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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (1.00%), DAX30 (0.88%), CAC40 (0.29%)

Jan 17 ,2024

  • Synopsis

    • European equity market futures point to a sharply lower open following broad weakness in Asia. Hang Seng sharply lower. Mainland China, Kospi and Taiwan also seeing notable losses. US equity futures under pressure with S&P down (0.5%).

    • Equity markets remain sensitive to central bank developments. Latest bond yield backup put down to concerns markets have become too aggressive on extent of rate cuts being priced. Some economists noted Fed Governor Waller's remarks raised some doubt about a March rate cut and pace of easing. Comes as some Fed and ECB officials lately have pushed back against market's dovish rate outlook (pricing at least six Fed and ECB rate cuts this year). Red Sea tensions also spurring concerns about downstream impact on supply chains that could influence disinflation momentum.

    • Back in Europe, Ireland's Taoiseach Varadkar hosting a bilateral meeting and a working lunch with Chinese Premier Li Qiang. In the lower house of parliament Bundestag, Economy Minister Habeck answers lawmakers questions, and there's debates about the annual report of the military commissioner, among other things. In UK, PMQs at 12noon GMT follows MP questions on Northern Ireland, committee topics include lessons for government: monitoring and responding to companies in distress 13:30 and enabling sustainable electrification of the UK economy 14:15. Germany's Ministry of Agriculture forum "Food systems of the future - Together for a world without hunger"; Norway's Agriculture and Food Minister Pollestad attending later in the week.

    • In central banks, Riksbank's Breman speech at 9:10CET at conf Bopol Live Stockholm. ECB's Cipollone speech at 9:30CET at meeting of Euro Cyber Resilience Board for pan-European Financial Infrastructures. ECB's Lagarde participates at 16:15CET in stakeholder dialogue during WEF in Davos whilst Bundesbank's Nagel panellist at 19:30CET at event at WEF in Davos. Netherlands Central Bank's Knot, Croatian Central Bank's Vujcic also among panellists at WEF. Bank of France's speaks at 10:30CET at French Senate's financial affairs committee. Bundesbank's Balz speech at 17:20CET at one of bank's regional offices whilst Slovenian Central Bank's Vasle, Hungary Central Bank's Virag speak, Bank of Lithuania's Šimkus panellist at conf. in Vienna.

    • Early macro focus in Europe on UK inflation data. Comes after yesterday's softening in UK wage growth. Final Eurozone and Austria inflation data also due later.

    • On the earnings front, the DACHs region kicked off the session with Geberit (GEBN.SW) reporting preliminary Q4 revenue CHF694M vs consensus CHF691 and Inficon Holding (IFCN.SW) reporting preliminary FY revenue ~$673M vs FactSet $664.6M. Meyer Burger Technology (MBTN.SW) reported prelim. FY revenue ~CHF135M vs FactSet CHF238.2M and said it has entered into discussions with selected potential strategic partners. In France, VINCI (DG.FP) reported Q4 airport passenger traffic 66.3M, +17.2% y/y whilst Aeroport de Paris (ADP.FP) released December Total Paris Aeroport November traffic 7.9M, +4.2% y/y. Renault (RNO.FP) reported prelim FY sales ~2.24M vehicles; +9% y/y. In the Benelux region, Just Eat Takeaway.com (TKWY.NA) reported prelim Q4 GTV €6.75B vs consensus €6.83B; FY23 adj EBITDA ahead of guidance.

  • Macro

    • Emmanuel Macron vows new reform push to counter far-right rivals - FT

    • UK saw strong wage growth in late 2023, jobs site Indeed says - Reuters

    • ECB's Simkus Is 'Far Less Optimistic' Than Markets on Rate Cuts - Bloomberg

  • Top company news

    • Earnings/updates

      • Benelux:

        • TKWY.NA (Just Eat Takeaway.com) -- reports prelim Q4 GTV €6.75B vs consensus €6.83B; FY23 adj EBITDA ahead of guidance

        • CYAD.BB (Celyad Oncology) -- provides Q4 business update and 2024 outlook

      • France:

        • DG.FP (VINCI SA) -- reports Q4 airport passenger traffic 66.3M, +17.2% y/y

        • RNO.FP (Renault) -- reports prelim FY sales ~2.24M vehicles; +9% y/y

        • ADP.FP (Aeroport de Paris) -- Aeroport de Paris reports December Total Paris Aeroport November traffic 7.9M, +4.2% y/y

        • ALESK.FP (Esker) -- reports Q4 revenue €46.9M vs FactSet €47.1M [2 est, €46.8-47.4M]

        • OVH.FP (OVHCloud) -- outlines FY2026 financial targets at investor day; confirms FY2024 and FY2025 targets

      • DACHs:

        • GEBN.SW (Geberit) -- reports preliminary Q4 revenue CHF694M vs consensus CHF691

        • MBTN.SW (Meyer Burger Technology) -- reports prelim. FY revenue ~CHF135M vs FactSet CHF238.2M [8 est, CHF165.6-326M]; enters into discussions with selected potential strategic partners

        • IFCN.SW (Inficon Holding) -- reports preliminary FY revenue ~$673M vs FactSet $664.6M [10 est, $662-667.9M]

