Newsquawk Daily European Equity Opening News - 7th June 2024

7th June 2024

ASIA

APAC stocks traded mixed in cautious and tentative trade and macro newsflow on the quieter side ahead of the US jobs report. ASX 200 was kept afloat by gains in gold miners, alongside Resources and Materials names. while Real Estate and Healthcare lagged. Nikkei 225 was subdued following softer-than-expected household spending data. On an index level, gains in Pharma and Mining failed to counter the downside from Banking and Autos, with the latter continuing to feel the woes from its domestic safety scandal. Hang Seng and Shanghai Comp both dipped into the red after opening modestly firmer, whilst CATL shares tumbled some 7% after US lawmakers said Chinese EV battery manufacturers rely on forced labour and should be blocked from importing goods into the US. No reaction was seen on the Chinese trade data.

Chip Names - Japanese government-backed chipmaker Rapidus is aiming for higher sales for its cutting-edge semiconductors than previously anticipated as it expects strong demand for AI in PCs and smartphones, according to Nikkei citing Chairman. (Nikkei)

Samsung Electronics (005930 KS) - Workers in South Korea staged the first strike at the company on Friday, the head of a major union representing tens of thousands of people told AFP. (AFP)

Toyota (7203 JT) - MUFG (8306 JT) and SMFG (8316 JT) are reportedly to sell Toyota shares worth more than JPY 1.3tln, according to Bloomberg. (Bloomberg)

EUROPEAN CLOSES

CLOSES: DAX: +0.38% at 18,646.51, FTSE 100: +0.47% at 8,285.34, CAC 40: + 0.42 at 8,040.12, Euro Stoxx 50: +0.67% at 5,069.65, IBEX 35: +0.80% at 11,444.00, FTSE MIB: +0.95% at 34,834.30, AEX: +0.51% at 923.36, SMI: +0.76% at 12,242.49

SECTORS: IT 1.58%, Healthcare 1.40%, Financials 0.96%, Consumer Stpl 0.59%, Consumer Disc 0.57%, Energy 0.52%, Materials 0.38%, Industrials 0.06%, Telecoms -0.40%, Utilities -0.89%

FTSE 100

SSE (SSE LN) - 0.4123 TWH unplanned storage unavailability at SSE's Aldborough from March 30 to June 10. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

DAX

OTHER GERMAN COMPANIES

Qiagen (QIA GY) - To discontinue the Neumodx integrated PCR testing system, and support customers during the transition period. Reaffirms Q2'24 outlook, updates FY'24 outlook for improved profitability. Adj. diluted EPS to at least USD 2.14 (prev. USD 2.10). Expect to incur a pre-tax restructuring charge of about USD 400mln, predominantly in Q2'24. (Newswires)

BROKER MOVES

Leg Immobilien (LEG GY) downgraded to Equal Weight from Overweight at Morgan Stanley

Vonovia (VNA GY) downgraded to Underweight from Equal Weight at Morgan Stanley

CAC

Airbus (AIR FP) - May Deliveries: 53 (prev. 61 M/M), YTD deliveries 256. Booked 237 net aircraft orders Jan-May. (Newswires)

Kering (KER FP) - Laurent Claquin appointed as Chief Brand Officer of Kering; effective July 1st 2024. (Newswires)

Vinci (DG FP) - Acquired a 20% shareholding in the Budapest airport concession and becomes the platform operator. Value of 100% shareholding would theoretically be EUR 3.1bln, plus net debt of EUR 1.2bln. (Newswires)

OTHER FRENCH COMPANIES

Ipsen (IPN FP) - Co. and Marengo Therapeutics announced a second strategic partnership to advance precision T cell engagers from Marengo's tri-star platform. Marengo will receive an upfront payment and potential payments up to a total of USD 1.2bln if all milestones are met. (Newswires)

Rexel (RXL FP) - Increased mid-term outlook: Potential growth of revenue between 5-8%. EPS growth between 7-9%, adj. EBITA margin of more than 7%. Revenue outlook includes 2-3% from targeted acquisition. Upcoming share buyback program of between EUR 50-150mln. (Newswires)

Vallourec (VK FP) - Signed a major contract for the supply of tubes and services to Petrobras. (Newswires)

BROKER MOVES

PAN EUROPE

EZ Stocks - ECB governors see a further interest-rate cut in July as unlikely after some stronger-than-expected economic data, with the focus now on their September meeting, according to sources via Reuters. Some ECB hawks reportedly argued that committing to June rate cut too early was a mistake, a few hawks said they might have supported holding rates if there had not been a commitment, according to Reuters citing sources. (Newswires)

BROKER MOVES

SMI

OTHER SWISS COMPANIES

Temenos (TEMN SW) - Announced new share buyback program of up to CHF 200mln; will be marginally accretive to EPS growth in FY24 with more pronounced accretion in FY25. (Newswires)

BROKER MOVES

SCANDINAVIA

EQT (EQT SS) - Healthcare software firm Waystar has raised USD 968mln in its IPO; IPO priced in at USD 21.50/shr, according to Reuters citing sources. EQT is a major shareholder of the Co.

BROKER MOVES

US

CLOSES: SPX flat at 5,353, NDX flat at 19,021, DJI +0.20% at 38,886, RUT -0.70% at 2,049.

SECTORS: Energy +0.55%, Utilities -1.03%, Industrials -0.6%, Materials +0.08%, Financials flat, Real Estate +0.19%, Consumer Staples +0.35%, Consumer Discretionary +0.97%, Communication Services +0.21%, Health +0.33%, Technology -0.47%

Apple (AAPL) - Reportedly plans to unveil password manager at the WWDC event next week; is to debut a password app in a challenge to 1password and Lastpass, via Bloomberg. (Bloomberg)

Google (GOOG) - A federal judge in San Francisco dismissed a proposed class action against Google, which had alleged the company misused personal and copyrighted data to train its AI systems, including the Bard chatbot, according to Reuters. (Newswires)

Gamestop (GME) - Strength in Gamestop attributed to "RoaringKitty" scheduling a YouTube stream. (Newswires)

07 Jun 2024 - 06:54- MetalsResearch Sheet- Source: Newsquawk