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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.21%, DAX30 +0.58%, CAC40 +0.17%

Jan 24 ,2024

  • Synopsis

    • European equity markets are set to open higher amidst mixed Asia equities Wednesday. Japan benchmarks set to close down for a second day, Australia markets closed flat. Greater China mixed and rather volatile with Hang Seng higher, mainland indices currently mixed. More losses for the Kospi, Taiex flat. India opened higher to follow US markets, Southeast Asia mostly higher. US futures higher.

    • EU Commission due to present its Economic Security Package. EU's Dombrovskis speech at the EU Sustainable Investment Summit. In UK, there's MPs questions on Scotland in the run-up to the weekly PMQs at 12noon GMT followed by a general debate on defence and international affair. Committee topics include emerging diseases and learnings from covid-19 (9:30), future energy technology mix (10:00), future defence aviation capabilities (14:30). In the evening, Chancellor Scholz hosts PM of the Slovak Republic, Robert Fico, for his inaugural visit.

    • In central banks, Bundesbank Monthly Report pre-release at 12noon CET whilst Bundesbank's Balz is a panellist at Asian Financial Forum (through Thu).

    • On the macro front, Jan flash manufacturing/services PMIs are due for Eurozone, France, Germany and the UK as well as Finland Dec PPI, UK Jan industrial trends orders and Q1 business optimism index - CBI.

    • In earnings, ASML Holding (ASML.NA) reported Q4 EPS €5.21 vs consensus €4.76, guides Q1/FY24 and hikes divi by 5.2%. In the DACHs region, SAP (SAP.GR) reported Q4 EPS €1.41 vs FactSet €1.59 and said it will to undertake restructuring program in 2024 as well as issuing updated FY24 outlook and FY25 ambitions. Siemens Energy (ENR.GR) reported preliminary Q1 and kept outlook for full fiscal year unchanged whilst Barry Callebaut (BARN.SW) reported Q1 sales CHF2.24B vs consensus CHF2.24B. In France, Interparfums (ITP.FP) reported preliminary FY operating margin should exceed 19% vs prior guidance between 18-19% whilst Alstom (ALO.FP) reported Q3 revenue €4.22B vs consensus €4.42B and confirmed FY23/24 outlook and mid-term objectives. From the Nordics, Swedbank (SWED.A.SS) reported Q4 EPS SEK7.38 vs FactSet SEK7.19 and Gjensidige Forsikring (GJF.NO) is out with Q4 net income NOK1.11B vs consensus NOK1.42B

    • Also due to report today are Hargreaves Services (HSP.LN), abrdn (ABDN.LN), Computacenter (CCC.LN), Quilter (QLT.LN) and JD Wetherspoon (JDW.LN) as well as TOD'S (TOD.IM) post-market.

  • Politics/Macro/World News

    • Stronger Swiss Franc Painful for Companies, SNB President Thomas Jordan Says - Bloomberg

    • Germany's Ifo Institute: Cuts Growth Forecast For 2024 To 0.7% - Down From 0.9% Predicted In Mid-December - Ifo

    • Investors pile into peripheral eurozone bonds in hunt for yield - FT

    • UK pay awards hold at 6% in late 2023, dip in early 2024: XpertHR - Reuters

    • Finland Dec PPI (7.6%) y/y vs consensus (7.9%) and prior (7.7%)

  • Top company news

    • Earnings/updates

      • Benelux:

        • ASML.NA (ASML Holding) -- reports Q4 EPS €5.21 vs consensus €4.76; guides Q1/FY24 and hikes divi by 5.2%

      • DACHs:

        • SAP.GR (SAP) --

          • to undertake restructuring program in 2024; issues updated FY24 outlook and FY25 ambitions

          • reports Q4 EPS €1.41 vs FactSet €1.59 [19 est, €1.40-1.87]

        • BARN.SW (Barry Callebaut) -- reports Q1 sales CHF2.24B vs consensus CHF2.24B

        • ENR.GR (Siemens Energy) -- announces preliminary results for Q1; outlook for full fiscal year unchanged

        • LNZ.AV (Lenzing) -- reports IFRS projected asset impairment of up to €480M for the 2023 financial year; specifies FY EBITDA guidance at €300M vs FactSet €285.8M

      • France:

        • ALO.FP (Alstom) -- reports Q3 revenue €4.22B vs consensus €4.42B; FY23/24 outlook and mid-term objectives confirmed

        • ITP.FP (Interparfums) -- reports preliminary FY operating margin should exceed 19% vs prior guidance between 18-19%

