Newsquawk Daily European Equity Opening News - 6th June 2023

6th June 2023

ASIA

APAC stocks traded mixed with price action mostly rangebound following on from the subdued performance stateside where participants 'sold the news' following Apple's headset announcement and with sentiment clouded by weak data releases. ASX 200 was led lower by underperformance in the consumer-related sectors and top-weighted financial industry, with losses later exacerbated after the RBA delivered a surprise 25bps rate hike to lift the Cash Rate Target to 4.10% and it also kept the door open for further policy tightening. Nikkei 225 was initially pressured after disappointing Household Spending and Labour Earnings data which briefly dragged the index beneath the psychological 32,000 level where it then found support and staged a recovery amid dip buying. Hang Seng and Shanghai Comp. were somewhat varied with the former boosted by strength in property names, although the mainland was less decisive and lagged amid mixed US-China rhetoric.

TSMC (2330 TT) Chairman says Co.'s future is very bright and sees a recovery in some of its end markets, reiterates that Co. may see a slight decline in sales this year but noted some market demand is coming back

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.70% at 4,293, FTSE 100 -0.10% at 7,599, DAX 40 -0.54% at 15,963, CAC 40 -0.96% at 7,200, FTSE MIB -0.78% at 26,856, IBEX 35 -0.30% at 9,289, SMI -0.25% at 11,415.

SECTORS: Telecoms 0.20%, Healthcare 0.08%, Utilities -0.04%, Energy -0.31%, IT -0.41%, Consumer Stpl -0.47%, Industrials -0.50%, Materials -0.53%, Financials -0.57%, Consumer Disc -0.93%

FTSE 100

OTHER UK COMPANIES

BROKER MOVES

Anglo American (AAL LN) upgraded to Outperform from Sector Perform at RBC

Burberry Group (BRBY LN) upgraded to Hold from Reduce at HSBC

Future (FUTR LN) reiterated with Overweight at JPMorgan Chase

DAX

Deutsche Bank (DBK GY) - Co. has reached a settlement over the USD 725mln SunEdison loan, according to Bloomberg. (Newswires)

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

Airbus (AIR FP) - Emirates President said they may order more Airbus A350s or Boeing 777Z or 787. (Newswires)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

Chip Names - TSMC (2330 TT) says expects H2 performance to be better than H1 and sees H1 revenue to decline 10% Y/Y in dollar terms, adds recent quickly rising demand for AI applications is driving a lot of orders for TSMC. (Newswires)

Tech Names - Apple (AAPL) announced its new M2 Ultra chip which features in the new Mac Studio and Mac Pro, while it announced its VR headset, Apple Vision Pro. Vision Pro price will start at USD 3,499 and will not be available until 2024 with availability in the US only at first and other countries later in the year. (Apple)

BROKER MOVES

SMI

Julius Baer (BAER SW) - Co. is reportedly raising USD 250mln from clients for its largest fund, according to documents cited by Bloomberg. (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

BROKER MOVES

Assa Abloy (ASSAB SS) upgraded to Buy from Hold at HSBC

Kone (KNEBV FH) downgraded to Buy from Hold at HSBC

US

CLOSES: SPX -0.20% at 4,273, NDX +0.07% at 14,556, DJIA -0.59% at 33,562, RUT -1.32% at 1,806.

SECTORS: Communication Services +0.58%, Utilities +0.46%, Health +0.38%, Consumer Discretionary +0.35%, Materials -0.1%, Consumer Staples -0.35%, Real Estate -0.52%, Technology -0.56%, Financials -0.56%, Energy -0.58%, Industrials -0.71%.

Apple (AAPL) - Co. announced its new M2 Ultra chip which features in the new Mac Studio and Mac Pro, while it announced its VR headset, Apple Vision Pro, which augments reality by "seamlessly" blending the digital world with the real world and partners with Disney (DIS) on content for the headset. Disney+ is to be available on the Vision Pro and it is working with Unity (U) to bring apps to the Vision Pro, while the Vision Pro price will start at USD 3,499 and will not be available until 2024 with availability in the US only at first and other countries later in the year. (Apple)

06 Jun 2023 - 06:43- Research Sheet- Source: Newsquawk