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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.11%), DAX30 (0.23%), CAC40 (0.24%)

Dec 18 ,2023

  • Synopsis

    • European equity market futures point to a weaker open amidst lower Asian equities Monday. Japan benchmarks to end lower although well off their troughs, Australia finished modestly lower. Greater China markets weak, Taiwan and South Korea hovering around the flat mark. India flat at the open, Southeast Asia largely lower. US futures ticking higher.

    • Today's agenda sees EU foreign ministers meeting as well aevent organised by BritCham, the British Chamber of Commerce EU & Belgium. In the Netherlands, following meetings with leaders of parties which may go on to form a right-wing coalition, scout Ronald Plasterk is due to hand over his report on forming a new government to parliament. In the morning, Chancellor Scholz hosts Dutch PM Rutte.

    • In central banks, Riksbank's Bunge speech at 13:00CET at a seminar organised by the Swedish Association of Corporate Treasurers. Bank of Italy's Perrazzelli speech at 10:00CET and 16:15 at the conf 'New Frontiers in Banking and Capital Markets'. ECB's McCaul panellist at 21:10CET at event organised by Capital Link, others speakers include PM Mitsotakis 14:00.

    • On the macro front, Norway Nov CPI and PPI, Denmark Nov CPI and Oct trade balance as well as UK Dec house price index - Rightmove are out for release.

    • In earnings, CECONOMY (CEC.GR) reported FY adj. EPS €0.08 vs FactSet €0.14 whilst thyssenkrupp nucera (NCH2.GR) is out with Q4 EPS €0.03 vs year-ago (€0.01). EnergieKontor (EKT.GR) announced it will sell its Garbet onshore wind park project and raised FY23 guidance.

    • Friday post close, Diasorin's (DIA.IM) board approved its 2024-2027 Business Plan where it guides FY24 adj EBITDA margin 32% to 33.

    • Also of note, first day of trading for Syensqo (SYENS.BB) spin-off from Solvay (SOLB.BB)

  • Macro

    • ECB probably at rate peak but too soon to consider cuts, Nagel says - Bloomberg

    • UK recession risk returns with data signaling possible downgrade - Bloomberg

    • Labour lead slips to 13 points in poll that shows NHS is voters' main priority - Guardian

    • German budget consensus under fire over EVs, agricultural diesel - Reuters

    • German far-right party makes fresh electoral breakthrough - FT

    • Italy has failed to curb migration, Meloni admits at far-right festival - FT

  • Top company news

    • Earnings/updates

      • DACHs:

        • CEC.GR (CECONOMY) -- reports FY adj. EPS €0.08 vs FactSet €0.14 [5 est, €0.04-0.22]

        • NCH2.GR (thyssenkrupp nucera) -- reports Q4 EPS €0.03 vs year-ago (€0.01)

        • EKT.GR (EnergieKontor) -- sells Garbet onshore wind park project; raises FY23 guidance

      • Nordics:

        • ICEAIR.IR (Icelandair Group) -- provides update on air traffic controllers strikes

        • PNOR.NO (Petronor E&P) -- confirms 373.4K bbls of oil were lifted and sold from Djeno Terminal in the first week of Dec-23, generating cash inflow of $27.3M

      • Southern Europe:

        • DIA.IM (DiaSorin) -- board approves 2024-2027 Business Plan; guides FY24 adj EBITDA margin 32% to 33

    • M&A

      • SGSN.SW (SGS) -- to sell crop science activities to Eurofins Scientific; terms undisclosed

      • ECV.GR (Encavis) -- buys wind parks with 18MW total capacity for Encavis Infrastructure Fund IV; terms undisclosed

      • CADLR.NO (Cadeler) -- completes share exchange offer for Eneti Inc. at 86.39% acceptance rate

      • RNO.FP (Renault) -- Alpine Racing Ltd finalises sale of 24% of its share capital for €200M to investor group led by Otro Capital

      • RF.FP (Eurazeo) -- confirms in exclusive discussions to sell its stake in D.O.R.C. to Carl Zeiss Meditec

      • TIT.IM (Telecom Italia) -- TIM receives Vivendi's lawsuit; NetCo deal goes ahead as planned

      • AFX.GR (Carl Zeiss Meditec) -- AG announces agreement to acquire D.O.R.C. in a deal worth ~€985M (EV basis)

      • GSK.LN (GSK Plc) -- GSK searching for more deals in China - FT

      • VOD.LN (Vodafone Group) -- Iliad looking to finalize joint venture proposal with Vodafone to combine Italian operations by end of January - Reuters, citing sources

      • FME.GR (Fresenius Medical Care) -- Intermediate Capital Group finalising deal to acquire Cura Day Hospitals - Australian Financial Review

      • ENI.IM (Eni) -- considering sale of stake in Novamont - Reuters, citing source (11:01 ET)

      • CO.FP (Casino Guichard-Perrachon) -- Carrefour offers to acquire network of 7,000 small local stores owned by Casino - Les Echos

      • OIBR4.BZ (Oi SA) -- Telefonica considering trying to buy Oi unit - Reuters (14:09 BT/18:09 CET)

      • FRAS.LN (Frasers Group) -- in advanced talks to buy Matchesfashion from Apax Partners - Sky News

      • BG.AV (BAWAG Group) -- announces sale of start:bausparkasse AG; terms not disclosed

      • MUSTI.FH (Musti Group) -- Flybird Holding to commence voluntary recommended public cash tender offer for all shares in Musti Group Plc on 18-Dec-23

      • EKT.GR (EnergieKontor) -- sells Garbet onshore wind park project; raises FY23 guidance

