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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.01%), DAX +0.10%, CAC (0.07%)

Jan 18 ,2024

  • Synopsis

    • European equity markets are set to open mixed/flat amidst Asian equities tilting lower Thursday. Steep losses for mainland China stocks, Hang Seng regaining some footing. US futures lower whilst US dollar off its recent highs, Asia currencies a little stronger. Treasury yields higher at the short end, lower at the long, JGB yields higher. Crude, precious and industrial metals a little higher.

    • On today's agenda, EU's Simson participates in Central and South Eastern Europe energy connectivity (CESEC) ministerial meeting (through Fri). EU's Šef�?ovi�? panellist at 9:00CET at WEF, title European Green Deal, Anyone?. Also taking place is Germany's Renewable Energy Association (BEE) Energy Dialogue 2024, speakers include Minister of Economics Habeck at 16:00CET. In addition, Germany's Federal Network Agency press conf at 10:00CET on tariff regulation in the electricity and gas sectors. Further, European Scientific Advisory Board on Climate Change presents report on climate neutrality by 2050; will host a public webinar on 22- Jan at 14:30 CET. Elsewhere, UK Chancellor Hunt panellist at 11:00CET at WEF, title Technology in a Turbulent World.

    • In central banks, ECB MPC minutes published at 13:30CET whilst ECB's Lagarde participates at 16:15CET in stakeholder dialogue during WEF in Davos. BOE Credit Conditions Survey at 9:30GMT. SNB Jordan panellist at 11:30CET at WEF, title All Change: What Next for Monetary Policy?. Riksbank's Thedéen lecture at 16:30CET at the Faculty of Law, Stockholm Univ. Bundesbank's Mauderer speech at 18:00CET title: "Frankfurt and the banks - a strong team in the heart of Europe?". Bundestag's Budget Committee puts the final touches to the budget for 2024 in an adjustment meeting at 10:00CET (through Fri).

    • Macroeconomic data due today include: Netherlands Dec unemployment rate, Eurozone Nov construction output, Portugal Dec PPI, Spain Nov trade balance, UK Dec house price balance (RICS).

    • In corporate news, Richemont (CFR.SW) reports Q3 sales €5.59B ahead of consensus €5.53B. Still in Switzerland, Galenica (GALE.SW) is out with FY revenue CHF3.75B vs FactSet CHF3.76B and confirms FY outlook. Out of the Nordics, EQT AB (EQT.SS) reports FY EPS from continuing ops €0.86 ex-items vs FactSet €0.87 and proposes a dividend SEK3.60/share, +20% y/y. Etteplan (ETTE.FH) releases prelim FY EBIT ~€25.4M vs prior guidance €26M-28.5M and FactSet €28.5M. In the Benelux, Nyxoah (NYXH.BB) announced yesterday after the close its 2024 strategic priorities.On the speculation front, UniCredit (UCG.IM) is trying to build a 10% stake to defend Banca Popolare di Sondrio, according to Sole24Ore.

  • Macro/Politics

    • ECB officials converge around June to start cutting rates - Bloomberg

    • Fractious German coalition lurches from crisis to crisis - FT

    • Macron vows more liberal reforms to shake France's economy - Politico

    • Rwanda bill revolt withers away as Rishi Sunak wins Commons vote - Times

    • UK Dec house price balance (30%) vs consensus (34%) and prior revised (41%) from (43%) - RICS

    • Lower UK mortgage rates ease slowdown in housing sector, RICS - Reuters

  • Top company news

    • Earnings/updates

      • DACHs

        • GALE.SW (Galenica) -- reports FY revenue CHF3.75B vs FactSet CHF3.76B [6 est, CHF3.71-3.77B]

        • CLTN.SW (Coltene Holding) -- reports preliminary FY revenue CHF242.6M, (9%) vs year-ago CHF267.1M

        • FLU.AV (Flughafen Wien) -- reports Dec Group total passenger traffic +16.0% to 2.8M

        • D6H.GR (Datagroup) -- confirms preliminary FY earnings; proposes a dividend of €1.50/share, +36.4% y/y

      • Nordics

        • MOWI.NO (Mowi) -- Q4 trading update: operational EBIT €203M vs FactSet €206.0M

        • EQT.SS (EQT AB) -- reports FY EPS from continuing ops €0.86 ex-items vs FactSet €0.87 [14 est, €0.83-0.95]

        • CAMX.SS (Camurus) -- reports preliminary FY revenue SEK1.72B vs FactSet SEK1.72B [7 est, SEK1.70-1.75B]

