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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.89%, DAX30 +1.08%, CAC40 +0.87%

Dec 14 ,2023

  • Synopsis

    • European equity markets are set for a positive open amidst mostly firmer levels in Asia Thursday as Fed decision and dovish comments fuel risk appetite. US futures higher.

    • Takeaways from Fed decision and comments from Fed Chair Powell leaned dovish with reactions highlighting Powell opting not to push back against very dovish market rate outlook. Updated SEP showed policymakers projecting more rate cuts in 2024 than previews were looking for. Swaps now pricing in 140 bp of rate cuts next year, still less than Fed's updated dot plot but more than 125 bp that was being priced following Governor Waller's dovish remarks.

    • Back in Europe, policy decisions from SNB (9:30CET), Norges Bank (10:00CET), BoE (12:00 GMT), and ECB (14:15CET). All four central banks tipped to leave policy unchanged. Focus on guidance for future policy outlook. BoE and ECB tipped to pushback against rate cut expectations. However, BoE may sound slightly more hawkish than the ECB on the margin with UK inflation forecast to hold up in the early part of 2024. ECB meeting may also include details on its plans for bond reinvestment under its PEPP amid expectations it will end it earlier than planned December 2024 expiry. Publication of the Eurosystem staff macroeconomic projections for the euro area at 15:45CET.

    • Today's agenda also sees EU Council Summit. In Germany, Federal Ministry of Economics monthly report as well as gas storage assn Ines press conf at 10:30CET for gas supply in winter 2023/24. In UK, new foreign secretary David Cameron is before European Affairs Committee at 15:00GMT. Russia's President Putin due to give annual press conf. EU's von der Leyen, Šuica participates in the EPP Summit. EU's Simson panellist on the final day of the Green Hydrogen Summit, Oman. ifo economic forecast winter 2023 at 10:30CET and RWI economic forecast at 11:00. IEA oil market report, WTO general council meets in Geneva and ECJ ruling on Luxembourg tax breaks for Amazon.

    • In macro, Spain, Sweden, Ireland, Portugal and Finland Nov final CPI and Switzerland Nov PPI are due for release. RICS said UK Nov house price balance (43%) vs consensus (57%) and prior revised (61%) from (63%) and that Year ahead sales expectations most positive since Jan-22.

    • On the earnings front, Brunello Cucinelli (BC.IM) guides FY sales between +22-23% y/y vs prior guidance +20-22% whilst Gam Holding (GAM.SW) released an update on strategy, expected 2023 financial results, and share buyback offer. EVN (EVN.GR) reported FY net income €529.7M vs year-ago €209.6M and said it expects FY 23/24 group net result within range of ~€420M to €460M (FactSet €495.4M).

  • Politics/Macro/World News

    • Germany clinches last-minute 2024 budget deal, keeps debt brake - Reuters

    • UK Nov house price balance (43%) vs consensus (57%) and prior revised (61%) from (63%); Year ahead sales expectations most positive since Jan-22 - RICS

    • Finland Nov CPI +3.3% y/y vs consensus +4.0% and prior +4.9%

  • Top company news

    • Earnings/updates

      • DACHs:

        • EVN.AV (EVN) -- reports FY net income €529.7M vs year-ago €209.6M; expects FY 23/24 group net result within range of ~€420M to €460M (FactSet €495.4M)

        • GAM.SW (Gam Holding) -- announces update on strategy, expected 2023 financial results, and share buyback offer to meet its share-based payment obligations

        • MOR.GR (Morphosys) -- launches cash capital increase by way of accelerated bookbuilding process

        • BDT.GR (Bertrandt) -- reports FY net income after tax €30.4M vs year-ago €21.1M

      • Southern Europe:

        • BC.IM (Brunello Cucinelli) -- guides FY sales between 22-23% y/y vs prior guidance 20-22%

        • OVS.IM (OVS) -- reports 9M PBT €60.0M, (13%) vs year-ago €68.8M

    • M&A

      • ATO.FP (Atos) -- Onepoints now holds 11.4% stake in Atos -- Les Echos

      • TEL.NO (Telenor) -- to sell Pakistan to Pakistan Telecommunication; transaction values Pakistan at NOK5.3B on cash-and-debt-free basis

      • MAREL.IR (Marel) -- receives second approach from John Bean Technologies regarding potential offer at proposed valuation of €3.40 per share (ISK 511 per share)

