Newsquawk Daily European Equity Opening News - 6th September 2023

6th September 2023

ASIA

Asian equity markets traded mostly in the red following the subdued handover from Wall Street where sentiment was clouded by the higher yield environment, a stronger dollar and rising oil prices. ASX 200 (-0.7%) was dragged lower by underperformance in tech and with most sectors pressured aside from energy which benefits from the higher oil prices, while better-than-expected GDP data for Australia failed to inspire a turnaround. Nikkei 225 (+0.7%) bucked the trend after it reclaimed the 33,000 status with tailwinds from a weaker currency after the Yen retreated to a fresh YTD low. Hang Seng (-0.6%) and Shanghai Comp. (-0.3%) declined amid tech weakness although losses were stemmed as some developers surged amid hopes of further policy support measures and with Sunac up by more than 60% after its recent return to the Stock Connect.

Toyota (7203 JT) - Says system malfunction last week that caused output stoppage was caused by unavailability of some multiple servers that process parts orders, adds countermeasures have been put in place and malfunction was not caused by a cyber attack. (Newswires)

EUROPEAN CLOSES

CLOSES: DAX -0.33% at 15,773, FTSE 100 -0.17% at 7,440, CAC 40 -0.34% at 7,255, Euro Stoxx 50 -0.23% at 4,269, IBEX 35 -0.27% at 9,391, FTSE MIB +0.00% at 28,648, SMI -0.85% at 10,959.

SECTORS: Energy 1.66%, Telecoms 0.31%, IT 0.30%, Financials -0.05%, Healthcare -0.13%, Industrials -0.36%, Consumer Disc -0.46%, Consumer Stpl -0.73%, Utilities -0.85%, Materials -1.02%

FTSE 100

Shell (SHEL LN) - Will mitigate any supply issue in Australia. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

Hikma (HIK LN) downgraded to Sector Perform from Outperform at RBC

DAX

Volkswagen (VOW3 GY) - Co's plant in Portugal will reportedly suspend production due to a lack of parts, according to Bloomberg. (Bloomberg)

OTHER GERMAN COMPANIES

BROKER MOVES

Krones (KRN GY) upgraded to Buy from Hold at HSBC

Siemens Energy (ENR GY) initiated with Overweight at Barclays

CAC

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

Andritz (ANDR AT) - To supply a six-high cold rolling mill to ArcelorMittal (MT NA), for processing high grade non-oriented silicon steel strip for use in electric motors. (Newswires)

InPost (INPST NA) - Q2 (PLN): Adj. EBITDA 690mln (exp. 641mln), Revenue 2.14bln (exp. 2.14bln). (Newswires)

Sofina (SOF BB) - H1 (EUR): Net +14mln (prev. -1.34bln YY). (Newswires)

UMG (UMG NA) - Co. has made a deal to reshape the economics of music streaming, with changes aimed at directing more money to professional musicians. One way this will be implemented is by lifting pay-outs by 10% on streaming service Deezer, according to the FT. (FT)

BROKER MOVES

Randstad (RAND NA) initiated with Sell at SocGen

UCB (UCB BB) upgraded to Buy from Hold at Deutsche Bank

SMI

Gam (GAM SW) - Convenes extraordinary general meeting to be held on 27 September 2023, at request of Rock Investment SAS. Agenda includes proposals from Rock for election to BoD, and current board proposes to approve Rock's proposals and urges shareholders to vote accordingly. (Newswires)

Roche (ROG SW) - FDA accepts application for Genentech's Crovalimab for the treatment of PNH, a rare-life threatening blood condition. (Newswires)

Swiss Life (SLHN SW) - H1 (CHF): Net 630mln (prev. 560mln YY), Op 836mln (prev. 801mln YY), GWP 11.5bln (prev. 10.8bln YY). Co. to buy back CHF 300mln in shares. (Newswires)

UBS (UBSG SW) - Weighs option to renegotiate the Apollo deal, as the Co. is not happy with the terms Credit Suisse agreed to regarding selling large parts of the business to Apollo Global Management. No decision has been made on whether the lender will seek formal talks with Apollo, according to people familiar with the matter cited by Bloomberg. (Bloomberg)

OTHER SWISS COMPANIES

Barry Callebaut (BARN SW) - Appoints Peter Vanneste as CFO, effective November 1st. Announces strategic investment program of CHF 500mln over two years. (Newswires)

Baloise (BALN SW) - Baloise Asset Management has successfully completed the capital increase for the Co. with capital commitments of CHF 135mln, meaning all properties planned as part of capital increase can be acquired. Payment of new fund units will take place on 7 September 2023. (Newswires)

BROKER MOVES

Adecco (ADEN SW) initiated with Hold at SocGen

SCANDINAVIA

Clas Ohlson (CLASB SS) - Q1 (SEK): EBIT -16mln (prev. -16mln YY), Revenue 2.19bln (prev. 2.04bln YY). Says now choosing to end partnerships with E-Commerce platforms Mathem and Oda. (Newswires)

Genmab (GMAB DC) downgraded to Sector Perform from Outperform at RBC

BROKER MOVES

US

CLOSES: SPX -0.42% at 4,497, NDX +0.11% at 15,508, DJI -0.56% at 34,642, RUT -2.10% at 1,880.

SECTORS: Materials -1.81%, Industrials -1.69%, Utilities -1.54%, Financials -0.96%, Real Estate -0.95%, Health -0.94%, Consumer Staples -0.83%, Consumer Discretionary -0.09%, Communication Services +0.04%, Technology +0.39%, Energy +0.49%.

06 Sep 2023 - 06:48- Research Sheet- Source: Newswires