        • DUELL.FH (Duell Oyj) -- reports Q1 EPS (€0.06) vs year-ago (€0.06) and FactSet €0.00

      • Southern Europe

        • REP.SM (Repsol) -- reports preliminary Q4 production 595 Kboe/d vs FactSet 616.0 Kboe/d

      • Benelux

        • NYXH.BB (Nyxoah) -- announces 2024 strategic priorities

      • France

        • VIRP.FP (Virbac) -- reports Q4 revenue €321.7M vs FactSet €318.5M [2 est, €313.7-323.3M]

    • M&A

      • HOLN.SW (Holcim) -- looking at an additional 20 bolt-on acquisitions this year - Bloomberg (17-Jan, 16:56 CET)

      • APPS.SM (Applus Services) -- CNMV authorizes Manzana Spain Bidco takeover bid for Applus Services

      • CPC.LN (City Pub Group) -- notes results of court meeting and general meeting related to transaction with Young & Co.'s Brewery

      • UCG.IM (UniCredit) -- trying to build a 10% stake to defend Banca Popolare di Sondrio -- Sole24Ore

      • HYQ.GR (Hypoport) -- acquires remaining shares in ePension and E&P

    • Healthcare

      • BAYN.GR (Bayer AG) -- announces new operating model, notes "significant" staff reductions expected in the course of restructuring

      • CAMX.SS (Camurus) -- completes directed share issue; raising SEK1.09B at SEK545/sh through Carnegie and Jefferies

      • ONWD.BB (Onward Medical) -- initiates the HemON NL clinical feasibility study at Sint Maartenskliniek in Nijmegen, the Netherlands

      • FYB.GR (Formycon) -- announces that its commercialization partner, Coherus BioSciences, Inc. has released new sales figures for CIMERLI in the US

    • Other

      • BARC.LN (Barclays) -- announces new sustainable banking business

      • VOLCAR.B.SS (Volvo Car) -- remains confident of tremendous growth in EV market - Reuters

      • SRAIL.SW (Stadler Rail) -- announces Italian railway operator Ferrovie della Calabria (FdC) orders three new narrow-gauge hydrogen trains

  • Key rating changes

    • Upgrades

      • AMS.SW (ams-OSRAM) -- ams-OSRAM resumed buy at Deutsche Bank; prior rating was hold

      • ARJO.B.SS (Arjo) -- to buy from hold at Pareto

      • EVT.GR (Evotec) -- to outperform from sector perform at RBC Capital Markets

      • MTX.GR (MTU Aero Engines) -- to outperform from neutral at BNP Paribas Exane

      • TEMN.SW (Temenos) -- upgraded to buy from hold at Stifel

      • BNOR.NO (BlueNord) -- upgraded to buy from hold at ABG Sundal Collier

      • BVI.FP (Bureau Veritas) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • ATCO.A.SS (Atlas Copco) -- to reduce from hold at HSBC

      • CPR.IM (Davide Campari-Milano) -- to underperform from sector perform at RBC Capital Markets

      • AMBU.B.DC (Ambu) -- to hold from buy at SEB

      • ESSITY.B.SS (Essity) -- to underweight from equal weight at Barclays

      • ROCK.B.DC (Rockwool) -- to hold from buy at DnB Markets

      • CGCBV.FH (Cargotec) -- to reduce from hold at Kepler Cheuvreux

      • LIFCO.B.SS (Lifco) -- to reduce from hold at Kepler Cheuvreux

      • TMV.GR (TeamViewer) -- to underperform from neutral at BNP Paribas Exane

      • BA.LN (BAE Systems) -- to underperform from outperform at BNP Paribas Exane

      • HO.FP (Thales) -- to neutral from outperform at BNP Paribas Exane

      • LDO.IM (Leonardo) -- to underperform from outperform at BNP Paribas Exane

    • Initiations

      • ITV.LN (ITV) -- equal-weight at Morgan Stanley

      • MONY.LN (Moneysupermarket.com Group) -- overweight at Morgan Stanley

      • VLTSA.FP (Voltalia) -- hold at Societe Generale

  • Data

    • Nikkei (0.03%) to 35466.17

    • Hang Seng +0.66% to 15378.35

    • Shanghai Composite (0.88%) to 2808.54

    • S&P futures +0.0 vs prior close of 4771.3

    • €-$ +0.0019 or +0.17% to 1.0903

    • $-¥ (0.26) or (0.17%) to 147.91

    • €-¥ +0.04 or +0.02% to 161.28

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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