* European shares open little changed
* Focus on Federal Reserve policy decision
* UBS downgrades luxury sector to neutral
* Logistics stocks fall after FedEx warning
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: rm://thyagaraju.adinarayan.thomsonreuters.com@reuters.net
OPENING SNAPSHOT: FEDEX RIVALS SLIDE; INVESTORS AWAIT FED (0730 GMT)
Another subdued session in Europe with no major sectoral moves as investors await Fed
interest rate decision before making any major bets on risky assets.
Luxury is the only sector that's making some noise today after Swiss bank UBS downgraded the
sector to "neutral" from "overweight", saying the sector is in overbought
territory. Moncler (-3.3%) CEO's cautious comments citing Hong Kong unrest is adding
to weakness.
As expected logistics firms Deutsche Post, DSV, Kuehne & Nagel,
Royal Mail and PostNL are all sliding between 0.5% to 1% on FedEx's profit
warnings overnight.
Apple component suppliers AMS, STMicro and Infineon
rise on strong pre-orders for the latest iteration of iPhone.
In single stock moves, EDF is seeing a bit of a relief rally (+2%) after the French
utility company says there is no need to close any of its nuclear reactors over welding
problems, which roiled the stock last week.
Here's a snapshot on sectoral moves:
(Thyagaraju Adinarayan)
*****
ON OUR RADAR: FEDEX RIVALS, APPLE SUPPLIERS, LUXURY (0656 GMT)
Stock futures point to a flat to slightly weaker open for Europe as investors head for the
sidelines ahead of the Fed's interest rate decision later today.
In corporate news, FedEx's profit warning overnight citing trade war is likely to
cast shadow on European logistics companies. The U.S. package delivery firm's shares tumbled 10%
in extended trading.
DHL owner and European rival Deutsche Post is sliding 3.2% in early Frankfurt
trade. DSV, Kuehne & Nagel, Royal Mail, PostNL and other
European mail delivery firms are also expected to come under pressure on FedEx warning.
Apple component suppliers could rally following their Asian peers on strong
pre-orders for the latest iteration of iPhone, traders say. AMS, STMicro,
Infineon and Dialog Semi are some names to watch out for.
Luxury stocks, mainly Swatch and Richemont are expected to slide after a
bearish note by UBS, according to traders. Moncler is seen sliding 2% after CEO says
he is cautious on FY sales due to Hong Kong unrest.
Italian toll road operator Atlantia in focus yet again after its CEO resigned as
the company moves to deal with the fallout from a deadly bridge collapse last year.
In the UK, Cobham shares are seen opening 3%-5% lower as the UK CMA's intervention
in Advent’s merger proposal raises worries of possible rejection. Traders call B&Q owner
Kingfisher shares -2% after weak sales and cautious outlook.
Other key headlines:
MEDIA-Lloyds-Schroders wealth management venture to launch price war - FT
Diageo averts strike with unions over pay at Scottish distilleries
Roche bid to recycle Gayzva for lupus nephritis wins FDA breakthrough tag
Atlantia CEO resigns in Benetton-led shake up
UK's BAE Systems wins $318 mln contract from U.S. Army
Britain orders security investigation into Cobham-Advent deal
Kingfisher profit falls 6.4% on weak French performance
Pendragon Flags Brexit Uncertainty
(Thyagaraju Adinarayan)
*****
CALM BEFORE FED (0540 GMT)
European stocks are seen opening slightly lower as jittery investors brace for Fed meeting
later today, where the U.S. central bank is widely expected to cut rates by 25 bps.
Volatile oil prices, ongoing U.S.-China trade war and upcoming Fed rate decision have
darkened investor mood this week with stocks in defensive sectors such as utilities, food &
beverage and telecom in demand.
"Today's Fed decision is once again likely to be a contentious one, given the two dissents
we saw to the last cut in rates, which saw the US central bank cut by 25bp at its July meeting,"
Michael Hewson at CMC Markets UK says.
