>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • EBS +70.5%, CVNA +39%, ASPN +26.7%, ENVX +24.1%, CORT +12.6%, RSI +12.6%, CHRW +9.9%, FORM +8.9%, UPWK +8.7%, MPWR +8.4%, SRPT +8.3%, BHE +8.1%, INN +7.7%, HLF +7.7%, VTR +7%, IAC +6.6%, MGM +6.3%, SKWD +5.6%, DLX +5.5%, CAR +5.5%, GRBK +5.4%, ING +5.3%, BBAI +5.2%, RHP +5.1%, AEIS +5%, QCOM +4.9%, VAL +4.6%, VMI +4.5%, EXLS +4.1%, NOVA +3.7%, HST +3.5%, MCW +3%, PSTX +2.9%, AIG +2.9%, SBOW +2.9%, BTSG +2.9%, RDN +2.7%, HPP +2.5%, CTVA +2.4%, AUPH +2.3%, PGRE +2.2%, TTEK +2.2%, CMPR +2.1%, CTSH +2.1%, MT +2%, NSA +1.9%, CI +1.9%, QTWO +1.8%, MKL +1.6%, BZH +1.6%, AMKR +1.5%, EXPI +1.5%, PRDO +1.4%, CGNX +1.4%, SSTK +1.3%, BLZE +1.2%, ALB +1.2%, CNQ +1.2%, LSXMK +1.1%, EPR +1.1%, CAG +1%, AFL +1%, SHEL +1%
  • Gapping down:
    • FSLY -33.6%, FRSH -27.9%, NTGR -20.2%, RELY -16.2%, ETSY -14.2%, DASH -12.9%, QRVO -10%, WOLF -8.8%, PAYC -8.7%, GIL -7.3%, MGX -7.2%, ATRC -5.9%, KAR -5.4%, MYRG -5.4%, SDGR -5.2%, PTC -4.7%, UGI -4.4%, ZG -4.2%, KLIC -3.9%, PPC -3.9%, EBAY -3.9%, NVST -3.8%, CODI -3.5%, WD -3.4%, CDE -3.3%, EVTC -3%, JAZZ -3%, AVNW -2.9%, LIN -2.9%, XRAY -2.9%, ACLS -2.8%, BALY -2.7%, MUSA -2.5%, ELME -2.4%, TROX -2.4%, FSLR -2.3%, SNY -2.1%, SWK -2.1%, CCRN -2%, NVO -2%, MET -1.9%, GKOS -1.9%, EQC -1.8%, LBTYA -1.7%, NMFC -1.7%, ANSS -1.4%, TSLX -1.4%, MTRN -1.3%, ROAD -1.2%, GOOD -1.2%, CRK -1.2%, CSGS -1.2%

>>> Europe : Brokers Upgrades & Downgrades - 1st & 2nd of May 2024 V4(+++)

>>> Up
* Adidas PT Raised to 276 euros from 231 euros at UBS (+)
* AJ Bell Raised to Buy at UBS; PT 375 pence (+)
* Acciona Energia Raised to Hold at HSBC; PT 19.50 euros
* Amazon PT Raised to $220 from $215 at Morgan Stanley
* CTP Raised to Buy at Wood & Company; PT 18.90 euros (+++)
* EFG International Raised to Buy at Citi; PT 13.30 Swiss francs (++)
* Eli Lilly PT Raised to $1,001 from $900 at BMO
* Fielmann Raised to Buy at Hauck & Aufhaeuser; PT 56 euros (+++)
* Getlink Raised to Buy at Citi; PT 20 euros (++)
* Pernod Ricard Raised to Hold at HSBC; PT 137 euros (++)
* Sabadell Raised to Outperform at KBW; PT 2.38 euros (++)
* Snam Raised to Buy at HSBC; PT 5.10 euros
* Terna Raised to Buy at HSBC; PT 8.90 euros
* Travis Perkins Raised to Outperform at BNPP Exane (+)
* Vidrala Raised to Buy at Intermoney Valores; PT 121 euros
* Wavestone Raised to Buy at Stifel; PT 68 euros (++)

