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.
OPENING SNAPSHOT: STEADY (0827 GMT)
Not bad, markets are still clinging on to gains and sectors that got hammered yesterday are
bouncing back, but only slightly. For instance, the STOXX 600 travel & leisure index is
up just 0.8% versus the 6% drop yesterday.
Among single stocks, Meggitt's shares are down 4.6% after the British engineering
company's warning on impact from Boeing's 737 MAX production halt and the disruption caused by
coronavirus.
After being hit hard initially on weak dividend, Hammerson shares have turned
positive. A London-based trader says most of the negatives are already priced in.
Not many big fallers, but on a sector level, autos and banks are the underperformers.
(Thyagaraju Adinarayan)
*****
ON OUR RADAR: AIRLINES BOUNCE BACK, MEGGITT, PRUDENTIAL (0758 GMT)
Futures indicate 0.6% to 0.8% gain for European bourses at open as stocks attempt to bounce
back from the massive drop on Monday that took the pan-European STOXX 600 into negative
territory for 2020 and wiped almost half-a-trillion dollars.
Airlines are seen rising 2% after a brutal sell-off last session, especially in low-cost
carriers such as Ryanair and easyJet.
While coronavirus fears are keeping investors away from risky assets, bankers are curbing
trips to Italy after the outbreak over the weekend. Citi, Nomura and Credit Suisse among first
to ask staffs to postpone their trips, sources tell us.
In corporate news, it's mostly headlines from UK companies.
Meggitt shares in focus after the British engineering company warned that Boeing's
737 MAX aircraft production halt and the disruption caused by coronavirus is likely to dent 2020
growth.
Tesco sells its 20% stake in a China JV for 275 million pounds, marking the British
retailer's exit from the country. Banknote printer De La Rue, which flagged going
concern doubts in November, unveiled cost-cutting plans and reaffirmed its profit outlook.
Prudential shares are seen rising 3% after activist investor Third Point amassed
stake and called the British insurer to split into two companies.
British cybersecurity company Avast is seen falling 3% after its U.S. peer Palo
Alto Networks forecast lower revenues for 2020.
A couple of interesting moves outside the UK: Novartis is seen opening lower after
reports of negative side effects from its new eye drug Beovu; Leoni under pressure
premarket after full-year revenues miss estimates.
Headlines to digest:
Judge delays Arkema criminal trial, citing withheld evidence
Renault says reserves the right to seek damages depending on Ghosn probe
Citi, Credit Suisse among banks curbing Italy trips on coronavirus fears
Group of UBI investors says Intesa Sanpaolo's offer undervalues stock
(Thyagaraju Adinarayan)
*****
TENTATIVE GAINS AFTER YESTERDAY'S ROUT (0652 GMT)
European stocks point to a small bounce back after yesterday's rout that wiped roughly
half-a-trillion dollars off the pan European STOXX 600 index as the deadly coronavirus
spread beyond China.
The damage to global stock markets stood at a whopping $1.5 trillion -— one of the biggest
one-day market value losses ever.
"Losing all 2020's gains in one session was a dramatic way to do it but yesterday's
resetting of equity valuations was overdue. They now more accurately reflect the downside threat
to corporate earnings from the coronavirus," says Ian Williams, economics & strategy research
analyst at Peel Hunt.
