Newsquawk Daily European Equity Opening News - 7th May 2024

7th May 2024

ASIA

APAC stocks were mixed as the region only partly sustained the momentum from Wall St where the major indices extended on post-NFP advances amid rate cut hopes, while key markets returned from the long weekend. ASX 200 traded higher with a further boost in late trade after the RBA proved to be less hawkish than many feared. Nikkei 225 gained on return from holiday as it took its first opportunity to react to last week's NFP report and renewed US rate cut hopes. Hang Seng & Shanghai Comp were subdued with the former set to snap its 10-day win streak and longest consecutive run of gains since 2018, while the mainland index took a breather after yesterday's catch-up rally amid a lack of fresh catalysts.

ANZ Group (ANZ AT) - H1 (AUD) net income 3.41bln, NII 7.90bln (prev. 8.5bln Y/Y), Co. intends to conduct a AUD 2bln on-market share buyback. (Newswires)

EUROPEAN CLOSES

CLOSES: DAX: +0.95% at 18,171.91, CAC 40: +0.49% at 7,996.64, Euro Stoxx 50: +0.71% at 4,956.65, IBEX 35: +0.58% at 10,917.50, FTSE MIB: +1.06% at 33,986.90, SMI: +0.49% at 11,328.70

SECTORS: Financials 1.08%, IT 1.02%, Energy 0.72%, Industrials 0.66%, Materials 0.27%, Utilities 0.25%, Telecoms 0.21%, Consumer Disc 0.16%, Consumer Stpl -0.02%, Healthcare -0.02%

FTSE 100

Glencore (GLEN LN) – Sells its controlling stake in Volcan Compania Minera. As part of transaction transition metals will pay Co. USD 20mln. (Newswires)

Lloyds (LLOY LN) - Lomond Group, an estate agent backed by the Co’s PE arm, is to be put up for sale in the next few months with a value well over GBP 100mln, via Sky News citing sources. (Sky News)

St James Place (STJ LN) - FT “Big Read” into the issues around the Co. which highlights the Co’s sharp share price drop has put it at risk of FTSE 100 expulsion in addition to some analysts believing its shrinking value makes it a takeover target. (FT)

UK BRC Retail Sales - UK BRC Total Sales Y/Y (Apr) -4.0% (Prev. 3.5%); BRC Retail Sales YY (Apr) -4.4% (Prev. 3.2%)

OTHER UK COMPANIES

BROKER MOVES

DAX

Heidelberg Materials (HEI GY) – Q1 (EUR): Revenue 4.48bln (exp. 4.78bln). Confirms FY outlook. Weak construction demand in Europe offset by cost cuts and lower energy prices. (Newswires)

Hannover Re (HNR1 GY) – AGM approves annual dividend increase and appointment of new supervisory board members. (Newswires)

Infineon (IFX GY) - Q2 (EUR): Revenue 3.63bln (exp. 3.6bln), adj. EPS 0.42 (exp. 0.38), Gross Margin 38.6% (exp. 39.8%). Solid Q2; prolonged weak demand within the major target markets has resulted in a lowering of the forecasts for FY. Competitiveness programme to begin. Cuts FY revenue and segment result margin outlook. Q3 Guidance: Revenue 3.8bln (exp. 3.9bln). Segment result margin in the high-teens percentage range. FY Guidance: Revenue 15.1bln (exp. 15.6bln, prev. guided 16bln). (Infineon)

Siemens Healthineers (SHL GY) – Q2 (EUR): Revenue 5.44bln (exp. 5.48bln), Adj. EBIT 822mln (exp. 838mln). Confirms FY outlook. (Newswires)

OTHER GERMAN COMPANIES

DHL (DHL GY) – Q1 (EUR): Revenue 20.3bln (exp. 20.56bln), EBIT 1.3bln (exp. 1.28bln), EPS 0.63 (exp. 0.64). (Newswires)

Teamviewer (TMV GY) – Q1 (EUR): Revenue 161.7mln (exp. 165mln), Adj. EBITDA 65.2mln (exp. 73mln). (Newswires)

Wacker Neuson (WAC GY) – Q1 (EUR): Revenue 593.1mln, -11.1% Y/Y, EBIT Margin 6.2%, (prev. 13.2% Y/Y), FY revenue 2.4-2.6bln. Says supply chain more relaxed than prior year. (Newswires)

