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IFX - Infineon Technologies AG News Story

€31.85 -0.4  -1.2%

Last Trade - 9:55am

Large Cap
Market Cap £36.22bn
Enterprise Value £39.44bn
Revenue £8.63bn
Position in Universe 35th / 1049

LIVE MARKETS-Opening snapshot: risk on!

Tue 1st October, 2019 8:36am
* European stocks march on, STOXX 600 +0.4% just shy of May 2018 highs * Tech and auto stocks top risers; Germany's DAX +0.5% * BAML starts coverage of airlines: IAG, Wizz, RyanAir, Air France top picks * Ferguson top gainer on FTSE 100 after profit beat 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: OPENING SNAPSHOT: RISK ON! (0735 GMT) There are solid gains across indices driven by trade-sensitive autos and tech as investors hope for progress in U.S.-China trade deal when the two countries meet for talks next week. The pan-European STOXX 600 .STOXX is up 0.4% and is just shy of hitting its highest levels in nearly 1-1/2 years. Tech stocks are mainly boosted by Apple component suppliers after Apple's AAPL.O Tim Cook told a German newspaper that sales of the company's newest iPhones were off to a strong start. STMicro STM.PA , Dialog Semi DLGS.DE , Infineon IFXGn.DE , AMS AMS.VI and ASML ASML.AS all up 1%-2%. AMS is under particular scrutiny as its near $5 billion takeover offer for German lighting company Osram Licht that trumped one from private equity investors expires today. Airlines are gaining altitude after BAML initiated coverage with a bullish view on British Airways owner IAG ICAG.L , Ryanair RYA.I , Wizz Air WIZZ.L and Air France AIRF.PA , saying "Brexit should not disrupt air traffic rights", according to traders. The brokerage started Lufthansa LHAG.DE and Norwegian Air NWC.OL with an "underperform" rating. BAML says: "Good time to gain exposure to high-quality airlines with strong balance sheets." In single stocks, Ferguson FERG.L is the top gainer on the FTSE 100 .FTSE and STOXX 600 indices after the plumbing parts distributor reported better-than-expected profits. (Thyagaraju Adinarayan) ***** ON OUR RADAR: TECH, GREGGS, DEUTSCHE POST, CREDIT SUISSE (0653 GMT) Stock futures indicate a higher open for Europe as investors back risky assets underpinned by hopes that there would be no further escalation in U.S.-China trade tensions. The world's top two economies will be back at the negotiating table next week to restart talks. European markets are seen up 0.2% to 0.4% buoyed by strong gains in Wall Street and Asia, driven by the tech sector. Shares of European iPhone component suppliers STMicro STM.PA , Dialog Semi DLGS.DE , Infineon IFXGn.DE , AMS AMS.VI could get a nice boost from Apple's AAPL.O overnight rally after report sales of the company's newest iPhones were off to a strong start. In other company news, British baker and takeaway food group Greggs GRG.L is seen rising 1%-3% after it reported another strong quarter with company-managed shop like-for-like sales rising 7.4% in the 13 weeks to Sept. 28. Credit Suisse CSGN.S shares are rising 0.4% in premarket trade after CEO Tidjane Thiam gets a clean chit in an internal investigation into the botched surveillance of the bank's former wealth management head Iqbal Khan in a probe that cost Chief Operating Officer Pierre-Olivier Bouee​​​​​​​ his job. DHL owner Deutsche Post DPWGn.DE set new profit targets and said it would invest heavily in areas like warehouse automation and analytics as it seeks to keep up with fast-growing ecommerce. One dealer says the targets are in-line, "but would have hoped for more ambition". Dealers see the shares coming under a bit of pressure. UK plumbing parts distributor Ferguson FERG.L seen up 1%-2% after reporting profits slightly ahead and boosting dividend, while shares of upholstery and flooring provider SCS Group SCSS.L are seen down 5% after it said it had a challenging start to the year. The statement may kindle worries about Brexit uncertainty on consumer spending. Swiss chemical company Clariant CLN.S is likely to move on its updated financial outlook. In broker research, British Airways owner IAG ICAG.L , Air France AIRF.PA and Wizz Air WIZZ.L could fly higher after Bank of America Merrill Lynch start coverage with a "buy" rating. The bank is bearish on Lufthansa LHAG.DE , starting with "underperform". Key headlines: Credit Suisse clears CEO in spying probe, COO Bouee to go*:nL5N26M0JN Deutsche Post plans new investment as ecommerce booms*:nFWN26L10Y Thyssenkrupp appoints new CEO in bid to rebuild confidence*:nL5N26L4QR Mediaset debt rises as pan-European growth kicks in*:nL5N26L6NE Italy's Generali pulls out from race for bancassurance partnership BBVA - press​​​​​​​*:nL5N26M0HQ British baker Greggs sees sales growth slow in latest quarter*:nASP0017K5 AstraZeneca's combo lung disease therapy falls short of FDA approval*:nL3N26M1MS (Thyagaraju Adinarayan) ***** MORE GAINS, TECH IN FOCUS (0535 GMT) European stocks are seen opening higher as worries over further escalation in U.S.-China trade tensions abate as the world's top economies are scheduled to restart trade negotiations. Positive vibes from Wall Street's rally overnight is set to fuel gains in the pan-European STOXX 600 .STOXX index, which ended Monday at its highest closing level since May 2018. U.S. tech sector drove Wall Street higher with record highs now within striking distance. Apple shares were in spotlight after CEO Tim Cook told a German daily that sales of the company's newest iPhones were off to a strong start.*:nL2N26L1C1 Apple suppliers in Europe could potentially rally on the strong iPhone sales report. Financial spreadbetters IG expect London's FTSE to open 19 points higher at 7,427, Frankfurt's DAX to open 55 points higher at 12,483, and Paris' CAC to open 13 points higher at 5,691. Our wrap-up on Q3: Global stocks stalled in Q3 as bonds boom and dollar zooms*:nL5N26L6HK (Thyagaraju Adinarayan) ***** <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ opening-snapshot ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Danilo Masoni, Joice Alves, Josephine Mason, Julien Ponthus and Thyagaraju Adinarayan)
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