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StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.16%, DAX30 +0.18%, CAC40 +0.00%

Oct 18 ,2023

  • Synopsis

    • European equity market future point to a mixed-to-positive open amidst mostly lower markets in Asia on Wednesday. Mainland China weakened from opening levels while Hong Kong pared early losses. Japan remains lower while Australia and South Korea tracking mild gains. US futures softer following cash session that saw S&P 500 ending little change while Nasdaq lagged after Biden administration confirmed tougher tech access curbs on China.

    • EU's von der Leyen participates in the EP plenary debate; MEPs debate Parliament's priorities for the 26/27-Oct European Council. UK PMQs at 12noon BST then Energy Bill continues its passage through HoC and committee business includes air traffic control disruption (9:30BST includes Ryanair's (RYA.ID) O'Leary) and pre-appointment hearing for the new Chair of Ofgem (13:30). Elsewhere, Norway's Minister of Defence opens at 11:00CET the Army Summit 2023

    • In central banks, Riksbank's Thedéen participates at 9:00CET in a webinar with Handelsbanken whilstNorges Bank's Bache speech at 9:00CET to the Bergen Chamber of Commerce and Industry. ECB's Elderson panellist at 9:30CET at the launch of the public consultation of the MAS Transition Planning Guidelines (TPG) in Singapore and BOE's Mills panellist at 8:45BST at the AFME's OPTIC 2023 (Tue -Wed). Bundesbank's Wuermeling speech at 10:20CET and panellist at 12:00 at Seamless Europe 2023 whilst Riksbank's Flodén speech at 10:30CET at events organized by FinansKompetensCentrum and at 13:00 at University of Gothenburg. Lord Mayor of Frankfurt host ECB's Lagarde at 11:00CET whilst BOE's Stheeman speech at 18:30BST (text 15:00) at the London School of Economics conf

    • Fed Beige Book after EU markets close

    • On the macro front, UK Sep CPI/RPI/PPI input/output, Italy Aug trade balance and Austria/Eurozone Sep final CPI are due be released

    • In earnings, ASML Holding (ASML.LN) reported Q3 EPS €4.81 vs consensus €4.61, confirmed FY guidance and guided Q4 Revenue between €6.7-7.1B vs FactSet €6.79B. Just Eat Takeaway.com (TKWY.NA) said in its Q3 trading update that company ex North America returned to GTV growth in Q3, raised FY23 Adjusted EBITDA guidance to ~ €310M from previously ~ €275M and launched a new share buyback program of up to €150M. In the DACHs region, Adidas (ADS.GR) reported preliminary Q3 EBIT €409M vs FactSet €216.4M, ABB Limited (ABBN.SW) reported Q3 EPS $0.48 vs consensus $0.50 whilst HELLA (HLE.GR) released preliminary 9M sales of €5.9B vs year-ago €5.3B, +12.6% y/y. Out of the Nordics, Volvo (VOLV.B.SS) is out with Q3 EPS SEK6.93 vs consensus SEK6.15, Svenska Handelsbanken (SHB.A.SS) released Q3 EPS SEK4.02 vs FactSet SEK3.46, Tele2 (TEL2.B.SS) reported Q3 net income SEK1.06B vs consensus SEK1.07B and reaffirmed FY23 guidance and mid-term ambitions whilst Mowi (MOWI.NO) reported Q3 operational EBIT ~€203M vs year-ago €240M

    • Also due to report today are Deutsche Borse (DB1.GR), Kinnevik (KINV.B.SS) and Whitbread (WTB.LN) whilst Gurit Holding (GURN.SW), Lagardere (MMB.FP), SEGRO (SGRO.LN) and Barratt Developments (BDEV.LN) are set to release trading updates.

