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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.40%, DAX +0.30%, CAC40 +0.44%

Jan 09 ,2024

  • Synopsis

    • European equity markets are set to open higher amidst Asia equities mixed Tuesday with most off their peaks. Japan strongest post yesterday's holiday while Australia closed almost 1% higher. Early strength in Hong Kong dissipated over the morning, mainland benchmarks lower to break to fresh multi-year lows.

    • US equities finished higher in Monday trading; the Dow ended up despite a big drag from BA. Big tech saw solid gains after sliding last week; NVDA was a standout.

    • On today's agenda, EU's von der Leyen speech at 13:00CET at Chamber of Commerce Stade for the Elbe-Weser region event. Press conf at 14:00CET on the priorities of the World Economic Forum (15/19-Jan). EU's Ferreira speech and panellist at event organised by weekly newspaper Expresso title "Cohesion and the Future of the EU". UK's parliament sees Opposition debate (topics tba), whilst committee topics include private equity and the retail sector - questions reps of TDR Capital (10:00GMT), future defence aviation capabilities (10:30). World Bank's Global Economic Prospects report is published

    • In central banks, Danmarks Nationalbank latest quarterly bank lending survey released at 8:00CET. SNB preliminary annual figures. Other events include Atlantic Council hosting event at 14:30GMT with Chief Economist at Goldman Sachs on the outlook for the global economy in 2024 as well as CES 2024. In Norway, NHO's annual conf will deal with leadership change and solutions within green competitiveness, artificial intelligence and digitization and European cooperation. Munich Re (MUV2.GR) will release its report on natural disasters in 2023. Bank of France Governor Francois Villeroy de Galhau speaks in Paris at 18:30CET

    • Macro data releases in Europe included UK Dec LFL retail sales +1.9% vs consensus +2.3% and prior +2.6%; total +1.7% vs prior +2.7%; 2024 looks to be another challenging year for retailers - BRC, Switzerland Dec Unemployment Rate . Also due today, Germany Nov industrial production, France Nov trade balance, Italy/Eurozone Nov unemployment rate 2.2% vs consensus 2.2% and prior 2.1%, Denmark Nov trade balance, Ireland Nov retail sales and industrial production.

    • In Corporate news, Ryanair (RYA.ID) CEO Michael O'Leary, In an interview with the FT warned that profits will fall and fares will rise due to manufacturing issues at Boeing and Airbus. In Italy, Brunello Cucinelli (BC.IM) reported preliminary FY earnings and confirmed that it is very confident that it'll achieve the healthy growth estimated for 2024. In Norway, PGS ASA (PGS.NO) and TGS-NOPEC Geophysical Co. (TGS.NO) both reported preliminary Q4 earnings. Also reporting today is Games Workshop Group (GAW.LN), Shoe Zone (SHOE.LN), Sika (SIKA.SW), B&M European Value Retail (BME.LN), Matas (MATAS.DC) and Cirata (CRTA.LN).

  • Politics/Macro/World News

    • Mario Draghi floated as potential European Council president - FT

    • French PM Borne resigns as Macron seeks to revamp a troubled government - France24, Bloomberg

    • Poland Set to Keep Rates on Hold Despite Softer CPI - Bloomberg

  • Top company news

    • Earnings/updates

      • DACHs

        • TECN.SW (Tecan Group) -- reports preliminary FY reported sales revenue CHF1.07B, (6.1%) y/y; underlying sales +6.3%y/y in local currencies

      • Southern Europe

        • BC.IM (Brunello Cucinelli) -- reports preliminary FY sales €1.14B vs FactSet €1.13B

        • BCP.PL (Banco Comercial Portugues) -- informs about Bank Millennium's estimated Q4 provisions against legal risk related to FX mortgage loans portfolio

      • Nordics

        • PGS.NO (PGS ASA) -- reports prelim Q4 revenue $227M vs FactSet $212.3M

        • EMGS.NO (Electromagnetic Geoservices) -- provides vessel activity and multi-client sales update for Q4-23: expects to record ~$0.8M in multi-client revenues

        • TGS.NO (TGS-NOPEC Geophysical Co.) -- reports preliminary Q4 revenue $205M vs FactSet $278M

        • KID.NO (Kid ASA) -- reports preliminary Q4 revenue NOK1.25B vs FactSet NOK1.18B

      • Benelux

        • MDXH.BB (MDxHealth) -- reports preliminary Q4 revenue $19.4M vs FactSet $18.8M

      • France

        • TRI.FP (Trigano) -- reports Q1 sales €931.6M, +19% vs year-ago €782.3M

        • ALVU.FP (Vente-Unique.com) -- reports FY net income €7.0M vs year-ago €2.7M

      • UK

        • RYA.ID (Ryanair Holdings) -- Ryanair warns profits will fall and fares will rise due to manufacturing issues at Boeing and Airbus - FT

        • ICEAIR.IR (Icelandair Group) -- reports December traffic +17.0% y/y

      • Also due to report today

        • Earnings: Games Workshop Group (GAW.LN), Shoe Zone (SHOE.LN)

        • Trading Update: Sika (SIKA.SW), B&M European Value Retail (BME.LN), Matas (MATAS.DC), Cirata (CRTA.LN)

    • M&A

      • CYTK (Cytokinetics) -- reportedly nearing agreement to be acquired by Novartis -- media report

      • ABBN.SW (ABB Limited) -- ABB to acquire Canadian company Real Tech; terms not disclosed

      • LHA.GR (Deutsche Lufthansa) -- Lufthansa offers concessions to address competition concerns over its investment in ITA Airways - Bloomberg

      • IPS.FP (Ipsos) -- acquires I&O Research in the Netherlands; terms undisclosed

      • VLS.LN (Velocys) -- shareholders approve the implementation of the Scheme in connection with Madison Bidco acquisition