        • BNN.GR (BRAIN Biotech) -- reports FY Adjusted EBITDA €0.4M vs FactSet €0.1M [4 est, (€1.1)-1.4M]

      • Nordics:

        • SANION.SS (Saniona) -- announces prelim Q4 revenue SEK 5.4M

      • Southern Europe:

        • HOME.SM (Neinor Homes) -- provides FY23 trading update

    • M&A

      • IBE.SM (Iberdrola) -- is finalising an additional framework agreement with Norges Bank - Cinco Dias, citing sources

      • WLN.FP (Worldline) -- Follow-up: Worldline retains Morgan Stanley, Rothschild to advise on activism defense strategy, including potential minority stake sale - Reuters

      • LHA.GR (Deutsche Lufthansa) -- Lufthansa's proposed acquisition of minority stake in ITA Airways set to face full-scale EU antitrust investigation - Reuters (16-Jan, 16:59 CET)

      • WLN.FP (Worldline) -- reportedly retains Morgan Stanley, Rothschild to advise on activism defense strategy, including potential minority stake sale -- Reuters

      • IAG.LN (International Consolidated Airlines Group) -- IAG expects EU antitrust regulators to open full-scale probe into proposed acquisition of Air Europa; will offer remedies to address concerns - Reuters

      • ESI.FP (ESI Group) -- Keysight to implement squeeze-out for remaining ESI Group shares

      • ALPIX.FP (Pixium Vision) -- notes postponement of Commercial Court decision to adopt sale plan and opening of judicial liquidation proceedings

      • FDE.FP (La Française de l'Energie) -- La Franaisee de l'Energie to acquire a controlling stake in Greenstat Asa

      • BrightSpring Health Services to seek to sell 53.3M shares for $15-18 each in IPO - Bloomberg

    • Healthcare

      • AZN.LN (AstraZeneca) -- NICE recommends AstraZeneca's Lynparza for maintenance treatment of advanced high-grade epithelial ovarian, fallopian tube or primary peritoneal cancer

    • Other

      • DEEZR.FP (Deezer) -- Deezer, Fnac Darty are renewing their strategic partnership for another 3 years

      • HUNT.NO (Hunter Group) -- confirms 3-year charter for second Scrubber-fitted Eco VLCC built in 2016

      • F3C.GR (SFC Energy) -- receives €2.1M worth repeat order for fuel cells from Oneberry Technologies in Singapore

      • BP.LN (BP) -- reportedly plans to finalize appointment of Murray Auchincloss as permanent CEO -- Sky News

      • HLN.LN (Haleon) -- GSK intends to sell ~300M ordinary shares in Haleon, equivalent to ~3.2% of Haleon's issued share capital. BofA and Citi appointed as Joint Global Coordinators of the offering.

      • KSPI.LN (Kaspi.kz) -- files amended F-1; to offer 9M ADSs through Morgan Stanley, J.P. Morgan, Citigroup, Susquehanna Financial Group and Wolfe

      • MAREL.IR (Marel) -- Marel's COO steps down and his role is discontinued

      • Regional Gaming Revenues - Massachusetts December 2023

      • Regional Gaming Revenues - New Jersey December 2023

      • Street Takeaways - Rio Tinto Q4 production

  • Key rating changes

    • Upgrades

      • IDR.SM (Indra Sistemas) -- to neutral from underperform at BNP Paribas Exane

      • BNP Paribas Exane upgrades MEL.SM; downgrades COL.SM

      • Goldman Sachs upgrades CTPNV.NA; downgrades KOJAMO.FH

      • UBS upgrades BALN.SW, MUV2.GR; downgrades ADM.LN, MNG.LN, SLHN.SW, and ZURN.SW

      • BFIT.NA (Basic-Fit) -- to buy from underperform at Jefferies

      • IAG.LN (International Consolidated Airlines Group) -- to buy from neutral at Goldman Sachs

      • ROO.LN (Deliveroo) -- to overweight from equal weight at Barclays

    • Downgrades

      • WCH.GR (Wacker Chemie) -- neutral from outperform at Oddo

      • EQNR.NO (Equinor) -- to sell from neutral at UBS

      • GLEN.LN (Glencore) -- to hold from buy at Deutsche Bank

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- to hold from buy at Bestinver Securities

      • NZYM.B.DC (Novozymes) -- to hold from buy at DnB Markets

      • CHR.DC (Chr. Hansen Holding) -- Chr. Hansen downgraded to hold from buy at DnB Markets

      • DNB.NO (DNB Bank) -- to hold from buy at Danske Bank

      • ROCK.B.DC (Rockwool) -- to underweight from equal-weight at Morgan Stanley

    • Initiations

      • BESI.NA (BE Semiconductor Industries) -- buy at Goldman Sachs

  • Data

    • Nikkei (0.40%) to 35477.75

    • Hang Seng (3.76%) to 15268.64

    • Shanghai Composite (1.53%) to 2849.82

    • S&P futures (22.5) vs prior close of 4798.5

    • €-$ (0.0014) or (0.13%) to 1.0864

    • $-¥ +0.53 or +0.36% to 147.72

    • €-¥ +0.37 or +0.23% to 160.45

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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