The Daily European Equity Opening News report is compiled by analysing hundreds of sources to get to you all the relevant market moving information ahead of the European equity open.
STOCKS TO WATCH?
ThyssenKrupp - Co. faces possible write-downs on its Steel Americas subsidiary because of a protracted sales process for the Rio de Janeiro steel mill according to sources. (Focus)?
Lloyds ? Singapore?s sovereign wealth fund, Temasek, has made a preliminary approach to the UK government about buying a GBP 4.5bln stake in Lloyds and is willing to buy about 10% of the bank?s shares. (Sunday Times) In reaction to this article a Temasek spokesman said the co. doesn't comment on market speculation; however, industry sources later said no such approach had been made. (newswires)?
Deutsche Bank - Co. CFO said the bank will reduce liquidity and shrink its derivatives business and change its business model to comply with regulatory requirements. (Newswires)
Asia
Asia equity markets fell overnight, weighed on by concern over the credit squeeze in China following news that Chinese Ministry of Finance has issued a circular ordering China's central government agencies to cut their general expenditures in 2013 by 5%. This consequently saw under-performance in Chinese markets with the Hang Seng trading over 2% lower at one point. The Nikkei 225 (-1.40%) index reversed earlier gains after opening 1% higher. In individual stocks, Asiana Airlines shares tumbled over 6% after a Boeing 777 operated by the Co. crashed, killing two passengers. HTC shares continued to see weakness falling to a seven year low following the Co.?s poor earnings report on Friday.?
Best Performing Sectors in the Nikkei 225: Health Care (-0.80%), Consumer Services (-0.81%), Oil and Gas (-1.05%)
Best Performing Stocks in the Nikkei 225: Tokyo Electric Power (+4.32%), Sumitomo Heavy (+3.22%), Sumitomo Electric (+2.85%)?
Worst Performing Sectors in the Nikkei 225: Telecommunications (-2.90%), Financials (-2.40%), Basic Materials (-1.65%)?
Worst Performing Stocks in the Nikkei 225: Daiwa House (-9.41%), Mitsubishi Estate (-4.56%), Kajima (-4.55%)?
FTSE
Lloyds ? Singapore?s sovereign wealth fund, Temasek, has made a preliminary approach to the UK government about buying a GBP 4.5bln stake in Lloyds and is willing to buy about 10% of the bank?s shares. (Sunday Times) In reaction to this article a Temasek spokesman said the co. doesn't comment on market speculation; however, industry sources later said no such approach had been made. (newswires)?
? Co. has sealed a deal to lower its pension liabilities, reaching an agreement with its two major retirement funds (Independent)
RBS - Co.'s ratings may be cut by Moody's.(Newswires)
UK Banks ? UK chancellor George Osborne will today announce the biggest ever attempt to raise standards in the City, when he promises to implement sweeping cultural reforms proposed by a cross-party banking commission. The proposals to be approved by Osborne include criminal penalties for ?reckless? bankers and tighter control of pay and bonuses. (FT-more)
- Co. said that it had restarted its Sena coal transport rail line in Mozambique. (Newswires) Elsewhere Co. shares are undervalued on range metrics according to . (Newswires) In other news, the Mongolian government has said that the co. will begin exporting copper from its Oyu Tolgoi mine on Tuesday, but it was not clear if the co. will be able to repatriate sales revenue from the mine. (Newswires)?
? Co. hit by wildcat strike at its Thembelani mine in South Africa. (SABC Radio)?
Gulf Keystone ? Co. says it expects to publish its recommendation to shareholders on M&G board candidates shortly. Co. says it is disingenuous for M&G to refer to proposed appointment of Jeremy Asher as an independent non-executive director. (Newswires) ?
OTHER UK COMPANIES?
- Co. is among six companies bidding for Northern Irish gas distributor Phoenix Group according to reports. (Sunday Telegraph)
Nationwide ? Britain?s biggest building society is planning to issue special bonds worth up to GBP 1 bln to help it to comply with new rules being enforced by the BoE. However, sources suggest it could be forced to pay interest of 10% or more on the bonds, costing GBP 100 mln annually, or half its profits last year. (Sunday Times)
? The former Thai PM Thaksin is in talks to buy the 23.8% stake owned by the Bakrie family, who co-founded , although it is unclear how much Thaksin would pay. (Sunday Times)?
? Co. says a court hearing with union NUM has been set for 10th July, and that it hopes the issue of union status at its operations will be resolved peacefully, and as quickly as possible. (Newswires) ?
