Infineon Technologies AG logo

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 37th / 1053

LIVE MARKETS-Opening snapshot: FTSE on a tear, Europe showing resilience

Fri 27th September, 2019 8:35am
* Europe's STOXX 600 up 0.3%, boosted by mining stocks * FTSE 100 (+0.8%) outperforms as BoE policymaker hints rate cuts; sterling down * Micron warnings hits European chip stocks 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 and Joice Alves. Reach them on Messenger to share your thoughts on market moves: and OPENING SNAPSHOT: FTSE ON A TEAR, EUROPE SHOWING RESILIENCE (0732 GMT) Wow, London's blue-chip index is on a tear in early deals, rising as much as 1% and hitting two-month highs as sterling tanks after a senior policymaker at the Bank of England hinted at looser monetary policy if global growth remained lacklustre and Brexit uncertainty continued to drag on one of the world's largest economies. The rest of Europe is putting in a surprisingly strong performance due to the weak euro, which is offsetting a slew of bad news overnight, from Micron's profit warning, reports of fresh scrutiny of U.S. suppliers to Huawei and the release of the whistleblower report on U.S. President Trump rattled investor confidence again. As expected, chipmakers Infineon IFXGn.DE and Siltronic WAFGn.DE are down 1.5% to 1.6%. (Josephine Mason and Joice Alves) ***** AHEAD OF THE OPEN: STOCK FUTURES MAKE TENTATIVE GAINS (0659 GMT) Europe's stock futures are making tentative gains in early deals, shrugging off for now pressure overnight in Asia and on Wall Street amid worries over the impact of the impeachment process on the world's top economy as investors draw comfort from reports Washington and Beijing will meet for the next round of trade talks in a few weeks. The Eurostoxx .STXEc1 is up 0.4%. Paris stocks may get an extra lift from a government pledge to cut taxes by more than 10 billion euros ($10.9 billion) next year. Dark clouds are looming though with a profit warning from U.S. chipmaker Micron overnight renewing concerns about demand from smartphone makers and after reports that the United States may reinstate curbs on American companies supplying China's Huawei, one of the world's top smartphone markets. Dealers expect Infineon, AMS, Siltronic and STMicro to fall 2%. Europe's major stock indices are on track for their third straight monthly gain, but it's been a tough week for the region's markets amid political chaos in London and Washington, dire data renewing worries about the bloc's health and as investors brace for U.S. import tariffs to be slapped on billions of dollar worth of European goods. The pan European STOXX 600 and euro zone benchmark are on track for their first weekly drop since mid-August. Elsewhere on the corporate front it's relatively quiet. More bad news to digest from the embattled banking sector with Commerzbank warning on FY revenue. Its shares are down 3% in premarket. (Josephine Mason and Joice Alves) ***** ON OUR RADAR: CHIPS ARE DOWN (0637 GMT) For a Friday, it's relatively busy on the corporate news front, but the main focus for investors will likely be chipmakers after Micron's warning overnight which will underscore worries about the health of smartphone demand amid tensions between the United States and China. Infineon IFXGn.DE , AMS AMS.S , Siltronic WAFGn.DE are seen under pressure. Italian oil and gas group Eni ENI.MI will be in focus after news its chief executive, Claudio Descalzi, was under investigation for a conflict of interest issue over dealings in the Congo. Its Var Energi AS has bought Exxon Mobil's XOM.N Norwegian oil and gas assets for $4.5 billion. Good news for Pirelli PIRC.MI after shareholder Camfin said it has underwritten a financial instrument which gives the holding company the right to increase its stake in tyremaker up to 15% from current 10.1%. Elsewhere in Italy, one dealer says Telecom Italia TLIT.MI shares may get a lift after chairman Conti has resigned. Europe's beleaguered banking sector remains in the spotlight - Commerzbank CBKG.DE has warned it no longer expects a rise in underlying revenue this year while its supervisory board approved plans announced last week to cut thousands of staff and close a fifth of its branches. Shares are down 2.6% in pre-market trade. Here are some early headlines: Commerzbank cuts revenue forecast as board approves overhaul*:nL5N26H5UP Eni CEO searched, under investigation over dealings in Congo*:nL5N26H6SR Exxon to sell Norway assets to Eni's Var Energi for $4.5 bln*:nL5N26H60P Westinghouse to buy Rolls-Royce's North American Civil Nuclear unit*:nL5N26H6Z0 BMW not interested in settling EU cartel investigations - WirtschaftsWoche*:nL5N26I0LV Telecom Italia chairman quits as shareholder feud subsides*:nL5N26H3RX Capgemini Receives Clearance For Its Proposed Acquisition Of Altran*:nASP0017DU Carrefour completes sale of 80% stake in Carrefour China to*:nASP0017DX Rheinmetall AG Regional Disruption Of Production Due To Malware At Rheinmetall Automotive*:nFWN26H0PM (Josephine Mason and Joice Alves) ***** MIXED SIGNALS IN EUROPE (0544 GMT) European stocks are expected to open higher, displaying some resilience to pressure overnight in Asia and Wall Street amid renewed optimism, albeit fragile, about the U.S.-China trade tensions with reports of another round of official talks aimed at ending the protracted spat due in two weeks.*:nL2N26H1TY*:nL2N26H08G But gains will be tentative after a Q1 profit warning from U.S. chipmaker Micron MU.O which has stirred anew worries about demand for memory chips and about the damage from Washington's dispute with Beijing. Micron's shares were down nearly 6.5% on Wall Street and the news has upset Asian rivals overnight. Adding further gloom to the tech sector were media reports that Washington is unlikely to allow American firms to supply China's Huawei Technologies HWT.UL , one of the world's top smartphone makers, undermining hopes of a complete deal between the world's top two economies. IG financial spreadbetters expect London's FTSE to open 12 points higher at 7,363, Frankfurt's DAX to open 10 points higher at 12,299, and Paris' CAC to open 3 points lower at 5,618. Still, the pan European and euro-zone benchmark indices .STOXX .STOXXE have had a torrid week amid fresh political tumult on both sides of the pond and worries about the euro-zone economy and are set for their first weekly drop since mid-August. (Josephine Mason and Joice Alves) ***** <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ ind ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Danilo Masoni, Josephine Mason, Joice Alves and Thyagaraju Adinarayan)
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.