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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.27%, DAX +0.03%, CAC (0.02%)

Dec 15 ,2023

  • Synopsis

    • European equity markets set to open flat to marginally higher, following Thursday's gains. Asian equities mostly higher Friday. China activity data came in mixed. Fed-driven momentum continues with futures pricing in almost 150 bp of rate cuts in 2024. Dovish rate outlook attributed for multi-asset rally this week encompassing stocks, bonds, high yield debt, commodities and crypto. However, ECB and BOE not yet joining the Fed in changing stance toward rate cuts.

    • UK GfK Dec consumer confidence already on the tape, coming in at (22) vs consensus (22) and prior (24). Other macro data releases include Eurozone, France, Germany, UK Dec flash manufacturing/services PMIs, France Nov final CPI, Italy Nov final CPI, Oct trade balance, Sweden Nov unemployment rate, Norway Nov trade balance, Eurozone Oct trade balance

    • Also on today's agenda: Bundesbank releases at 8:30CET its semi-annual forecasts. Also BOE's Ramsden speech at 10:00GMT at Deloitte Academy on the Bank's resolution regime. Bank of Portugal's latest Economic Bulletin. Slovenia central bank conf, panel includes several central bank governors from Eastern Europe and Governor of the Central Bank of Malta, Scicluna. Bank of Russia interest rate decision.

    • In corporate highlights: Symrise (SY1.GR) last night after market close issued a profit warning. Campari (CPR.IM) has entered into exclusive negotiations with Beam Suntory to acquire Courvoisier, in deal valued at enterprise value of $1.32B. Unilever (ULVR.LN) is reportedly in advanced talks to sell Elida Beauty to Yellow Wood Partners. H&M Hennes & Mauritz (HM.B.SS) due to report Q4 sales with consensus looking for SEK62.91B, Growth, local FX (3.5%). Also scheduled today are Volkswagen Group (VOW.GR) monthly deliveries.

  • Politics/Macro/World News

    • Central Banks:

      • ECB and BoE reluctant to join Fed in pivoting towards rate cuts (Bloomberg)

      • Fed pivot piles pressure on Europe's central banks to shift stance (FT)

      • ECB largely united on seeing rate cuts later than market bets (Bloomberg)

      • Markets expect UK interest rates to fall (London Times)

      • Too early to talk about near-term rate cuts says ECB's Müller (Äripäeva)

    • Geopolitics

      • EU fails to agree €50bn Ukraine funding package (FT)

      • EU to open membership talks with Ukraine and Moldova (BBC)

      • EU to extend trade truce with US until after presidential election (FT)

    • Germany

      • Germany lifts spending freeze after budget deal clinched, document shows (Reuters)

  • Top company news

    • Earnings/updates

      • DG.FP (VINCI SA) -- VINCI reports Nov Autoroutes and Airport passenger traffic

      • SY1.GR (Symrise) -- reports preliminary FY revenue ~€4.7B vs FactSet €4.76B [16 est, €4.68-4.85B]; adj. EBITDA margin 19.0-19.5% vs guidance ~20%

      • KESKOB.FH (Kesko) -- reports Nov sales from continuing operations €998.2M, (4.3%) in comparable terms

      • FLOW.NA (Flow Traders) -- reports November ETP market data

      • STM.GR (Stabilus) -- SE confirms prelim FY23 figures and guidance as per 10-Nov update; keeps divi unchanged at €1.75/share

      • XVIVO.SS (Xvivo Perfusion) -- XVIVO announces SEK 17M write-down related to PrimECC

      • IMPN.SW (Implenia) -- awarded building construction contracts in Switzerland and Germany worth a total of over CHF 220M

    • M&A

      • UL (Unilever) -- Unilever in advanced talks to sell Elida Beauty to Yellow Wood Partners -- Reuters

      • TIT.IM (Telecom Italia)

        • Vivendi evaluating potential options for 24% stake in Telecom Italia - Bloomberg

        • board extends deadline for submitting binding offer for Sparkle to the end of January 2024

      • CPR.IM (Davide Campari-Milano) -- Campari has entered into exclusive negotiations with Beam Suntory to acquire Courvoisier, in deal valued at enterprise value of $1.32B

      • CABK.SM (CaixaBank) -- and Lone Star in the final stage to sell Servihabitat - El Confidencial, citing sources

