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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.1%), DAX (0.3%), CAC flat

Jan 29 ,2024

  • Synopsis

    • European equity markets set to open flat to lower after last week's gains when the Stoxx Europe 600 advanced 3.1%. Technology and Luxury were the star sector performers in big week for earnings.

    • Asian equities trading mostly higher Monday. Hang Seng extending last week's rebound on latest policy support headlines. China's security regulator to also bar lending of restricted shares in latest attempt to stabilize markets.

    • This coming week in Europe sees a meeting of EU Leaders, interest rate decisions in Sweden and the UK, Q4 preliminary GDPs, Jan flash CPIs from across the region as well as earnings from heavyweights including ABB (ABBN.SW), Roche (ROG.SW), Novartis (NOVN.SW), BNP Paribas (BNP.FP), Sanofi (SAN.FP), Novo Nordisk (NOVO.B.DC), Diageo (DGE.LN), GSK (GSK.LN) and Shell (SHEL.LN)

    • Today's earnings newsflow sees Ryanair (RYA.ID) report weaker-than-expected Q3 eanrings and guide FY pretax income €1.85-1.95B vs prior guidance €1.85-2.05B and FactSet €2.18B. Philips (PHIA.NA) Q4 numbers lower than consensus at first glance. Wacker Chemie (WCH.GR) reports prelim FY net income €330M vs FactSet €309.7M; recovery in demand is currently not in view

    • Other stocks in focus: Holcim (HOLN.SW) announces its intent to list its North American business in the US with a full capital market separation. Holcim's board appoints Miljan Gutovic as CEO of Holcim, effective 1-May-24. Superdry (SDRY.LN) looking at radical restructuring options, reports Sky News. FT reports activist Bluebell pushing BP (BP.LN) to abandon clean-energy commitments. Bayer (BAYN.GR) shares may underperform this morning following a glyphosate trial loss on Friday with the largest award to date.

    • Focus on election outcomes in Germany and Finland. In Germany, Alternative für Deutschland (AfD) has suffered a narrow defeat in its first electoral test following the revelation of its involvement in a controversial mass deportation plan. AfD's candidate, Uwe Thrum, was narrowly beaten by CDU's Christian Herrgott in a district administrative election in Saale-Orla, Thuringia. The vote was seen as a broader barometer for the far-right's AfD popularity at a time when damaging headlines may have dented its alarming nationwide momentum. (DW, Guardian, FT). In Finland, the centre-right party came in ahead in the country's presidential election. Liberal Green party is a close second and goes through to second round, while far-right Finns have been knocked out (Guardian)

    • In central banks today: SNB's Jordan interviewed on SRF TV; ECB's de Guindos interviewed at 8:30CET on Spain's Radio Nacional and speaks at Investment Outlook conf organized by Citi at 14:10CET; Latvia Central Bank's Kaz�?ks interviewed on Latvian Television; ECB Survey of Monetary Analysts published at 10:00CET; BOE's Foulger keynote address at 11:20GMT at the DealCatalyst/AFME European Direct Lending & Middle Market Finance Conf.

    • Also on today's agenda: EU General Affairs Council and EU's von der Leyen participates in the Italy-Africa Summit in Rome. In UK, Trade (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) Bill continues its passage thru parliament, where committee topics include The UK's economic security (16:30GMT).

    • Macro data releases include Sweden Q4 preliminary GDP, Dec retail sales, Belgium Q4 preliminary GDP, Ireland Dec retail sales

    • arnings:

  • Politics/Macro/World News

    • EU

      • ECB's Knot Says Wage Numbers Needed Before Rate Cut Possible - Bloomberg

      • ECB Could Cut Rates at Any Time This Year, Villeroy Says - Bloomberg

    • Germany

      • CDU's Christian Herrgott beats out far-right AfD candidate Uwe Thrum in regional run-off election in German state of Thuringia - Deutsche Welle

    • Finland

      • Centre-right party ahead in Finnish presidential election; Liberal Green party a close second and goes through to second round - Guardian

    • UK

      • Bank of England set to hold rates despite improving inflation backdrop - FT

      • UK Job Vacancies Fall by Most in Three Years in Sign Labor Market Is Cooling - Bloomberg, citing Adzuna

      • Tory Plotters Look to Farage's Reform UK to Speed Sunak's Ouster - Bloomberg

      • UK government to introduce legislation to ban the sale of disposable vapes

  • Top company news

    • Earnings/updates

      • WCH.GR (Wacker Chemie) -- reports prelim FY net income €330M vs FactSet €309.7M; recovery in demand is currently not in view

      • PHIA.NA (Koninklijke Philips) -- reports Q4 EPS €0.41 vs consensus €0.53;

      • RYA.ID (Ryanair Holdings) -- reports Q3 IFRS EPS €0.01 vs StreetAccount €0.05; narrows FY PBT guidance

