DEALERS' EARLY CALL: 14.07.2020

The FTSE 100 is called to open 51 points lower @ 6125. Asian stocks declined Tuesday amid fresh Sino-American tensions and concern over the economic impact of rising coronavirus cases. Crude oil fell. Shares retreated across the region with Hong Kong stocks faring worst. S&P 500 Index futures fluctuated after the benchmark briefly touched its highest since the pandemic sell- off in March, before closing lower. The Nasdaq hit another record before finishing in the red. Treasuries dipped and the dollar was steady. Sentiment has taken a hit from signs the virus is throttling reopening plans in states like California, and news the Trump administration rejected China’s expansive claims in the South China Sea. A report Tuesday showed Singapore’s economy plunged into recession last quarter amid an extended lockdown. Traders are braced for earnings reports this week that will provides clues on the outlook for corporate profits.

UPGRADES AND DOWNGRADES

  • Essity raised to hold at DNB Markets; PT 295 kronor
  • Ferrovial raised to neutral at CaixaBank BPI; PT 26.30 euros
  • Hexagon raised to hold at Handelsbanken; PT 615 kronor
  • IMI raised to outperform at RBC; PT 1,140 pence
  • Morgan Advanced raised to sector perform at RBC; PT 275 pence
  • Orkla raised to hold at SEB Equities; PT 80 kroner
  • Recipharm raised to buy at Handelsbanken; PT 151 kronor
  • Restaurant Group raised to outperform at RBC; PT 80 pence
  • SKF raised to buy at Goldman; PT 214 kronor
  • Scor raised to equal-weight at Morgan Stanley; PT 30 euros
  • Henkel Cut to Hold at Bankhaus Metzler; PT 86 euros
  • QinetiQ Cut to Underperform at BofA
  • Rotork cut to underperform at RBC; PT 275 pence
  • Thales Cut to Neutral at BofA
  • Thule cut to hold at SEB Equities; PT 250 kronor
  • Wartsila cut to sector perform at RBC; PT 7.50 euros
  • HSBC Holdings Resumed Sell at Deutsche Bank; PT 335 pence
  • Lloyds Resumed Hold at Deutsche Bank; PT 34 pence
  • RBS Resumed Sell at Deutsche Bank; PT 100 pence
  • Standard Chartered Resumed Hold at Deutsche Bank; PT 415 pence
  • Virgin Money UK Resumed Buy at Deutsche Bank; PT 105 pence

COMPANY NEWS

  • Ocado 1H Pretax Loss Narrowed on Higher Revenue
  • Cellnex Said to Eye Stake in $11 Billion CK Hutch Tower Arm
  • Halma FY 2020 Profit, Revenue Rose; Declares Final Dividend
  • Lanxess CEO Confirms 2020 View; Sees Protection Unit Growth: FAZ
  • Ocado First Half Ebitda GBP19.8 Mln
  • HelloFresh Sees 2Q Rev, Adj Ebitda Significantly Above Estimates
  • Huawei Faces Ban on Selling 5G Kit to U.K. by End of This Year
  • UBI Banca Says Intesa Takeover Is Inappropriate, FT Reports
  • EU Demands EssilorLuxottica Sell Stores for GrandVision Deal: FT
  • McKinsey Warned Wirecard Year Ago to Take Action on Controls: FT
  • Atlantia: Conte Expects Decision on Autostrade at Cabinet Tuesday
  • Swatch First Half Operating Loss Wider Than Estimates
  • Telenor’s Digi Sees Medium Single Digit Decline for 2020 Ebitda
  • Partners Group Assets Under Management $96.3 Bln, +2.4% H/H
  • Fevertree Drinks Says Performance is in Line With Expectations
  • Aker BP Second Quarter Ebitda Misses Estimates
  • JCDecaux Sold Stake in Russian Outdoor Advertising Leader: RBC