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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.52%, DAX30 +0.27%, CAC40 +0.21%

Dec 01 ,2023

  • Synopsis

    • European indices are set to open higher as Asian equities trade mixed with the Nikkei and Topix turning negative into the close. Australia closed lower. Mainland China now positive after a negative opening.

    • US equities finished mostly higher in Thursday afternoon trading. Credit cards, insurance, airlines, pharma, managed care, multis, rails, A&D, metals/mining, tech hardware, and personal care were some of the outperformers. Big tech mostly underperformed

    • Friday sees Riksbank's Thedéen speech at 9:55CET at an event arranged by Moody's. ECB bank supervision conf sees Elderson panellist at 11:00, Enria/Lagarde conversation at 12:30. S&P Global Ratings updates France's country rating.

    • France Nov new passenger car registration +8.6% y/y (comparable working days) to 152,712 vehicles -- PFA. Italy, Spain Nov new car registrations are due for release.

    • UK Nov Nationwide House Prices (2.0%) y/y vs consensus (2.3%) and prior (3.3%)

    • Economics due today: Switzerland Q3 GDP, Italy and Ireland Q3 final GDP as well as Italy/Norway/Spain/Sweden/Switzerland Nov manufacturing PMI

    • Corporate: Leonteq (LEON.SW) revises its FY outlook and provides an 11M business update whilst Swiss Re (SREN.SW) announces new IFRS targets including net income of >$3.6B for 2024 and multi-year ROE of more than 14% in connection with its Investors' Day.

    • CMD/events taking place today include BASF (BAS.GR) R&D, Swiss Re (SREN.SW), Alligator Bioscience (ATORX.SS)

  • Politics/Macro/World News

    • UK Tax Cuts Do Little to Ease Pessimism Among UK Firms, IoD Says (BBG)

    • The UK economy no longer looks like an outlier to investors (FT)

    • Israel resumes Gaza assault after rockets fired, heavy fighting reported (Reuters)

    • Alistair Darling: Former Labour chancellor dies aged 70 (Sky)

  • Top company news

    • Earnings/updates

      • LEON.SW (Leonteq) -- revises its FY outlook and provides an 11M business update

      • CWR.LN (Ceres Power Holdings) -- FY Trading Update: expects FY23 revenue £20M-21M vs FactSet £32.5M

      • VPLAY.A.SS (Viaplay Group) -- reports Q3 EPS (SEK8.85) vs year-ago (SEK1.10)

    • M&A

      • BP.LN (BP) -- agrees to take full ownership of Lightsource at base equity value of £254M for remaining 50.03% interest (earlier, ~9:00 GMT)

      • VPK.NA (Royal Vopak) -- completes the 50% acquisition of EemsEnergyTerminal and the sale of the three chemical terminals in Rotterdam

      • TOHN.SW (Tornos Holding) -- shareholders approve merger with Starrag

      • KER.FP (Kering) -- completes the acquisition of a 30% shareholding in Valentino

      • DEC.FP (JCDecaux) -- Top Media and Grupo Publigrafik to merge activities in Central America

      • CO.FP (Casino Guichard-Perrachon) -- Groupe Casino confirms it has received preliminary indicative offers from several purchasers for different hypermarket and supermarket perimeters

      • BKT.SM (Bankinter) -- Consumer Finance and Sonae complete joint venture transaction for consumer credit business in Portugal

      • BG.AV (BAWAG Group) -- completes the acquisition of Peak Bancorp

      • DPEU.LN (Dp Eurasia) -- Jubilant Foodworks updates on offer for DP Eurasia

      • CTT.PL (CTT - Correios de Portugal) -- CTT announces long stop date for fulfilling or waiving the conditions related to previously disclosed real estate transaction envisaged in the SPA has been extended to 31-Jan-24

      • GIMB.BB (Gimv) -- holder Flemish Participation Company VPM sells entire 27.8% stake to WoxInvest

      • FNM.SS (Ferronordic) -- completes acquisition of Rudd Equipment Company, Inc.