Financial spreadbetters IG expect London's FTSE to open 12 points lower at 7,309,
Frankfurt's DAX to open 2 points lower at 12,370, and Paris' CAC to open 4 points lower at
5,611.
(Thyagaraju Adinarayan)
*****
(Reporting by Danilo Masoni, Josephine Mason and Thyagaraju Adinarayan)
UK earnings, trading statements calendar - next 7 days
Wednesday 13 September | |
abrdn Smaller Companies Income Trust PLC | Half Year Results |
Argentex Group PLC | Half Year Results |
Brave Bison Group PLC | Half Year Results |
Burford Capital Ltd | Half Year Results |
CAB Payments Holdings PLC | Half Year Results |
Central Asia Metals PLC | Half Year Results |
Frontier Developments PLC | Full Year Results |
Made Tech Group PLC | Full Year Results |
On The Beach Group PLC | Trading Statement |
Pan African Resources PLC | Full Year Results |
Pharos Energy PLC | Half Year Results |
Redrow PLC | Full Year Results |
Ricardo PLC | Full Year Results |
Star Energy Group PLC | Half Year Results |
Tullow Oil PLC | Half Year Results |
Thursday 14 September | |
Arecor Therapeutics PLC | Half Year Results |
Brooks Macdonald Group PLC | Full Year Results |
Capricorn Energy PLC | Half Year Results |
Checkit PLC | Half Year Results |
Churchill China PLC | Half Year Results |
Foresight Solar Fund Ltd | Half Year Results |
Glenveagh Properties PLC | Half Year Results |
IG Group Holdings PLC | Trading Statement |
Keystone Law Group PLC | Half Year Results |
Kier Group PLC | Full Year Results |
M&C Saatchi PLC | Half Year Results |
MJ Gleeson PLC | Full Year Results |
Oakley Capital Investments Ltd | Half Year Results |
Renishaw PLC | Full Year Results |
Spire Healthcare Group PLC | Half Year Results |
THG PLC | Half Year Results |
Trainline PLC | Trading Statement |
Uniphar PLC | Half Year Results |
Friday 15 September | |
Petra Diamonds Ltd | Full Year Results |
VH Global Sustainable Energy Opportunities PLC | Half Year Results |
Monday 18 September | |
Artisanal Spirits Co PLC | Half Year Results |
City of London Investment Group PLC | Full Year Results |
Downing Renewables & Infrastructure Trust PLC | Half Year Results |
Facilities by ADF PLC | Half Year Results |
Futura Medical PLC | Half Year Results |
Greencoat Renewables PLC | Half Year Results |
HgCapital Trust PLC | Half Year Results |
Phoenix Group Holdings PLC | Half Year Results |
S4 Capital PLC | Half Year Results |
Tuesday 19 September | |
accesso Technology Group PLC | Half Year Results |
Billington Holdings PLC | Half Year Results |
Big Technologies PLC | Half Year Results |
C&C Group PLC | Trading Statement |
Concurrent Technologies PLC | Half Year Results |
CPPGroup PLC | Half Year Results |
Eagle Eye Solutions Group PLC | Full Year Results |
Fintel PLC | Half Year Results |
Good Energy Group PLC | Half Year Results |
Hargreaves Lansdown PLC | Full Year Results |
Henry Boot PLC | Half Year Results |
Kingfisher PLC | Half Year Results |
Litigation Capital Management Ltd | Full Year Results |
Maintel Holdings PLC | Half Year Results |
McBride PLC | Full Year Results |
MyHealthChecked PLC | Half Year Results |
Moonpig Group PLC | Trading Statement |
Naked Wines PLC | Full Year Results |
Northcoders Group PLC | Half Year Results |
Ocado Group PLC | Trading Statement |
Serica Energy PLC | Half Year Results |
SThree PLC | Trading Statement |
Surgical Innovations Group PLC | Half Year Results |
Team17 Group PLC | Half Year Results |
Trustpilot Group PLC | Half Year Results |
Water Intelligence PLC | Half Year Results |
Xaar PLC | Half Year Results |
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