  • Top company news

    • Earnings/updates

      • Benelux:

        • ASML.NA (ASML Holding) -- reports Q3 EPS €4.81 vs consensus €4.61; guides Q4

        • TKWY.NA (Just Eat Takeaway.com) -- Q3 trading update: company ex North America returned to GTV growth in Q3; upgrades FY23 Adjusted EBITDA guidance to ~ €310M from previously ~ €275M; launches new share buyback programme of up to €150M

        • WDP.BB (Warehouses de Pauw) -- reports 9M EPRA EPS €1.06 vs year-ago €0.95

        • BAR.BB (Barco) -- Q3 trading update: Sales €229.6M, (9%) y/y at constant currencies; expects FY23 sales to be in line with last year

      • DACHs:

        • ADS.GR (Adidas) -- reports preliminary Q3 EBIT €409M vs FactSet €216.4M [13 est, €79.6-380.0M]

        • ABBN.SW (ABB Limited) -- reports Q3 EPS $0.48 vs consensus $0.50

        • HLE.GR (HELLA GmbH & Co. KGaA) -- reports 9M sales of €5.9B vs year-ago € 5.3B, +12.6% y/y

        • TKA.AV (Telekom Austria) -- reports Q3 net income €201M, (2%) vs year-ago €205M

        • FTK.GR (flatexDEGIRO) -- reports Q3 adjusted EBITDA €41.2M, +70% vs year-ago €24.2M

        • WIHN.SW (WISeKey International Holding) -- reports 9M revenue of $22.6M, +21% y/y; confirms FY guidance

      • France:

        • MERY.FP (Mercialys) -- reports Q3 rental revenue €44.4M vs year-ago €43.1M; confirms FY guidance

        • ALESK.FP (Esker) -- reports Q3 revenue €43.8M, +8% vs year-ago €40.4M

      • Nordics:

        • VOLV.B.SS (Volvo) -- reports Q3 EPS SEK6.93 vs consensus SEK6.15

        • MOWI.NO (Mowi) -- Q3 trading update: operational EBIT ~€203M vs year-ago €240M

        • SHB.A.SS (Svenska Handelsbanken) -- reports Q3 EPS SEK4.02 vs FactSet SEK3.46 [12 est, SEK3.25-3.62]

        • TEL2.B.SS (Tele2) -- reports Q3 net income SEK1.06B vs consensus SEK1.07B; reaffirms FY23 guidance and mid-term ambitions

        • WITH.FH (WithSecure) -- reports Q3 EPS (€0.06) vs year-ago (€0.03); reaffirms FY guidance

        • ENTRA.NO (Entra Eiendom) -- reports Q3 Cash EPS NOK1.74 vs year-ago NOK2.21

        • BNOR.NO (BlueNord) -- reports Q3 Adjusted EBITDA $109.8M vs FactSet $100.4M [4 est, $93-104.5M]; Tyra II start-up now expected in early Q1 2024

        • TFBANK.SS (TF Bank) -- reports Q3 EPS SEK4.58 vs FactSet SEK4.56 [4 est, SEK4.44-4.67]

        • HMS.SS (HMS Networks) -- reports Q3 EPS SEK3.69 vs FactSet SEK3.20 [4 est, SEK3.00-3.34]

      • Southern Europe:

        • VID.SM (Vidrala) -- reports 9M EPS €6.01 vs year-ago €2.52

      • UK:

        • BHP.LN (BHP Group) -- reports Q1 production - copper 457.0kt vs StreetAccount 452.8kt

    • M&A

      • BHP.AU (BHP Group) --

        • Whitehaven to acquire BHP's Daunia and Blackwater coal mines - Australian Financial Review

        • BHP and Mitsubishi Development to sell Blackwater and Daunia mines to Whitehaven coal for cash consideration of up to $4.1B (~A$6.9B)

      • GRE.SM (Grenergy Renovables) --Allianz has reached an agreement with Grenergy Renovables to acquire up to 300MW of photovoltaic energy projects for €300M - Expansion, citing sources

      • CON.GR (Continental) -- may announce plans to sell unprofitable business units at its Capital Markets Day on 4-Dec-23 - Bloomberg

      • REP.SM (Repsol) -- Peyto Exploration & Development completes acquisition of Repsol's oil and gas assets in Canada

      • NEXI.IM (Nexi) -- CVC reportedly considering offer for Nexi -- Bloomberg

      • AN (AutoNation) -- issues press release of withdrawal from Pendragon PLC Process

      • BHP.AU (BHP Group) -- reports Q1 production - copper 457.0kt vs StreetAccount 452.8kt

      • KER.FP (Kering) -- completes acquisition of Creed

      • FGR.FP (Eiffage) -- to acquire 51% of Salvia GRoup GmbH; terms not disclosed

      • EQT.SS (EQT AB) -- EQT targeting more deals in health care and infrastructure - Bloomberg (17-Oct, 17:06 CET)

