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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.17%, DAX +0.11%, CAC (0.03%)

Jan 23 ,2024

  • Synopsis

    • European equity markets are set to open flat to higher amidst Asian equities mostly higher Tuesday with Greater China finally seeing a substantial rally. Japan markets set to close slightly lower despite a bright start, Australia ended with fresh gains. China led by Hong Kong, currently up 3% on potential market rescue package, mainland markets reversing Monday's losses.

    • On today's agenda, EU agriculture and fisheries ministers meeting and EU-Egypt Association Council (EU's Borrell co-chairs) takes place. EU's von der Leyen, Netherlands PM Rutte and Croatia's PM Plenkovic in Bosnia and Herzegovina. Chancellor Scholz hosts fourth meeting of the Alliance for Transformation, post meeting press conf ~15:00CET. He will then attend the final day of the 'WELT' economic summit. EU's Simson speech at the first Offshore Network Development Plans (ONDPs). Belgium PM De Croo speech at 15:30GMT hosted by LSE's European Institute title 'Protect, strengthen, prepare - 2024 as a moment of truth for the future of the European continent'.

    • In UK, there's Opposition day debate (topics tbc), the Lords debate Trade (Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)) Bill, whilst committee topics include UK accession to the CPTPP (10:00GMT), SME finance (10:15), fisheries negotiations between the UK and its nearby coastal partners, including the EU and Norway (14:30) and How sustainable is our national debt? (15:00). UK Chancellor Hunt reportedly meeting with senior executives from the leading banks amid government concerns that their share price weakness is inhibiting lending to the wider economy. Also, the Office for Budget Responsibility (OBR) releases its monthly commentary on the latest public finances data and how it compares to our most recent forecast.

    • In central banks ECB's Euro area bank lending survey released at 10:00CET. IMF will present the concluding statement on the Finnish economy at a press conf at 9:00CET. Other events on Tue include Federal Minister for Economic Affairs and Climate Protection Habeck speech at 10:05CET at Handelsblatt Energy Summit (thru Thu), who is also due to speak at a forum on the economy organised by Die Welt at 15:30. Start of year press conf at 14:00CET of the Financial Supervisory Authority Bafin.

    • In earnings news, DACHs names kicked off the session with Logitech International (LOGN.SW) and HUBER+SUHNER (HUBN.SW) reporting Q3/FY earnings. Logitech also raising guidance. In Sweden, TEricsson (ERIC.B.SS) reported Q4 earnings and proposed a dividend for FY23 of SEK 2.70 per share. In France, Engie (ENGIE.FP) issued FY23 pre-release of selected operational and financial data.

    • In M&A, Sanofi (SAN.FP) to acquire all outstanding shares of Inhibrx for through a merger, and in turn, each Inhibrx shareholder will receive $30.00 per share in cash, one contingent value right per share, representing the right to receive a contingent payment of $5.00 in cash upon the achievement of a regulatory milestone and one SEC-registered, publicly listed, share of New Inhibrx per every four shares of Inhibrx common. In Sweden, Intrum (INTRUM.SS) announces SEK 11.5B asset sale to Cerberus. The company agreed to sell a material portion of its investment portfolio to affiliates of Cerberus Capital Management L.P. for ~98% of book value as per economic transfer date, 30-Sep-23.

  • Politics/Macro/World News

    • UK Treasury Told Sunak Tax Cuts Would Have Low Impact on Growth - Bloomberg

    • US and UK launch new strikes at Iran-backed Houthi rebels in Yemen - FT

    • Finland presidential hopeful calls for EU investment bank to fund arms for Ukraine - FT

  • Top company news

    • Earnings/updates

      • ERIC.B.SS (Telefonaktiebolaget LM Ericsson) -- reports Q4 adj EBIT SEK 7.4B vs consensus SEK6.84B; keeps divi unchanged

      • LOGN.SW (Logitech International) -- reports Q3 non-GAAP EPS $1.53 vs StreetAccount $1.15, ups guidance

      • ENGI.FP (ENGIE) -- issues FY23 pre-release of selected operational and financial data

      • 19U0.GR (ShiftPixy) -- reports Q1 GAAP EPS from cont ops ($25.13) vs year-ago ($33.21) - 10-Q

      • SOF.BB (Sofina) -- reports preliminary NAV per share €272 at 31-Dec-23 vs €277 as of 30-Jun-23

      • OET.NO (Okeanis Eco Tankers) -- reports preliminary Q4 daily TCE ~$45,300

      • HUBN.SW (HUBER+SUHNER) -- reports FY net sales CHF851.1M vs FactSet CHF872.7M [6 est, CHF853-901.5M]

      • Also reporting today

        • Earnings:

          • Nordics: Alleima (ALLEI.SS), VNV Global (VNV.SS), Topdanmark (TOP.DC), Gigante Salmon (GIGA.NO)

