.02%, Telecoms -0.06%, Healthcare -0.16%, Utilities -0.43%, Industrials -0.44%
FTSE 100
OTHER UK COMPANIES
Pendragon (PDG LN) - Reportedly Chair Filby plans to step down amid activist pressure from Pallister, which has 4% stake. (Sky News)
BROKER MOVES
Airtel Africa (AAF LN) reiterated with Overweight at JPMorgan Chase
Aviva (AV/ LN) upgraded to Buy from Hold at HSBC
British Land (BLND LN) upgraded to Buy from Neutral at Kempen
Carnival Corporation (CCL LN) upgraded to Buy from Hold at Jefferies
Drax Group (DRX LN) upgraded to Outperform from Neutral at Credit Suisse
Land Securities (LAND LN) downgraded to Neutral from Buy at Kempen
DAX
Adidas (ADS GY)/Puma (PUM GY) - Nike (NKE) shares fell 4.3% post-earnings. Puma shares seen -2.1%, Adidas seen -1.1%. (Lang & Schwarz)
Volkswagen (VOW3 GY) - Co. and its brands are currently evaluating the implementation of the Tesla (TSLA) North American Charging Standard (NACS) for its North American customers. (Newswires)
OTHER GERMAN COMPANIES
Leg Immobilien (LEG GY) - Raises FY AFFO (EUR) 165-180mln (prev. 125-140mln), Adj. EBITDA margin 80% (prev. 78%). (Newswires)
BROKER MOVES
Evonik Industries (EVK GY) reiterated with Overweight at JPMorgan Chase
Siemens (SIE GY) reiterated with Overweight at JPMorgan Chase
Siemens Energy (ENR GY) reiterated with Overweight at JPMorgan Chase
Nordex (NDX1 GY) initiated with Buy at Deutsche Bank
CAC
BNP Paribas (BNP FP) - Said to face questions in the US over work related to the digital China yuan. Certain US officials said to be concerned that China's digital yuan project is a threat to the USD, according to Bloomberg sources. (Newswires)
Sanofi (SAN FP) - Co. and SK Bioscience announce positive results from Phase 2 study of 21-valent Pneumococcal Conjugate Vaccine candidate. (Newswires)
OTHER FRENCH COMPANIES
Eutelsat (ETL FP) - Momentum is to partner with Eutelsat and Oneweb to provide connectivity solutions for the Oil & Gas industry. (Newswires)
Ipsen (IPN FP) - Co. and Genfit (GNFT FP) announce positive results from Phase 3 elative trial of Elafbranor in patients with primary bilary cholangitis, a rare cholestatic liver disease. (Newswires)
Sodexo (SW FP) - Q3 2023 (EUR): EBIT margin 5.5%, Revenue 6bln (exp. 6.2bln), Organic growth 10.5% (exp. 9.8%). (Newswires)
BROKER MOVES
Accor (AC FP) upgraded to Neutral from Sell at Goldman Sachs
Societe Generale (GLE FP) upgraded to Buy from Hold at Deutsche Bank
PAN EUROPE
Chip names - US is expected to curb exports of some Dutch chip equipment to specific facilities in China, according to a source cited by Reuters. (Newswires) ASML ADR fell 1.8% after-market
ERG (ERG IM) - Reportedly agrees to sell Priolo Gargollo thermoelectric plant to Swiss company Achernar Assests AG for EUR 206mln, according to Reuters. (Newswires)
Stellantis (STLAM IM STLAP FP) - Signs offtake terms and invests in Kuniko for supply of Norweigen, low carbon nickel and cobal sulphate. Additionally, agreed to purchase EUR 5mln in new equity in Kuniko. (Newswires)
BROKER MOVES
SMI
OTHER SWISS COMPANIES
BROKER MOVES
SCANDINAVIA
Subsea 7 (SUBC NO) - Awarded USD 500-750mln offshore UK wind contract. (Newswires)
BROKER MOVES
US
CLOSES: SPX +0.45% at 4,396, NDX -0.16% at 14,939, DJIA +0.80% at 34,122, RUT +1.23% at 1,881.
SECTORS: Financials +1.67%, Materials +1.27%, Energy +1.11%, Industrials +0.94%, Real Estate +0.87%, Health +0.65%, Technology +0.13%, Consumer Discretionary +0.06%, Utilities -0.05%, Consumer Staples -0.15%, Communication Services -0.63%.
Apple (AAPL) initiated with a Buy rating at Citi and USD 240 PT
Nike (NKE) - Q4 2023 (USD): EPS 0.66 (exp. 0.67), Revenue 12.83bln (exp. 12.59bln). North America revenue USD 5.36bln (exp. 5.28bln). EMEA revenue USD 3.35bln (exp. 3.29bln). Greater China rev. USD 1.81bln (exp. 1.64bln). Asia Pacific & Latin America rev. USD 1.70bln (exp. 1.72bln). Inventory USD 8.45bln (exp. 8.88bln). Guides FY24 rev. growth of mid-single digits and gross margin growth of 140bps-160bps, according to earnings call. (Newswires) NKE shares seen -4.3% after-market
30 Jun 2023 - 06:50- Research Sheet- Source: Newsquawk
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