      • LSS.FP (Lectra) -- announces acquisition of 50.3% stake in Launchmetrics for ~$85M

    • Healthcare

      • ZEAL.DC (Zealand Pharma) -- announces directed issue and private placement for gross proceeds of DKK 1.45B

      • TNG.FP (Transgene) -- and NEC extend their collaboration to continue joint clinical development of Neoantigen cancer vaccine TG4050

    • Other

      • AIR.FP (Airbus SE) -- Delta Air Lines near widebody order from Airbus - Reuters

      • STLA.IM (Stellantis) -- partnering with Ample on modular battery swapping technology

      • IFX.GR (Infineon Technologies) -- provides litigation update, notes court-appointed expert submits opinion in Qimonda legal dispute

      • BARC.LN (Barclays) -- in the process of cutting of 5,000 jobs - Sky News

      • BA.LN (BAE Systems) -- awarded contract to upgrade existing Mk 45 Mod 2 naval gun systems for Australian Navy frigates

      • SW.FP (Sodexo) -- appoints Sébastien de Tramasure as Group CFO; Marc Rolland will continue to act as Group CFO until 1-May-24, before taking on new role which will be announced in due time

      • TEP.FP (Teleperformance) -- announces governance organization; Majorel's Mackenbrock to depart in May 2024

      • AM.FP (Dassault Aviation) -- announces entry into force of final tranche of 18 Rafale for Indonesia

      • SPM.IM (Saipem) -- announces holders of the €500M equity-linked bonds due 2029 granted the right, effective from 26-Jan-24, to convert the bonds into ordinary shares

      • PIRC.IM (Pirelli & C.) -- MTP/Camfin increase stake in Pirelli to 20.6% from 14%

      • SCYR.SM (Sacyr Vallehermoso) -- to implement scrip dividend scheme

      • ECMPA.NA (Eurocommercial Properties) -- declares an interim dividend for the financial year ended on 31-Dec-23 of €0.64 in cash per share

      • December Dodge Momentum Index +2.8% q/q

  • Key rating changes

    • Upgrades

      • DWS.GR (DWS Group) -- to buy from neutral at Goldman Sachs

      • TELIA.SS (Telia Co.) -- to buy from neutral at UBS

      • UNI.SM (Unicaja Banco) -- to hold from reduce at Kepler Cheuvreux

      • GIVN.SW (Givaudan) -- to market perform from underperform at Bernstein

      • BSL.GR (Basler) -- to buy from hold at Jefferies

      • INRN.SW (Interroll Holding) -- to hold from underperform at Jefferies

      • ALPHA.GA (Alpha Services & Holdings) -- to buy from underperform at Jefferies

      • EUROB.GA (Eurobank Ergasias Services & Holdings) -- to buy from hold at Jefferies

      • TPEIR.GA (Piraeus Financial Holdings) -- to buy from hold at Jefferies

      • Danone (BN.FP) -- to neutral from underperform at BNP Paribas Exane

      • RKT.LN (Reckitt) -- to neutral from underperform at BNP Paribas Exane

      • SRG.IM (Snam) -- to buy from hold at Societe Generale

    • Downgrades

      • KOS.LN (Kosmos Energy) -- to hold from add at Peel Hunt

      • SOLB.BB (Solvay) -- to hold from buy at Berenberg

      • SCA.B.SS (Svenska Cellulosa) -- Svenska Cellulosa short-term recommendation downgraded to hold from buy at Handelsbanken

      • SHB.A.SS (Svenska Handelsbanken) -- to underperform from neutral at BNP Paribas Exane

      • UTDI.GR (United Internet) -- to neutral from buy at UBS

      • UBXN.SW (u-blox Holding) -- to add from buy at Baader Helvea (8-Jan, timing uncertain)

      • CABK.SM (CaixaBank) -- to reduce from hold at Kepler Cheuvreux

      • ABBN.SW (ABB Limited) -- to market perform from outperform at TD Cowen

      • BAS.GR (BASF SE) -- to underperform from market perform at Bernstein

      • WAC.GR (Wacker Neuson) -- to hold from buy at Jefferies

      • BPOST.BB (Bpost) -- to underperform from hold at Jefferies

      • EBUS.NA (Ebusco Holding) -- to underperform from hold at Jefferies

      • JDEP.NA (JDE Peet's) -- to underperform from neutral at BNP Paribas Exane

      • LOTB.BB (Lotus Bakeries) -- to underperform from neutral at BNP Paribas Exane

      • NESN.SW (Nestle) -- to underperform from neutral at BNP Paribas Exane

      • NOD.NO (Nordic Semiconductor) -- to sell from hold at Arctic Securities

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- to reduce from hold at Kepler Cheuvreux

      • SIE.GR (Siemens AG) -- to hold from buy at Kepler Cheuvreux

    • Initiations

      • ROR.LN (Rotork) -- hold at HSBC

      • DARK.LN (Darktrace) -- neutral at UBS

      • NEX.FP (Nexans) -- buy at Berenberg

      • JYSK.DC (Jyske Bank) -- overweight at Barclays

      • CHEMM.DC (ChemoMetec) -- buy at DnB Markets

      • FUR.NA (Furgo) -- buy at Jefferies

      • LSS.FP (Lectra) -- reduce at Kepler Cheuvreux

  • Data

    • Nikkei +1.16% to 33763.18

    • Hang Seng +0.26% to 16266.42

    • Shanghai Composite +0.23% to 2894.28

    • S&P futures (4.3) vs prior close of 4801.3

    • €-$ +0.0002 or +0.02% to 1.0952

    • $-¥ (0.15) or (0.11%) to 144.08

    • €-¥ (0.17) or (0.11%) to 157.78

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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