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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.20%), DAX30 +0.14%, CAC40 (0.06%)

Nov 29 ,2023

  • Synopsis

    • European equity markets are set for a mixed open amidst mixed markets in Asia. Nikkei and ASX higher. Hang Seng experiences sharp losses amid weakness in property stocks. Greater China softer. US equity futures gain with S&P up 0.2%.

    • OECD publishes world economic outlook and Portugal's parliament due to vote on 2024 budget. In UK, following MPs questions regarding Scotland there's the weekly PMQs at 12noon GMT, then Data Protection and Digital Information Bill continues its passage through parliament. Committee topics include strategic transport objectives (9:30GMT), a flexible Grid for the future (10:00), UK regulators (10:30 includes CMA), EU entry/exit and the UK border (14:30), Autumn Statement (14:15, Chancellor Hunt). Chancellor Scholz speech in the evening at KfW's 75th anniversary ceremony. EU's Wojciechowski participates in the European Business Summit and UN Security Council meeting on Israel-Palestinian issue.

    • In central banks, Riksbank's Jansson speech at 9:05CET at the Cash is King II conf, organized by Fastighetsvärlden. BOE's Bailey speech at 15:05GMT at 50 year anniversary of the London Foreign Exchange Joint Standing Committee (FXJSC)

    • Macro data sees early attention on Germany NRW CPI, which came in weaker than forecast. Also due today include Germany, Belgium, Italy and Spain Nov preliminary CPI, Eurozone Nov economic sentiment, UK Oct mortgage approvals and M4 money supply, Sweden Q3 final GDP as well as Oct trade balance and retail sales, Spain Oct retail sales, Italy Nov business/consumer confidence, Switzerland Nov economic sentiment - ZEW and Italy Oct PPI

    • In earnings, Addex Therapeutics (ADXN.SW) reported Q3 net income (CHF2.6M) vs year-ago (CHF4.1M) whilst Aroundtown (AT1.GR) released Q3 EPS (€0.07) vs year-ago €0.02 and confirmed FY guidance. In France Trigano (TRI.FP) reported FY net income €308.1M vs FactSet €306.6M. In the Nordics, Kindred Group (KIND.SS) reported Q3 EPS 6p vs FactSet 10.5p and said it will exit the North American market. Hydro (NHY.NO) said in its CMD update that it sees potential for accelerated growth investments of NOK 1-2B per year enabling the top of the EBITDA growth target ranges. Elsewhere, Prosus (PRX.NA) reported H1 core HEPS from continuing operations $0.76 vs year-ago $0.39

    • On the M&A front, Ferrovial (FER.SM) said it will sell its 25% stake in Heathrow airport for £2.37B whilst BFMTV reports Alstom (ALO.FP) is exploring the sale of subsidiaries in the US and China

  • Macro

    • EU pitches three options to deal with post-Brexit tariffs on EVs - Bloomberg

    • UK grid to pay households to cut power use amid cold spell - Bloomberg

    • Jeremy Hunt's tax traps are hurting Britain's growth, says OBR chief - Telegraph

    • Germany's Scholz vows to modernise economy, back Ukraine, despite budget woes - Reuters

    • Italy's EU Recovery Fund payouts are about to reach €102B - Bloomberg

  • Top company news

    • Earnings/updates

      • Benelux:

        • PRX.NA (Prosus) -- reports H1 core HEPS from continuing operations $0.76 vs year-ago $0.39

        • BTLS.BB (Biotalys) -- updates on product pipeline, organizational changes; expects FY cash burn less than €20M

      • DACHs:

        • ADXN.SW (Addex Therapeutics) -- reports Q3 net income (CHF2.6M) vs year-ago (CHF4.1M)

        • AT1.GR (Aroundtown) -- reports Q3 EPS (€0.07) vs year-ago €0.02; confirms FY guidance

      • France:

        • TRI.FP (Trigano) -- reports FY net income €308.1M vs FactSet €306.6M [7 est, €300-311.3M]

        • ARAMI.FP (Aramis Group) -- reports FY net income (€32.3M) vs FactSet (€31.2M) [4 est, (€53.0)-(20M)]

      • Nordics:

        • KIND.SS (Kindred Group) --

          • reports Q3 EPS 6p vs FactSet 10.5p [2 est, 10.0-11.0p]; reaffirms FY Adj. EBITDA guidance

