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* STOXX and DAX hit fresh record highs
* Markets take comfort from slowing coronavirus infection rate
* ABN Amro down 7% after Q4 profit miss
Welcome to the home for real-time coverage of European equity markets brought to you by Reuters
stocks reporters. You can share your thoughts with Thyagaraju Adinarayan
(thyagaraju.adinarayan@tr.com), Joice Alves (joice.alves@tr.com), Julien Ponthus
(julien.ponthus@tr.com) in London and Danilo Masoni (danilo.masoni@tr.com) in Milan.
WUHAN WOES: UK RETAILERS SEE NO REASON TO PANIC (0852 GMT)
The China dependency has led markets to talk up supply chain disruptions, especially among
retailers, due to coronavirus, but the million-dollar question has been what's the impact and
how long does it take to recover?
Jefferies has reached out to a few retailers and the short answer from almost all of them
has been they have not been affected "materially". And with slowing infection rate its analysts
believe impact to European supply chains will be limited and short term.
Here's Jefferies' insight on UK retailers:
** Boohoo is least impacted as it has 500+ suppliers and sources less than 50% from
outside the UK.
** ASOS stock levels are at comfortable levels and it sources typically from
factories along the east coast of China (far from Wuhan); has flexibility to switch suppliers.
** Superdry expects a few weeks of disruption, but nothing material, and says it
has sufficient options.
** An extra one-month delay will cause real concerns on stock shortfalls for Next.
** N Brown sources about 37% of products from China, but is not impact much as it
had shipped all its key lines prior to Chinese New Year.
(Thyagaraju Adinarayan)
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OPENING SNAPSHOT: FRESH RECORD HIGHS FOR STOXX 600 AND DAX (0815 GMT)
The STOXX 600 and Germany's DAX hit record highs again today as
coronavirus infection rate slows down and Chinese factory workers are gradually returning to
work.
Among single stocks, the moves have solely been on earnings today with Evolution Gaming
topping the STOXX 600 index, rising 12%, after its fourth quarter revenues jumped 51%.
In the Netherlands, ABN Amro is down 6% (worst on STOXX) after its net income for
the fourth quarter fell short of analysts' expectations, and Heineken is up 4.4% after
it said it expects operating profit for 2020 to grow by a mid-single digit percentage.
Here is your snapshot:
(Joice Alves)
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ON OUR RADAR: KERING AND DUTCH COMPANIES (0752 GMT)
Futures point to a higher opening this morning on hopes that the coronavirus outbreak may be
peaking and the gains are further supported by some positive earnings reports.
However, there's not much to rejoice on the earnings front as the latest data from Refinitiv
showed that European companies are expected now to report a decline in profits in the
quarter, a reversal in expectations that they would end a nine-month long earnings recession.
Coming back to today's results, Kering posted higher-than-expected fourth quarter
sales, helped by Gucci, but the luxury giant said the coronavirus epidemic in China could
heighten uncertainties for the sector.
It's a busy earnings day in the Netherlands with some mixed earnings reports. Heineken
said it expects operating profit for this year to grow by a mid-single digit
percentage after 2019 earnings came in line with expectations.
Paints and industrial coatings maker Akzo Nobel's quarterly sales dipped amid weak
demand, notably from car makers, and ABN Amro is seen down 2-3% after it
reported stable net income for the fourth quarter, missing analysts' expectations.
Apart from earnings, there's an unusual high number of senior executive moves today:
Clariant's CFO is leaving for a new job at Maersk; Heineken CEO
plans to step down in the summer and he will be replaced by the head of the company's
Asia-Pacific region; Thyssenkrupp appointed a new Chairman of the Executive Board of
Thyssenkrupp Steel Europe.
Some action expected also in these UK companies:
Babcock nudges down profit forecast on oil and gas woes
Plus500 posts lower 2019 profit, says H2 buoyant
Dunelm upbeat on FY outlook as third quarter starts well
(Joice Alves)
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EUROPEAN STOCKS SEEN HIGHER ON HOPES CORONAVIRUS IS SLOWING (0638 GMT)
European bourses are seen opening in positive territory this morning after Asian shares
nudged higher on hopes the worst of the coronavirus outbreak in China may be over.
Investors will also have a number of earnings results to digest: Akzo Nobel
reported worse-than-expected 4Q earnings and ABN Amro Q4 net profit misses on low
interest and rising impairments. But there are also positive news: French asset manager Amundi
reported a 36.5% rise in 4Q.
On a separate note, there are quite a few people moves under the spotlight: Clariant
CFO Patrick Jany is exiting for a new job at shipping company Maersk, Heineken
CEO Jean-Francois van Boxmeer will step down in the summer and be replaced by the head
of the company's Asia-Pacific region. Thyssenkrupp appointed Bernhard Osburg to
succeed Premal Desai as Chairman of the Executive Board of Thyssenkrupp Steel Europe.
Financial spreadbetters at IG expect London's FTSE to open 13 points higher at 7,512,
Frankfurt's DAX to open 19 points higher at 13,647, and Paris' CAC to open 4 points higher at
6,058.
(Joice Alves)
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(Reporting by Danilo Masoni, Joice Alves, Julien Ponthus and Thyagaraju Adinarayan)
