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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.32%), DAX30 (0.26%), CAC40 (0.03%)

Jan 10 ,2024

  • Synopsis

    • European equity market futures point to a negative open amidst mostly lower Asian markets Wednesday. US futures also down.

    • World Economic Forum releases its latest global risks report. First UK PMQs of 2024 at 12noon GMT, Finance Bill continues its passage through parliament, whilst committee topics include HS2: progress update (9:30GMT), performance of investment zones and freeports in England (10:30) and BOE's Bailey, others to be questioned on threat to financial stability posed by interest rate rises (14:15). EU's Breton speech at 14:15CET at the European Policy Center (EPC) Conf 'Economic security: A new paradigm for Europe'.

    • In central banks, ECB's de Guindos speech at 9:00CET, ECB's Schnabel participates in live Q&A on X at 15:00CETBank of Spain's de Cos speech at 20:30 at Spain Investors Day. Bundesbank's Balz speech at 18:00CET on digital euro at one of bank's regional offices. Late on Tuesday, ECB's Villeroy said the bank will initiate rate cuts when the inflation outlook is anchored at 2%.

    • On the macro front, France and Sweden Nov industrial production, Netherlands, Denmark and Greece Nov manufacturing production, Norway and Denmark Dec CPI, Norway Dec PPI, Sweden and Italy Nov retail sales as well as Ireland Dec unemployment rate.

    • In earnings, InPost (INPST.NA) reports Q4 parcels 268.4M vs year-ago 222.0M whilst in the DACHs region, Sika Group (SIKA.SW) announced FY sales CHF11.24B vs consensus CHF11.42B. In France, Sodexo (SW.FP) noted Pluxee presents strategic growth plan at Capital Markets Day ahead of expected listing on 1-Feb-24 whilst CGG (CGG.FP) reported prelim FY23 adj EBITDA $390M-$400M vs FactSet $437.0M and guides FY24. Skanska (SKA.B.SS) will recognize impairment charges relating to property values

  • Politics/Macro/World News

    • ECB to cut interest rate once inflation expectations stabilize in line with target - Villeroy

    • ECB's Centeno sees rate cut coming sooner than recently thought - Reuters

    • Meloni speaks to Scholz, focus on aid to Kyiv - ansa

    • Netherlands Nov Manufacturing Production (0.8%) m/m vs consensus +0.3% and prior revised (1.2%) from (0.5%)

  • Top company news

    • Earnings/updates

      • Benelux:

        • NN.NA (NN Group) -- announces final settlement with interest groups on unit-linked insurance products; total settlement amount is ~€300M

        • INPST.NA (InPost) -- reports Q4 parcels 268.4M vs year-ago 222.0M

        • NYXH.BB (Nyxoah) -- reports preliminary Q4 revenue €1.8M vs FactSet €1.4M [7 est, €1.1-1.7M]

      • DACHs:

        • SIKA.SW (Sika Group) -- reports FY sales CHF11.24B vs consensus CHF11.42B

        • RDC.GR (Redcare Pharmacy) -- reports preliminary Q4 revenue €531M, +62% y/y, excluding MediService +23%

        • CE2.GR (Cropenergies) -- reports Q3 EPS €0.25 vs year-ago €0.51; adjusts FY23/24 outlook downward again

      • France:

        • CGG.FP (CGG) -- reports prelim FY23 adj EBITDA $390M-$400M vs FactSet $437.0M [5 est, $412.9-448.7M]; guides FY24

        • SW.FP (Sodexo) -- notes Pluxee presents strategic growth plan at Capital Markets Day ahead of expected listing on 1-Feb-24

        • ALD.FP (Ayvens) -- publishes the purchase price allocation of LeasePlan; notes potential impact on Q4/FY results

      • Nordics:

        • SKA.B.SS (Skanska) -- recognizes impairment charges relating to property values

        • PNOR.NO (Petronor) -- E&P updates on Congo operations related to PNGF Sud field complex: Dec production was lower than capacity due to 3rd party generator shut down yielding less power available for PNGF Sud

    • M&A

      • ECV.GR (Encavis) -- acquires six more wind farms in 2023; terms undisclosed

      • ROG.SW (Roche Holding) -- Roche still looking for biotech targets in obesity - Bloomberg

      • IMCD.NA (IMCD) -- to acquire Valuetree Ingredients Private Limited to expand its beauty and personal care footprint in India; terms undisclosed