      • ETL.FP (Eutelsat Communications) -- guides FY adj EBITDA €650M-€680M vs prior guidance €725M-€825M and FactSet €732.5M [7 est, €654.2-797.5M]

      • WDP.BB (Warehouses de Pauw) -- StreetAccount Earnings Call Q&A Summary: Warehouses de Pauw Q4

      • STM.GR (Stabilus) -- reports Q1 Adjusted EBIT €33.3M vs FactSet €34.3M [1 est]; Forecast for FY24 confirmed

      • INRN.SW (Interroll Holding) -- reports preliminary FY revenue CHF556.3M vs FactSet CHF568.8M

      • SMCP.FP (SMCP) -- expects FY performance slightly below previous announcement

      • KBCA.BB (KBC Ancora) -- reports H1 net income €72.8M, +2% vs year-ago €71.3M

    • M&A

      • APPS.SM (Applus) -- I Squared and TDR plan to raise offer for Applus - Expansion, citing sources

      • SRP.LN (Serco Group) -- American Industrial Partners approached Serco late in 2023 - Sky News

      • China to merge asset management firms Cinda, Orient, Great Wall into China Investment Corp - Xinhua

    • Healthcare

      • BAYN.GR (Bayer AG) -- Jury awards $2.25B to plaintiff who alleged Monsanto's Roundup caused his cancer in third bellwether trial in Philadelphia mass litigation -- Law360

      • GRF.SM (Grifols) -- files lawsuit against Gotham City Research and affiliates following recent short report

      • AB.FP (AB Science) -- announces an update in the marketing authorization application of masitinib in amyotrophic lateral sclerosis at the European Medicines Agency

    • Other

      • BP.LN (BP) -- Bluebell pushing BP to abandon clean-energy commitments - FT

      • AIR.FP (Airbus SE) -- United CEO initiates discussions with Airbus due to Boeing delays - Reuters

      • NWG.LN (NatWest Group) --

        • UK government seeks City input for NatWest share sale, eyeing March announcement - Bloomberg

        • UK sale of NatWest Group shares seems likely to take place this summer - Sunday Times

      • HOLN.SW (Holcim)

        • intends to list its North American business in the US

        • Miljan Gutovic to become new CEO of Holcim; effective 1-May-24

      • SDRY.LN (Superdry) -- looking at radical restructuring options - Sky News

      • BAER.SW (Julius Baer Group) -- Julius Baer to write off at least CHF400M related to Signa - SonntagsZeitung

      • ATO.FP (ATOS) -- CEO tells managers about company's dealings with Daniel Kretinsky, Airbus - Challenges

      • Estimated weekend box office revenues in US, Canada $56.3M, (22.3%) y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • PSM.GR (ProSiebenSat.1 Media) -- to overweight from equal weight at Barclays

      • ENG.SM (Enagas) -- to hold from sell at Mirabaud

      • ITRK.LN (Intertek Group) -- to buy from hold at Jefferies

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

      • SCA.B.SS (Svenska Cellulosa) -- Svenska Cellulosa short-term recommendation upgraded to buy from hold at Handelsbanken

      • LONN.SW (Lonza Group) -- to sector perform from underperform at RBC Capital Markets

      • GBG.LN (GB Group) -- to add from hold at Peel Hunt

    • Downgrades

      • SEB.A.SS (Skandinaviska Enskilda Banken) -- to neutral from buy at UBS

      • SDR.LN (Schroders) -- to underperform from neutral at BNP Paribas Exane

      • ELISA.FH (Elisa Oyj) -- to hold from buy at ABG Sundal Collier

      • AZM.IM (Azimut Holding) -- to equal weight from overweight at Barclays

      • GJF.NO (Gjensidige Forsikring) -- to hold from buy at Jefferies

      • VOLCAR.B.SS (Volvo Car) -- to market perform from outperform at Bernstein

      • SQN.SW (Swissquote Group Holding) -- to hold from buy at Kepler Cheuvreux

      • CLA.B.SS (Cloetta) -- Cloetta short-term recommendations downgraded to hold from buy at Handelsbanken

      • SAX.GR (Ströer) -- to equal weight from overweight at Barclays

      • KGF.LN (Kingfisher) -- to sector perform from outperform at RBC Capital Markets

      • NTGY.SM (Naturgy) -- to sell from hold at Mirabaud

      • SRG.IM (Snam) -- to sector perform from outperform at RBC Capital Markets

      • Peel Hunt downgrades EQLS.LN, WISE.LN

    • Other Actions

      • CPR.IM (Davide Campari-Milano) -- resumed neutral at Mediobanca

  • Data

    • Nikkei +0.77% to 36026.94

    • Hang Seng +0.72% to 16067.59

    • Shanghai Composite (0.45%) to 2897.03

    • S&P futures (1.5) vs prior close of 4916.3

    • €-$ +0.0000 or +0.00% to 1.0847

    • $-¥ (0.23) or (0.15%) to 147.88

    • €-¥ (0.23) or (0.14%) to 160.40

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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