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IFX - Infineon Technologies AG News Story

€31.62 1.0  3.3%

Last Trade - 14/05/21

Large Cap
Market Cap £35.44bn
Enterprise Value £38.65bn
Revenue £8.61bn
Position in Universe 36th / 1053

LIVE MARKETS-No signs of respite

Mon 3rd June, 2019 7:00am
Welcome to the home for real-time coverage of European equity markets brought to you by Reuters
stocks reporters and anchored today by Thyagaraju Adinarayan. Reach him on Messenger to share
your thoughts on market moves:
    European shares are expected to be under pressure again today and there are no signs of a
respite as June begins.
    "Risk assets are likely to remain highly sensitive to rhetoric around trade, until there are
signs of a more constructive approach by both China and the US," Peel Hunt's Ian Williams says.
    The ongoing trade war is certainly hurting global airlines and IATA says the industry's
profits are expected to come down by more than a fifth.*:nL8N23900D
    In corporate news, M&A is making big headlines today: German chipmaker Infineon to buy
Cypress Semiconductors in 9 billion euros deal. One trader however says he struggles to see the
deal getting approval, pointing to Infineon's attempt to buy Wolfspeed from Cree, which was
blocked by CFIUS.
    Fiat Chrysler  FCHA.MI  is discussing a Renault  RENA.PA  special dividend and stronger job
guarantees in a bid to persuade the French government to back its proposed merger between the
carmakers, sources close to the discussions said.
    Major corporate headlines:
    Infineon to buy Cypress Semiconductors in 9 billion euros deal*:nASP0012DX
    Sephora to shut U.S. stores for day of diversity training after racial incident*:nL2N23A00P
    EXCLUSIVE-FCA discusses improved Renault merger bid to win French backing*:nL8N2390PJ
    Aluflexpack aims to raise 140 million euros in latest Swiss IPO*:nFWN239074
    Sunrise takeover of Liberty Global unit under review by competition authorities*:nFWN2370WX
    Global airlines slash profit forecast on protectionism fears*:nL8N23900D
    (Thyagaraju Adinarayan)
    European stocks are expected to open lower again this morning on worries of a prolonged
China-U.S. trade war and Washington's new tariff threats against Mexico. The pan-European STOXX
600 index dropped 5.7% in May, its worst monthly performance since January 2016.
    "For most of this year the assumption had been that, for all the sound and fury around the
imposition of tariffs, they wouldn’t last that long and any damage could be easily mitigated.
Now it seems that tariffs are likely to last a lot longer and be more wide ranging than
originally thought," Michael Hewson at CMC Markets UK says.
    Financial spreadbetters IG expect London's FTSE to open 31 points lower at 7,131,
Frankfurt's DAX to open 69 points lower at 11,658, and Paris' CAC to open 37 points lower at
    In corporate news, German chipmaker Infineon Technologies  IFXGn.DE  agreed to buy
U.S.-based Cypress Semiconductor  CY.O  for $23.85 per share in cash (enterprise value of 9
billion euros).
    (Thyagaraju Adinarayan)

 (Reporting by Danilo Masoni, Helen Reid, Josephine Mason and Thyagaraju Adinarayan)
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