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Dealers' early call: 26.05.2020

The FTSE 100 is called to open 145 points higher 6138. Asian stocks climbed with U.S. and European futures Tuesday despite escalating geopolitical risks, with Japan leading gains as the world’s third-largest economy reopened. Treasuries dipped in early trading after the three-day U.S. weekend, while the dollar retreated. Futures on the S&P 500 were up on Friday’s close, suggesting a positive open on Wall Street. Shares rose in Tokyo, Sydney and Seoul, while Hong Kong stocks also pushed higher, showing signs of stabilizing after weekend unrest. Shanghai saw more modest gains. Crude oil advanced past $34 a barrel in New York.

Upgrades and downgrades 

  • Whitbread underweight at JPM
  • AIB Group Raised to Equal-Weight at Barclays; PT 1.50 euros
  • Bank of Ireland Cut to Equal-Weight at Barclays; PT 2.40 euros
  • BMW Cut to Sell at Citi; PT 45 euros
  • Kone Oyj Raised to Overweight at JPMorgan; PT 63 euros
  • Maersk Cut to Hold at Jefferies; PT 7,500 kroner
  • Sika Cut to Hold at MainFirst; PT 185 Swiss francs
  • SKF Raised to Hold at Handelsbanken; PT 165 kronor
  • Telefonica Cut to Equal-Weight at Barclays; PT 5 euros
  • UniCredit Cut to Neutral at JPMorgan; PT 9 euros
  • Zooplus Cut to Hold at Berenberg; PT 150 euros

COMPANY NEWS

  • IHG should be very strong after Accor +6% yesterday on Spanish travel restrictions lifted on travel (July) also Germany planning to lift travel warnings from 15th June for 31 countries.
  • UK Retail likely strong today as PM Johnson says nonessential retail can open June 15.
  • Petrofac Faces Risk of Material Penalties as SFO Probe Lingers.
  • Ferguson Mike Powell to step down as CFO to join Mondi.
  • Aston Martin names Tobias Moers CEO.
  • UK Telcos press reports over the weekend that the UK government may tighten its restrictions on the usage of Huawei. According to the Guardian, the previously proposed 35% limit may be revised to zero usage by 2023.
  • Foxtons to start re-opening branches over course of this week. Commissions down 44% past 8 weeks.
  • Stagecoach UK Govt to give £254mn for buses and £29mn for trams.
  • EasyJet Andrew Findlay has advised board on intention to leave.
  • Softcat cash receipts from customers remain broadly inline. Company has traded ‘satisfactorily’ during Q3.
  • Siemens plans to keep 45% of Siemens Energy after spin off. 1 Energy for 2 Ords (Welt).
  • Renault with Nissan have shelved plans for full merger to focus on recovery from Covid.
  • Lufthansa Germany still in talks with European Commission over its LHA rescue package.
  • Wirecard FY ’19 results due June 4th delayed as finalising of audit by EY not complete.
  • Klepierre company expects to reopen 90% of European Shopping malls within 10 days.
  • EVO Gaming CEO says current absence of sporting events has helped boost activity.
  • IP Group Portfolio Co. ‘Oxford Nanopore tech’ announces £48.4mn of additional funding.

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