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ABB - Abb News Story

$33.83 -0.4  -1.1%

Last Trade - 17/05/21

Large Cap
Market Cap £48.94bn
Enterprise Value £50.20bn
Revenue £19.03bn
Position in Universe 186th / 6846

LIVE MARKETS-Risk is back on in Europe

Mon 12th August, 2019 8:35am
* STOXX 600 up 0.8%, with all sectors in positive territory * Osram rallies, AMS sinks after Austrian firm preps counterbid * Investors welcome new ABB CEO, shares rise 4% Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. Reach her on Messenger to share your thoughts on market moves: RISK IS BACK ON IN EUROPE (0730 GMT) European stocks are bouncing back this morning as investors make a tentative return to riskier assets in search of bargains, giving stocks across the board a lift. Technology, chemcials, financial services and healthcare sectors are leading the gains. Dealmaking, results and exec hires are moving individual shares, with Osram Licht OSRn.DE hitting their highest in more than four months after AMS AMS.S said it was ready to make a counterbid for the German lighting company. AMS shares are down 10.1%. Tullow Oil TLW.L is leading the pan European STOXX 600 .STOXX after making a major oil discovery in the Orinduik block in Guyana, raising expectations it will move to develop a field in the oil-rich South American country. ABB ABBN.S , up 3.9%, is the top gainer on the blue-chip board .STOXX50 after the Swiss-Swedish robotics and engineering group snared Sandvik's SAND.ST chief exec as its next CEO. (Josephine Mason) ***** EUROPE STAGES REBOUND (0642 GMT) European stock futures are staging a pretty decent rally this morning, recovering from two straight weeks of losses even as investors continue to worry about the U.S.-China trade spat with no sign of a truce in sight and renewed political turmoil in Italy. Taking their cue from gains overnight in China (Japan, India and Singapore are closed for holidays), the Eurostoxx STXEc1 and DAX FDXc1 front-month futures are both up 0.8%. On the corporate news front, AMS AMS.S is lighting up the M&A market. In a bid to reduce its dependency on Apple and betting on growing demand for technology for self-driving cars, the Austrian sensor specialist has triggered a bidding war for Osram OSRn.DE on Sunday, saying it was ready to pay 10% more for the German lighting group than finance investors Bain Capital and Carlyle CG.O have already offered. Inline with that counterbid, Osram shares are up 10%, while AMS shares are down as much as 6.7% in premarket trade, according to Julius Baer. Analysts have previously questioned Osram's strategic fit with AMS given its exposure to the struggling automotive market. In exec moves, ABB ABBN.S shares are expected to get a boost from news the Swiss-Swedish robotics and engineering group has wooed Sandvik's SAND.ST chief executive officer Bjorn Rosengren as its next CEO. Sandvik shares are seen coming under pressure from the loss of the chief who has a reputation for being ruthless with underperforming divisions, dealers say. Shares in National Grid NG.L , which owns the electricity and gas transmission system in England and Wales, may draw scrutiny after Ofgem threatened the utility with a possible fine after almost a million UK businesses and homes suffered power cuts on Friday. Here are your early headlines: EXCLUSIVE-PSA, Dongfeng to drop two China auto plants, halve workforce -document*:nW1N23Q00W Sensor specialist AMS triggers bidding war for Germany's Osram*:nL8N2570I3 Sandvik Chief Executive Rosengren to step down and join ABB as CEO*:nL4N25708O SSE confirms it is in talks with OVO to sell energy retail business*:nL8N2560PJ RBS to appoint Alison Rose as CEO in coming weeks - Sky*:nL8N256084 Woodford tops list of UK All Companies fund laggards - report*:nL4N25546O ING reviews euro bond business, ends Belgian dealing*:nL8N2555MA Thomas Cook in advanced talks for further 150 mln pound capital*:nL4N2580SH Salzgitter H1 After-Tax Result Down At 96.4 Million Euros*:nASP0015GF Altran directors back tender offer in previously announced CapGemini takeover deal*:nASP0015GA (Josephine Mason) ***** STEADY IN EUROPE (0528 GMT) After closing out their second week of losses amid fresh political turmoil in Italy and U.S.-China trade tensions, European stocks are expected to recover somewhat this morning taking their lead from gains in Asia overnight. Holidays in Japan, India and Singapore have kept trading activity muted overnight. IG financial spreadbetters expect London's FTSE to open 34 points higher at 7,288, Frankfurt's DAX to open 64 points higher at 11,757, and Paris' CAC to open 26 points higher at 5,354. (Josephine Mason) ***** <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Futures indices ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Danilo Masoni, Josephine Mason and Thyagaraju Adinarayan)
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