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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.33%, DAX +0.08%, CAC +0.19%

Dec 20 ,2023

  • Synopsis

    • European equity markets are set for a positive open amid Asian equities trading mostly higher Wednesday. Japan continued to trade higher post BOJ's dovish hold yesterday. US futures higher whilst US dollar flat, yen giving back some of yesterday's weakening. Crude oil futures flat, precious metals edging higher, industrial metals also catching a bid.

    • On today's agenda, Riksbank's Thedéen speech at 15:00CET at an investor meeting arranged by Carnegie Fonder. SNB publishes at 15:00CET Quarterly Bulletin 4/2023. ECB's Lane speech at 14:00GMT at event organised by ESRI - The Economic and Social Research Institute. European Automobile Manufacturers' Association (ACEA) Nov new passenger car registrations are due to be released. In the UK, parliament in recess and will next sit on 8-Jan-24

    • Macroeconomic data due include: Germany Jan GfK consumer confidence, Nov PPI, UK Nov CPI/PPI/PPI output/input, Eurozone Oct construction output, Portugal Nov PPI, Eurozone Dec flash consumer confidence

    • In corporate news, HORNBACH Holding & Co. (HBH.GR) reports Q3 earnings including Q3 EPS €1.76 ahead of year-ago €1.71. Company expects FY adj. EBIT at middle to lower end of prior guidance. Still in Germany, Aurubis (NDA.GR) is also out with Q4 numbers along with a FY dividend per share of €1.40 and guides FY24 operating EBT between €380-480M. Out of the Nordics, Rusta (RUSTA.SS) reports Q2 EPS SEK0.4 vs FactSet SEK0.25 and said it remains optimistic about the future and to deliver on their financial targets. Elsewhere, Roblon (RBLN.B.DC) and Petrofac (PFC.LN) are also expected to update investors today.

    • On M&A front, Spain to acquire 10% stake in Telefonica (TEF.SM) through its investment vehicle Sepi. Also, Swiss Steel Holding's (STLN.SW) subsidiary Ascometal France Holding enters into exclusive negotiations with Acciaierie Venete for the sale of several production sites in France

  • Macro/Politics

    • EU set to clinch compromise deal on new debt and deficit rules - FT

    • Colorado Supreme Court says Trump is ineligible to run again - Politico

    • Rishi Sunak says there's no target date to stop migrant boat crossings - BBC

    • Russia ramps up fuel exports, undermining part of OPEC+ pledge - Bloomberg

  • Top company news

    • Earnings/updates

      • PSM.GR (ProSiebenSat.1 Media) -- ProSiebenSat.1 increases investments in local content; expects stable earnings next year and impairment on programming assets in 2023

      • UTDI.GR (United Internet) -- guides FY24 adjusted EBITDA €1.42 billion vs FactSet €1.38B [11 est, €1.32-1.47B]

      • NDA.GR (Aurubis) -- reports Q4 EPS (€1.23) vs year-ago €2.36; guides FY24 Operating EBT between €380-480M

      • 1U1.GR (1&1 AG) -- guides FY24 service revenue up ~ +4% y/y, EBITDA ~ +10%

      • VRLA.FP (Verallia) -- lowers 2023 revenue outlook, confirms adjusted EBITDA target in light of recent devaluation of Argentina's Peso

      • MEDCL.FP (MedinCell) -- reports H1 net income (€8.2M) vs year-ago (€13.8M)

    • M&A

      • CE2.GR (Cropenergies) -- Südzucker submits public delisting tender offer to acquire all shares not yet directly held for cash consideration of €11.50 per share

      • TEF.SM (Telefonica) -- Spanish Government approves through Sepi, the acquisition of a 10% in Telefónica -- Expansion

      • RBI.AV (Raiffeisen Bank International) -- to acquire 28.5M shares in STRABAG SE from MKAO Rasperia for €1.51B (cash, incl. past dividends)

      • RF.FP (Eurazeo) -- and its partners Ardian, Mérieux Equity Partners and Eximium have sold their stakes in Humens to Leto Partners. Terms were not disclosed

      • SCATC.NO (Scatec) -- sells equity share of 8.5 MW solar power plant in Rwanda for $1.38M (NOK 14.2M)

      • DX.LN (DX (Group)) -- ssues update on the letter of intent given by Lombard ODIER asset management (Europe) limited

      • STLN.SW (Swiss Steel Holding) -- Swiss Steel Holding's subsidiary Ascometal France Holding enters into exclusive negotiations with Acciaierie Venete for the sale of several production sites in France; terms undisclosed

      • CYR.GR (cyan AG) -- to sell operations of I-New Unified Mobile Solutions GmbH

    • Healthcare

      • GLPG.NA (Galapagos) -- announces start of PAPILIO-1 Phase 1/2 multiple myeloma study of GLPG5301

      • ADXN.SW (Addex Therapeutics) -- shareholders approve all resolutions at EGM

    • Other

      • BA.LN (BAE Systems) -- awarded $77.3M US Navy contract

      • BG.AV (BAWAG Group) -- completes €175M share buyback program

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- awarded a three-month proprietary Ocean Bottom Node (OBN) data acquisition contract in the North Sea for a repeat customer

      • SZU.GR (Suedzucker) -- Südzucker appoints Stephan Meeder CFO

      • TTALO.FH (Terveystalo) -- makes non-cash impairment-related write-off in Portfolio Businesses segment; write-offs total €84M

  • Key rating changes

    • Upgrades

      • MOVE.SW (Medacta Group) -- to buy from neutral at UBS

      • DOCM.SW (DocMorris) -- to buy from hold at Deutsche Bank

      • ITRK.LN (Intertek Group) -- to outperform from underperform at BNP Paribas Exane

    • Downgrades

      • BAMI.IM (Banco BPM) -- to neutral from buy at UBS

      • SMDS.LN (DS Smith) -- to neutral from buy at UBS

      • VER.AV (Verbund) -- to equal weight from overweight at Barclays; to hold from buy at Stifel

      • NOKIA.FH (Nokia) -- to hold from buy at DnB Markets

    • Initiations

      • SAGA.B.SS (Sagax) -- sell at DnB Markets

  • Data

    • Nikkei +1.37% to 33675.94

    • Hang Seng +0.53% to 16591.73

    • Shanghai Composite (0.78%) to 2909.55

    • S&P futures +0.5 vs prior close of 4820.3

    • €-$ (0.0022) or (0.20%) to 1.0959

    • $-¥ (0.19) or (0.13%) to 143.65

    • €-¥ (0.53) or (0.34%) to 157.41

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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