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EUROPEAN EQUITY OPENING HEADLINES INCLUDING: BG seeks approval to drill 400 coal-seam gas wells in Australia

November 06 2013, 8:17am
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Asia

Asian equity markets recovered from their worst levels to trade with a slightly positive tone, as sentiment improved amid a decline in Chinese money market rates. The Nikkei 225 (+0.79%) initially fell at the open in a continuation of the selling pressure seen yesterday where short selling of stocks in the Tokyo Stock Exchange reached its highest level since September 2012. However, the Nikkei 225 then pared its losses and closed with firm gains. In individual stock news, the index would was pressured in early trade by heavyweight Fast Retailing after reports that October same-store sales at Uniqlo outlets declined 14% Y/Y. However, sentiment then improved as Chinese money market rates declined, with the tone further supported by news that Toyota are expected to raise FY operating profit forecast to JPY 2.2trl. Over in Australia, most gold miners saw pressure after gold futures fell to a 2-week low in New York. As a result, Alacer Gold was the biggest laggard and declined to a 3-month low, further weighed by a rating cut by Morgan Stanley. (RANsquawk)

Best Performing Sectors in the Nikkei 225: Basic Materials (+2.24%), Industrials (+1.31%), Technology (+1.28%)

Best Performing Stocks in the Nikkei 225: Mitsumi Electric (+8.93%), Pacific Metals (+6.61%), Pioneer Corp (+5.92%)

Worst Performing Sectors in the Nikkei 225: Oil & Gas (-1.31%), Telecommunications (-0.51%), Consumer Services (-0.16%)

Worst Performing Stocks in the Nikkei 225: Japan Steel Works (-4.64%), Dainippon Screen (-4.53%), Showa Shell (-3.74%)

FTSE

easyJet – October load factor 89.1% vs. Prev. 88.4% Y/Y and October passengers at 5.53mln vs. Prev. 5.25mln. (Newswires)

Old Mutual – AUM rise 14% YTD to GBP 287.5bln, net client cash flow of GBP 2.6bln led by US. (Newswires) 

BAE - Co. is preparing to close its Portsmouth shipyard in an overhaul of its naval manufacturing operations that will put more than 1,000 jobs at risk on England's South Coast and in Scotland. (Guardian)

Experian – H1 revenue from cont ops USD 2.34bln vs. Prev. USD 2.29bln, sees modest FY margin improvement. Co. to buy Passport Health Communications for USD 850mln. (Newswires) 

BG – Co. seeks approval to drill 400 coal-seam gas wells in Australia. (Newswires)

According to sources, Britain’s Department of Health to unveil a new five-year scheme to curb prescription drug prices. (Newswires) 

OTHER UK COMPANIES

Persimmon – Co. says fully fold for 2013, forward sales of GBP 650mln up 41% Y/Y. Confident in improving operating margin in H2 from H1. (Newswires)

FirstGroup – H1 revenue GBP 3.3bln vs. Exp. GBP 3.25bln. (Newswires) 

Foxtons – Q3 sales GBP 41.1mln, sees Q4 EBITDA impacted by costs. (Newswires)

Premier Foods – Co. confirms it is developing investment options for its bread unit. (Newswires)

Centamin – Q3 basic EPS USD 0.0272 and Q3 EBITDA USD 43.1mln, Q3 revenue USD 120.1mln vs. Prev. USD 103.1mln. (Newswires)

Companies paying dividend: Carillion (GBP 0.611)

Companies going Ex. dividend: BP (USD 0.106), Barclays (GBP 0.111), Unilever (GBP 0.253), Whitbread ( GBP 0.242), Bunzl (GBP 0.111), Unilever ( EUR 0.269), Ashmore group (GBP 0.131), C&C Group (EUR 0.043), Hunting (GBP 0.528)

BROKER RECOMMENDATIONS

Unilever CUT TO NEUTRAL VS BUY AT NOMURA

RBS REMOVED FROM UBS’S MOST PREFERRED LIST

LEGAL & GENERAL CUT TO NEUTRAL VS OUTPERFORM AT MEDIOBANCA

EXPERIAN CUT TO NEUTRAL VS BUY AT BOFAML

TRAVIS PERKINS CUT TO NEUTRAL VS BUY AT GOLDMAN

DAX

Deutsche Bank - Prosecutors may seek to fine co. if their suspicion is confirmed that Co-Chief Executive Juergen Fitschen gave misleading evidence in a dispute over the collapse of the Kirch media empire. (Newswires)