>>> Down
* Alpha Finl Markets Cut to Sector Perform at RBC; PT 465 pence (++)
* Autodesk Cut to Hold at Berenberg; PT $295
* Bakkafrost Cut to Sell at ABG; PT 573 kroner (++)
* Computacenter Cut to Hold at Investec; PT 2,600 pence
* Darktrace Cut to Equal-Weight at Morgan Stanley; PT 620 pence
* Darktrace Cut to Hold at HSBC; PT 620 pence
* Fnac Darty Cut to Equal-Weight at Barclays; PT 33 euros
* KPN Cut to Neutral at Citi; PT 3.55 euros
* Molson Coors PT Cut to $53 from $56 at Citi (++)
* Newmont Corp Cut to Sector Perform at National Bank; PT $49.44
* Orege Cut to Neutral at Oddo BHF; PT 40 euro cents (+++)
* Salmar Cut to Hold at ABG; PT 723 kroner (++)
* Solteq Cut to Sell at Inderes; PT 55 euro cents (++)
* Sparebanken Vest Cut to Hold at ABG; PT 127 kroner (++)
* Sparebanken Vest Cut to Hold at Arctic Securities; PT 134 kroner (+++)
* Starbucks Cut to Market Perform at William Blair
* Starbucks Cut to Hold at Deutsche Bank; PT $89 (++)
* Stellantis Cut to Neutral at Mediobanca SpA; PT $25.57
* Vocento Cut to Neutral at Grupo Santander; PT 1 euro (+++)
* YIT Cut to Reduce at Inderes; PT 1.85 euros (++)

>>> Initiation
* 3i Rated New Hold at Deutsche Bank (+++)
* Abrdn Rated New Buy at Deutsche Bank; PT 195 pence (+++)
* Allianz Rated New Neutral at Autonomous; PT 284 euros
* Attendo Reinstated Buy at Nordea; PT 50 kronor (++)
* Bodycote Rated New Buy at Deutsche Bank; PT 840 pence (+)
* Bridgepoint Rated New Hold at Deutsche Bank (+++0
* Brooks Macdonald Rated New Hold at Deutsche Bank (+++)
* Avon Protection Rated New Hold at Deutsche Bank; PT 1,200 pence (+)
* Galderma Rated New Buy at Citi; PT 80 Swiss francs (++)
* Galderma Rated New Equal-Weight at Morgan Stanley (++)
* Galderma Rated New Buy at Goldman; PT 82 Swiss francs (++)
* Galderma Rated New Buy at Jefferies; PT 80 Swiss francs (++)
* Galderma Rated New Outperform at BNPP Exane; PT 77 Swiss francs (+++)
* Gooch & Housego Rated New Buy at Deutsche Bank; PT 675 pence (+)
* Halma Rated New Hold at Deutsche Bank; PT 2,400 pence (+)
* Hargreaves Lansdown Rated New Buy at Deutsche Bank (+++)
* Hill & Smith Rated New Buy at Deutsche Bank; PT 2,250 pence (+)
* IBM Rated New Underperform at BNPP Exane; PT $145 (+++)
* Ipsen Rated New Buy at Citi; PT 130 euros (++)
* Jupiter Rated New Hold at Deutsche Bank (+++)
* Kitwave Group Rated New Buy at Investec; PT 485 pence
* Liontrust Rated New Hold at Deutsche Bank (+++)
* Man Group Rated New Buy at Deutsche Bank (+++)
* Melrose Industries Rated New Hold at Deutsche Bank (+)
* Meta Platforms Rated New Underperform at BNPP Exane; PT $360 (+++)
* Morgan Advanced Rated New Hold at Deutsche Bank (+)
* Ninety One Rated New Hold at Deutsche Bank (+++)
* Oxford Instruments Rated New Buy at Deutsche Bank (+)
* Polar Capital Rated New Hold at Deutsche Bank (+++)
* QinetiQ Rated New Buy at Deutsche Bank; PT 430 pence (+)
* Quilter Rated New Hold at Deutsche Bank (+++)
* Rathbones Group Rated New Hold at Deutsche Bank (+++)
* Renishaw Rated New Hold at Deutsche Bank (+)
* Rotork Rated New Hold at Deutsche Bank (+)
* St James's Place Rated New Hold at Deutsche Bank (+++)
* Schroders Rated New Hold at Deutsche Bank (+++)
* Senior Rated New Buy at Deutsche Bank; PT 250 pence (+)
* Spectris Rated New Hold at Deutsche Bank (+)
* Spirax Rated New Hold at Deutsche Bank (+)
* TI Fluid Rated New Hold at Deutsche Bank (+)
* TT Electronics Rated New Buy at Deutsche Bank; PT 260 pence (+)
* Vesuvius Rated New Hold at Deutsche Bank (+)
* Wise Rated New Hold at Deutsche Bank (+++)