(Thyagaraju Adinarayan)
*****
(Reporting by Danilo Masoni, Joice Alves, Julien Ponthus and Thyagaraju Adinarayan)
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UK earnings, trading statements calendar - next 7 days
Friday 22 July | |
Beazley PLC | Half Year Results |
FRP Advisory Group PLC | Full Year Results |
Record PLC | Q1 Results |
Monday 25 July | |
ECO Animal Health Group PLC | Full Year Results |
F&C Investment Trust PLC | Half Year Results |
GlobalData PLC | Half Year Results |
JTC PLC | Trading Statement |
Plant Health Care PLC | Trading Statement |
SThree PLC | Half Year Results |
Vodafone Group PLC | Trading Statement |
XLMedia PLC | Trading Statement |
Tuesday 26 July | |
Aberforth Smaller Companies Trust PLC | Half Year Results |
Ascential PLC | Half Year Results |
Bytes Technology Group PLC | Trading Statement |
Capital & Counties Properties PLC | Half Year Results |
Cohort PLC | Full Year Results |
Compass Group PLC | Trading Statement |
Drax Group PLC | Half Year Results |
easyJet PLC | Trading Statement |
Ergomed PLC | Trading Statement |
Franchise Brands PLC | Half Year Results |
Games Workshop Group PLC | Full Year Results |
Gore Street Energy Storage Fund PLC | Full Year Results |
Greencore Group PLC | Q3 Results |
John Menzies PLC | Trading Statement |
Medica Group PLC | Trading Statement |
Mitie Group PLC | Trading Statement |
NewRiver REIT PLC | Trading Statement |
Playtech PLC | Trading Statement |
Reach PLC | Half Year Results |
Ricardo PLC | Trading Statement |
Sabre Insurance Group PLC | Half Year Results |
SME Credit Realisation Fund Ltd | Full Year Results |
Trifast PLC | Full Year Results |
Tyman PLC | Half Year Results |
Unilever PLC | Half Year Results |
Vivo Energy PLC | Half Year Results |
Wickes Group PLC | Trading Statement |
Wednesday 27 July | |
Aptitude Software Group PLC | Half Year Results |
Aston Martin Lagonda Global Holdings PLC | Half Year Results |
BlackRock Energy & Resources Income Trust PLC | Half Year Results |
Breedon Group PLC | Half Year Results |
British American Tobacco PLC | Half Year Results |
FirstGroup PLC | Trading Statement |
Fresnillo PLC | Q2 Production Results |
GSK PLC | Half Year Results |
Hargreaves Services PLC | Full Year Results |
Hiscox Ltd | Trading Statement |
Ibstock PLC | Half Year Results |
International Personal Finance PLC | Half Year Results |
Lancashire Holdings Ltd | Half Year Results |
Lloyds Banking Group PLC | Half Year Results |
Marston's PLC | Trading Statement |
Motorpoint Group PLC | Trading Statement |
musicMagpie PLC | Half Year Results |
Nichols PLC | Half Year Results |
Primary Health Properties PLC | Half Year Results |
Quartix Technologies PLC | Half Year Results |
Reckitt Benckiser Group PLC | Half Year Results |
Rio Tinto PLC | Half Year Results |
Smart Metering Systems PLC | Half Year Results |
Smurfit Kappa Group PLC | Half Year Results |
Ted Baker PLC | Trading Statement |
Unite Group PLC | Half Year Results |
Wizz Air Holdings PLC | Q1 Results |
Yourgene Health PLC | Full Year Results |
Thursday 28 July | |
Airtel Africa PLC | Trading Statement |
Anglo American PLC | Half Year Results |
Aveva Group PLC | Trading Statement |
BAE Systems PLC | Half Year Results |
Barclays PLC | Half Year Results |
Bodycote PLC | Half Year Results |
BT Group PLC | Q1 Results |
Centrica PLC | Half Year Results |
CVS Group PLC | Trading Statement |
De La Rue PLC | Trading Statement |
Diageo PLC | Full Year Results |
discoverIE Group PLC | Trading Statement |
Dr Martens PLC | Trading Statement |
Elementis PLC | Half Year Results |
FDM Group PLC | Half Year Results |
Forterra PLC | Half Year Results |
Foxtons Group PLC | Half Year Results |
GB Group PLC | Trading Statement |
Greencoat UK Wind PLC | Half Year Results |
Hammerson PLC | Half Year Results |
Headlam Group PLC | Trading Statement |
Inchcape PLC | Half Year Results |
Indivior PLC | Half Year Results |
Informa PLC | Half Year Results |
ITV PLC | Half Year Results |
Jupiter Fund Management PLC | Half Year Results |
Logistics Development Group PLC | Trading Statement |
Metro Bank PLC | Half Year Results |
Mitchells & Butlers PLC | Trading Statement |
Mortgage Advice Bureau (Holdings) PLC | Trading Statement |
Mothercare PLC | Full Year Results |
MySale Group PLC | Trading Statement |
National Express Group PLC | Half Year Results |
Quixant PLC | Trading Statement |
Rathbones Group PLC | Half Year Results |
Relx PLC | Half Year Results |
Rentokil Initial PLC | Half Year Results |
Restore PLC | Half Year Results |
Robert Walters PLC | Half Year Results |
Schroders PLC | Half Year Results |
Segro PLC | Half Year Results |
Shell PLC | Q2 Results |
Smith & Nephew PLC | Half Year Results |
St James's Place PLC | Half Year Results |
Vesuvius PLC | Half Year Results |
Volex PLC | Half Year Results |
Weir Group PLC | Half Year Results |
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