Newsquawk Daily European Equity Opening News - 8th September 2023
8th September 2023
ASIA
Asia-Pac stocks were pressured following the tech-led declines on Wall Street due to Apple's China woes and as markets digest disappointing downward revisions to Japanese GDP data for Q2. ASX 200 (-0.7%) was led lower by continued underperformance in the commodity-related sectors and with union workers beginning strike action in some offshore LNG platforms, although losses in the index were stemmed by resilience in defensives. Nikkei 225 (-1.4%) retreated below the 33,000 level with risk appetite sapped by disappointing GDP revisions and slower wage growth in Japan. Hang Seng (Closed) remained shut due to severe rainfall and Shanghai Comp. (-0.4%) was subdued amid ongoing tech-related frictions as China seeks to expand its iPhone ban and with the US Commerce Department investigating the ‘made in China’ Huawei chip.
EUROPEAN CLOSES
CLOSES: DAX -0.14% at 15,718, FTSE 100 +0.21% at 7,441, CAC 40 +0.03% at 7,196, Euro Stoxx 50 -0.40% at 4,221, IBEX 35 -0.05% at 9,310, FTSE MIB -0.20% at 28,155, SMI +0.66% at 10,996.
SECTORS: Utilities 1.35%, Healthcare 1.28%, Consumer Stpl 0.37%, Telecoms 0.29%, Energy 0.22%, Industrials -0.09%, Financials -0.49%, Materials -0.89%, Consumer Disc -0.89%, IT -1.87%
FTSE 100
Energy Names – UK Minsters will on Friday announce results of the latest auction of state contracts for offshore wind, ahead of the announcement industry names have cautioned that there could be no bidders given the maximum guaranteed price is insufficient. (BBC/FT)
OTHER UK COMPANIES
BROKER MOVES
Watches of Switzerland (WOSG LN) initiated with Hold at Stifel Nicolaus
DAX
OTHER GERMAN COMPANIES
BROKER MOVES
Porsche AG (P911 GY) downgraded to Hold from Buy at Berenberg
Volkswagen (VOW3 GY) upgraded to Buy from Hold at Berenberg
CAC
Kering (KER FP) – The Pinault family, which owns 42% of Kering, has agreed via the Artemis holding Co. to purchase a majority stake in Creative Artists Agency from TPG. Transaction has an enterprise value of USD 7bln. (FT)
Orange (ORA FP) – Co. is said to be studying the purchase of TDF Fiber network, valued at EUR 1bln, according to Les Echos. (Les Echos)
OTHER FRENCH COMPANIES
Rubis (RUI FP) - H1 (EUR): Net EUR 1.66 (prev. 1.64 YY), Revenue 3.32bln (prev. 3.30bln YY), EBIT 323mln (prev. 244mln YY). (Newswires)
BROKER MOVES
PAN EUROPE
BPER (BPE IM) - Appoints Gian Luca Santi as CFO, effective immediately. (Newswires)
D'Ieteren (DIE BB) - H1 (EUR): Adj. Net 549mln (prev. 375mln YY), Revenue 5.94bln (prev. 5.46bln YY). Raises FY Adj. Pretax 960mln (prev. 900mln). (Newswires)
Saipem (SPM IM) - Awarded EUR 850mln in offshore contracts from Eni (ENI IM) and Snam's (SRG IM) Rete Gas. (Newswires)
Repsol (REP SM) - To acquire ConnectGen from Quantum Capital for USD 768mln. (Newswires)
BROKER MOVES
FinecoBank (FBK IM) downgraded to Neutral from Overweight at JP Morgan
SMI
OTHER SWISS COMPANIES
Georg Fischer (GF SW) - Adjusts offer for Uponor (UPONOR FH) to EUR 28.50/shr, due to a dividend. (Newswires)
BROKER MOVES
SCANDINAVIA
BROKER MOVES
Alfa Level (ALFA SS) initiated with Overweight at Barclays
UPM Kymmene (UPM FH) initiated with Outperform at CICC
Wartsila (WRT1V FH) initiated with Underweight at Barclays
US
CLOSES: SPX -0.32% at 4,451, NDX -0.73% at 15,258, DJIA +0.17% at 34,500, RUT -0.99% at 1,855.
SECTORS: Technology -1.57%, Materials -0.44%, Industrials -0.31%, Energy -0.22%, Financials -0.2%, Communication Services +0.11%, Consumer Staples +0.34%, Health +0.47%, Consumer Discretionary +0.5%, Real Estate +0.71%, Utilities +1.27%.
Goldman Sachs (GS) - Plans new job cuts for bankers deemed underperformers, which could as early next month, according to people familiar with the matter, cited by FT. The move is part of annual exercise that results between 1-5% of company-wide job losses. (FT)
08 Sep 2023 - 06:44- EquitiesData- Source: Newsquawk
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