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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.35%, DAX +0.65%, CAC +0.22%

Jan 11 ,2024

  • Synopsis

    • European equity markets are set to open in positive territory amid Asia equities trading higher across the region Thursday. Solid gain for Australia. Southeast Asia all higher. US and European futures higher. US dollar a smidge lower, Asia currencies strengthening. Treasury yields higher at the short end, lower at the long, China 10Y sovereign yield at almost 22-year low. Crude oil, precious and industrial metals all catching a bid. Cryptocurrencies slightly lower.

    • On today's agenda, Norwegian Petroleum Directorate to present The shelf in 2023 whilst NATO's Stoltenberg hosts Latvian Defence Minister Andris Sprūds. In central banks, ECB publishes its latest Economic Bulletin. Norges Bank releases latest survey of bank lending at 10:00CET, Pål Longva speech at 15:00CET at ICT-Norway. Croatian National Bank Governor Vuj�?ić speech at 14:00GMT at event organised by MNI. Riksbank's Jansson speech at 15:00CET at an event organised by Swedbank.

    • Macroeconomic releases today include: Spain/Italy Nov industrial production, Netherlands/Portugal Dec final CPI, UK Dec house price balance - RICS

    • In corporate news, ABOUT YOU (YOU.GR) reports Q3 net income (€10.4M) vs year-ago (€62.0M) and now sees group revenue growth around lower end of range of +1% to +11% y/y. Suedzucker (SZU.GR) reports Q3 EPS €0.80 vs year-ago €0.68 and reaffirms FY guidance. Still in the DACH region, Swissquote Group Holding (SQN.SW) reports prelim FY net revenue ~CHF530M vs FactSet CHF539.1M. VAT Group (VACN.SW) guides Q4 revenue CHF221M vs guidance CHF200-230M and FactSet 208.5M.

    • In the UK, Big Yellow (BYG.LN), Tesco (TSCO.LN), Marks & Spencer Group (MKS.LN) and Taylor Wimpey (TW.LN) are also expected to update investors. In other corporate developments, Finnair (FIA1S.FH) appoints Turkka Kuusisto as CEO; Kuusisto will start in this role on 11-Jul-24 at latest.

    • On M&A front, Thomson Reuters makes recommended public offer to acquire Pagero (PAGERO.SS) at SEK40/share in cash.

  • Politics/Macro/World News

    • European gas prices cool as traders shrug off cold snap - FT

    • Gold climbs on softer dollar as US inflation data looms - Reuters

    • Rishi Sunak facing major Tory revolt over Rwanda bill - BBC

    • Sánchez avoids triple parliamentary defeat but Catalan ally refuses to back him - Politico

    • Netherlands Dec CPI +1.2% y/y vs preliminary +1.2%

  • Top company news

    • Earnings/updates

      • DACHS

        • VACN.SW (VAT Group) -- guides Q4 revenue CHF221M vs guidance CHF200-230M and FactSet 208.5M (2 estimates)

        • SZU.GR (Suedzucker) -- reports Q3 EPS €0.80 vs year-ago €0.68; reaffirms FY guidance

        • SQN.SW (Swissquote Group Holding) -- reports prelim FY net revenue ~CHF530M vs FactSet CHF539.1M

        • BOSN.SW (Bossard Holding) -- reports Q4 revenue CHF242.2M, (12%) vs year-ago CHF276.2M

        • AGR.GR (Agrana Beteiligungs) -- reports Q3 net income €11.9M vs year-ago €20.8M

        • YOU.GR (ABOUT YOU) -- reports Q3 net income (€10.4M) vs year-ago (€62.0M); now sees group revenue growth around lower end of range of +1% to +11% y/y

      • France

        • ENX.FP (Euronext) -- Dec trading activity

        • IVA.FP (Inventiva) -- draws down second tranche of €25M under existing finance contract with European Investment Bank

        • OVH.FP (OVHCloud) -- reports Q1 revenue €240M vs FactSet €238.6M [1 est]

      • Nordics

        • HAUTO.NO (Höegh Autoliners) -- reports Dec prorated transported cargo 1.3M CBM

      • Southern Europe

        • CEM.IM (Cementir Holding) -- reaffirms FY23 guidance and 2025 financial targets - slides

    • M&A

      • UBSG.SW (UBS Group) -- Citadel submits non-binding offer for Credit Suisse's securities venture in China - Bloomberg

      • KEYS (Keysight Technologies) -- Keysight announces result of cash tender offer for shares of ESI Group

      • CO.FP (Casino Guichard-Perrachon) -- announces the AMF has granted a waiver of obligation to members of the Consortium to file a draft public offer for Casino's shares

      • RECT.BB (Recticel) -- completes the acquisition of REX PANELS & PROFILES

      • BSGR.NA (B&S Group) -- to acquire an additional 24.24% of shares in Topbrands Europe; terms undisclosed

    • Healthcare

      • GRF.SM (Grifols) -- will host a conf call on 11-Jan, at 14:30 CET to provide further details on the recent false information and speculations published by Gotham City Research

      • BIOA.B.SS (BioArctic) -- BioArctic's partner Eisai announces EMA's Scientific Advisory Group will convene to discuss the Marketing Authorisation Application of lecanemab

      • SANION.SS (Saniona) -- announces final terms of rights issue; subscription price set to SEK 4.12/unit, corresponding to SEK 2.06/sh

    • Other

      • SAP.GR (SAP) -- SE to pay over $220M to resolve investigations by U.S. Justice Department and SEC into violations of the FCPA

      • VOW.GR (Volkswagen) -- remains flexible on how to spend money as it sees some reluctance on EVs - Bloomberg

      • DG.FP (VINCI SA) -- renews syndicated revolving credit facility

      • ICAD.FP (Icade) -- appoints Christelle de Robillard as CFO

      • FIA1S.FH (Finnair) -- appoints Turkka Kuusisto as CEO; Kuusisto will start in this role on 11-Jul-24 at latest

  • Key rating changes

    • Upgrades

      • RMS.FP (Hermes) -- to neutral from sell at Goldman Sachs

      • JDW.LN (JD Wetherspoon) -- to hold from reduce at Numis

      • MERY.FP (Mercialys) -- to buy from hold at Jefferies

      • ELK.NO (Elkem) -- to buy from hold at Nordea

    • Downgrades

      • SPX.LN (Spirax-Sarco Engineering) -- to reduce from hold at HSBC

      • NDA.SE.SS (Nordea Bank) -- to underweight from neutral at JPMorgan

      • CATE.SS (Catena) -- to hold from buy at Carnegie Securities

      • UHR.SW (Swatch Group) -- to neutral from buy at Goldman Sachs

      • LEG.GR (LEG Immobilien) -- to hold from buy at Jefferies

      • MRL.SM (MERLIN Properties SOCIMI) -- to hold from buy at Jefferies

      • INW.IM (Infrastrutture Wireless Italiane) -- to reduce from hold at Kepler Cheuvreux

  • Data

    • Nikkei +1.77% to 35049.86

    • Hang Seng +1.62% to 16358.85

    • Shanghai Composite +0.18% to 2882.83

    • S&P futures +11.3 vs prior close of 4820.3

    • €-$ +0.0014 or +0.13% to 1.0987

    • $-¥ (0.30) or (0.20%) to 145.46

    • €-¥ (0.17) or (0.11%) to 159.78

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.
Please refer to "Terms Of Use".

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