          • UK: Crest Nicholson (CRST.LN), Watkin Jones (WJG.LN), Ilika (IKA.LN)

        • Trading Update: Associated British Foods (ABF.LN), Henry Boot (BOOT.LN), Premier Foods (PFD.LN), Staffline (STAF.LN), Compagnie des Alpes (CDA.FP), Nacon (NACON.FP), Pierre & Vacances (VAC.FP), Sidetrade (ALBFR.FP)

        • CMD/events: Public Power Corp (PPC.GA)

    • M&A

      • INBX (Inhibrx, Inc.) -- Sanofi to acquire Inhibrx for $30/share up front, or aggregate transaction value of $2.2B (€2.02B)

      • KER.FP (Kering) -- acquires NYC property located at 715-717 Fifth Avenue for $963M

      • FLS.DC (FLSmidth & Co.) -- sells MAAG gears and drives business to Solix

      • INTRUM.SS (Intrum) -- announces SEK 11.5B asset sale to Cerberus

      • OXUR.BB (Oxurion) -- announces new strategic orientation to de-risk and diversify

      • BCP.PL (Banco Comercial Portugues) -- Fosun International's subsidiary to sell 846.0M Banco Comercial Português shares at €0.278/share

      • BPT.LN (Bridgepoint Group) -- to acquire RoC Skincare from Gryphon Investors for ~$500M (£393.5M) - Reuters, citing people with knowledge of the situation

      • ROVIO.FH (Rovio Entertainment) -- Sega Europe Limited has gained title to the minority shares in Rovio Entertainment Corporation, and the Rovio shares will be delisted from Nasdaq Helsinki

      • PMKR.CN (Playmaker Capital) -- announces shareholder approval for acquisition by Better Collective

    • Healthcare

      • GMAB.DC (Genmab) -- Arbitral tribunal dismisses Genmab's appeal in second arbitration under license agreement with Janssen Biotech

      • MRK.GR (Merck KGaA) -- reports new data in relation to JAVELIN Bladder regimen

      • GETI.B.SS (Getinge) -- CFO Lars Sandström to leave for new opportunity outside company at end of March

      • ZEAL.DC (Zealand Pharma) -- still sees big opportunity in obesity market; wants to partner with other groups for future treatments - FT

      • MVIR.SS (Medivir) -- carries out a directed share issue of approx. SEK 20M

    • Other

      • ERIC.B.SS (Telefonaktiebolaget LM Ericsson) -- appoints Lars Sandström as CFO, effective 1-Apr

      • STLAM.IM (Stellantis) -- SEC filing: SC 13D/A (Filed by Exor N.V.)

      • TIETO.FH (Tietoevry) -- provides furuther update on ransomware attack in Sweden, notes restoration work progressing

      • SFER.IM (Salvatore Ferragamo) -- appoints Pierre La Tour as Group CFO, effective 18-Mar-24

      • ETE.GA (National Bank of Greece) -- issues senior preferred bonds; part of the Bank's strategy to increase its MREL (post EU close 22-Jan)

  • Key rating changes

    • Upgrades

      • SGO.FP (Compagnie de Saint-Gobain) -- to buy from neutral at UBS

      • SIKA.SW (Sika Group) -- to buy from neutral at UBS

      • FORTUM.FH (Fortum) -- to hold from sell at Danske Bank

      • HFG.GR (HelloFresh) -- to overweight from equal-weight at Morgan Stanley

      • IDS.LN (International Distributions Services) -- to buy from hold at HSBC

      • NDX1.GR (Nordex) -- to buy from neutral at Goldman Sachs

      • SCHN.SW (Schindler Holding) -- to buy from hold at Jefferies

      • TFI.FP (TF1) -- to outperform from neutral at Oddo

    • Downgrades

      • IBE.SM (Iberdrola) -- to equal weight from overweight at Barclays

      • PGHN.SW (Partners Group Holding) -- to reduce from hold at Kepler Cheuvreux

      • GEBN.SW (Geberit) -- to neutral from buy at UBS

      • ORSTED.DC (Ørsted) -- to neutral from outperform at Oddo

      • VCT.LN (Victrex) -- to hold from buy at Berenberg

      • NDA.SE.SS (Nordea Bank) -- to neutral from outperform at Autonomous Research

    • Other Actions

      • BATS.LN (British American Tobacco) -- assumed neutral at UBS

      • IMB.LN (Imperial Brands) -- assumed buy at UBS

      • SPX.LN (Spirax-Sarco Engineering) -- re-initiated hold at Berenberg

  • Data

    • Nikkei (0.08%) to 36517.57

    • Hang Seng +3.16% to 15433.59

    • Shanghai Composite +0.72% to 2776.11

    • S&P futures +0.8 vs prior close of 4881.0

    • €-$ +0.0028 or +0.26% to 1.0912

    • $-¥ (0.83) or (0.56%) to 147.28

    • €-¥ (0.49) or (0.30%) to 160.70

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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