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VSVS - Vesuvius News Story

423.6p -0.8  -0.2%

Last Trade - 11/11/19

Sector
Industrials
Size
Mid Cap
Market Cap £1.15bn
Enterprise Value £1.51bn
Revenue £1.79bn
Position in Universe 385th / 1849

LIVE MARKETS-Brexit deal hops fuel gains, but earnings test key

Tue 15th October, 2019 8:00am
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: thyagaraju.adinarayan.thomsonreuters.com@reuters.net
 
    BREXIT DEAL HOPS FUEL GAINS, BUT EARNINGS TEST KEY (0659 GMT)
    Brexit deal hopes again take centre stage as futures trading at European bourses point to a
strong open, but the real litmus test will be in the afternoon, when some big Wall Street banks
kick off the earnings season.
    Germany's DAX futures  FDXc1  are up 0.6% at their highest since July 27 and the Eurostoxx
 .STXEc1  futures are just shy of a two-week high. 
    A BBC report overnight that the European Union is considering a new emergency summit to get
a Brexit deal brought back optimism in markets, although London FTSE stock futures  FFIc1  are
rising just 0.3%, lagging the broader market as sterling's rally limits gains.
    In corporate news, Kloeckner & Co's  KCOGn.DE  shares are sliding 8% in pre-market Frankfurt
trade after the steel company warned on profits in a latest European industrials are still
suffering blows from trade tensions and faltering demand.
    It's a different picture at consumer-facing companies with shares in German meal-kit company
Hellofresh  HFGG.DE  seen up 6% after it raised its profit outlook.
    In the UK, dealers call British housebuilder Bellway's  BWY.L  shares 2% higher citing
positive tone in statement and the Street is divided on Hays  HAYS.L  after the recruiter
reported no growth in net fees. Rivals Britain's PageGroup  PAGE.L  and Robert Walters  RWA.L 
warned on profits last week.
    Hard day for UK industrials: dealers call Renishaw  RSW.L  shares down 20% after the British
engineering group's profits tanked 85%, while they see Vesuvius  VSVS.L  shares dropping 10%
after its profit warning.
    European companies with exposure to Turkey in focus after U.S. President Trump slapped
sanctions. BBVA  BBVA.MC , UniCredit  CRDI.MI , BNP Paribas  BNPP.PA , Telia  TELIA.ST  and
Lufthansa  LHAG.DE  are among the top companies with exposure to Turkey.
    Later today, we have JP Morgan  JPM.N , Citi  C.N , Goldman Sachs  GS.N , Wells Fargo
 WFC.N  and Blackrock  BLK.N  kicking-off the third-quarter earnings season.
    
    Key headlines:    
    BRIEF-Kloeckner & Co SE outlook for full year EBITDA burdened  urn:newsml:reuters.com:*:nASP00182T
    Schroders assets under management up to 450.8 bln stg at end-Sept  urn:newsml:reuters.com:*:nFWN26Z0TP
    Italy's Ferretti cuts IPO price range to 2.0-2.5 euros per share - source  urn:newsml:reuters.com:*:nS8N1ZU02F
    Indivior raises full-year revenue forecast on Suboxone strength  urn:newsml:reuters.com:*:nL3N2701J9
    Hays reports flat quarterly net fees  urn:newsml:reuters.com:*:nL3N2701JB
    African masts operator Helios Towers prices IPO at low end of range  urn:newsml:reuters.com:*:nFWN26Z0WN
    Neil Woodford's flagship Equity Income Fund to be shut down  urn:newsml:reuters.com:*:nL5N27010P
    Bellway reports higher annual profit on strong demand for homes  urn:newsml:reuters.com:*:nL3N2701IV
    Steel trader Kloeckner cuts guidance again, shares tank  urn:newsml:reuters.com:*:nL5N2700NV 
    Engineering firm Renishaw first-quarter profit tanks 85%  urn:newsml:reuters.com:*:nL3N2701OL
    
    (Thyagaraju Adinarayan)
    *****
       
    TENTATIVE GAINS (0532 GMT)
    European stocks are seen opening slightly higher on renewed hopes that Britain had a chance
to leave the European Union with a deal later this week as UK-EU go into negotiations later this
week.
    Fresh optimism was underpinned by a BBC report overnight that the European Union is
considering a new emergency summit to get a Brexit deal.  urn:newsml:reuters.com:*:nFWN26Z10M
    Citi strategists however were sceptical on a Brexit deal, saying there was "little landing
space for a deal before 19th October".
    Financial spreadbetters IG expect London's FTSE to open 7 points higher at 7,220,
Frankfurt's DAX to open 8 points higher at 12,495, and Paris' CAC to open 8 points higher at
5,651.

    (Thyagaraju Adinarayan)
    *****           
    

 (Reporting by Danilo Masoni, Joice Alves, Josephine Mason, Julien Ponthus and Thyagaraju
Adinarayan)
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