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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.1%, DAX (1.4%), CAC flat

Jan 04 ,2024

  • Synopsis

    • European equity markets are set to open mixed to lower amid Asian equities lower Thursday with growth lagging value. Greater China markets declines led by property and tech stocks. Nikkei underperforming as Japan markets resume trade following NY break. S&P 500 futures little changed afterhours. Treasury curve bear steepening while JGBs little changed and Aussie rates lower. Yen a touch weaker, dollar steady elsewhere. Crude adding to earlier gains and gold coming off lows. Base metals extending pullback. Bitcoin fluctuating after erasing prior session's rally.

    • On today's agenda, Estonia's President Alar Karis meets with EU's Simson. From a macroeconomic calendar perspective, focus will be on Italy/Spain/Sweden Dec services PMIs as well as final reads for Eurozone/France/Germany/UK, Germany Dec preliminary CPI, France Dec preliminary CPI, UK Nov mortgage approvals, M4 money supply, Greece Nov unemployment rate, Ireland Dec preliminary HICP.

    • In corporate news, GRENKE (GLJ.GR) reports Q4 new leasing business €729.7M vs year-ago €647.0M. Company notes new leasing business in 2023 surpasses previous year's level by 12.3% at €2.6B and reaches the lower end of 2023 forecast of €2.6-2.8B. Evotec (EVT.GR) announced yesterday after the close CEO transition and confirmed 2023 guidance. In the Netherlands, Sligro Food Group (SLIGR.NA) reports Q4 group revenue €751M vs year-ago €702M. Meanwhile in France, TotalEnergies (TTE.FP) closes deals with Alimentation Couche-Tard for €3.4B. Elsewhere, Next (NXT.LN), Avanza Bank (AZA.SS) and Nordnet (SAVE.SS) are also expected to update investors with their respective trading updates.

  • Macro

    • US and allies warn Houthis of 'consequences' as Red Sea crisis intensifies - Politico

    • Belgian central bank temporarily extends governor's term in office - FT

    • Turkey accuses Israel of espionage on its territory - FT

    • Sunak provokes Tory rebellion by rushing through Rwanda Bill by end of month - Telegraph

    • China's fiscal spending will rise this year, Finance Chief Says - Bloomberg

  • Top company news

    • Earnings/updates

      • STLAM.IM (Stellantis) -- FCA US reports Q4 sales of 343,552 vehicles, (1%) y/y

      • EVT.GR (Evotec) -- announces CEO transition; confirms 2023 guidance

      • GLJ.GR (GRENKE) -- reports Q4 new leasing business €729.7M vs year-ago €647.0M

      • SLIGR.NA (Sligro Food Group) -- reports Q4 group revenue €751M vs year-ago €702M

    • M&A

      • GLPG.NA (Galapagos) -- annnounces strategic collaboration with BridGene Biosciences to expand small molecule drug discovery in oncology

      • TTE.FP (TotalEnergies) -- closes deals with Alimentation Couche-Tard for €3.4B

      • SY1.GR (Symrise) -- reports it has purchased additional 8.3M shares in Swedencare at up to SEK 64.00

      • SPIE.FP (SPIE) -- acquires J.D. Euroconfort in France; terms undisclosed

      • SEYE.SS (Smart Eye) -- carries out new issue of shares through set-off of receivables in connection with prior acquisition of iMotions

      • LINK.NO (LINK Mobility Group Holding) -- Link Mobility Group completes Message Broadcast divestment

      • FFARM.NA (ForFarmers) -- completes acquisition of Piast Pasze Sp. z.o.o. for ~€30.6M

    • Healthcare

      • DRW3.GR (Drägerwerk) -- FDA provides update regarding Drager neonatal incubators

      • ALBPS.FP (Biophytis) -- notes publication of the results of its COVA phase 2-3 study in eClinicalMedicine, part of The Lancet

      • NWRN.SW (Newron) -- reports exceptional one-year results of study 014/15 with evenamide in treatment-resistant schizophrenia (TRS)

      • IPH.FP (Innate Pharma) -- notes FDA lifts partial clinical hold placed on lacutamab IND

      • EVT.GR (Evotec) -- Evotec and Owkin enter an A.I.-powered strategic partnership to accelerate therapeutics pipeline in oncology and I&I

    • Other

      • NWG.LN (NatWest Group) -- SEC filing: SC 13D/A (Filed by HM Treasury)

      • ALO.FP (Alstom) -- awarded more than €500M contract with The Royal Commission for AlUla (RCU) for AlUla's battery-powered tramway

      • ENX.FP (Euronext) -- completes €200M share repurchase programme

      • NDX1.GR (Nordex Group) -- receives order for 106 MW from Spain

  • Key rating changes

    • Upgrades

      • LDO.IM (Leonardo) -- to outperform from market perform at Bernstein

      • ELE.SM (Endesa) -- to buy from hold at Societe Generale

      • GRF.SM (Grifols) -- to overweight from equal weight at Barclays

      • G.IM (Assicurazioni Generali) -- to equal-weight from underweight at Morgan Stanley

    • Downgrades

      • SRT3.GR (Sartorius) -- to hold from buy at Deutsche Bank

      • MAERSK.B.DC (Maersk) -- to neutral from overweight at JPMorgan

      • WLN.FP (Worldline) -- to equal weight from overweight at Barclays

      • GEBN.SW (Geberit) -- to neutral from buy at Goldman Sachs

      • DAE.SW (Dätwyler Holding) -- to neutral from buy at UBS

      • SAF.FP (Safran) -- to market perform from outperform at Bernstein

      • ZURN.SW (Zurich Insurance Group) -- to underweight from equal-weight at Morgan Stanley

    • Initiations

      • ELUX.B.SS (Electrolux) -- underweight at Barclays

      • HTG.GR (HomeToGo) -- initiated buy at Stifel

  • Data

    • Nikkei (0.53%) to 33288.29

    • Hang Seng (0.19%) to 16615.36

    • Shanghai Composite (0.50%) to 2952.40

    • S&P futures +5.5 vs prior close of 4746.5

    • €-$ +0.0005 or +0.05% to 1.0928

    • $-¥ +0.37 or +0.26% to 143.66

    • €-¥ +0.48 or +0.31% to 156.97

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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