Newsquawk Daily European Equity Opening News - 8th November 2024

ASIA

APAC stocks were ultimately mixed despite the early momentum following the fresh record levels on Wall St and a bout of rate cuts by major central banks, with gains capped as participants awaited a potential Chinese fiscal stimulus announcement. ASX 200 outperformed its major peers amid gains in nearly all sectors and with financials kept afloat post-ANZ earnings. Nikkei 225 traded higher but with gains capped after a contraction in household spending and the recent currency rebound. Hang Seng and Shanghai Comp wiped out early gains despite the HKMA's 25bps lockstep rate cut with price action cautious as participants awaited the conclusion of the NPC Standing Committee's session and potential stimulus announcement.

Chinese Stimulus - China is reportedly to hold a briefing on a plan to allow local gov'ts to refinance their off-balance-sheet debt at 16:00 local time (08:00GMT) on Friday, via Bloomberg; during this, officials are expected to announce fiscal support

ANZ Group (ANZ AT) - Co. FY (AUD) cash profit 6.9bln (prev. 7.4bln Y/Y), rev. 20.8bln (prev. 20.9bln Y/Y). (Newswires)

Sony (6758 JT) - 6-month (JPY): Net 570bln, +36%; Operating 734bln, +42.3%; PBT 767bln, +43.8%. FY24/25 forecast: Net 980bln (exp. 997bln). Operating 1.31tln. PBT 1.34tln (exp. 1.344tln)

Softbank (9434 JT) - 6-month (JPY) Sales 3.15tln, +7.4% Y/Y, Op. Income 585.89bln, +13.9% Y/Y; Sees FY Net Income 510bln (prev. guided 500bln); Op. Income 950bln (prev. guided 900bln)

TSMC (2330 TW) - Has reportedly informed Chinese customers that it will be suspending production of some of their AI and high-performance chips, via Nikkei citing sources; as the Co. increases efforts to comply with US export controls

TSMC (2330 TT) - October (TWD): rev. 314.2bln (prev. 251.9bln M/M). (Newswires)

EUROPEAN CLOSES

CLOSES: DAX: +1.72% at 19,368, FTSE 100: -0.32% at 8,141, CAC 40: +0.76% at 7,426, Euro Stoxx 50: +1.06% at 4,852, AEX: +0.36% at 879, IBEX 35: +0.65% at 11,570, FTSE MIB: +0.12% at 33,981, SMI: +0.77% at 11,939, PSI: +0.23% at 6,349.

SECTORS: IT 2.51%, Materials 2.00%, Consumer Disc 1.73%, Industrials 1.18%, Energy 0.30%, Consumer Stpl 0.07%, Financials -0.10%, Utilities -0.36%, Healthcare -0.56%, Telecoms -0.62%

FTSE 100

OTHER UK COMPANIES

Boohoo (BOO LN) - Responds to Frasers Group (FRAS LN). Board believes the Co. is undervalued. Other major shareholder confirmed no intention to make an offer for the Co. (Newswires)

Indivior (INDV LN) - Board has engaged actively with Oaktree in recent week, and remains open-minded about all proposals to enhance value creation. (Newswires)

BROKER MOVES

Intercontinental (IHG LN) upgraded to Add from Reduce at Peel Hunt

DAX

Leg Immobilien (LEG GY) - Q3 (EUR): Adj. EBITDA 167.8mln (exp. 153mln). Says further earnings potential from BCP acquisition planned in the mid-term. Confirms outlook. (Newswires)

OTHER GERMAN COMPANIES

Freenet (FNTN GY) - 9m (EUR): Revenue 1.18bln, +2.9% Y/Y. 2024 EBITDA guidance narrowed to 500-515mln (prev. guided 495-515mln). (Newswires)

BROKER MOVES

CAC

Euronext (ENX FP) - Q3 (EUR): Revenue 396.3mln (Co. consensus 396.9mln), Adj. EBITDA 245.8mln (Co. consensus 242.6mln). To launch EUR 300mln max share repurchase programme on 11 Nov. Outlook 2023-27: Adj. EBITDA growth above 5% CAGR. (Newswires)

OTHER FRENCH COMPANIES

JCDecaux (DEC FP) - Q3 (EUR): Revenue 948.2mln (exp. 943mln). Guides FY adj. organic rev. growth "low single digit %". (Newswires)

BROKER MOVES

PAN EUROPE

BMPS (BPMS IM) - Q3 (EUR): Net Income 407mln (exp. 317mln), NII 596mln (exp. 507mln), Revenue 1.01bln (exp. 946lmln).