>>> Call
* Bakkafrost Gets Only Sell as ABG Cuts, Salmar Downgraded to Hold (++)
* EFG Raised at Citi, Positive Watch Opened on Julius Baer (++)
* Getlink Raised to Buy at Citi on Structural Growth Opportunities (+++)
* Haleon’s 1Q Volume Miss May Spur ‘Some De-Rating,’ Citi Says (+)
* Ipsen a Buy at Citi; Dysport, Rare Disease Assets to Fuel Growth (++)
* Kemira Visibility Improving, Upgraded to Buy at Berenberg (++)
* MERCEDES REMOVED FROM GOLDMAN'S EUROPEAN CONVICTION LIST (+++)
* Novo Sales Outlook Helped by US Rebate Gains, Jefferies Says (+++)
* Orsted Keeps Guidance as Results in Line With Expectations: RBC (+++)
* SAINT-GOBAIN, ZEALAND PHARMA ADDED TO GOLDMAN CONVICTION LIST (+++)

FT : UK households cut back on beer, meat and domestic appliances after prices s

UK households cut back on beer, meat and domestic appliances after prices surge
FT analysis of official data points to impact of cost of living crisis on consumption

UK households have cut back on beer, bread, meat, recreation and domestic appliances since late 2021, according to a Financial Times analysis of official data that points to the impact of the cost of living crisis on consumption.

Real consumer spending has yet to return to pre-pandemic levels in Britain, underperforming the US and eurozone, and contracted in the final three months of 2023, underlining the challenge Prime Minister Rishi Sunak faces in creating a feelgood factor in the economy ahead of the election.

UK households slashed purchases of beer by 15 per cent, confectionery by 10 per cent, meat by 7 per cent, and bread and fruit by 9 per cent each in the two years to the final quarter of 2023, shows an analysis of detailed consumer spending figures from the Office for National Statistics and gross domestic product data.

The trend partly reflects the impact of the pandemic, with consumers returning to spend more on services and less on goods, but it mainly captures weakening spending power stemming from higher prices. The rise in interest rates to a 16-year high has also hit household finances, pushing up mortgage costs and rents.

Consumers spent 15 per cent more over the two years to Q4 2023, the latest quarter for which data is available, although they bought 0.5 per cent fewer goods.

Household spending on gas surged by almost 70 per cent, but consumers bought 10 per cent lower volumes. The volume of food purchased by consumers was also 8 per cent lower, even as spending on groceries increased by 16 per cent over the past two years.


“The cost of many essential items, such as energy and food, has risen dramatically in the past two years, and wages have not kept up with the large rise in prices. Given household budget constraints, something had to give,” said Tomasz Wieladek, chief European economist at investment company T Rowe Price.

As a result, he added, “households had to cut back on many non-essential items such as goods and luxury services”, as well as on energy consumption, and switched away from more expensive branded foodstuffs.

UK consumer price inflation peaked at a 42-year high of 11.1 per cent in October 2022, while real wages contracted for most of 2022 and 2023. Inflation dropped to 3.2 per cent in February, but prices remain about 20 per cent above their mid-2021 levels.

ONS data shows inflation-adjusted spending on household appliances, such as coffee machines and dishwashers, dropped 19 per cent in the two years to the end of 2023 and was 8 per cent below pre-Covid levels.

Real spending on furniture was down 9 per cent, with fewer purchases of cars, plants, jewellery and insurance. Spending on housing was affected by the property market downturn last year and the “race for space” at the height of the pandemic.


Overall, household real spending in the final three months of 2023 was 2.4 per cent below its level in the same period of 2019. This compares with an 8 per cent expansion in the four years to the end of 2019.

British households fared worse than others, official data suggests. In the US consumer real spending rose 10 per cent from pre-pandemic levels in the final three months of 2023, and Britain’s performance was weaker than that of the eurozone and Canada.

The sharper contraction in consumer spending in the UK “was probably largely due to the UK’s higher and longer-lasting inflation problem”, said Ruth Gregory, economist at research company Capital Economics, referring to UK prices rising faster than in the eurozone and the US last year.

“The UK had the worst of both worlds, a big energy shock like the eurozone and worse labour shortages like the US,” she added.

