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LIVE MARKETS-Opening snapshot: Nokia's Tech boosting beat boosts stocks

Fri, 31st Jul 2020 08:40

Welcome to the home for real-time coverage of European equity markets brought to you by Reuters
stocks reporters. You can share your thoughts Joice Alves (joice.alves@thomsonreuters.com) and
Julien Ponthus (julien.ponthus@thomsonreuters.com) in London and Stefano Rebaudo
(stefano.rebaudo@thomsonreuters.com) in Milan.

OPENING SNAPSHOT: NOKIA'S TECH BOOSTING BEAT BOOSTS STOCKS (0829 GMT)

The STOXX 600 is in the black this morning and that's pretty much thanks to Nokia's earning
beat which has sent the Finnish telecom network equipment maker up 10% and given a boost to the
Tech sector.

Yesterday's positive updates by Amazon, Apple and Google have reassured investors which has
very heavily relied on the performance of FAANGS to boost their portfolios in an otherwise
challenging market.

Among other big winners is BNP Paribas which also announced better-than-expected results.
The French bank is up 4% and also inspiring its peers: the banking index is up 1.1%.

A big player this morning is Belgium's Umicore which is down close to 10% after publishing
its trading update which despite beating expectations on core profits didn't go down that well
evidently.

In the telecom sector, Altice Europe shot up 8 after a number of brokers upgraded the
company.

Another hot sector this morning is real estate with Unibail and Klepierre, up 3.6% and 2.8%,
lifting the sector to 1.3%. Unlike the broader index, the sector is still set to make some gains
this month.

(Julien Ponthus)

*****

ON THE RADAR: BNP AND NOKIA BEATS, UNIVERSAL IPO (0635 GMT)

Another big earnings day which might help soothe some of yesterday's damage, particularly in
the banking sector with BNP Paribas beating consensus as fixed-income trading and debt
underwriting thrived during the COVID-19 crisis.

In Spain, Caixabank Q2 net profit rose 30% year-on-year due to lower restructuring costs
despite setting aside 755 million euros to offset the COVID-19 impact in the April to June
period.

It was less rosy for Banco Sabadell whose Q2 net profit fell 81% from the same period a year
ago after it set aside 635 million euros in provisions to anticipate the COVID-19 pandemic's
fallout. The net profit of 52 million euros came in short of the 74 millions euros analysts
polled by Reuters expected.

Reinsurance company Swiss Re said the $2.5 billion in claims and reserves related to
COVID-19 that it booked in the first half of the year would likely cover the bulk of its
pandemic-related losses.

Among beats this morning are Finnish telecom network equipment maker Nokia with unexpected
rise in underlying profit and Belgian materials technology Umicore. In Germany, Gea Group shares
are up 2.5% in early trade after the company raised ROCE guidance.

On the other hand, sales at Maybelline maker L'Oreal fell more sharply than expected and
Oakley and Ray-Ban eyewear maker EssilorLuxottica reported a 46% fall in Q2 revenues.

By what pre-market action is telling us at the moment, ProSiebenSat.1 trading update seems
to cheered as the German broadcaster says it is seeing first signs of a recovery in July.

A big announcement came from Vivendi which said it could list its most-prized asset,
Universal Music before 2023. The music unit, home to artist Taylor Swift, Drake and Lady Gaga,
was the only business unit within the group to report growth in the first half of this year.

Talking about IPOs, Bloomberg reported that SAP is working with Morgan Stanley and JPMorgan
Chase on its plans to list its Qualtrics unit in the U.S.

The London Stock Exchange said it may consider selling part or all of its Italian stock
exchange group to help get its planned $27 billion takeover of data and analytics group
Refinitiv approved.

(Julien Ponthus and Stefano Rebaudo)

*****

MORNING CALL: NO BOUNCE BACK (0527 GMT)

European futures are slightly up this morning but nothing on the scale that would constitute
a bounce back from yesterday's rout.

With rises comprised between 0.1% and 0.4%, the derivatives for EU blue chips, Frankfurt's
Dax and London's FTSE are in no position to make up the losses of the last session which wiped
out a month worth of gains.

The STOXX 600 is set to finish in the red in July, snapping three straight months of gains.

Dire economic data is weighing on sentiment and a good set of results by tech high-flyers
Apple, Google, Facebook and Amazon were no game changers.

(Julien Ponthus)

*****

More News

UPDATE 3-LSE looks at 'blank cheque' deals to keep London ahead after Brexit

* No repeat of frenzied U.S. trading in UK so far* LSE has no plans to shift euro clearing out of London* Focus on integrating Refinitiv, cutting debt* Shift of swaps trading from UK to New York 'unexpected' (Recasts with LSE CEO interview)By Huw Jo...