          • to exit the North American market; announces actions to accelerate profitable growth

        • PEN.NO (Panoro Energy) -- reports Q3 net income $27.9M vs FactSet $35.1M [6 est, $19-46.8M]

        • NHY.NO (Norsk Hydro) -- Hydro sees potential for accelerated growth investments of NOK 1-2B per year enabling the top of the EBITDA growth target ranges -- CMD

    • M&A

      • ALO.FP (Alstom) -- is exploring the sale of subsidiaries in the US and China -- BFMTV

      • FER.SM (Ferrovial) -- to sell its 25% stake in Heathrow airport for £2.37B

      • CFR.SW (Richemont) -- notes media reports and announcement by FARFETCH on 28-Nov; reminds it has no financial obligations towards FARFETCH and does not envisage lending or investing into FARFETCH

      • KNIN.SW (Kuehne & Nagel) -- to acquire Canada-based customs broker Farrow

      • IMCD.NA (IMCD) -- acquires speciality distribution company Guangzhou RBD Chemical in China; terms undisclosed

      • CO.FP (Casino Guichard-Perrachon) -- Daniel Kretinsky pushing Casino to sell its largest doors in advance of his rescue - FT, citing people with knowledge of the discussions

      • ECV.GR (Encavis AG) -- completes sale of Renewable Energy portfolio with total capacity of 93 megawatts (MW) for an institutional investor

      • DPEU.LN (Dp Eurasia) --

        • provides response to offer from Jubilant Foodworks

        • Jubilant Foodworks Netherlands issues update on offer for DP Eurasia N.V. at 85p per share

      • BRG.B.SS (Bergs Timber) -- Norvik has received all necessary competition clearances regarding offer for Bergs Timber shares

    • Healthcare

      • SEQUA.BB (Sequana Medical) -- reports positive data from non-randomized cohort in US Phase 1/2a MOJAVE study of DSR 2.0 for treatment of heart failure

    • Other

      • SPEX.SW (Spexis) -- is in discussions to restructure its current financing agreements with SPRIM Global Investments

      • PHIA.NA (Koninklijke Philips) -- FDA cautions of emerging safety issue with Philips' DreamStation 2 CPAP machines

      • VPLAY.A.SS (Viaplay Group) -- again postpones Q3 results; now scheduled for post-close tomorrow

      • ACC.NO (Aker Carbon Capture) -- awarded feasibility study for e-fuel project in Finland

      • 2023 Terra Carta Seal award winning companies named (28-Nov)

      • AWS announces Amazon Q to reimagine the future of work

  • Key rating changes

    • Upgrades

      • VWS.DC (Vestas Wind Systems) -- buy from hold at Berenberg

      • WAF.GR (Siltronic) -- buy from hold at Berenberg

      • Liberum Capital upgrades BHP.LN, RIO.LN; raises target prices on AAL.LN, FXPO.LN

      • Deutsche Bank upgrades LGEN.LN, MNG.LN; downgrades AV.LN

      • BMW.GR (Bayerische Motoren Werke) -- to overweight from neutral at JPMorgan

      • DLG.LN (Direct Line Insurance Group) -- to buy at Deutsche Bank

    • Downgrades

      • KER.FP (Kering) -- to hold from buy at Stifel

      • LR.FP (Legrand) -- to underperform from sector perform at RBC Capital Markets

      • ADE.NO (Adevinta) -- to hold from buy at Jefferies

      • TYRES.FH (Nokian Renkaat) -- to neutral from overweight at JPMorgan

    • Other Actions

      • RUSTA.SS (Rusta) -- initiated buy at DnB Markets

      • Kepler Cheuvreux initiates KRX.ID, ROCK.B.DC

      • LIME.SS (Lime Technologies) -- initiated buy at SEB

  • Data

    • Nikkei (0.26%) to 33321.22

    • Hang Seng (2.38%) to 16940.31

    • Shanghai Composite (0.45%) to 3024.93

    • S&P futures +7.5 vs prior close of 4563.0

    • €-$ +0.0007 or +0.06% to 1.1000

    • $-¥ (0.32) or (0.21%) to 147.18

    • €-¥ (0.24) or (0.15%) to 161.89

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.
Please refer to "Terms Of Use".

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