Wieladek said the hit to consumption mattered especially in an expected election year, because squeezed households would “blame authorities”.


With the Conservative party about 20 points behind Labour in opinion polls, Sunak is hoping for better economic conditions to underpin his election campaign.

Gregory said it made “sense for Sunak to wait as long as he can” before going to the country, adding: “The recession in the consumer sector may be over and the recovery will start to gather pace from the second quarter.”

ONS data shows higher food and energy prices left little room for other purchases in the two years to the end of 2023: inflation-adjusted spending on personal care, which includes hairdressing and nail salons, dropped 4 per cent. Spending on recreation and culture also fell, including an 18 per cent decline for sports equipment and a 5 per cent drop for games and hobbies.

Education and communication registered rises in real spending in the same period and relative to pre-pandemic levels, reflecting long-term shifts in consumption habits. Real spending on travel and restaurants rose compared with the end of 2021, but was still below its Q4 2019 levels.

Mark Boyd-Boland, partner at consultancy LEK, said that in addition to cutting discretionary spending, consumers had “sought to moderate what they bought at the grocery store”, buying “a few less of the nice things” and downgrading to supermarket own-label items.

Boyd-Boland said that while the point at which “household budgets will feel better” was approaching, the benefits of lower inflation would take “some time to come through because of the ongoing impact of the interest rate increases”.

>>> Stoxx 600 Pre-Market Indications

  • Maersk (DP4B TH) +4.8%
    • Maersk Sees Improved Prospects for Global Container Trade
  • Pandora (3P7 TH) +4%
    • Pandora Boosts FY Organic Revenue Forecast
  • Diageo (GUI TH) +2.6%
  • Novo (NOV TH) +2.2%
    • Novo Quadruples US Patients Starting Wegovy, Boosts Outlook (1)
  • Bayer (BAYN TH) +2.2%
    • Monsanto Gets $185 Million PCB Verdict Tossed in Washington
  • SES (SES TH) +2.1%
    • SES Gets €3b Bridge Loan from Morgan Stanley, Deutsche Bank (1)
  • Hugo Boss (BOSS TH) +2.1%
    • Hugo Boss 1Q Sales Beats Estimates
  • Getlink (TNU3 TH) +1.6%
    • Getlink Raised to Buy at Citi; PT 20 euros
  • BP (BPE5 TH) +1.2%
    • Deep Dive: Full Mideast War Risks $150 Oil, $1 Trillion Off GDP
  • ASMI (AVS TH) -1.6%
  • Anglo American (NGLB TH) -1.6%
    • Copper’s Deteriorating Signals Suggest Price Correction Beckons
  • BBVA (BOY TH) -1.7%
    • BBVA Offers to Pay 30% Premium over Sabadell’s April 29 Price
  • Yara (IU2 TH) -1.7%
  • STMicroelectronics (SGM TH) -1.9%
  • BE Semiconductor (BSI TH) -2%
  • ASML (ASME TH) -2.1%
  • HSBC (HBC1 TH) -2.4%
    • Banking Giants Race to Riyadh as MBS Steps Up Pressure Campaign
  • Bawag (0B2 TH) -2.7%
  • Barclays (BCY TH) -3.3%

>>> TradeGate Pre-Market Indications

DAX:
  • Bayer (BAYN TH) +1.8%
    • Monsanto Gets $185 Million PCB Verdict Tossed in Washington
  • BMW (BMW TH) +0.9%
    • April US Light Vehicle Sales by Company (Table)
  • Qiagen (QIA TH) +0.8%
  • Deutsche Post (DHL TH) +0.8%
  • Vonovia (VNA TH) +0.8%
  • Infineon (IFX TH) -1.3%
MDAX:
  • Hugo Boss (BOSS TH) +3.3%
    • Hugo Boss 1Q Sales Beats Estimates
  • Freenet (FNTN TH) +1.1%
  • HelloFresh (HFG TH) +1%
  • Lufthansa (LHA TH) +0.9%
  • Thyssenkrupp (TKA TH) +0.8%
  • Delivery Hero (DHER TH) -0.8%
    • DoorDash Outlook Falls Short Amid Profitability Scrutiny (1)
  • MorphoSys (MOR TH) -1.1%
SDAX:
  • Borussia Dortmund (BVB TH) +5.3%
  • AUTO1 (AG1 TH) +3.9%
  • Heidelberger Druck (HDD TH) +2.4%
  • Wacker Neuson (WAC TH) +2%
  • Schaeffler (SHA TH) +1.2%
  • Kloeckner (KCO TH) -0.5%
  • SGL (SGL TH) -0.9%

