Newsquawk Daily European Equity Opening News - 8th February 2023

8th February 2023

ASIA

Asia-Pac stocks were mixed and failed to sustain the momentum from Wall St where markets whipsawed as the attention centred on Fed Chair Powell before the major US indices eventually closed at session highs as Powell’s two-sided comments proved not to be as hawkish as some feared. ASX 200 (+0.4%) was underpinned by strength in financials and with the mining-related industries benefitting from the rebound in underlying commodity prices. Nikkei 225 (-0.4%) underperformed with sentiment in Japan pressured by weak earnings reports from the likes of SoftBank, Sharp and Nintendo. Hang Seng (+0.2%) and Shanghai Comp. (-0.4%) were indecisive amid lingering tensions from the spy balloon incident and with China denying a US request for a phone call between defence officials, while attention also turned to US President Biden’s State of the Union Address which did little to excite markets.

EUROPEAN CLOSES

CLOSES: EURO STOXX 50 +0.09% at 4,209, FTSE 100 +0.36% at 7,864, DAX 40 -0.16% at 15,320, CAC 40 -0.07% at 7,132, FTSE MIB +0.36% at 27,118, IBEX 35 +0.14% at 9,172, SMI -0.41% at 11,236.

SECTORS: Energy 3.47%, Healthcare 0.65%, Financials 0.64%, Materials 0.24%, Telecoms 0.21%, IT -0.27%, Utilities -0.30%, Consumer Disc -0.36%, Industrials -0.78%, Consumer Stpl -0.78%

FTSE 100

BHP (BHP LN) – Co. announced a fatal incident at Port Hedland. “Western Australia Iron Ore (WAIO) has suspended operations for 24 hours for a safety stop.” (BHP)

Glencore (GLEN LN) - Antapaccay copper mine in Peru has reopened after closing on January 20th amid attacks by protesters; reopened on Jan. 31st with raised security and is now operating at normal production levels. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

DAX

E.ON SE (EOAN GY) - Prelim. FY22 (EUR): Adj. Net 2.7bln (exp. 2.4bln), EBITDA 8.0bln (exp. 7.7bln). "The key performance indicators of the individual segments are expected to be within, but in each case at the upper end of the forecast ranges updated in November." (Newswires)

Volkswagen (VOW3 GY) - Prelim. FY (EUR): Revenue 279bln (exp. 278bln). Operating profit before special items 22.5bln (exp. 23bln). Cash flow 5.0bln (exp. 8.6bln). Co. said supply chain turmoil dragged on net cash flow. (Newswires)

OTHER GERMAN COMPANIES

BROKER MOVES

Volkswagen (VOW3 GY) reiterated with Overweight at JPMorgan Chase

CAC

Airbus (AIR FP) - Confirms January deliveries of 20 jets, net orders of 36, and gross orders of 37. (Newswires)

SocGen (GLE FP) - Q4 2022 (EUR): Revenue 6.89bln (exp. 6.42bln). Adj. Net 1.16bln (prev. 1.79bln). Operating profit 1.86bln (prev. 1.97bln). Underlying ROTE 7.6% (prev. 9.2% Y/Y). Revenue breakdown: French Retail +0.1% Y/Y, International +9.7%, Global Banking +14.2%. (Newswires)

OTHER FRENCH COMPANIES

Amundi (AMUN FP) - Q4 2022 (EUR): Net 303mln (exp. 264mln). Revenue 3.14bln (prev. 3.20bln). Pretax 1.55bln (prev. 1.74bln). (Newswires)

BROKER MOVES

PAN EUROPE

ABN AMRO (ABN NA) - Q4 2022 (EUR): Adj. Net 354mln (prev. 552mln Y/Y). Operating income 1.86bln (prev. 2.28bln). Co. announces a EUR 500mln share buyback. RoE 6.4% (prev. 10.8% Y/Y). Fully-loaded CET1 ratio 15.2% (prev. 16.3%). "Credit quality remains solid. Impairments in Q4 were EUR 32mln, as additions for individual clients were partly offset by releases from macroeconomic scenarios." (Newswires/ABN AMRO)

Auto Names - Plug-in hybrid EVs (PHEVs) from BMW (BMW GY), Renault (RNO FP) and Stellantis’ (STLA IM/FP) Peugeot emit significantly more carbon dioxide than standard lab tests claimed, via Guardian citing a Graz Uni. study. (Guardian)

Banco BPM (BAMI IM) - Q4 22 (EUR): Net 210mln (exp. 179mln), Revenue 1.26bln (exp. 1.15bln). 2023 net income is expected to improve significantly Y/Y. (Newswires)

Nexi (NEXI IM) - Banco Sabadell (SAB SM) reportedly selected Nexi as the preferred bidder for its payments unit, according to Reuters sources. (Newswires)

Telecom Italia (TIT IM) - Italy's state lender CDP is reportedly preparing a counter-offer worth around EUR 20bln with Macquarie for Telecom Italia's network. (Messaggero)

BROKER MOVES

SMI

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Aker Solutions (AKSO NO) - Q4 2022 (NOK): Revenue 12.5bln (prev. 8.67bln Y/Y). EBITDA 999mln (prev. 593mln). Co. guides its initial FY23 revenue +15% Y/Y. (Newswires)

Equinor (EQNR NO) - Q4 2022 (USD): Revenue 34.3bln (exp. 40.1bln). Adj. Net 5.80bln (exp. 4.44bln). Adj. Operating Profit 15.1bln (exp. 15.1bln). Co. raises its quarterly dividend to USD 0.30/shr (prev. USD 0.20/shr). Co. proposes a USD 0.60/shr special dividend. The board has also decided to increase the USD 1.2bln share buy-back programme with up to USD 4.8bln, resulting in a programme of up to USD 6.0bln in 2023. Co. raises its FY24/25 organic Capex around USD 13bln (prev. around 12bln). In 2023 Equinor expects production growth of around 3% in oil and gas, compared to 2022. (Newswires/Equinor)

Handelsbanken (SHBA SS) - Q4 2022 (SEK): Revenue 14.0bln (exp. 14.0bln). Net 5.92bln (exp. 5.91bln). Operating profit 7.51bln (exp. 8.38bln). Co. proposes a special dividend of SEK 2.0/shr. CET1 19.6% (prev. 19.0% Q/Q). RoE 13.2% (prev. 13.2% Q/Q). (Newswires)

BROKER MOVES

Kone (KNEVB FH) downgraded to Underperform from Neutral at Exane BNP

US

CLOSES: SPX +1.29% at 4,164, NDX +2.12% at 12,728, DJIA +0.78% at 34,156, RUT +0.76% at 1,972.

SECTORS: Energy +3.07%, Communication Services +2.48%, Technology +2.47%, Materials +1.3%, Financials +1.16%, Health +0.64%, Industrials +0.25%, Consumer Discretionary +0.22%, Utilities -0.08%, Real Estate -0.31%, Consumer Staples -0.36%.

Intel (INTC) - Co. launched a USD 11bln in its seven part debt deal (3yr, 5yr, 7yr, 10yr, 20yr, 30yr, 40yr). (Newswires)

08 Feb 2023 - 06:46- EquitiesResearch Sheet- Source: Newsquawk