      • +HTR.LN (Heathrow Airport Holdings) -- Saudi Arabia reportedly considering increasing its 10% stake in Heathrow Airport Holdings acquired last month, to a majority stake - Sunday Times

      • +PENSION.LN (Pension Insurance Corp.) -- Apollo, Carlyle, and KKR are reportedly evaluating separate bids for Pension Insurance Corp. ahead of deadline this week - FT

      • DEC.FP (JCDecaux) -- and JOJ Media House sign an agreement to merge their OOH activities in Slovakia

      • STJ.LN (St. James's Place) -- planning to raise as much as £1B by 2030 to buy businesses of retiring partners - FT

      • AZE.BB (Azelis Group) -- has signed an agreement to acquire Localpack S.A in Colombia. Terms were not disclosed

      • MCPHY.FP (McPhy Energy) -- McPhy enters into exclusive negotiations with Atawey with a view to the sale of its hydrogen recharging station activity

      • ALQGC.FP (Quantum Genomics) -- enters into exclusive negotiations for a merger with ExactCure (private)

      • 3331.HK (Vinda International Holdings) -- Isola Castle launches takeover offer to acquire Vinda International Holdings at HK$23.5/share

      • CRI.FP (Chargeurs) -- informed of intention of companies controlled by Chairman and CEO Michaël Fribourg to file voluntary public tender offer at €12 per share

    • Healthcare

      • SAN.FP (Sanofi) -- EMA gives positive opinion to Fexinidazole Winthrop as first oral treatment of acute form of sleeping sickness (rhodesiense) found in East and Southern Africa

      • KRTX (Karuna Therapeutics) -- reports data from phase 3 EMERGENT-2 trial evaluating KarXT in schizophrenia published in The Lancet

      • HNSA.SS (Hansa Biopharma) -- announces full results from 16-HMedIdeS-12 Phase 2 trial in patients with AMR following kidney transplantation

      • MOVE.SW (Medacta Group) -- notes new clinical study highlighting NextAR Spine

      • SANION.SS (Saniona) -- board resolves to carry out rights issue of units of approximately SEK 140M

    • Other

      • VOW.GR (Volkswagen) -- Volkswagen's Cariad unit to cut 20% of internal development costs annually until 2028 in attempt to avoid forced layoffs - Bloomberg

      • ESSITY.B.SS (Essity) -- concludes Strategic review of the Consumer Tissue Private Label Europe business concluded

      • GET.FP (Getlink) -- to Enable the Doubling of Direct High Speed Rail Services From the UK Over the Next 10 Years via the Channel Tunnel

      • SPIE.FP (SPIE) -- announces intention to implement share buyback program

      • TRN.LN (Trainline) -- notes withdrawal of GBR app and website proposals

      • APAM.NA (Aperam) -- Nexa Resources advances in acquisition of 10K tons of bio-oil from Aperam BioEnergia

      • RBI.AV (Raiffeisen Bank International) -- Austria seeking to have Raiffeisen Bank International removed from Ukrainian blacklist in return for approving new EU sanctions on Russia - Reuters

  • Key rating changes

    • Upgrades

      • STMPA.FP (STMicroelectronics) -- to buy from neutral at UBS

      • EQT.SS (EQT AB) -- to neutral from underweight at JPMorgan

      • PCO.PW (Pepco Group) -- to overweight from neutral at JPMorgan

    • Downgrades

      • ALC.SW (Alcon AG) -- to hold from buy at Nephron Research (timing uncertain)

      • BAMI.IM (Banco BPM) -- to hold from buy at Jefferies

      • SAB.SM (Banco de Sabadell) -- to equal weight from overweight at Barclays

      • SAVE.SS (Nordnet) -- to neutral from buy at UBS

      • AZA.SS (Avanza Bank Holding) -- to sell from neutral at UBS

    • Initiations

      • INCH.LN (Inchcape) -- outperform at BNP Paribas Exane

  • Data

    • Nikkei +0.87% to 32970.55

    • Hang Seng +2.04% to 16737.12

    • Shanghai Composite (0.55%) to 2942.78

    • S&P futures +4.5 vs prior close of 4774.0

    • €-$ (0.0010) or (0.09%) to 1.0987

    • $-¥ +0.09 or +0.06% to 141.94

    • €-¥ (0.04) or (0.03%) to 155.94

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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