      • Nordics:

        • GJF.NO (Gjensidige Forsikring) -- reports Q4 net income NOK1.11B vs consensus NOK1.42B

        • SWED.A.SS (Swedbank) -- reports Q4 EPS SEK7.38 vs FactSet SEK7.19 [14 est, SEK6.34-7.90]

        • VITR.SS (Vitrolife) -- to record SEK 4.3B impairment charge related to Igenomix and provides preliminary financials for Q4

        • PIHLIS.FH Pihlajalinna reports preliminary FY results; Adjusted EBITA to exceed €37M vs FactSet €35.8M and guidance range €34-37M

    • M&A

      • ALLFG.NA (Allfunds Group) -- SIX Group considering bid for Allfunds - Reuters

      • CBK.GR (Commerzbank) -- striving to remain independent; Deutsche Bank merger not under discussion - Reuters

      • AREC.LN (Arecor Therapeutics) -- notes Sanofi acquisition of Inhibrx for $2.2B (€2.02B)

      • BSGR.NA (B&S Group) -- completes acquisition of additional 24.2% stake in Topbrands

      • CPHN.SW (CPH Chemie + Papier Holding) -- Zeochem to acquire Sorbead India and Swambe Chemicals; terms undisclosed

      • CICN.SW (Cicor Technologies) -- Cicor closes acquisition of STS Defence; deal was announced on 18-Oct

    • Other

      • CA.FP (Carrefour) -- Intermarché prepares to sell around thirty Casino stores to Carrefour -- Les Echos

      • CGG.FP (CGG) -- announces Trinidad and Tobago 3D seismic data reprocessing program

      • SKA.B.SS (Skanska) -- builds power projects in Vestland County, Norway, for NOK 1.9B (~SEK 1.9B)

      • UBSG.SW (UBS Group) -- appoints Aleksandar Ivanovic as President Asset Management effective 1-Mar

      • UMI.BB (Umicore) -- expects AI to have immense impact on the discovery and commercialisation of new battery materials - FT

      • DIE.BB (D'Ieteren Group) -- D'Ieteren Group's PHE refinances outstanding bonds

      • PST.IM (Poste Italiane) -- Italy plans to sell up to 13% stake in Poste Italiane - Reuters

      • DWS.GR (DWS Group) -- provides prosecutors with additional information following raid by German police - Handelsblatt (23-Jan, 16:52 CET)

      • BPOST.BB (bpost) -- renames Philippe Dartienne as CFO

      • SAS.SS (SAS) -- to file amended chapter 11 plan, including financial projections

      • Rio Tinto reports on fatalities from plane crash near its Diavik mine

      • Rio Tinto to buy all electricity from 1.1GW Upper Calliope Solar Farm to provide renewable power to Gladstone operation

  • Key rating changes

    • Upgrades

      • Liberum Capital upgrades CEY.LN, EDV.LN

      • FTK.GR (flatexDEGIRO) -- to buy from hold at Deutsche Bank

      • KINV.B.SS (Kinnevik) -- to buy from hold at DnB Markets

    • Downgrades

      • BNP Paribas Exane upgrades HMSO.LN, LEG.GR, URW.FP, and VGP.BB; downgrades GFC.FP, LAND.LN

      • NCC.B.SS (NCC) -- short-term recommendation downgraded to hold from buy at Handelsbanken

      • STLAM.IM (Stellantis) -- to hold from buy at HSBC

      • CFR.SW (Richemont) -- to outperform from buy at CLSA

      • WAF.GR (Siltronic) -- to sell from neutral at UBS

      • SNR.LN (Senior) -- to equal weight from overweight at Barclays

      • CEVI.SS (CellaVision) -- to hold from buy at Pareto

      • CRST.LN (Crest Nicholson Holdings) -- to hold from add at Peel Hunt

    • Initiations

      • MOVE.SW (Medacta Group) -- buy at Berenberg

    • Other Actions

      • ADP.FP (Aeroport de Paris) -- transferred hold at Stifel; prior rating was hold

  • Data

    • Nikkei (0.80%) to 36226.48

    • Hang Seng +2.09% to 15675.16

    • Shanghai Composite +1.67% to 2817.19

    • S&P futures +13.8 vs prior close of 4895.0

    • €-$ +0.0010 or +0.09% to 1.0865

    • $-¥ (0.55) or (0.37%) to 147.83

    • €-¥ (0.43) or (0.27%) to 160.61

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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