Live Markets: Opening snapshot: Up it is!
02/12/2019 08:34
* Upbeat China factory data boosts stocks
* Pan-European STOXX 600 rises 0.5%
* Miners and oil & gas top sectoral gainers
* Ted Baker slumps 10% on overstated inventory
Welcome to the home for real-time coverage of European equity markets brought to you by Reuters
stocks reporters and anchored today by Julien ¨Ponthus. Reach him on Messenger to share your
thoughts on market moves: julien.ponthus.thomsonreuters.com@reuters.net
OPENING SNAPSHOT: UP IT IS!(0828 GMT)
The mood is a bit better than expected across European stocks exchanges, with most indexes
and sectors comfortably in the black on that feel-good manufacturing data coming from China.
The pan-European STOXX 600 .STOXX is rising 0.5%, boosted by mining and oil stocks.
In terms of individual movers, a lot of the action is coming from London with Ted Baker,
down 9 percent on the accounting/inventory error. British online retailer Ocado is the biggest
loser on the STOXX 600 with a 4 percent fall after issuing new convertible bonds.
On the same index, Tullow Oil is the top performer with a 4.5% rise on reports it agreed to
sell stake in its Ugandan oil fields.
In terms of big winners, Denmark's Chemometec CHEMM.CO jumped over 10% after hiring a new
CEO. The departure of the incumbent triggered an 18 pct fall on Friday.
Let's see if sentiment stays the same after all the European manufacturing data is published
this morning.
(Julien Ponthus)
*****
ON THE RADAR: TED BAKER, CHEMOMETEC AND DEUTSCHE BANK (0745 GMT)
It wasn't expected to be a particularly busy day in terms of corporate news but there should
nevertheless be a bit of market price action at the open with notably Ted Baker, which just
announced that the value of its inventory has been overstated.
Another likely volatile stock is Denmark’s Chemometec, which has appointed a new CEO after
the unexpected departure of the incumbent triggered a 18% fall Friday.
Deutsche Bank will also be closely watched with a Reuters exclusive indicating the lender’s
role in the Danske money laundering scandal is being thoroughly investigated in the U.S.
In M&A, the takeover battle for Just Eat is also in the spotlight after shareholder Cat Rock
Capital said Takeaway.com offer should be accepted unless Prosus ups its bid to 925p.
Unicredit’s sale of a stake in Turkey’s Yapi could also give the Italian lender a little
boost at the open.
In Switzerland the ongoing dispute for of Schmolz+Bickenbach could also make some sparkle.
Lastly Premier Oil announced a gas discovery which could cheer up investors.
(Julien Ponthus)
*****
MORNING CALL: SOME OPTIMISM RISING IN THE EAST (0629 GMT)
European bourses are expected to open higher for their first day of trading in December
thanks to upbeat China manufacturing surveys and hopes (yes, sorry, you've read that before)
that the world's second economy and the United States will do a preliminary trade deal.
On the first point, a few salvos of European Manufacturing PMIs this morning should also
help investors decide whether the old continent's economy is indeed bottoming out.
Financial spreadbetters see London's FTSE opening 32 points higher, Frankfurt's DAX to gain
51 points and Paris' CAC to rise 15 points.
(Julien Ponthus)
*****
(Reporting by Danilo Masoni, Joice Alves, Julien Ponthus and Thyagaraju Adinarayan)