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IFX - Infineon Technologies AG News Story

€31.41 0.1  0.2%

Last Trade - 4:35pm

Large Cap
Market Cap £35.07bn
Enterprise Value £38.27bn
Revenue £8.59bn
Position in Universe 36th / 1054

LIVE MARKETS-Opening snapshot: FedEx rivals slide; investors await Fed

Wed 18th September, 2019 8:30am
* European shares open little changed * Focus on Federal Reserve policy decision * UBS downgrades luxury sector to neutral * Logistics stocks fall after FedEx warning 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: rm:// OPENING SNAPSHOT: FEDEX RIVALS SLIDE; INVESTORS AWAIT FED (0730 GMT) Another subdued session in Europe with no major sectoral moves as investors await Fed interest rate decision before making any major bets on risky assets. Luxury is the only sector that's making some noise today after Swiss bank UBS downgraded the sector to "neutral" from "overweight"*:nFWN269010, saying the sector is in overbought territory. Moncler MONC.MI (-3.3%) CEO's cautious comments citing Hong Kong unrest is adding to weakness. As expected logistics firms Deutsche Post DPWGn.DE , DSV DSV.CO , Kuehne & Nagel KNIN.S , Royal Mail RMG.L and PostNL PTNL.AS are all sliding between 0.5% to 1% on FedEx's profit warnings overnight. Apple AAPL.O component suppliers AMS AMS.S , STMicro STM.PA and Infineon IFXGn.DE rise on strong pre-orders for the latest iteration of iPhone. In single stock moves, EDF EDF.PA is seeing a bit of a relief rally (+2%) after the French utility company says there is no need to close any of its nuclear reactors over welding problems, which roiled the stock last week.*:nL5N26916B Here's a snapshot on sectoral moves: (Thyagaraju Adinarayan) ***** ON OUR RADAR: FEDEX RIVALS, APPLE SUPPLIERS, LUXURY (0656 GMT) Stock futures point to a flat to slightly weaker open for Europe as investors head for the sidelines ahead of the Fed's interest rate decision later today. In corporate news, FedEx's FDX.N profit warning overnight citing trade war is likely to cast shadow on European logistics companies. The U.S. package delivery firm's shares tumbled 10% in extended trading. DHL owner and European rival Deutsche Post DPWGn.DE is sliding 3.2% in early Frankfurt trade. DSV DSV.CO , Kuehne & Nagel KNIN.S , Royal Mail RMG.L , PostNL PTNL.AS and other European mail delivery firms are also expected to come under pressure on FedEx warning. Apple AAPL.O component suppliers could rally following their Asian peers on strong pre-orders for the latest iteration of iPhone, traders say. AMS AMS.S , STMicro STM.PA , Infineon IFXGn.DE and Dialog Semi DLGS.DE are some names to watch out for. Luxury stocks, mainly Swatch UHR.S and Richemont CFR.S are expected to slide after a bearish note by UBS, according to traders. Moncler MONC.MI is seen sliding 2% after CEO says he is cautious on FY sales due to Hong Kong unrest. Italian toll road operator Atlantia ATL.MI in focus yet again after its CEO resigned as the company moves to deal with the fallout from a deadly bridge collapse last year. In the UK, Cobham COB.L shares are seen opening 3%-5% lower as the UK CMA's intervention in Advent’s merger proposal raises worries of possible rejection. Traders call B&Q owner Kingfisher KGF.L shares -2% after weak sales and cautious outlook. Other key headlines: MEDIA-Lloyds-Schroders wealth management venture to launch price war - FT*:nL3N2683R5 Diageo averts strike with unions over pay at Scottish distilleries*:nL3N2682VC Roche bid to recycle Gayzva for lupus nephritis wins FDA breakthrough tag*:nASC0SC0G Atlantia CEO resigns in Benetton-led shake up*:nL5N2682VV UK's BAE Systems wins $318 mln contract from U.S. Army*:nL5N26861C Britain orders security investigation into Cobham-Advent deal*:nL5N2690PW Kingfisher profit falls 6.4% on weak French performance*:nASP0016Z4 Pendragon Flags Brexit Uncertainty*:nFWN2680DV (Thyagaraju Adinarayan) ***** CALM BEFORE FED (0540 GMT) European stocks are seen opening slightly lower as jittery investors brace for Fed meeting later today, where the U.S. central bank is widely expected to cut rates by 25 bps. Volatile oil prices, ongoing U.S.-China trade war and upcoming Fed rate decision have darkened investor mood this week with stocks in defensive sectors such as utilities, food & beverage and telecom in demand. "Today's Fed decision is once again likely to be a contentious one, given the two dissents we saw to the last cut in rates, which saw the US central bank cut by 25bp at its July meeting," Michael Hewson at CMC Markets UK says. Financial spreadbetters IG expect London's FTSE to open 12 points lower at 7,309, Frankfurt's DAX to open 2 points lower at 12,370, and Paris' CAC to open 4 points lower at 5,611. (Thyagaraju Adinarayan) ***** <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ stocks-open opening-snapshot ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Danilo Masoni, Josephine Mason and Thyagaraju Adinarayan)
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