OTHER GERMAN

Freenet - Q3 rev. EUR 789.6mln vs. Prev. EUR 756.5mln Y/Y. Says group results increased by around 30% to EUR 63.6mln. (Newswires)

Duerr – Q3 net income EUR 34.9mln vs. Exp. EUR 33.3mln and Q3 revenue EUR 614mln vs. Exp. EUR 619mln. Confirms FY forecasts. (Newswires) 

Air Berlin – Co. October passenger numbers fell 5.2% to 3.01mln. (Newswires) 

Fraport – Q3 revenue EUR 737mln vs. Exp. EUR 750mln, sees 2013 dividend EUR 1.25 vs. Exp. EUR 1.30. (Newswires) 

Deutsche Annington – Q3 adjusted EBITDA EUR 363.1mln, confirms plan to pay out approx. 70% FFO. (Newswires)

Kloeckner – Q3 sales EUR 1.6bln vs. Prev. EUR 1.85bln, Q3 net loss EUR 11mln vs. Prev. net loss EUR 28mln. (Newswires) 

Rational – Q3 EBIT EUR 35.9mln vs. Exp. EUR 33.6mln, confirms FY target of 5% sales increase, earnings at prev. year’s level. (Newswires)

Kuka – Q3 revenue EUR 454mln vs. Prev. EUR 491mln, confirms forecast for 2013 revenue. (Newswires) 

Norma – Q3 revenue EUR 159.9mln vs. Exp. EUR 161.3mln, confirms 2013 outlook. (Newswires)

Brenntag – Q3 sales EUR 2.49bln vs. Exp. EUR 2.54bln, trims 2013 profit forecast range. (Newswires)

Axel Springer – Q3 revenue EUR 815.8mln vs. Exp. EUR 808mln, sees drop in 2013 EPS. (Newswires)

Jungheinrich – Q3 sales EUR 560mln vs. Exp. EUR 562.6mln, confirms 2013 targets. (Newswires)

BROKER RECOMMENDATIONS

HANNOVER RE RAISED TO OUTPERFORM VS NEUTRAL AT MEDIOBANCA

METRO AG RATED NEW HOLD AT BERENBERG; PT EU32.8

SKY DEUTSCHLAND CUT TO HOLD VS BUY AT BERENBERG

AURUBIS CUT TO HOLD VS BUY AT KEPLER CHEUVREUX

ALSTRIA CUT TO HOLD VS BUY AT DEUTSCHE BANK

AAREAL BANK CUT TO HOLD VS BUY AT DEUTSCHE BANK

CAC

LVMH - Co.'s TAG Heuer subsidiary CEO says sees single digit sales growth this year. Says sees Swiss watch exports growing around 5% next year, aims to outperform market. (Newswires)

SocGen/Credit Agricole – French daily Le Figaro reports that SocGen will announce this week that it is buying Credit Agricole’s 50% stake in their Newedge JV. (Le Figaro)

Alstom – H1 operating profit EUR 695mln vs. Exp. EUR 664mln, accelerates cost saving program. (Newswires)

Lafarge – Q3 EBITDA EUR 1.01bln vs. Exp. EUR 1.06bln, confirms FY cement growth target. (Newswires) 

OTHER FRENCH

Vicat - 9M rev. EUR 1.74bln vs. Prev. EUR 1.73bln. (Newswires)

BROKER RECOMMENDATIONS

AIR FRANCE, DE LA RUE REMOVED FROM SMID KEY BUYS LIST AT CITI

VALEO CUT TO SELL VS NEUTRAL AT GOLDMAN

Pan-European

Nokia – According to sources, Microsoft has narrowed its list of external candidates to replace Ballmer to about five, including Ford’s Mulally and former CEO of co. Elop. (Newswires) 

ING – Q3 net EUR 101mln vs. loss EUR 27.3mln. Co. and EC agree on revised timelines for Europe and Japan divestments. (Newswires)

Pirelli – Co. cuts 2013 outlook for second time, linked to FX and Russia. (Newswires) 

Delta Lloyd – IGD solvency at 175% vs. 177% FY 2012, cost savings are ahead of target. (Newswires) 