>>> Europe : Brokers Upgrades & Downgrades - 1st & 2nd of May 2024 V3(++)

>>> Up
* Adidas PT Raised to 276 euros from 231 euros at UBS (+)
* AJ Bell Raised to Buy at UBS; PT 375 pence (+)
* Acciona Energia Raised to Hold at HSBC; PT 19.50 euros
* Amazon PT Raised to $220 from $215 at Morgan Stanley
* EFG International Raised to Buy at Citi; PT 13.30 Swiss francs (++)
* Eli Lilly PT Raised to $1,001 from $900 at BMO
* Getlink Raised to Buy at Citi; PT 20 euros (++)
* Pernod Ricard Raised to Hold at HSBC; PT 137 euros (++)
* Sabadell Raised to Outperform at KBW; PT 2.38 euros (++)
* Snam Raised to Buy at HSBC; PT 5.10 euros
* Terna Raised to Buy at HSBC; PT 8.90 euros
* Travis Perkins Raised to Outperform at BNPP Exane (+)
* Vidrala Raised to Buy at Intermoney Valores; PT 121 euros
* Wavestone Raised to Buy at Stifel; PT 68 euros (++)

>>> Down
* Alpha Finl Markets Cut to Sector Perform at RBC; PT 465 pence (++)
* Autodesk Cut to Hold at Berenberg; PT $295
* Bakkafrost Cut to Sell at ABG; PT 573 kroner (++)
* Computacenter Cut to Hold at Investec; PT 2,600 pence
* Darktrace Cut to Equal-Weight at Morgan Stanley; PT 620 pence
* Darktrace Cut to Hold at HSBC; PT 620 pence
* Fnac Darty Cut to Equal-Weight at Barclays; PT 33 euros
* KPN Cut to Neutral at Citi; PT 3.55 euros
* Molson Coors PT Cut to $53 from $56 at Citi (++)
* Newmont Corp Cut to Sector Perform at National Bank; PT $49.44
* Salmar Cut to Hold at ABG; PT 723 kroner (++)
* Solteq Cut to Sell at Inderes; PT 55 euro cents (++)
* Sparebanken Vest Cut to Hold at ABG; PT 127 kroner (++)
* Starbucks Cut to Market Perform at William Blair
* Starbucks Cut to Hold at Deutsche Bank; PT $89 (++)
* Stellantis Cut to Neutral at Mediobanca SpA; PT $25.57
* YIT Cut to Reduce at Inderes; PT 1.85 euros (++)

>>> Initiation
* Allianz Rated New Neutral at Autonomous; PT 284 euros
* Attendo Reinstated Buy at Nordea; PT 50 kronor (++)
* Bodycote Rated New Buy at Deutsche Bank; PT 840 pence (+)
* Avon Protection Rated New Hold at Deutsche Bank; PT 1,200 pence (+)
* Galderma Rated New Buy at Citi; PT 80 Swiss francs (++)
* Galderma Rated New Equal-Weight at Morgan Stanley (++)
* Galderma Rated New Buy at Goldman; PT 82 Swiss francs (++)
* Galderma Rated New Buy at Jefferies; PT 80 Swiss francs (++)
* Gooch & Housego Rated New Buy at Deutsche Bank; PT 675 pence (+)
* Halma Rated New Hold at Deutsche Bank; PT 2,400 pence (+)
* Hill & Smith Rated New Buy at Deutsche Bank; PT 2,250 pence (+)
* Ipsen Rated New Buy at Citi; PT 130 euros (++)
* Kitwave Group Rated New Buy at Investec; PT 485 pence
* Melrose Industries Rated New Hold at Deutsche Bank (+)
* Morgan Advanced Rated New Hold at Deutsche Bank (+)
* Oxford Instruments Rated New Buy at Deutsche Bank (+)
* QinetiQ Rated New Buy at Deutsche Bank; PT 430 pence (+)
* Renishaw Rated New Hold at Deutsche Bank (+)
* Rotork Rated New Hold at Deutsche Bank (+)
* Senior Rated New Buy at Deutsche Bank; PT 250 pence (+)
* Spectris Rated New Hold at Deutsche Bank (+)
* Spirax Rated New Hold at Deutsche Bank (+)
* TI Fluid Rated New Hold at Deutsche Bank (+)
* TT Electronics Rated New Buy at Deutsche Bank; PT 260 pence (+)
* Vesuvius Rated New Hold at Deutsche Bank (+)