Zalando (ZAL GY) – Q1 (EUR): Group Revenue 2.241bln (prev. 2.256bln Y/Y). Group GMV 3.270bln (prev. 3.227bln). adj. EBIT +28.3mln (prev. -0.7mln). Adj. group EBIT margin 1.3% (prev. 0%). (Zalando IR)

BROKER MOVES

CAC

Carrefour (CA FP) – Co. and Marche Frais sign a supply and brand licensing partnership. (Newswires)

Vinci (DG FP) – Wins two free flow toll collection service contracts in the US; two multi-year contracts combined amounts to EUR 53mln. (Newswires)

OTHER FRENCH COMPANIES

Arkema (AKE FP) – Q1 (EUR): Sales 2.34bln (exp. 2.38bln), EPS 1.94 (exp. 1.66). (Newswires)

Elis (ELIS FP) – Q1 (EUR): Revenue 1.09bln (prev. 1.01bln Y/Y). Confirms FY24 outlook. (Newswires)

JCDecaux (DEC FP) – Renews and expands all major bus advertising contracts across Sydney. (Newswires)

BROKER MOVES

PAN EUROPE

Arcadis (ARCAD NA) – Co. secures major digital asset management contract with Ontario Ministry of Transportation. (Newswires)

Amadeus (AMS SM) – Till Streichert will step down from his position as CFO and is to join Deutsche Lufthansa (LHA GY) as its new CFO. (Newswires)

Banco Sabadell (SAB SM) – Co. rejected merger proposal from BBVA (BBVA SM), via La Vanguadia citing sources. (Newswires)

Enel SpA (ENEL IT) - Q1 electricity power production at 52.7 TW/h (prev. 56.9 TW/h Y/Y). (Newswires)

Stellantis (STLAM IM/STLAP FP) – UAW says UAW local 869 votes to authorise strike at Stellantis Warren stamping plant. (Newswires)

UniCredit (UCG IM) – Q1 (EUR): Net Profit 2.56bln (exp. 2.13bln), NII 3.58bln (exp. 3.51bln), Total Revenue 6.37bln (exp. 5.94bln). (Newswires)

BROKER MOVES

SMI

Adecco (ADEN SW) – Q1 (EUR): Revenue 5.71bln (exp. 5.70bln), Adj. EBITA 157mln. (Newswires)

UBS (UBSG SW) – Q1 (USD): Net 1.76bln (exp. 942mln), PBT 2.38bln (exp. 1.41bln), Total Revenue 12.74bln (exp. 12.01bln), Merger of UBS and Credit Suisse expected 31 May 2024. Ongoing geopols create uncertainty in macro outlooks. Expects low-to-mid single digit decline in NII in global wealth in Q2 due to lower lending deposit volume and lower interest rates in Switzerland. Expect mid-to-high single digit decline in NII in personal an corporate banking in Q2 in the US and the current figures allow execution of our 2024 capital return targets. (Newswires)

OTHER SWISS COMPANIES

Sandoz (SDZ SW) – Q1 (USD): Sales 1.9bln (+1% Y/Y). Reiterates FY24 guidance. Solid volume demand was partly offset by the impact from the withdrawal of apixaban in the Netherlands following a court decision in August 2023, an exceptional cough and cold season in the first half of 2023 and the timing of new launches in the US. (Sandoz)

BROKER MOVES

SCANDINAVIA

Coloplast (COLOB DC) – Q2 (DKK): Net Income 1.25bln (exp. 1.30bln), Revenue 6.58bln (exp. 6.69bln). (Newswires)

BROKER MOVES

US

CLOSES: SPX +1.03% at 5,181, NDX +1.13% at 18,094, DJI +0.46% at 38,852, RUT +1.23% at 2,061.

SECTORS: Technology +1.48%, Communication Services +1.39%, Financials +1.17%, Consumer Discretionary +1.06%, Industrials +1%, Energy +0.82%, Materials +0.63%, Utilities +0.45%, Health +0.44%, Consumer Staples +0.08%, Real Estate -0.02%.

Goodyear Tire & Rubber (GT) Q1 2024 (USD): Adj. EPS 0.10 (exp. 0.00), Adj. net income 29mln (exp. -9.6mln), Revenue 4.50bln (exp. 4.82bln)

Microchip Technology Inc (MCHP) Q1 2024 (USD): Adj. EPS 0.57 (exp. 0.57), Revenue 1.326bln (exp. 1.33bln). Q2 revenue guidance disappoints

07 May 2024 - 06:57- MetalsResearch Sheet- Source: Newsquawk