      • BWE.NO (BW Energy) --

        • Oslo Børs approves mandatory offer to acquire the shares in BW Energy Limited made by BW Group Limited

        • BW Group launches mandatory offer at NOK 27.0/share to acquire all shares in BW Energy limited

      • TIT.IM (Telecom Italia) -- reportedly plans to deliberate over renewing its board ahead of annual meeting next spring - Bloomberg

      • BNP.FP (BNP Paribas) -- Santander's asset management arm to acquire BNP Paribas' asset management operation in Mexico; terms undisclosed - Reuters, citing company announcement

      • PGS.NO (PGS ASA) -- deepC Store and Azuli sign letter of intent with PGS Australia to enter into a service-for-equity agreement; terms undisclosed

      • 8031.JP (Mitsui & Co.) -- divests 20% interest in Kaikias Field to Shell Offshore; terms undisclosed

      • DEZ.GR (Deutz AG) -- and Rolls-Royce's Power Systems Business Unit reach general agreement on takeover of engine platforms

    • Healthcare

      • MARI.AV (Marinomed Biotech) -- enters into a new distribution partnership for a Carragelose nasal spray in four Southeast Asian countries

      • EVT.GR (Evotec) -- enters partnership with Charité to expand molecular patient database in autoimmune diseases

      • ALCOX.FP (Nicox) -- Announces Publication of New Nonclinical Data Demonstrating More Effective Intraocular Pressure Lowering of NCX 470 compared to Lumigan

      • NYKD.NO (Nykode Therapeutics) -- announces a potential first-in-class preclinical oncology vaccine program aimed at preventing and treating colorectal cancer

      • MOR.GR (Morphosys) -- Follow-up: MorphoSys AG places 3.4M new bearer shares at €30.00/each

      • GALE.SW (Galenica) -- Planzer, Galenica to establish 60-40 JV Health Supply; terms undisclosed

    • Other

      • SK.FP (Groupe SEB) -- to hold its CMD today

      • VIV.FP (Vivendi) -- explores splitting its activities into several entities

      • ZURN.SW (Zurich Insurance Group) -- appoints Claudia Cordioli as CFO, effective 1-Mar-24; succeeds George Quinn

      • STB.NO (Storebrand) -- Ministry of Finance subpoenas Tax Appeals Committe in Storebrand tax value reduction case

      • INTRUM.SS (Intrum) -- announces CFO Michael Ladurner to leave

      • Petrobras acquires 29 blocks in the Pelotas basin from ANP auction

  • Key rating changes

    • Upgrades

      • JPMorgan upgrades CPG.LN, ELIOR.FP, MARS.LN

      • ACA.FP (Credit Agricole) -- to buy from hold at Societe Generale

      • AMS.AV (ams-OSRAM) -- to buy from hold at Jefferies

      • FIA1S.FH (Finnair) -- to hold from reduce at HSBC

      • MARS.LN (Marston's) -- to overweight from neutral at JPMorgan

    • Downgrades

      • ORSTED.DC (Ørsted) -- hold from buy at DnB Markets

      • AD.NA (Ahold Delhaize) -- neutral from outperform at BNP Paribas Exane

      • UCG.IM (UniCredit) -- to neutral from outperform at Oddo

      • SKF.B.SS (SKF) -- to hold from buy at DnB Markets

      • BKG.LN (Berkeley Group Holdings) -- to hold from add at Peel Hunt

      • SVT.LN (Severn Trent) -- to underweight from neutral at JPMorgan

      • FLS.DC (FLSmidth & Co.) -- to hold from buy at Carnegie Securities

      • AGS.BB (Ageas) -- to hold from buy at HSBC

      • STB.NO (Storebrand) -- to hold from buy at Pareto

    • Initiations

      • QLT.LN (Quilter) -- neutral at Goldman Sachs

      • SFL.IM (Safilo Group) -- hold at Stifel

  • Data

    • Nikkei (0.73%) to 32686.25

    • Hang Seng +0.96% to 16384.95

    • Shanghai Composite (0.23%) to 2961.81

    • S&P futures +18.0 vs prior close of 4760.8

    • €-$ +0.0023 or +0.21% to 1.0900

    • $-¥ (1.21) or (0.85%) to 141.67

    • €-¥ (0.96) or (0.62%) to 154.42

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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