Bpost (BPOST BB) - Q3 (EUR): Op. Income 1.02bln, +4.7% Y/Y. Reaffirms outlook. (Newswires)

EDP (EDP PL) - Q3 (EUR): Net Profit 320mln (exp. 283mln). Sees 2024 recurring EBITDA of EUR 5bln. (Newswires)

Grifols (GRF SM) - Q3 24 (EUR): Adj. EBITDA 462mln (exp. 297mln), FCF 127mln, Net income 52mln, reaffirms FY24 guidance. (Newswires)

InPost (INPST NA) - Q3 (PLN): Adj. EBITDA 852.7mln (Co. consensus 821mln), Revenue 2.54bln (Co. consensus 2.55bln). 2024 Outlook: Sees volume growth of mid-teens in Poland compared to same time last year and at circa. 20% outside Poland. (Newswires)

IMCD (IMCD NA) - 9m (EUR): Cash earnings 4.67bln (prev. 4.68bln Y/Y). (Newswires)

Leonardo (LDO IM) - CEO says cannot continue with single provider and now considering business opportunities for aerostructures. (Newswires)

Nexi (NEXI IM) - Q3 (EUR): EBITDA 522.9mln (Co. consensus 523mln), Revenue 911.1mln (Co. consensus 908mln). Confirms guidance. (Newswires)

Pirelli (PIRC IM) - Q3 24 (EUR): Adj. EBIT 277mln (exp. 270mln), Revenue 1.74bln (exp. 1.73bln), confirms 2024 adj. EBIT margin around 15.5%, sees 2024 revenue around EUR 6.7bln. (Newswires)

BROKER MOVES

SMI

Richemont (CFR SW) - H1 (EUR): Net Income 457mln (prev. 1.51bln Y/Y), Revenue 10.1bln (exp. 10.2bln), Op. Margin 21.9% (prev. 26% Y/Y), Retail Sales +2% Y/Y. By region (rev): Americas +11% (exp. +9.9%), Europe +5% (exp. 5%), APAC -18% (exp. -17.6%), Japan +42% (exp. +48.8%). By Product: Jewellery Maisons +2%, Specialist Watchmakers -17%. (Newswires)

OTHER SWISS COMPANIES

BKW (BKW SW) - Presents FY30 targets. Targets to increase EBIT to CHF 1bln by 2030 and invest around CHF 4bln over the next six years, half will be in Switzerland. (Newswires)

BROKER MOVES

SCANDINAVIA

BROKER MOVES

Zealand Pharma (ZEAL DC) upgraded to Hold from Sell at Danske Bank

US

CLOSES: SPX +0.74% at 5,973, NDX +1.54% at 21,102, DJIA flat at 43,729, RUT -0.43% at 2,383

SECTORS: Financials -1.62%, Industrials -0.6%, Energy -0.36%, Utilities +0.15%, Consumer Staples +0.37%, Materials +0.5%, Health +0.64%, Real Estate +1.19%, Consumer Discretionary +1.37%, Technology +1.83%, Communication Services +1.92%.

Airbnb (ABNB) - Q3 2024 (USD): EPS 2.13 (exp. 2.14), Revenue 3.73bln (exp. 3.72bln)

DraftKings Inc (DKNG) Q3 2024 (USD): EPS -0.60 (exp. -0.42), Revenue 1.09bln (exp. 1.11bln), Operating income -298mln (exp. -218mln), Net income -293mln (exp. 209mln). (Newswires) Potentially of note for gambling names such as Entain (ENT LN)

08 Nov 2024 - 06:59- EquitiesResearch Sheet- Source: Newsquawk