>>> Call
* Bakkafrost Gets Only Sell as ABG Cuts, Salmar Downgraded to Hold (++)
* EFG Raised at Citi, Positive Watch Opened on Julius Baer (++)
* Haleon’s 1Q Volume Miss May Spur ‘Some De-Rating,’ Citi Says (+)
* Ipsen a Buy at Citi; Dysport, Rare Disease Assets to Fuel Growth (++)
* Kemira Visibility Improving, Upgraded to Buy at Berenberg (++)

>>> What to look at today - 1st & 2nd of May 2024

Most Asian equities rose after Federal Reserve chair Jerome Powell downplayed the prospect of further interest-rate hikes. The yen resumed losses after a sudden jump late in the previous session that hinted at intervention. Benchmark equity indexes advanced in Australia and Hong Kong, and were little changed in Japan. Futures contracts for US shares also rallied. With the Fed decision now over, the market is looking ahead to other potential catalysts including Apple Inc.’s quarterly results later Thursday and US payroll numbers Friday.  The yen fell as much as 1.1%, after having surged late Wednesday in New York. The renewed decline suggests investors are skeptical the Japanese authorities will be able to prevent the currency from declining, given the country’s wide interest-rate differential with the US. Japan’s top currency official Masato Kanda said he had nothing to say when asked if officials had intervened.  The Fed downplayed the potential for imminent rate hikes as officials unanimously decided to leave the target range for the benchmark federal funds rate at 5.25% to 5.5% following a slew of data that pointed to sticky inflation pressures. Powell said it’s unlikely the central bank’s next move would be to raise rates, saying authorities would need to see persuasive evidence that policy isn’t tight enough to bring inflation back toward the 2% target. Bloomberg’s index of the dollar fell for a second day, reflecting the drop in US yields following the Fed’s decision. Treasuries were little changed in Asia with the benchmark 10-year yield at 4.62%.  Apple’s figures due after the US market closes on Thursday will give investors a better sense of how the iPhone maker is weathering a sales slump, due in part to a sluggish China market.  In a sign of buoyant consumption, and American Express Co. and Visa Inc. earlier this month both reported a quarterly profit that topped estimates as credit-card spending climbed. Further insight into the health of the US economy will come from non-farm payrolls data for April due on Friday. A Bloomberg Economics model points to an unchanged unemployment rate of 3.8%. That suggests “hiring likely remains too hot for the Fed,” economists Andrej Sokol and Scott Johnson wrote in a note.  In commodities, oil recovered some of its losses from Wednesday when a big jump in US crude inventories that added to concerns about weakening demand. Gold advanced as investors found comfort in the Fed’s signals it will still pivot to lowering borrowing costs after gaining enough confidence price gains are cooling. US After Hours CVNA +31.7%, ASPN +29.4%, ENVX +22.7%, QCOM +3.9% higher on earnings; FSLY -30.3%, FRSH -23.9%, DASH -14.9%, ETSY -13%, QRVO -11.5%, NTGR -9.6%, PAYC -7.6% lower on earnings.

Nikkei -0.12% Hang Seng +2.50% CSI Close Shanghai Close Shenzen Close

Eur$ 1.0718 CNH 7.2372 CNY 7.2410 JPY 157.80 GBP 1.2535 CHF 0.9163 RUB 93.8251 TRY 32.4877 WTI$ 79.56 +0.71% Gold 2,318 -0.05% BTC 57,311 +0.05% ETH 2,918 -0.63%

S&P +0.51% Nasdaq +0.61% EuroStoxx -0.02% FTSE +0.49% Dax +0.14% SMI +0.02%

Macro :
- Europe REITs' Existential Crisis Amid Evolving Market: BI Summit
- Loeb’s Third Point Says AI Makes Up Almost 50% of Stock Exposure
- DoubleLine’s Gundlach Thinks Base Case for 2024 Is One Rate Cut

