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MTS - ArcelorMittal SA News Story

€24.15 0.4  1.5%

Last Trade - 4:35pm

Sector
Basic Materials
Size
Large Cap
Market Cap £22.19bn
Enterprise Value £28.42bn
Revenue £38.22bn
Position in Universe 13th / 727

LIVE MARKETS-Opening snapshot: strong rebound, banks shine

Mon 28th September, 2020 8:39am
* European shares opens higher
    * Banking index up 4.3%

Welcome to the home for real-time coverage of European equity markets brought to you by Reuters
stocks reporters. You can share your thoughts with Joice Alves (joice.alves@thomsonreuters.com)
and Julien Ponthus (julien.ponthus@thomsonreuters.com) in London and Stefano Rebaudo
(stefano.rebaudo@thomsonreuters.com) and Danilo Masoni (danilo.masoni@thomsonreuters.com) in
Milan.
    
    
    OPENING SNAPSHOT: STRONG REBOUND, BANKS SHINE (0739 GMT)
    European stocks are higher as newsflow on the M&A front as well as on some banks is
supporting a rebound after recent falls.
    ArcelorMittal shares  MT.AS  are up 6% after striking a deal to sell its U.S. assets, while
shares in Commerzbank  CBKG.DE  are up 4.8% as the nomination of the new CEO paves the way for
an overhaul that could close hundreds of branches and shrink its foreign operations.
    HSBC  HSBA.L  stocks, up 9.8%, are following the gains of Hong Kong listed shares  0005.HK ,
after the bank’s biggest shareholder Ping An Insurance Group Co of China bought additional
shares in the British bank to take its stake to 8% from 7.95%.
    The STOXX 600  .STOXX  is up 1.5%, with banking stock index up 4.2%, after hitting a fresh
all-time low on Friday.
    Almost a mute reaction by Suez  SEVI.PA  shares, up 0.8%, after Veolia said it would improve
its offer.
    William Hill  WMH.L  stocks are down 10% after Friday’s jump, as Caesars Entertainment
 CZR.O  said it was in advanced talks about a possible cash offer that values the British
bookmaker at about 2.9 billion pounds.
    Risk sentiment is showing some resilience as investors focus on stimulus plans by
governments and central banks.
    (Stefano Rebaudo)
    *****
    
    ON THE RADAR: M&A ON THE FRONTLINE, COMMERZBANK (0640 GMT)
    European stocks are poised to open higher supported by a tech shares rebound on Wall Street
on Friday and strong Chinese data during the weekend.
    Risk sentiment continues to show some resilience as investors are focused on stimulus plans
by governments and central banks.
    Cleveland-Cliffs  CLF.N , the largest U.S. producer of iron ore pellets, said it had agreed
to buy the U.S. assets of world's largest steelmaker ArcelorMittal  MT.LU  for about $1.4
billion.  urn:newsml:reuters.com:*:nL4N2GP1B8
    U.S. casino operator Caesars Entertainment  CZR.O  said it was in advanced talks with
William Hill  WMH.L  about a possible cash offer that values the British bookmaker at about 2.9
billion pounds.  urn:newsml:reuters.com:*:nL8N2GO04L
    French utility group Veolia  VIE.PA  will improve its offer to buy the bulk of Engie's
 ENGIE.PA  stake in smaller rival Suez  SEVI.PA  by September 30. Veolia last month offered 2.9
billion euros for a 29.9% stake in Suez owned by Engie, with a view to subsequently taking full
control of Suez by buying up more shares.  urn:newsml:reuters.com:*:nL8N2GP0G7
    Shares in Commerzbank  CBKG.DE  are up 4.4% in early trade after the nomination of Manfred
Knof as chief executive of Germany's bank, which paves the way for an overhaul that could close
hundreds of branches and shrink its foreign operations, though any major changes may still take
months to formalise.  urn:newsml:reuters.com:*:nL8N2GO0AB
    Investors welcomed former Daimler  DAIGn.DE  chief executive Dieter Zetsche's decision to
forego his role as chairman of the German carmaker, announced at the weekend and starting a race
to find an independent head of the company's supervisory board.  urn:newsml:reuters.com:*:nL8N2GO0E0
    Rio Tinto  RIO.AX  RIO.L  is willing to continue talks with the New Zealand government on
extending operations at its Tiwai Point aluminium smelter.  urn:newsml:reuters.com:*:nM0N28500Y
    Sonova  SOON.S  expects to return to growth in the second half of the year. urn:newsml:reuters.com:*:nL8N2GP0IC
    Eyes also on Diageo  DGE.L  which said its business was performing ahead of its
expectations.  urn:newsml:reuters.com:*:nFWN2GN06M
    
    (Stefano Rebaudo)
    *****
    
    
    MORNING CALL: RESILIENT AFTER RECENT FALLS (0533 GMT)
    European stock futures are well in the black showing some resilience after recent falls and
a tech shares rebound on Wall Street on Friday, though broad sentiment remain cautious.
    Asian stocks are higher after profits at China’s industrial firms grew for the fourth
straight month in August, but concerns about surging coronavirus cases in Europe and risks of
new restrictive measures continue to weigh.
    However there is more going on as investors’ focus is on UK-Europe post-Brexit trade talks
and a fresh U.S. stimulus package, which by the way seems increasingly unlikely to be approved
before the November presidential election.
    
    (Stefano Rebaudo)
    *****
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