29 Jan 21 08:39

UPDATE 1-EU grants market access for U.S. securities clearing houses

(Adds more detail)By Huw JonesLONDON, Jan 27 (Reuters) - Clearing houses for securities in the United States will be allowed to serve investors in the European Union, the bloc's executive European Commission said on Wednesday."This decision is a s...

27 Jan 21 12:13

EU grants market access for U.S. securities clearing houses

LONDON, Jan 27 (Reuters) - Clearing houses for securities in the United States will be allowed to serve investors in the European Union, the bloc's executive European Commission said on Wednesday."This decision is a significant first step in the p...

27 Jan 21 11:18

UPDATE 1-Brace for the unexpected after COVID-19, Refinitiv CEO Craig says

(Edits headline, adds quotes)LONDON, Jan 26 (Reuters) - Refinitiv CEO David Craig said on Tuesday that the COVID-19 pandemic had shown how fragile and complacent the world was so leaders should prepare for the unexpected by challenging their think...

26 Jan 21 08:06

COVID-19 has shown global complacency, Refinitiv CEO Craig says

LONDON, Jan 26 (Reuters) - Refinitiv CEO David Craig said on Tuesday that the COVID-19 pandemic had shown how fragile and complacent the world was so leaders should challenge their thinking in a volatile world."We're more fragile than we thought a...

26 Jan 21 07:21

New York emerges winner as Brexit pushes swaps trading from London

By Huw JonesLONDON, Jan 21 (Reuters) - Britain's exit from the European Union has pushed swathes of derivatives trading from London to the bloc and the United States in a further blow to the capital's financial sector.Britain left the EU's single ...

21 Jan 21 14:34

Russia's X5 considering Nasdaq or LSE IPO for online businesses, alongside MOEX listing

MOSCOW, Jan 21 (Reuters) - Russia's largest food retailer X5 is considering an initial public offering (IPO) for its online businesses on either the Nasdaq or the London Stock Exchange at the same time as on the Moscow Exchange, the company said ...

21 Jan 21 13:26

UPDATE 1-London Stock Exchange set to close Refinitiv deal on Jan. 29

(Adds more background)LONDON, Jan 19 (Reuters) - London Stock Exchange said on Tuesday that it should complete its $27 billion acquisition of Refinitiv on Jan. 29, as it bulks up into a major financial data provider to compete with Bloomberg.The c...

19 Jan 21 18:23

Brussels says it won't be rushed on City of London access to EU

By Huw JonesLONDON, Jan 19 (Reuters) - EU Financial Services Commissioner Mairead McGuinness said on Tuesday that Brussels would not grant Britain's financiers access to the bloc before assessing the risks to financial stability - and that to do ...

19 Jan 21 17:58

London Stock Exchange expects to complete Refinitiv deal on Jan. 29

Jan 19 (Reuters) - London Stock Exchange said on Tuesday it should complete its $27 billion acquisition of data provider Refinitiv on Jan. 29.The company said it expected all outstanding regulatory approvals for the deal to come "shortly", enablin...

19 Jan 21 17:57

EU needs "masterplan" to grab euro finance from London

By Huw JonesLONDON, Jan 18 (Reuters) - The European Union needs a "masterplan" to move euro financial services from London to the bloc if it wants to expand the single currency's role in a global economy dominated by the U.S. dollar, a senior EU ...

18 Jan 21 14:21

London Swiss share trading set for February return

By Huw JonesLONDON, Jan 15 (Reuters) - British-based exchanges will once again offer trading in Swiss shares from next month, but it may take time to rebuild volumes, Britain's finance ministry and exchanges said on Friday.The ministry has set out...

15 Jan 21 17:18

UPDATE 1-London Stock Exchange gets EU nod for $27 billion takeover of Refinitiv

(Adds more detail, reaction)By Philip Blenkinsop and Huw JonesBRUSSELS/LONDON, Jan 13 (Reuters) - EU antitrust regulators gave the green light on Wednesday to the London Stock Exchange's $27 billion takeover of Refinitiv, creating a stronger compe...

13 Jan 21 13:44

UPDATE 2-London Stock Exchange gets EU nod for $27 bln takeover of Refinitiv

* Deal creates stronger competitor in data to Bloomberg* EU says remedies address competition concerns* LSE has agreed to sell Borsa Italiana to Euronext (Adds detail, Euronext comment, LSE shares)By Philip Blenkinsop and Huw JonesBRUSSELS/LONDON, J...

13 Jan 21 13:44

UPDATE 2-Dealmaking edges European stocks higher as long lockdown looms

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Carrefour hits Aug 2019 high on Couche-Tard approach* Telefonica jumps on mobile phone mast sale* Orsted slides after profit warning (Upda...

13 Jan 21 10:01

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