      • HTG.GR (HomeToGo) -- to acquire KMW Reisen, Super Urlaub for €31M; conference call at 10:00 CET 18-Dec

      • NORTHM.DC (North Media) -- concludes agreement with Ge-Te Media Aktiebolag to acquire SDR Svensk Direktreklam AB and EGRO Konsult AB

      • WUW.GR (Wüstenrot & Württembergische) -- Wüstenrot Bausparkasse AG acquires start:bausparkasse AG (formerly Deutscher Ring Bausparkasse)

      • Chuck E Cheese looking at sale after receiving interest - Reuters

    • Healthcare

      • ALSEN.FP (Sensorion) -- announces preliminary safety results from NOTOXIS, its Phase 2a Proof of Concept (POC) clinical trial of SENS-401 (Arazasetron) in patients suffering from Cisplatin-Induced Ototoxicity

      • SANN.SW (Santhera Pharmaceuticals Holding) -- receives EU approval for AGAMREE (Vamorolone) for the treatment of Duchenne muscular dystrophy

      • ULTI.NO (Ultimovacs) -- exploratory phase I TENDU study of TET for prostate cancer meets primary endpoint

      • MITRA.BB (Mithra Pharmaceuticals) -- receives positive DSMB opinion on DONESTA European phase 3 trial

      • IRLAB.A.SS (IRLAB) -- submits request for end-of-phase 2 meeting with FDA for phase III-ready mesdopetam program

      • ALCOX.FP (Nicox) -- Announces First Patient Screened in the Whistler Phase 3B Trial of NCX 470 in Glaucoma

      • NOVN.SW (Novartis) -- FDA discloses full approval of three generics of Novartis' Votrient

      • 4507.JP (Shionogi & Co.) -- subsidiary, Swedish Orphan Biovitrum sign distribution agreement for Fetcroja

      • ONCO.SS (Oncopeptides) -- updates on the Type II application process

      • CLARI.FP (Clariane) -- and CRditt Agricole assurances sign real-estate partnership

      • EFYA.GR (PharmaCyte Biotech) -- SEC filing: 10-Q

    • Other

      • ACC.NO (Aker Carbon Capture) -- awarded feasibility study by waste-to energy player in Switzerland

      • IPH.FP (Innate Pharma) -- CEO/chairman Mondher Mahjoubi resigns, effective Jan 2024

      • MDXH (MDxHealth) -- completes transition to Nasdaq

      • VLRT.SW (Valartis Group) -- completes fixed-price buyback, acquires 103K shares priced at CHF13.75/share

      • SKA.B.SS (Skanska) -- to construct two new buildings in Fort Worth, Texas for $155M, about SEK 1.6B

      • EBUS.NA (Ebusco Holding) -- convenes EGM on 29-Jan-24 related to previously announced capital raising

      • SHEL.LN (Shell Plc) -- Shell files automatic mixed shelf of indeterminate amount - F-3ASR

      • SIE.GR (Siemens AG) -- Siemens Mobility supplies 75 Mireo trains for Leipzig and surrounding region

      • ENT.LN (Entain) -- near deal granting board seat to activist Ricky Sandler - Sunday Times

      • ALO.FP (Alstom) -- announces finalization of syndication of its new credit facility and the extension of the maturity of its two other RCF

      • TEP.FP (Teleperformance) -- to cancel 700,000 self-dependent shares

      • SBMO.NA (SBM Offshore) -- successfully raises a new $210M Revolving Credit Facility for MPF hull financing

      • MTRO.LN (Metro Bank Holdings) -- Metro Bank to retain residential mortgage portfolio

      • PRS.NO (Prosafe) -- completes subsequent offering priced at NOK60/share; total of ~517K shares will be allocated

      • SCATC.NO (Scatec) --

        • reaches financial close on the first 60MW of Botswana solar complex

        • signs $100M loan agreement with the World Bank's International Finance Corporation (IFC)

      • Buenaventura comments on acquisition of equity interest by Antofagasta plc

      • Estimated weekend box office revenues in US, Canada $73.9M, (51.7%) y/y - Box Office Mojo

      • Regional Gaming Revenues - Massachusetts November 2023

      • Regional Gaming Revenues - New Jersey November 2023

      • SBTi actions in the past month include McDonald's, Nestle 2050 net zero approvals, Wizz Air removal (15-Dec)

      • Tabcorp awarded new Victorian Wagering and Betting License; indicative licence value of A$864M

      • Trading higher: APAC shipping sector higher following pause in Red Sea Routes

  • Key rating changes

    • Upgrades

      • UBS upgrades DB1.GR; downgrades MNDI.LN

      • ENT.LN (Entain) -- to buy from hold at Jefferies

    • Downgrades

      • SAVE.SS (Nordnet) -- underweight from overweight at Barclays

      • FRES.LN (Fresnillo) -- underweight from equal-weight at Morgan Stanley

      • CNA.LN (Centrica) -- to hold from buy at Jefferies

      • LAGR.B.SS (Lagercrantz Group) -- to hold from buy at SEB

      • HMS.SS (HMS Networks) -- to sell from buy at DnB Markets

  • Data

    • Nikkei (0.64%) to 32758.98

    • Hang Seng (1.08%) to 16610.42

    • Shanghai Composite (0.50%) to 2927.74

    • S&P futures +12.5 vs prior close of 4768.0

    • €-$ +0.0022 or +0.20% to 1.0919

    • $-¥ +0.15 or +0.10% to 142.26

    • €-¥ +0.43 or +0.28% to 155.30

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.
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