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IFX - Infineon Technologies AG News Story

€32.5 1.1  3.6%

Last Trade - 07/05/21

Large Cap
Market Cap £36.82bn
Enterprise Value £40.06bn
Revenue £8.70bn
Position in Universe 35th / 1050

LIVE MARKETS-Opening snapshot: beaten-down stocks rise again

Wed 11th September, 2019 8:37am
* European stocks rise again: STOXX 600 +0.3% * Beaten-down sectors banks and cars lead charge higher * Apple iPhone launch boosts chipmakers * Casino buoyed by Carrefour takeover report 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: rm:// OPENING SNAPSHOT: BEATEN-DOWN STOCKS RISE AGAIN (0735 GMT) Miners, banks and cars are leading the march higher across European stock markets this morning, as investors continue to pile into this year's laggards. The pan European STOXX 600 .STOXX was just shy of an Aug. 1 high in early deals. Defensives food & beverage and utilities are the only sectors in negative territory. In another sign that investors are shifting out of this year's best-performing stocks, Zara-owner Inditex's ITX.MC shares are down 2.8%, among the biggest fallers on the STOXX 600 even after delivering an in-line set of results. Dealers say the absence of a positive surprise triggered profit taking in the world's biggest fashion retailer after its shares hit one-year highs yesterday. They're up a whopping 32% this year. Infineon IFXGn.DE and STMicro STM.BN are among the top gainers in Frankfurt and Paris after Apple's AAPL.O launch of its latest iPhone, while debt-laded French supermarket Casino CASP.PA is up 2.5% at March highs after a report rival Carrefour CARR.PA is weighing a takeover. Andritz ANDR.VI and Maersk MAERSKb.CO are being buoyed by positive broker recommendations. (Josephine Mason) ***** ON OUR RADAR: SUPERMARKET SWEEP AND IPHONES (0700 GMT) European stock futures are gaining again this morning, extending a winning streak into a sixth day, as investors pile into riskier assets ahead of the ECB's much-anticipated monetary policy meeting tomorrow with the central bank's chief Mario Draghi expected to lavish the market with stimulus measures to shore up the region's economy. Whether the market has set expectations for Draghi's generosity too high is yet to be seen. German stock futures are up 0.5% while Eurostoxx are up 0.3%. China has exempted 16 types of U.S. products from additional retaliatory tariffs in a conciliatory sign from Beijing and adding to the broadly optimistic mood even as signs of a global manufacturing slowdown abound. This morning, data shows China's auto sales fell for a 14th consecutive month in August and Schmolz & Bickenbach STLN.S has cut its forecast for the full-year, blaming a weakening steel demand as its order backlog continued to decline in the third quarter. Its shares could fall as much as 20%, a dealer says.*:nB9N25T00N Apple's launch of its new iPhone 11 series may help lift the mood across chipmakers, Infineon IFXGn.DE , Dialog Semiconductor DLGS.DE and STMicro STM.BN , although the lower price tag and new features may not be enough to win customers in China, the world's largest smartphone market that is already crowded with cheaper and feature-packed rival handsets.*:nL5N262098 The owner of clothing chain Zara, Inditex ITX.MC , has posted first-half profits and sales that were in line with expectations, buoyed by good summer weather in Europe and favourable foreign exchange effects. But dealers say the absence of a positive surprise from the world's top fashion retailer is likely to weigh on the stock. In luxury goods, French handbag maker Hermes HRMS.PA has delivered strong sales growth within mainland China in July and August that helped offset the impact of anti-government protests in Hong Kong on its business within the Greater China region. Traders say its EBIT growth was better than expected, which is expected to lift shares by 2-3%. In dealmaking, a report that French retailer Carrefour CARR.PA is weighing a possible bid for Casino CASP.PA is seen pressuring Carrefour and giving a significant lift to its debt-laden rival. Casino would rise as much as 10%, dealers say. UK headlines (see earlier blog for other major news overnight): Galliford Try reports 27% drop in full-year profit*:nL3N2621GP Domino's Pizza brand in Turkey, Russia delivers 15.4% core profit rise