Vopak – Q3 EBITDA EUR 186mln vs. restated EUR 196mln, remains on track to achieve EBITDA ex-items of between EUR 730-780mln in 2013. (Newswires)

Scor – Q3 net EUR 113mln vs. Exp. EUR 105mln. (Newswires)

Voestalpine – H1 profit EUR 240mln vs. Prev. EUR 270mln, confirms forecasts. (Newswires) 

Ageas – Q3 net income EUR 41.1mln vs. Exp. EUR 51.2mln, group inflows at EUR 17.8bln. (Newswires) 

Endesa – 9-month profit at EUR 1.55bln, 9-month sales at EUR 23.5bln. (Newswires)

DSM – Co. to repurchase 2.5mln shares to cover option plans. (Newswires)

Solvay - EU extends probe into Ineos-Solvay PVC joint venture, citing concern over competition for bleach. Sets March 21st deadline for ruling. (Newswires)

Companies paying dividend: Telefonica (EUR 0.350), Abertis Inraestructuras (EUR 0.330)

Companies going Ex. dividend: Telefonica (EUR 0.350), Abertis Inraestructuras (EUR 0.330)

BROKER RECOMMENDATIONS

BANCO POPULAR RAISED TO BUY VS SELL AT SOCGEN

CAP GEMINI CUT TO HOLD VS BUY AT SOCGEN

EXOR CUT TO REDUCE VS HOLD AT KEPLER CHEUVREUX

RYANAIR RAISED TO BUY VS NEUTRAL AT NOMURA

JAZZTEL CUT TO MARKET PERFORM VS OUTPERFORM AT RAYMOND JAMES

SMI

Adecco – Q3 net income up 61% to EUR 190mln, sees increasing demand in Europe. (Newswires)

BROKER RECOMMENDATIONS

N/A

Scandinavia

Ericsson – Co. expects CAGR of 3-5% in telco equipment market between 2012-16, sees telco services CAGR of 5-7% and support solutions CAGR of 9-11%. (Newswires)

Vestas - Q3 sales EUR 1.44bln vs. Exp. EUR 1.48bln, raises FY outlook. (Newswires)

Lundbeck – Q3 net DKK 267mln and Q3 EBIT DKK 511mln, raises lower end of 2013 EBIT forecast. (Newswires)

Aker Solutions – Q3 sales NOK 10.9bln vs. Exp. NOK 12bln, order intake NOK 11.9bln vs. Prev. NOK 16.9bln. (Newswires)

Lundin Petroleum Q3 EBITDA USD 222mln and revenue USD 280mln. Co. remains firmly on target to double production by end-2015. (Newswires)

FLSmidth – Q3 net loss DKK 785mln vs. Exp. DKK 606mln, keeps FY outlook. (Newswires)

Norwegian Air Shuttle – October passenger numbers increased 19%. (Newswires)

Companies going ex-dividend: Comendo (DKK 0.3000)

BROKER RECOMMENDATIONS

ORKLA CUT TO HOLD VS BUY AT DNB

ALLIANCE OIL RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN

US

US equities closed with minor losses on Tuesday as participants awaited risk events later in the week, with the latest US jobs report due on Friday. However, the NASDAQ outperformed lead by Regeneron, up 7.5% following their latest earnings report as well as Facebook recovering from yesterday’s losses with gains of 3.5%. Elsewhere, homebuilders fell on comments from JP Morgan that DR Horton’s order growth may not meet analyst expectations. Elsewhere, both AT&T and Verizon saw losses of around 2% on reports that constraints on certain iPhone models are likely to restrict new subscription volumes. Finally the DJIA finished down 0.13% at 15618.09, the S&P 500 down 0.28% at 1762.97 and the NASDAQ 100 up 0.12% at 3388.82. 

Best Performing Sectors in the S&P 500: Consumer Services (+0.06%), Consumer Goods (+0.04%), Technology (-0.11%)

Worst Performing Sectors in the S&P 500: Telecommunications (-1.93%), Utilities (-0.76%), Oil and Gas (-0.42%)

Apple - Apple's iPhone rose to 5th in China's smart phone market for Q3 from 7th in Q2, whilst Samsung led China's smartphone market in Q3 with 21% share, according to Canalys. (Newswires)

Microsoft - Co.'s CEO search process could still take a few more months according to sources. (Newswires)

Wells Fargo - Co. is said to face a US probe on mortgage-bond sales. (newswires)

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