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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.80%, DAX +0.93%, CAC +0.45%

Feb 02 ,2024

  • Synopsis

    • European indices are set to open higher with Asian equities also mostly higher with exception of Greater China markets under pressure with Shenzhen sharply down dragged by selloff in growth stocks, Hang Seng pared earlier gains.

    • US equities finished higher in Thursday trading, ending near best levels. Came after S&P yesterday suffered worst daily performance since late September; S&P now slightly higher WTD.

    • Markets digesting US tech earnings after the bell. META +15% after announcing maiden dividend and additional buyback, as earnings comfortably topped expectations following efficiency drive. AMZN +7% with operating income above expectation and cloud division finding traction amid AI-related demand. AAPL (3%) with revenue topping forecasts but China sales disappointing amid weak consumer spending.

    • Very quiet macro calendar in Europe, leaving focus on US nonfarm payroll data later.

    • Yesterday Eurozone preliminary CPI for January came in hotter than most analysts were expecting, at 2.8% y/y vs 2.7% expected, even though it was below December's 2.9%. Core CPI was lowest since spring 2022, but still came in 3.3% y/y vs 3.2% expected and 3.4% prior.

    • Macroeconomic releases due today include:France Dec industrial production, Spain Jan unemployment change, Switzerland Q1 consumer confidence

    • Friday sees EU-ASEAN ministerial meeting and informal meeting of EU foreign affairs ministers (through Sat).

    • In corporate news: (KCR.FH) Konecranes reports Q4 EPS €1.21 vs consensus €1.04. (DANSKE.DC) