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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.2%, DAX +0.2%, CAC +0.3%, IBEX +0.2%, FTSE MIB +0.1%

Nov 30 ,2023

  • Synopsis

    • European equity markets set to open in positive territory amid Asian equities trading mixed in Thursday trade. US futures higher. Dollar index nestling below 103, AUD, yen and yuan stronger. US Treasury yields higher across tenors, JGB yields also higher. Crude higher again following overnight spike, Precious metals off recent highs, industrial metals higher.

    • On today's agenda, COP28 gets underway, EU's von der Leyen participates Fri/Sat. Reportedly, OPEC+ holding delayed policy meeting. UK parliament committee topics include HS2 progress update (14:00GMT). EU's von der Leyen speech at the Clean Transition Dialogue with energy-intensive industries whilst EU's General Affairs Council is expected to approve conclusions on the future of cohesion policy. SMMT publishes UK Oct car production and Automotive summit organised by IHK takes place.

    • In central banks, Riksbank's Bunge speech at 9:00CET at seminar organized by Swedbank. ECB's Lagarde speech 14:30CET, McCaul panellist at 15:15, Enria conversation at 14:45, af Jochnick panellist 16:45 at ECB's bank supervision conf (through Fri). BOE's Greene speech at 16:00GMT at Leeds Univ. Bundesbank's Nagel speech at 18:00CET at event hosted by deutscher Pfandbriefbanken and Balz speech at 18:30CET at EFF European Finance Forum.

    • Macro updates in the calendar today: Germany Nov unemployment change, Oct retail sales, France Nov preliminary CPI, Oct PPI, Switzerland Nov leading indicators - KOF, Oct retail sales, Italy Nov preliminary CPI, Oct unemployment rate, Netherlands Nov preliminary CPI, Denmark Q3 final GDP, Oct unemployment rate, Finland Q3 final GDP, Austria Q3 final GDP, Nov preliminary CPI, Portugal Q3 final GDP, Nov preliminary CPI, Eurozone Nov preliminary CPI, Oct unemployment rate, Greece Oct unemployment rate, PPI, Sep retail sales, Ireland Nov unemployment rate.

    • In corporate news, Quadient (QDT.FP) reported yesterday after the close Q3 earnings including revenue €263M, (3%) y/y. Still in France, Eurazeo (RF.FP) updated investors this morning and said it expects shareholders' return of €2.3B over 2024-2027; presents financial outlook 2024-2027 ahead of its CMD. Remy Cointreau (RCO.FP) reports H1 adj net income €113.0M vs consensus €130.1M; reiterates both its financial and extra-financial targets for 2029-30.

    • In the DACH region, Siltronic (WAF.GR) hosting Capital Markets Day today; group sales expected to exceed €2.2B by 2028 and EBITDA margin to reach high 30's percentage area. ABB (ABBN.SW) raises long-term comparable revenue growth target to 5-7% vs prior 3-5% ahead of its CMD. Out of the Nordics, Elekta (EKTA.B.SS) reports Q2 EPS SEK0.94 ex-items vs consensus SEK0.84 and provides outlook.

  • Politics/Macro/World News

    • British companies most confident since February 2022: Lloyds - Reuters

    • Israel and Hamas Extend Their War Truce for Another Day - Bloomberg

    • Andrew Bailey: I'm no pessimist but UK outlook is worst I've seen - Times

    • Oil advances for third day ahead of high-stakes OPEC+ Meeting - Bloomberg

      • Group yet to resolve dispute over output for African members

      • OPEC and allies meet later Thursday to discuss 2024 production

    • ONS 'experimental' data lowers UK unemployment rate to 3.5% - FT

    • Netherlands Nov preliminary CPI +1.6% y/y vs consensus +2.4% and prior (0.4%)

    • Finland Q3 GDP (1.2%) y/y vs preliminary (1.0%); (0.9%) q/q vs preliminary (0.9%)

  • Top company news

    • Earnings/updates

      • DACHs

        • ABBN.SW (ABB Limited) -- ABB raises long-term comparable revenue growth target to 5-7% vs prior 3-5%

        • WAF.GR (Siltronic) -- hosting Capital Markets Day today; group sales expected to exceed €2.2B by 2028 and EBITDA margin to reach high 30's percentage area

        • IIA.AV (Immofinanz) -- reports 9M FFO before tax €214.4M vs year-ago €103.2M

        • CAI.AV (CA Immobilien Anlagen) -- reports 9M FFO I €82.7M vs year-ago €102.5M

        • FYB.GR (Formycon) -- Formycon, Fresenius Kabi announced that FDA has accepted Biologics License Application for FYB202

        • OFN.SW (Orell Füssli) -- guides FY23 EBIT margin 'at or slightly above' FY22 vs prior guidance of 'slightly below' FY22

      • Nordics

        • OUT1V.FH (Outokumpu) -- negotiates long-term extension to partnership with AM/NS until 2051 for procurement of hot rolling services in business area Americas

        • HUH1V.FH (Huhtamaki) -- to implement three-year cost efficiency program worth ~ €100M in savings

        • EKTA.B.SS (Elekta) -- reports Q2 EPS SEK0.94 ex-items vs consensus SEK0.84

      • Southern Europe

        • ACX.SM (Acerinox) -- releases presentation material in connection with its CMD

        • IBS.PL (Ibersol SGPS) -- reports 9M net income from cont. ops. €9.6M, +32% vs year-ago €7.3M

      • Benelux

        • ASRNL.NA (ASR Nederland) -- raises overall target for run-rate cost synergies from the transaction with Aegon Nederland to €215M - Investor Update

      • France

        • QDT.FP (Quadient) -- reports Q3 revenue €263M, (3%) vs year-ago €270M

        • RF.FP (Eurazeo) -- expects shareholders' return of €2.3B over 2024-2027; presents financial outlook 2024-2027 -- CMD

        • RCO.FP (Remy Cointreau) -- reports H1 adj net income €113.0M vs consensus €130.1M; reiterates both its financial and extra-financial targets for 2029-30

    • M&A

      • DBK.GR (Deutsche Bank) -- remains open to alternatives for growth including M&A - Bloomberg

      • BMW.GR (Bayerische Motoren Werke) -- BMW and Mercedes-Benz to establish a joint high-power charging network in China

      • MAREL.IR (Marel) -- issues response to shareholder letter from Teleios Capital Partners

      • BALN.SW (Baloise) -- in talks to sell around €1B euros of life insurance policies in Belgium - Reuters

      • BBED.NA (Beter Bed Holding) -- Torqx declares offer for Beter Bed Holding unconditional; 95.14% of shares now tendered or committed

      • IPEL.LN (Impellam Group) -- The Panel on Takeovers and Mergers has consented HeadFirst Global and Impellam.to a further extension to the Deadline to 5-Dec-23

    • Healthcare

      • MITRA.BB (Mithra Pharmaceuticals) -- receives guidance from FDA for DONESTA NDA marketing authorization filing in US

      • BGBIO.NO (BerGenBio) -- announces preliminary results for first exercise period for warrants issued in connection with rights issue

    • Other

      • ASML.NA (ASML Holding) -- ASML Supervisory board intends to appoint current CBO Christophe Fouquet as President and CEO

      • STLAM.IM (Stellantis) -- North America today named two executives related to the Jeep brand as the region prepares for its electric offensive in 2024

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- completes €1.0B buyback program

      • CON.GR (Continental) -- chairman Wolfgang Reitzle facing internal division over plans to spin off automotive division - Handelsblatt

      • ORSTED.DC (Ørsted) -- secures 1.6 GW electricity business license for offshore wind project off the coast of Incheon, Korea

      • TKA.GR (ThyssenKrupp) -- announces Jens Schulte to succeed Klaus Keysberg as CFO

      • ASRNL.NA (ASR Nederland) -- closes unit-linked life insurance file; settlement involves ~ €250M

      • TRE.SM (Tecnicas Reunidas) -- The supreme court dismisses cassation appeal against Tecnicas Reunidas

  • Key rating changes

    • Upgrades

      • LDO.IM (Leonardo) -- Leonardo reinstated overweight at JPMorgan; prior rating was neutral

      • NWG.LN (NatWest Group) -- to overweight from neutral at JPMorgan

      • WISE.LN (Wise) -- upgraded to outperform from underperform at Autonomous Research

      • STMPA.FP (STMicroelectronics) - to overweight from neutral at JPMorgan

      • VACN.SW (VAT Group) --to overweight from neutral at JPMorgan

      • BME.LN (B&M European Value Retail) -- upgraded to buy from hold at Peel Hunt

    • Downgrades

      • HM.B.SS (H&M Hennes & Mauritz) -- to sell from neutral at Goldman Sachs

      • OCI.NA (OCI NV) -- to hold from buy at Jefferies

      • 888.LN (888 Holdings) -- to neutral from overweight at JPMorgan

      • SDF.GR (K+S) -- to underperform from neutral at BNP Paribas Exane

      • VMUK.LN (Virgin Money UK) -- to add from buy at Peel Hunt

      • THULE.SS (Thule Group) -- to sell from hold at Nordea

    • Initiations

      • CATE.SS (Catena) -- buy at SEB

      • SN.LN (Smith & Nephew) - buy at Jefferies

      • AWE.LN (Alphawave IP Group) -- buy at Deutsche Bank

  • Data

    • Nikkei +0.50% to 33486.89

    • Hang Seng +0.25% to 17035.72

    • Shanghai Composite +0.21% to 3028.11

    • S&P futures +7.3 vs prior close of 4559.3

    • €-$ +0.0012 or +0.11% to 1.0983

    • $-¥ (0.32) or (0.22%) to 146.92

    • €-¥ (0.14) or (0.09%) to 161.36

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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