Newsquawk Daily European Equity Opening News - 3rd September 2024

3rd September 2024

ASIA

APAC stocks eventually faltered and traded in the red across the board, albeit with losses somewhat limited amid cautious trade ahead of the US return and accompanying risk events, such as ISM Manufacturing today and NFP on Friday. ASX 200 saw mild pressure from its Consumer Staples and Mining stocks, but losses are cushioned by Tech, Telecoms, and Energy. Nikkei 225 was initially firmer amid the weaker JPY with the upside is led by the Industrial sector, however, gains later trimmed as the JPY gained ground. Hang Seng and Shanghai Comp were subdued and in-fitting with a broader risk tone with pressure in Real Estate continuing to be a grey cloud over the nation, whilst PBoC liquidity injections get more and more tepid.

EUROPEAN CLOSES

CLOSES: DAX: +0.13% at 18,930.85, FTSE 100: -0.15% at 8,363.84, CAC 40: +0.20% at 7,646.42, Euro Stoxx 50: +0.30% at 4,973.05, AEX: +0.22% at 920.69, IBEX 35: -0.06% at 11,395.30, FTSE MIB: -0.15% at 34,320.60, SMI: +0.17% at 12,458.34, PSI: +0.20% at 6,773.88.

SECTORS: Telecoms 1.09%, IT 0.53%, Energy 0.19%, Utilities 0.17%, Financials -0.01%, Consumer Stpl -0.04%, Healthcare -0.10%, Materials -0.20%, Consumer Disc -0.20%, Industrials -0.40%

FTSE 100

BP (BP/ LN) - Co. is to divest its mature gas fields to Perenco as part of refocusing BP Trinidad and Tobago gas business, according to Reuters. (Newswires)

Rolls-Royce (RR/ LN) - The Cathay Pacific (0293 HK)/Airbus (AIR FP) A350 incident involved a problem with a fuel nozzle in a Rolls-Royce XWB-97 Jet Engine, via Reuters citing sources. (Newswires)

Rightmove (RMV LN) - Confirmed it has not received any approach from REA about a possible offer for the Co. Bloomberg, citing people familiar with the matter, writes that Rightmove is working with UBS & Morgan Stanley on its response to the takeover interest. (Newswires/Bloomberg)

UK Retail - UK Barclaycard Consumer Spending YY (Aug) +1.0% (Prev. -0.3%). UK BRC Total Sales YY (Aug) 1.0% (Prev. +0.5%); LFL Sales +0.8% (Prev. +0.3%), UK BRC Retail Sales YY (Aug) 0.8% (Prev. 0.3%); spending on food and drink fuelled by summery weather. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

Hikma (HIK LN) upgraded to Buy from Hold at Berenberg

DAX

German Telecoms - The German Government has consulted with telecom firms on how to accelerate the roll-out of high-speed broadband in blocks of flats, via the FT. (FT)

Volkswagen (VOW3 GY) - Works Council chief said the board is questioning what they have agreed on for decades, and that profitability and job security are of equal importance at the company. Plant closures are out of the question for them. The workforce is extremely unsettled. No one thought the step of dissolving the job security agreements would be taken. (Newswires)

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

Airbus (AIR FP) - Cathay Pacific is inspecting Airbus A350 fuel lines, according to Bloomberg citing engineer checks. (Bloomberg)

OTHER FRENCH COMPANIES

Valneva (VLA FP) - Co. and Pfizer (PFE) Report Further Positive Phase 2 Booster Results for Lyme Disease Vaccine Candidate. (Valneva)

BROKER MOVES

Sartorius Stedim (DIM FP) initiated with Outperform at RBC

PAN EUROPE

Italian Autos - Italy Car sales -13.37% Y/Y in August, via Transport Ministry. (Newswires)

Mining names - Metals prices continued to slip in APAC trade, given the subdued risk sentiment; 3LME Copper -0.4%.

Stellantis (STLAM IM/ STLAP FP) - Franco-Italian carmaker sales fell by 32.2% Y/Y in Italy in August, according to the Transport of Ministry; Reuters calculations suggest Stellantis held 24.9% of Italy's car market last month. (Newswires)

BROKER MOVES

IMCD (IMCD NA) upgraded to Buy from Hold at Jefferies

SMI

Partners (PGHN SW) - H1 (CHF): Revenue 977mln (prev. 1.05bln Y/Y), Performance Fees 815mln (prev. 786mln Y/Y), EBIT 605mln (prev. 644mln Y/Y); performance fees impacted by low asset divestitures. Reconfirmed outlook on performance fees. FY24 outlook: Guides for -8 to -9bln in tail-down effects stemming from more mature closed-ended investment programs. (Newswires)

Swiss Life (SLHN SW) - H1 (CHF): Adj. Profit 883mln, +7% Y/Y, RoE 17.9% (prev. 15.8% Y/Y). On track to achieve or exceed financial targets. Per Erikson to succeed Machler as new CEO effective 1 April 2025. (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

Novartis (NOVN SW) downgraded to Hold from Buy at Jefferies

SCANDINAVIA

BROKER MOVES

US - Closed on Monday

Agriculture Stocks - China Commerce Ministry, in response to Canada's tariffs on Chinese products, says China to initiate anti-dumping investigation into canola imports from Canada. (Newswires)

Intel (INTC) - Co. and Japan will establish a research and development hub for advanced semiconductor manufacturing equipment in Japan, according to Nikkei. (Nikkei)

NVIDIA (NVDA) - Elon Musk says the xAI team brought their 100k H100 (NVDA) training cluster online; will double in size to 200k (50k H200s (NVDA)) in a few months. (Newswires)

Nippon Steel (NPSCY), US Steel (X) - Vice President Kamala Harris said she opposed Nippon Steel's acquisition of US Steel, emphasising that the company should remain American-owned, WSJ reports.

Tesla (TSLA) - Reportedly plans six-seat variant of Model Y electric vehicle. To start production of six-seat variant of Model Y in China from late 2025, according to Reuters sources. (Newswires)

03 Sep 2024 - 06:40- MetalsResearch Sheet- Source: Newsquawk