Companies paying dividend: WPP (GBP 0.1971)
DAX
Deutsche Bank - Co. CFO said the bank will reduce liquidity and shrink its derivatives business and change its business model to comply with regulatory requirements. (Newswires)
ThyssenKrupp - Co. faces possible write-downs on its Steel Americas subsidiary because of a protracted sales process for the Rio de Janeiro steel mill according to sources. (Focus)
Siemens - Co. and Stadler Rail Group are considering a joint venture that would combine their local and long-distance transportation businesses according to sources. (WirtschaftsWoche)
Deutsche Telekom ? Co. has short-listed at least five bidders for stake in its Scout24 Holding digital classifieds business. (FT-more)?
Daimler ? German authorities decide to waive measures against the co., even though the automaker used non-compliant air conditioning refrigerants in approximately 47,000 vehicles. (Automobilwoche)?
OTHER GERMAN COMPANIES
German Utilities ? German electricity costs may rise more than expected. (Focus)?
Deutsche Postbank - Co. aims to increase operating profit to as much as EUR 3.6bln by 2015 'even though this has become more difficult in the current economic environment' according to the co. CEO. (Welt am Sonntag)
ProSiebenSat.1 ? Financial investors in the TV broadcaster see little opportunity to sell it. (Spiegel)?
CAC
Vivendi - Co. is exploring how to extract cash from its Activision Blizzard subsidiary after discussions with the games maker to sell part of its holding in the business have fallen apart. (FT-more)
Renault ? CEO Ghosn predicted the European car market will probably shrink further in 2014 and 2015 as rising unemployment continues to sap consumer demand. (Newswires)?
OTHER FRENCH COMPANIES
Air France-KLM - KLM CEO Eurlings rules out co. sale of Dutch airline as the two companies are independent. (De Telegraaf) Meanwhile co. plans to start talks in September with unions to increase savings starting from 2014, according to the co. CEO. (Newswires) ?
Soitec ? CEO sees sales rising more than 10%. (Newswires)?
Companies paying dividend: EDF (EUR 0.68), Rubis (EUR 1.84)
Pan-European
Caixabank - Moody's affirmed Co's ratings at Baa3/Prime-3. (Newswires)?
Piraeus Bank/Hellenic Postbank - Piraeus Bank will make offer to buy Hellenic Postbank according to sources. (Real News)
Companies paying dividend: OPAP (EUR 0.57)
Companies going ex-dividend: Voestalpine (EUR 0.90)
SMI
- ?Co. says all primary and secondary endpoints met in head-to-head phase 3 ?psoriasis study and secukinumab demonstrated superiority to Enbrel. (Newswires)?
Swatch - H1 is much more difficult than a year ago according to the co. CEO. (NZZ)
Companies going ex-dividend: Bankinter (EUR 0.02)
Broker Recommendations
CUT TO NEUTRAL VS BUY AT BOFAML
POLYMETAL CUT TO SELL VS NEUTRAL AT GOLDMAN
INFINEON RAISED TO HOLD VS REDUCE AT KEPLER CHEUVREUX
AIXTRON CUT TO SELL VS HOLD AT DZ BANK
EUROPE EX. UK CUT TO UNDERWEIGHT BY CITI STRATEGISTS
U.S. STOCKS RAISED TO NEUTRAL BY CITI STRATEGISTS
TURKISH STOCKS CUT TO NEUTRAL BY CITI STRATEGISTS
LATAM, BRAZIL, INDIA STOCKS CUT TO UNDERWEIGHT BY CITI
RUSSIAN STOCKS RAISED TO OVERWEIGHT BY CITI STRATEGISTS
TELECOMS RAISED TO NEUTRAL BY CITI STRATGEISTS
CONSUMER STAPLES CUT TO UNDERWEIGHT BY CITI STRATEGISTS
COGNIZANT CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
INTEL CUT TO UNDERWEIGHT FROM EQUALWEIGHT AT EVERCORE?
US
US equities finished in positive territory after rebounding from the lows as strong non-farm payrolls data gave credence to near term fed tapering fears and drove equities lower. As Thursday was the Independence Day holiday the US participants had their first opportunity to respond to dovish statements from both the BoE and ECB, this meant a continuation of the USD strength seen which weighed on equities pre NFP. The session then slowed down and equities managed to pull away from the lows as market participants questioned if 195K was enough to justify tapering in the near term.
Best Performing Sectors in the S&P 500: Financials (+1.76%), Industrials (+1.47%), Health Care (+1.32%)
Worst Performing Sectors in the S&P 500: Utilities (-0.41%), Consumer Goods (+0.32%), Telecommunications (+0.48%)?
Boeing - A Boeing 777 operated by Asiana Airlines crash-landed at San Francisco international airport, killing two passengers. The plane was carrying 291 passengers and 16 crew members. (Newswires)
Sprint - Softbank plans USD 16bln CAPEX at the Co.over the next 2 years. (Nikkei)
United Health ? Co.?s stock could rise as much as 40% over the next two years as revamps to the US health care system implemented by the Obama administration take place, according to business weekly Barron?s. (Newswires)?
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