Newsquawk Daily European Equity Opening News - 3rd May 2024

3rd May 2024

ASIA

APAC stocks took impetus from Wall St where equities extended on post-FOMC gains and futures were also lifted by Apple's earnings beat, but with upside capped in the region amid key market closures including in Japan and Mainland China. ASX 200 traded higher as real estate led the outperformance in the rate-sensitive sectors. Hang Seng extended its rally after having recently entered a bull market and following stronger GDP data.

EUROPEAN CLOSES

Bourses: DAX: -0.15% at 17,905.58, FTSE 100: +0.63% at 8,172.15, CAC 40: -0.88% at 7,914.65, Euro Stoxx 50: -0.63% at 4,890.35, IBEX 35: +0.16% at 10,872.00, FTSE MIB: -0.03% at 33,736.40, SMI: -0.46% at 11,209.63

Sectors: Telecoms 0.55%, Financials 0.42%, Utilities 0.29%, Consumer Stpl 0.06%, Consumer Disc 0.01%, Energy 0.00%, Materials 0.00%, Industrials -0.28%, Healthcare -0.84%, IT -1.75%

FTSE 100

Glencore (GLEN LN) - Co. is reportedly holding internal discussions to study an approach for Anglo American (AAL LN), according to Reuters citing sources. (Newswires)

Housing Names - The Times, citing research, reports that councils have been cutting plans for the construction of homes ahead of an anticipated Labour government. (The Times)

HSBC (HSBA LN) - Investor group wants the Co. to set a funding target for renewable energy, following concerns that the current goals are too vague. (Newswires)

NatWest Group (NWG LN) – Co’s Coutts is to pull out almost GBP 2bln from the LSE and instead invest the funds abroad, a move that has come under scrutiny. (Telegraph)

OTHER UK COMPANIES

BROKER MOVES

British Land (BLND LN) downgraded to Equal Weight from Overweight at Barclays

DAX

Daimler Truck (DTG GY) – Q1 (EUR): Revenue 13.3bln (exp. 12.80bln), adj. EBIT 1.21bln (exp. 1.17bln). Confirms guidance for 2024, remarks that headwinds in Europe increasing. (Newswires)

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

Axa (CS FP) - Q1 2024 (EUR): Gross written premiums and other revenues 34bln, +6%, Solvency II ratio 229% at end-March, up two points vs. FY23. CFO Nesle says there is no significant impact from the Baltimore bridge collapse. Drops plans to sell Close Life and Pensions portfolio at Axa Germany. (Newswires)

Credit Agricole (ACA FP) – Q1 (EUR): Net Income 1.9bln (exp. 1.64bln), Revenue 6.81bln (exp. 6.47bln), CET Solvency Ratio 17.5% (prev. 17.5% Y/Y). Outlook: 2024 results expected to reach the 2025 medium-term-plan target a year ahead. Underlying net income group share exceeding 6bln in 2024. (Newswires)

Société Générale (GLE FP) - Q1 (EUR): Net Banking Income 6.65bln (exp. 6.51bln), Equities Revenue 0.87bln (exp. 0.84bln), Operating Expenses 4.98bln (exp. 5.05bln), Loan loss provisions 0.4bln (exp. 0.37bln)

OTHER FRENCH COMPANIES

Atos (ATO FP) - Bain Capital is reportedly looking at the Co. (Les Echos)

BROKER MOVES

PAN EUROPE

bpost (BPOST BB) – Q1 (EUR): adj. EBIT 62.1mln (exp. 75mln), Net Income 41.6mln (exp. 49mln)

Universal Music Group N.V. (UMG NA) Q1 (EUR) - Revenue 2.59bln (exp. 3.41bln), EBITDA 490mln (exp. 612mln). Subscription revenue grew 10.7% Y/Y. Top sellers included Taylor Swift, Noah Kahan, Morgan Wallen, Ariana Grande, and Olivia Rodrigo. (Newswires)

BROKER MOVES

Prysmian (PRY IM) initiated with Overweight at Barclays

SMI

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Orion (ORNBV FH) – Q1 (USD): Adj. EPS 0.52 (exp. 0.48), Sales 502.9mln (exp. 506.4mln). (Newswires)

Orkla (ORK NO) – Q1 (NOK): Revenue 8.05bln (prev. 7.76bln Y/Y), Op. Profit 1.81bln (prev. 1.61bln Y/Y). Says there is now more upward pressure on raw material prices and are expected to increase slightly in the upcoming quarter. (Newswires)

BROKER MOVES

US

CLOSES: SPX +0.91% at 5,064, NDX +1.29% at 17,541, DJIA +0.85% at 38,225, RUT +1.81% at 2,016.

SECTORS: Technology +1.64%, Consumer Discretionary +1.58%, Real Estate +1.38%, Communication Services +1.18%, Consumer Staples +0.8%, Industrials +0.56%, Utilities +0.51%, Energy +0.51%, Financials +0.23%, Health -0.11%, Materials -0.51%.

Apple Inc (AAPL) Q2 2024 (USD): EPS 1.53 (exp. 1.50), Revenue 90.75bln (exp. 90.01bln); to buy back additional 110bln of shares and boosts quarterly dividend 4% to 0.25/shr. Products 66.89bln (exp. 66.95bln). iPhone 45.96bln (exp. 45.76bln). Mac 7.45bln (exp. 6.79bln). iPad 5.56bln (exp. 5.91bln). Wearables, home and accessories 7.91bln (exp. 8.29bln). Service 23.87bln (exp. 23.28bln). Greater China revenue 16.37bln (exp. 15.87bln). Gross margin 42.27bln (exp. 42.01bln). +4.0% in after-hours trade

03 May 2024 - 06:50- EquitiesResearch Sheet- Source: Newsquawk