in H1*:nL5N2620VI UK outsourcer Mitie Group loses finance head to CPA Global*:nL3N2621HN Britsh hedge fund Man Group president Jonathan Sorrell steps down*:nFWN2610RH BRIEF-Competition watchdog to assess Unite Group takeover of Liberty Living Group*:nFWN2610RE BRIEF-Capital & Regional Says Growthpoint In Talks To Buy Majority Stake In Co*:nFWN2610UE BRIEF-Chemring Says Current FY Expectations Unchanged*:nASP0016OC BRIEF- New Look Q1 loss narrows to 2.7 mln pounds*:nL5N2620UC BRIEF-Crest Nicholson Names Iain Ferguson Independent Non-Exec Chairman*:nFWN2610RJ BRIEF-Unite Group Sees 3%-3.5% Rental Growth In 2019-20, 2020-21*:nASP0016OL (Josephine Mason) ***** EUROPEAN STOCK FUTURES ON A 6-DAY WINNING STREAK (0624 GMT) European stock futures are indicating a stronger open this morning, extending a winning streak into a sixth day as investors brace for the ECB to cut interest rates and announce a range of stimulus measures to shore up the bloc's economy tomorrow. Germany's DAX FDXc1 is leading the charge, up 0.5% while the Euro STOXX 50 STXEc1 is up 0.3%. Traders expect the rotation seen in recent days from growth/momentum stocks into under-owned battered value/cyclicals to continue, boosting cars and banks. But reminders that manufacturing in the region and across the globe is weakening abound: Schmolz & Bickenbach STLN.S overnight cut its forecast for the full-year, blaming a weakening steel demand as its order backlog continued to decline in the third quarter. On the high street though, conditions appear to remain pretty resilient. The owner of clothing chain Zara and the world's biggest fashion retailer, Inditex ITX.MC , has posted first-half profits and sales that were in line with expectations, buoyed by good summer weather in Europe and favourable foreign exchange effects. There's a bit of M&A action: French retailer Carrefour CARR.PA is reported to be weighing a possible bid for its debt-laden rival Casino CASP.PA while ArcelorMittal MT.AS is exploring a sale of its downstream construction business as it divests non-core operations, according to a report. Here are some early headlines: Merck KGaA Confirms 2019 Targets*:nFWN2610RB Bankers step up rate rant ahead of crunch ECB meeting*:nL5N2613U6 Vivendi denies plan to take over Italy's Mediaset*:nL5N261675 UK's Man Group President Jonathan Sorrell to leave firm -Sky News*:nL5N26176S Sanofi to pay Lexicon $260 mln for terminated partnership*:nL3N2613V3 Naspers takes Tencent stake out of Africa with Prosus listing*:nL5N2616AP ArcelorMittal to explore sale of construction business- Bloomberg*:nL3N2613JR Norsk Hydro to shutter some aluminium foil production in Germany, lay off workers*:nL5N2616BO GRAPHIC-FTSE 100's changing face: A trip down memory lane*:nL5N2614MP Spain's Telefonica looks to make money from mobile towers*:nL5N2615LB European Q3 profit outlook improves slightly, still in recession*:nL5N2615JU Carrefour weighing bid for French retail rival Casino -BFM*:nL5N2620HR Schmolz + Bickenbach Lowers 2019 Earnings Forecast*:nFWN2610VT (Josephine Mason) ***** ROTATION CONTINUES, EUROPE SEEN HIGHER (0519 GMT) European shares are expected to extend yesterday's gains, notched up late in the day as investors continue to shift into sectors that have underperformed this year banks like cars and banks, taking profits in defensive industries like healthcare. Trading may be in a tight range again though ahead of the ECB's monetary policy meeting tomorrow, with some strategists cautioning that investors are setting their expectations for the size of stimulus to be announced too high. Banks will continue to benefit from rising bond yields. "Investors are trimming long speculative positions in sovereign bonds, as dovish expectations have certainly gone well ahead of what central banks would deliver at this month’s meetings," says Ipek Ozkardeskaya, senior market analyst at London Capital Group. IG financial spreadbetters expect London's FTSE to open 25 points higher at 7,293, Frankfurt's DAX to open 70 points higher at 12,339, and Paris' CAC to open 12 points higher at 5,605. (Josephine Mason) ***** <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ f ind ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Danilo Masoni, Josephine Mason and Thyagaraju Adinarayan)
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