      • DBAN.GR (Deutsche Beteiligungs) -- provides update on partnership with ELF Capital Advisory

      • SAHN.SW (Schaffner Holding) -- TE Connectivity now holds 98.7% of the issued share capital and voting rights of Schaffner Holding

    • Healthcare

      • TEVA (Teva Pharmaceutical Industries) -- FDA grants regular approval to Teva's Alvaiz (eltrombopag) tablets

      • UCB.BB (UCB) -- presents new data advancing patient-focused scientific leadership at American Epilepsy Society Annual Meeting

      • BICO.SS (BICO Group) -- BICO has completed the divestment of the Berlin property for a total of €21M

    • Other

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- discloses ECB minimum capital requirements for the year 2024

      • CAP.FP (Capgemini) -- appoints Nive Bhagat as CFO effective 1-Jan-24; succeeds Carole Ferrand

      • SKF.B.SS (SKF) -- increases localization rate in the Americas and Asia; closes factory in Busan, Korea

      • AF.FP (Air France-KLM) -- and Apollo Global Management complete upsized quasi-equity financing of €1.5B

      • ISP.IM (Intesa Sanpaolo) -- receives notification of ECB's final decision concerning capital requirement as of 1-Jan-24

      • CA.FP (Carrefour) -- and Nexity have announced the launch of the "Villes et Commerces" property venture

      • BKT.SM (Bankinter) -- informed by ECB of the minimum capital requirements for 2024 and the outcome of the supervisory review

      • BC8.GR (Bechtle) -- AG launches offering of up to €300M convertible bonds

      • VPLAY.A.SS (Viaplay Group) -- proposes recapitalisation programme including SEK4B new equity raise, SEK14.6B debt renegotiation package

      • RECSI.NO (REC Silicon) -- provides update on restart of silane-based high-purity granular production facility in Moses Lake, Washington

      • SBB.B.SS (Samhällsbyggnadsbolaget i Norden) -- made sales of SEK 330M in November

      • VANTI.FP (Vantiva) -- confirms its strong commitment to diversity, equity and inclusion

      • UNI.SM (Unicaja Banco) -- receives SREP from ECB, including applicable minimum prudential capital requirements for 2024

      • UK government issues a Public Interest Intervention Notice in relation to RedBird IMI's acquisition of Telegraph Media Group

  • Key rating changes

    • Upgrades

      • GRE.SM (Grenergy Renovables) upgraded to outperform from neutral at BNP Paribas Exane

      • Bernstein upgrades CFR.SW

      • Deutsche Bank upgrades SAX.GR; downgrades PSON.LN

      • Goldman Sachs initiates CABK.SM, EBS.AV; upgrades KBC.BB; downgrades A5G.ID, GLE.FP

      • AAL.LN (Anglo American) -- to buy from neutral at UBS

      • ANTO.LN (Antofagasta) -- to buy from neutral at UBS

      • TELIA.SS (Telia Co.) -- to hold from sell at Deutsche Bank

    • Downgrades

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- to equal-weight from overweight at Morgan Stanley

      • KPN.AV (Royal KPN) -- to equal-weight from overweight at Morgan Stanley

      • ITV.LN (ITV) -- to hold from buy at Deutsche Bank

      • ANTO.LN (Antofagasta) -- to hold from buy at Jefferies

    • Initiations

      • SCHA.NO (Schibsted) -- short-term recommendation re sell at Handelsbanken

      • LEHN.SW (LEM (Holding) initiated buy at Stifel

  • Data

    • Nikkei (0.17%) to 33431.51

    • Hang Seng (0.70%) to 16923.33

    • Shanghai Composite (0.08%) to 3027.31

    • S&P futures (3.0) vs prior close of 4576.8

    • €-$ +0.0019 or +0.17% to 1.0909

    • $-¥ +0.02 or +0.01% to 148.21

    • €-¥ +0.31 or +0.19% to 161.67

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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