      • VTSC.GR (Vitesco Technologies Group) -- Schaeffler's proposed acquisition of Vitesco facing resistance from minority shareholders - Bloomberg (17-Oct, 15:35 CET)

      • PDG.LN (Pendragon) -- AutoNation (AN) confirms that it does not intend to make an offer for Pendragon

      • ALQGC.FP (Quantum Genomics) -- terminates exclusive negotiations with Vistacare Medical; resumes discussions with privately held HealthTech companies

      • CICN.SW (Cicor Technologies) -- has signed an agreement to acquire 100% of the shares of UK-based STS Defence; terms undisclosed

    • Healthcare

      • ROG.SW (Roche Holding) --

        • FDA approves Roche's BLA for Elecsys HTLV-I/II -- letter

        • Roche Holding's Phase III ALINA study results: Primary analysis demonstrate a statistically significant and clinically meaningful improvement in disease-free survival (DFS; primary endpoint)

      • UCB.BB (UCB) --

        • notes BIMZELX approved by the FDA for the treatment of adults with moderate to severe plaque psoriasis

        • issues press release on FDA approval of ZILBRYSQ (zilucoplan)

      • VSC.GR (4SC) -- receives Orphan Drug Designation (ODD) in EU for resminostat (Kinselby) in CTCL (cutaneous T-cell lymphoma)

      • ADCT (ADC Therapeutics) -- Mitsubishi Tanabe Pharma initiates Phase 2 part of Phase 1/2 clinical trial with MT-2111 ZYNLONTA in patients with r/r DLBCL in Japan

      • IBAB.BB (Ion Beam Applications) -- signs a total system restoration contract with Massachusetts General Hospital; contract value between $80-100M

    • Other

      • ACC.NO (Aker Carbon Capture) -- awarded feasibility study by major waste-to-energy player in France

      • CRNA.O.SS (Circio Holding) -- intends to close subsidiary Targovax OY in Finland, which owned and managed the ONCOS-102 program

      • XLS.SW (Xlife Sciences) --secures strategic collaboration with 4D Lifetec AG

      • STLA.IM (Stellantis) -- announces cancellation of CES 2024 plans, citing ongoing UAW negotiations

      • GLEN.LN (Glencore) -- to close Mount Isa Mines underground copper operations and copper concentrator in H2 2025

      • CA.FP (Carrefour) -- in legal battle with Suning over payment for deal to acquire Carrefour's China stores - FT

      • LXS.GR (Lanxess) -- to cut 870 jobs worldwide - Kölner Stadt-Anzeiger

      • ACS.SM (ACS SA) -- ACS wins four highways in the largest highway privatization process carried out in Puerto Rico

      • PDX.SS (Paradox Interactive) -- and Harebrained Schemes have decided to part ways, effective 1-Jan-2024

      • POSCO, Engie launch pre-feasibility study for second stage of green hydrogen production in Western Australia

  • Key rating changes

    • Upgrades

      • NSKOG.NO (Norske Skog) -- hold from buy at Carnegie Securities

      • REP.SM (Repsol) -- overweight from equal weight at Barclays

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- to outperform from neutral at Oddo

      • TRYG.DC (Tryg) -- to buy from hold at Jefferies

      • UMI.BB (Umicore) -- to hold from underperform at Jefferies

    • Downgrades

      • GALP.PL (Galp Energia SGPS) -- equal weight from overweight at Barclays

      • LONN.SW (Lonza Group) -- to hold from buy at Deutsche Bank

      • STJ.LN (St. James's Place) -- to hold from buy at HSBC

      • BOL.SS (Boliden) -- to underperform from sector perform at RBC Capital Markets

      • MB.IM (Mediobanca) -- to sell from hold at Deutsche Bank

    • Other Actions

      • SKAN.SW (Skan) -- initiated buy at Stifel

      • ARGX.BB (argenx) -- initiated outperform at BNP Paribas Exane

  • Data

    • Nikkei +0.12% to 32078.03

    • Hang Seng (0.12%) to 17751.79

    • Shanghai Composite (0.72%) to 3061.39

    • S&P futures (4.5) vs prior close of 4401.8

    • €-$ +0.0008 or +0.08% to 1.0585

    • $-¥ (0.17) or (0.11%) to 149.65

    • €-¥ (0.06) or (0.04%) to 158.37

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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