Keep an eye on :
- AED BB : Aedifica Maintains FY EPRA EPS Forecast, Misses Estimates
- AENA SM : Aena 1Q Net Income Beats Estimates
- AIR FP : Spirit Aero, Airbus Near Critical Talks on Fate of Supplier
- APPS SM : Apollo to Assist Spain Regulator in Review of Offer for Applus
- MT NA : ArcelorMittal 1Q Ebitda Beats Estimates
- BAMNB NA : BAM 1Q Adjusted Ebitda Margin 3.1% Vs. 4% Y/y
- BA US : Lockheed-Boeing Alliance Told It Must Launch More US Satellites
- BN CN : Microsoft Agrees to Back Renewable Projects by Brookfield: FT
- CO FP : Casino Reports Sale of 121 Stores to ITM, Auchan, Carrefour
- CC US : Chemours 1Q Adjusted EPS Beats Estimates
- CLX US : Clorox Boosts FY Adjusted EPS Forecast, Beats Estimates
- ENGI FP : Worley Gets Engie Contract for Pipeline Expansion in Mexico
- ENGI FP : Engie Energia Chile Names Pascal Renaud as Chairman
- EMWPF US : Eros Media Fails to Make Interest Payments on Bonds Due April 15
- BOSS GY : Hugo Boss 1Q Sales Beats Estimates
- IDIA SW : Idorsia Boosts Consent Fee to 8m Shares from 5m in Bond Proposal
- IDR SM : Indra Says Chairman Murtra Given ‘Specific Executive Functions’
- INGA NA : ING 1Q Net Income Beats Estimates, ING CFO Is ‘Quite Bullish’ About Resilience of Interest Income
- NK FP : Imerys 1Q Revenue Beats Estimates
- ISS DC : ISS 1Q Organic Revenue Misses Estimates
- MMB FP : Lagardère Names Jean-Christophe Thiery Provisional CEO
- LSEG LN : LSEG to Buy Back ~£500m Shares From Group Including Blackstone
- LHA GY : Lufthansa Costs Rising on Labor, Offsets May Fall Short: React
- LUN CN : Lundin Mining 1Q Adjusted EPS Misses Estimates
- MAERSKB DC : Maersk 1Q Ebitda Beats Estimates
- MRO LN : Melrose Industries Keeps Expectations Unchanged
- NOVOB DC : Novo 1Q Ebit Beats Estimates, Novo Boosts FY Sales at Constant Exchange Rates Forecast
- NOVOB DC : Novo Quadruples the Number of Patients Starting on Wegovy in US
- PCG US : PG&E In Talks with KKR to Sell Minority Stake in Power Business
- PUIG SM : Rabanne Owner Puig, Shareholders Raise €2.6 Billion in IPO
- RBI AV : Raiffeisen 1Q Net Beats Est.; Removes Group Guidance
- RED SM : Redeia 1Q Net Income Misses Estimates
- SFL IM : Safilo Signs Perpetual License Pact for David Beckham Eyewear
- G24 GY : Scout24 SE 1Q Operating Ebitda Margin Beats Estimates
- GLE FP : Ex-SocGen Trader Kataria Says He Was Fired for Undetected Bets
- SBUX US : Starbucks Shares Sink as 2Q Comparable Sales Misses Estimate
- STAN LN : Standard Chartered Profit Tops Estimates on Wealth Business
- STLAM IM : Stellantis UAW Members to Vote on Plant Strike Authorization
- SCMN SW : Swisscom 1Q Net Revenue Meets Estimates
- TE FP : Technip Energies 1Q Adjusted Recurring Ebit Beats Estimates
- TSLA US : Tesla Axes Most of Supercharger Team in Blow to Other Automakers
- TFI FP : TF1 1Q Current Operating Income EU37.3M Vs. EU39.9M Y/y
- VWS DC : Vestas 1Q Ebit Loss Before Significant Items Misses Estimates, Vestas Maintains FY Adjusted Ebit Margin Forecast
- VIK US : Cruise Line Viking’s IPO Raises $1.54 Billion, Priced Near Top
- WLN FP : Worldline 1Q Organic Revenue Beats Estimates
- YAR NO : Fertilizer Producer Mosaic Jumps on $1.5 Billion Saudi Deal

