TheChek News Flow

Stocks were mixed as major Asian indexes rose and US futures fell after post-market slumps in Google parent Alphabet Inc. and Microsoft Corp. marred a three-day rally on Wall Street. Equities rose in China, Japan and South Korea while contracts for the Nasdaq 100 slid. Alphabet dropped as much as 7% in after-market trading on revenue that came in below expectations and Microsoft lost 8% following a disappointing revenue forecast. Positive signs for Asia included China’s central bank and foreign-exchange regulator indicating they would maintain the healthy development of stock and bond markets, while reiterating that the yuan would be “basically stable.” A near 5% rebound in a gauge of US-listed Chinese stocks on Tuesday helped claw back some of the record loss suffered in the wake of President Xi Jinping breaking with China’s collective leadership. Hong Kong’s tech gauge made strong gains for a second day but was still short of recouping Monday’s near 10% slide.  A gauge of the dollar was unchanged while the pound fell on a report that UK Prime Minister Rishi Sunak was considering a delay to next week’s planned fiscal statement.  The yen weakened to around 148 per dollar ahead of the Bank of Japan’s policy decision Friday, when monetary settings are expected to be kept unchanged. Meanwhile, the central bank boosted purchases of longer-dated government bonds as rising yields threatened to loosen its grip on the yield curve. Treasuries held to gains, with the 10-year yield falling below 4.10% after data for US home prices and consumer confidence underscored concern over the economic outlook.  US After Hours Big tech names lower on earnings: GOOG -6.7%, TXN -5.7%, SPOT -5%, FFIV -3.6%, MSFT -3.1%; CMG -1.8% also lower; JNPR +3.9%, V +2.5% higher on earnings

Macro :

- Deutsche Bank’s von Moltke Sees 2% Germany Recession Next Year

- BofA Says Client Flows Into Single Stocks Near Historic Extremes

- Hedge Funds Are Slashing Leverage to Weather Market Slump

- Goldman Sachs Says US Equity Bottom Conditions Are Not There Yet

- Italian bank fundraising attracts ‘state aid’ scrutiny in Brussels

Keep an eye on :

- AC FP : Saudi Fund Invests in Hotel Chain Habitas (Correct)

- ADS GY : Adidas Cuts Ties With Ye, Absorbing €250 Million Hit to Profit

- AKRBP NO : Aker BP 3Q Net Income Meets Estimates

- ASM NA : ASMI 3Q Net Sales Beats Estimates

- ATO FP : Atos 3Q Revenue Beats Estimates

- ATO FP : Atos Sales Rise With €2.7 Billion Secured to Finance Split

- AZA SS : Avanza Survey Shows Swedish Savers Less Pessimistic on Stocks

- BARC LN : Barclays 3Q CIB Revenue Misses Estimates

- BAS GY : BASF 3Q Adjusted Ebit Beats Estimates

- BAYN GY : Chemours Cuts FY Adjusted EPS Forecast, Misses Estimates --> CC +3% In after Hours

- BETSB SS : Betsson 3Q Operating Profit Meets Estimates

- BIM FP : BioMerieux 3Q Sales Beats Estimates

- ALCAR FP : Carmat Gets Approvals to Resume Eficas Clinical Study in France

- CEC GY : Ceconomy 4Q Sales Beats Estimates

- DSY FP : Dassault Systemes 3Q Non-IFRS Operating Margin Misses Estimates

- DWS GY : DWS 3Q Net Inflows Misses Estimates

- ELK NO : Elkem 3Q Ebitda Beats Estimates

- FORTUM FH : Fortum: No Impact From Further Losses of Uniper During 2022

- GLEN LN : Peru Espinar Community to Protest Glencore’s Copper Mine

- HOFI SS : Hoist Finance 3Q Operating Income SEK595M Vs. SEK488M Y/y

- HYQ GY : Hypoport Prelim 9M Ebit EU31M

- ITX GY : Zara’s Owner Agrees to Sell Russian Operations to Daher Group

- INS GY : Instone Real Estate to Boost Share Buyback Program

- INTC US : Intel’s Mobileye Raises $861 Million to Top Goal for IPO

- KCR FH : Konecranes 3Q Adjusted Ebita Beats Estimates

- KAMBI SS : Kambi 3Q Ebit Misses Estimates

- KPN NA : KPN 3Q Adjusted Ebitda After Leases Meets Estimates

- LIN GY : Linde’s Frankfurt Exit Is Testimony to DAX Index’s Struggles

- MELE BB : Melexis 3Q Ebit Beats Estimates

- MBG GY : Mercedes Boosts FY Cars Adjusted Return on Sales Forecast

- MBG GY : Mercedes Hikes Profit Goal With Demand Outstripping Supply

- ML FP : Michelin Postpones Capital Markets Day Amid ‘Hyperinflation’

- MMT FP : M6 3Q Revenue Meets Estimates

- NVG PL : Navigator Co 9M Net Income EU270.5M Vs. EU114.2M Y/y

- NEX FP : Nexans Boosts FY Ebitda Forecast, Beats Estimates

- NAS NO : Norwegian Air 3Q Ebit Matches Estimates

- ORP FP : Orpea Forced to Renegotiate Debt After ‘Gravediggers’ Scandal

- OVH FP : OVH FY Revenue EU788M Vs. EU663M Y/y

- RKTLN : Reckitt 3Q Like-for-Like Sales Beats Estimates

- RED SM : Red Electrica 3Q Net Income Beats Estimates

- RIO LN : Rio Tinto Reiterates Commitment to Oyu Tolgoi

- SAN SM : Santander Profit Beats Estimates on Central Bank Rate Tailwind

- SGO FP : Saint-Gobain Signs 10 Year PPA With TotalEnergies in N. America

- SEBA SS : SEB Ends Second Share Buyback Program, Starts New For SEK1.25b

- SKAB SS : Skanska 3Q Operating Profit Beats Estimates

- SMCP FP : SMCP 3Q Organic Sales +9.4%

- SNAP US : Snap’s Evan Spiegel Slams the Metaverse, Touts Own AR Vision

- SF SS : Stillfront 3Q Ebit Misses Estimates

- SW FP : Sodexo FY Organic Revenue Beats Estimates

- SUN SW : Sulzer 3Q Orders CHF852M

- SY1 GY : Symrise Boosts FY Organic Revenue Forecast

- TKTT FP : Tarkett 3Q Net Sales EU1.01B Vs. EU809.4M Y/y

- TEF SM : Telefonica to Receive €1.3 Billion in Tax Refund

- TEF SM : Telefonica, Liberty Said to Weigh Sale of Stake in UK Towers Arm

- TEL NO : Telenor 3Q Ebitda Beats Estimates

- HO FP : Thales Boosts FY Sales Forecast

- TOD IM : Founder Della Valle’s Bid on Tod’s Will Not Be Completed

- TTE FP : Saint-Gobain Signs 10 Year PPA With TotalEnergies in N. America

- TRELB SS : Trelleborg 3Q Adjusted Ebit Misses Estimates (1)

- UCG IM : UniCredit Sees FY Net Income Above EU4.8B, Saw About EU4B

- UN01 GY : Uniper Warns of €3.2 Billion-Loss as Higher Gas Prices Bite

- DG FP : Vinci 9M Like-for-Like Sales +12%

- DG FP : Vinci’s Results Should Help Alleviate Any Concerns: Street Wrap

- WPP LN : WPP 3Q Comparable Organic Sales Misses Estimates