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ABF - Associated British Foods News Story

1732p 32.5  1.9%

Last Trade - 23/10/20

Sector
Consumer Defensives
Size
Large Cap
Market Cap £13.71bn
Enterprise Value £16.55bn
Revenue £15.94bn
Position in Universe 75th / 1805

LIVE MARKETS-Opening snapshot: In positive territory, banks flat

Mon 7th September, 2020 8:57am
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 Danilo Masoni
(danilo.masoni@thomsonreuters.com) and Stefano Rebaudo
(stefano.rebaudo@thomsonreuters.com) in Milan. 
    
    
    OPENING SNAPSHOT: IN POSITIVE TERRITORY, BANKS FLAT (0756
GMT)
    European stocks open higher and hold their ground in
positive territory despite a fresh selloff on U.S. tech stocks
on Friday continues to worry investors globally.
    The STOXX 600  .STOXX  is up 0.9%, in what seems a straight
risk-on session with cyclicals leading gains. The auto sector
 .SXAP  leads sectoral gains up 1.9%, followed by real estate
 .SX86P  up 1.7% and industrial goods and services  .SXNP  up
1.4%. The euro Stoxx volatility index is down almost 3 points at
28.7.
    Spain’s banking index  .IBEXIB  turns negative after opening
up around 2.7%, while the European index  .SX7P  is flat, after
last week rally on M&A negotiations between Bankia  BKIA.MC  and
Caixabank  CABK.MC .
    Dechra  DPH.L  stocks are up 5.9% after its profit beat
expectations.
    U.S. markets will be closed today for the Labour Day
holiday. 
    SoftBank Group  9984.T  closed down 7% as the conglomerate's
bets on equity derivatives tied to listed technology companies
made investors uncomfortable.  urn:newsml:reuters.com:*:nL4N2G402F
    (Stefano Rebaudo)
    *****
    
    
    ON THE RADAR: VACCINE DEVELOPMENTS, AB FOODS (0641 GMT)
    European stocks are set to open higher as worries about a
U.S. tech selloff eased after the Nasdaq on Friday closed lower
but well above its session low with Apple scoring a tiny gain
for the day. 
    More news on the vaccine front with Australia expecting to
receive its first batches after a deal struck with CSL  CSL.AX 
to manufacture two vaccines - one developed by rival AstraZeneca
 AZN.L  and Oxford University, and another developed in CSL's
own labs with the University of Queensland.  urn:newsml:reuters.com:*:nL4N2G30JH 
    Meanwhile Sanofi's chief in France said a vaccine that
Sanofi  SASY.PA  is developing with Britain's GlaxoSmithKline
 GSK.L  was likely to be priced at less than 10 euros.
 urn:newsml:reuters.com:*:nL8N2G30C6
    Associated British Foods  ABF.L  expects full-year profit at
its Primark fashion chain to be at least at the top end of its
previously guided range after trading in its latest quarter
exceeded expectations.  urn:newsml:reuters.com:*:nASN000BUF
    Italy's Treasury wants to find a buyer for Monte dei Paschi
di Siena  BMPS.MI  by the end of the year to help the bailed-out
bank to clean up its remaining problem loans.  urn:newsml:reuters.com:*:nL8N2G40PP
    Italy is close to reaching an agreement over the future of
Atlantia  ATL.MI  unit Autostrade per l'Italia, Prime Minister
Giuseppe Conte said on Saturday in an interview. Progress has
been slowed recently by difficulties in agreeing a valuation for
the unit with state lender Cassa Depositi e Prestiti (CDP),
which is due to take control of Autostrade.  urn:newsml:reuters.com:*:nS8N2EV0A3    
    Ryanair  RYA.I  boss Michael O'Leary's proposed 458,000 euro
annual bonus came under fire on Friday, as an influential
investor advisory firm urged shareholders to oppose the package.
    
    (Stefano Rebaudo)
    *****    
    
    
    MORNING CALL: IN THE BLACK DESPITE U.S. TECH LOWER (0533
GMT)
    European stock futures are in the black despite a new
selloff in tech shares on Wall Street on Friday and Asian stocks
on their back foot worried about high valuations.
    The Nasdaq on Friday closed lower but well above its session
low as selling eased late in the session, with mega-cap tech
companies paring losses though only Apple  AAPL.O  managed a
tiny gain for the day. 
    Investors are still uncertain about whether the U.S. is
staging just some profit taking or a massive risk-off move is on
its way.
    Some traders said a pile of red flags was building up, while
mentioning Softbank. Its shares fell 7% following media reports
that the conglomerate made big bets on equity derivatives tied
to listed tech companies.  urn:newsml:reuters.com:*:nL4N2G30O0
    
    (Stefano Rebaudo)
    *****
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