>>> US After Hours Summary: CVNA +31.7%, ASPN +29.4%, ENVX +22.7%, QCOM +3.9% hi

After Hours Summary: CVNA +31.7%, ASPN +29.4%, ENVX +22.7%, QCOM +3.9% higher on earnings; FSLY -30.3%, FRSH -23.9%, DASH -14.9%, ETSY -13%, QRVO -11.5%, NTGR -9.6%, PAYC -7.6% lower on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: CVNA +31.7%, ASPN +29.4%, ENVX +22.7% (also reaches development agreement with top 5 smartphone OEM), MAX +13.9%, RSI +13.1%, CORT +11.8%, CHRW +11%, BHE +8.1%, GRBK +7.1%, SRPT +6.2%, FORM +6.1%, HLF +6%, CAR +5.6%, AEIS +5%, ENSG +5%, RHP +5%, CTSH +4.8%, SKWD +4.4%, MPWR +4.2%, SFM +4.2%, MGM +3.9%, PTEN +3.9%, QCOM +3.9%, CWAN +3.8%, UPWK +3.3%, MCW +2.9%, HPP +2.7%, SBOW +2.7%, RDN +2.4%, AIG +2.1% (also increases dividend; announces increases buyback auth by $10 bln), CMPR +2.1%, NSA +2%, INFA +1.9%, ALL +1.8%, BZH +1.8%, PRDO +1.4%, NOVA +1.3%, GNW +1.3%, CF +1.2%, VICI +1.2% (also will provide capital to The Venetian Resort Las Vegas for extensive reinvestment projects), NFG +0.9%, MKL +0.7%, TSLX +0.5%, MOS +0.4%, SUM +0.3%, GIL +0.2%, CODI +0.1%, FCPT +0.1%, GKOS +0.1%, JBT +0.1%, MTRN +0.1%, SRI +0.1%, THG +0.1%, FNV +0.1%

Companies trading higher in after hours in reaction to news: EBS +35.2% (announces next phase of new operational plan, which consolidates operations, closes several facilities, and restructures its enterprise workforce), INN +8% (increases dividend, also reports earnings), IAC +6.8% (to join S&P SmallCap 600), TTWO +3.6% (to shutter two studios in connection with mass layoff across its divisions, according to Bloomberg), BBAI +2.9% (partners with Spinnaker SCA to elevate offering in supply chain consulting), AMKR +2.2% (files mixed shelf securities offering), BLZE +1.9% (files $200 mln mixed shelf securities offering), CAG +1% (Darren Serrao, Co-COO, to depart; co also will reorganize its reporting structure), BRK.B +0.4% (DVA enters into share repurchase agreement with BRK.B), BCO +0.3% (increases dividend), POOL +0.2% (increases share buyback auth by $600 mln and increases dividend), AEM +0.2% (receives approval to renew its normal course issuer bid), GFI +0.1% (CFO to retire)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: FSLY -30.3%, FRSH -23.9% (also names new CEO), SCI -23%, DASH -14.9%, RELY -14.7%, ETSY -13%, QRVO -11.5%, NTGR -9.6%, PAYC -7.6% (also expand its product offerings and geographic reach into Ireland), SDGR -7.4%, AVNW -7.3%, ZG -6.3%, PCOR -6.2%, ATRC -5.9%, ACLS -5.8%, KAR -5.4%, UGI -5.4% (also concludes strategic review, to retain ownership of AmeriGas Propane; to focus on a restructuring), CCRN -5%, PTC -4.7%, FSLR -4.3%, HCC -4.3%, KLIC -4.2% (also receives sizeable order for 1,000 advanced ball bonding), PPC -4.2%, NVST -3.8%, ALKT -3.7%, EBAY -3.3%, MYRG -3.1%, EVTC -3%, MUSA -3%, WOLF -3%, BALY -2.8%, ANSS -2.6%, JAZZ -2.2%, DGII -2.1%, EPR -1.9%, AWK -1.8%, EQC -1.8%, LBTYA -1.7%, APA -1.6%, EXPI -1.5%, CRK -0.7%, MRO -0.7%, ALB -0.5%, CDE -0.5%, NMFC -0.5%, DVN -0.4%, MET -0.2% (also authorizes new $3 bln share repurchase program), BV -0.1%, DLX -0.1%, ELME -0.1%, RLJ -0.1%, RYN -0.1%, TENB -0.1%, VMI -0.1%, VAL -0.1%

Companies trading lower in after hours in reaction to news: DVA -2.2% (DVA enters into share repurchase agreement with BRK.B), U -1.4% (names new CEO), DBX -1.2% (discloses cybersecurity incident), APA -1.1% (files mixed shelf securities offering), BA -0.3% (awarded $458 mln US Navy contract), INMB -0.1% (files $250 mln mixed shelf securities offering)