      • ELIS.FP (Elis) -- to acquire Moderna Holding BV in the Netherlands for an undisclosed sum

      • SWEC.B.SS (Sweco) -- acquires Econsultancy; terms undisclosed

      • EPRO.B.SS (Electrolux Professional) -- completes acquisition of Tosei; deal was announced 22-Dec

    • Healthcare

      • TEVA (Teva Pharmaceutical Industries) -- Teva Pharmaceuticals announces recruitment completion of Phase 3 clinical study of mdc-TJK / Olanzapine (TEVA-44749) long-acting Injectable (LAI)

      • GRF.SM (Grifols) -- issues release focused on clarifying the accounting aspects mention in the Gotham City report (post EU close 9-Jan)

      • VLA.FP (Valneva) -- announced that the first participant has been vaccinated in the Phase 2 clinical trial evaluating the safety and Immunogenicity in children of two different dose levels of Valneva's single-shot chikungunya vaccine.

      • CANTA.SS (Cantargia) -- reports phase I clinical progress in the CAN10 project

    • Other

      • FIXP.LN (Fix Price Group) -- is exploring possible options for paying out dividends to its shareholders

      • GALP.PL (Galp) -- issues update on Namibia exploration

      • AAQ1.GR (aap) -- announces more than 100 patients included in the human clinical trial by 31-Dec-23

      • NDX1.GR (Nordex Group) -- receives orders for 197 MW from UKA in Germany

      • CPR.IM (Davide Campari-Milano) -- announces launch of a private placement of new shares and a private placement of senior unsecured convertible bonds

      • STMPA.FP (STMicroelectronics) -- reorganizes company in two Product Groups, split in four Reportable Segments, effective 5-Feb

      • OR.FP (L'Oreal) -- expects China to remain very important source of growth for the company - Bloomberg

      • TRMD.A.DC (TORM Plc) -- SEC filing: SC 13D/A (Filed by Oaktree Capital Group Holdings GP, LLC)

  • Key rating changes

    • Upgrades

      • RBC Capital Markets upgrades IWG.LN; downgrades ADEN.SW, CPI.LN, DCC.LN

      • RBC Capital Markets upgrades CPG.LN, ITRK.LN; downgrades SGSN.SW

      • BNP Paribas Exane upgrades WISE.LN; downgrades WLN.FP

      • HSBC upgrades 1919.HK, 601919.CH; downgrades 2603.TT, MAERSK.B.DC

      • Van Lanschot Kempen upgrades AED.BB, GPE.LN, GRI.LN, others; downgrades ATRLJ.B.SS, CAI.AV, CATE.SS, others

      • ABI.BB (Anheuser-Busch InBev) -- to buy from hold at Jefferies

      • AMS.SW (ams-OSRAM) -- to equal weight from underweight at Barclays

      • DSV.DC (DSV A/S) -- to overweight from equal-weight at Morgan Stanley

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

      • VACN.SW (VAT Group) -- to buy from hold at Jefferies

    • Downgrades

      • BAYN.GR (Bayer) -- to hold from buy at Stifel

      • ZURN.SW (Zurich Insurance Group) -- to hold from buy at Berenberg

      • VWS.DC (Vestas Wind Systems) -- to hold from buy at Jefferies

      • BESI.NA (BE Semiconductor Industries) -- to sell from hold at Deutsche Bank

      • FORTUM.FH (Fortum) -- to hold from buy at Carnegie Securities

      • MYCR.SS (Mycronic) -- to hold from buy at Carnegie Securities

    • Initiations

      • WPS.LN (W.A.G. Payment Solutions) -- buy at Berenberg

      • WISE.LN (Wise) -- buy at Berenberg

      • SFZN.SW (Siegfried Holding) -- buy at Deutsche Bank

    • Other Actions

      • RBREW.DC (Royal Unibrew) -- transferred underperform at Jefferies; prior rating was hold

  • Data

    • Nikkei +2.01% to 34441.72

    • Hang Seng (0.85%) to 16052.56

    • Shanghai Composite (0.38%) to 2882.35

    • S&P futures (6.0) vs prior close of 4792.8

    • €-$ (0.0005) or (0.05%) to 1.0928

    • $-¥ +0.57 or +0.39% to 145.05

    • €-¥ +0.58 or +0.37% to 158.52

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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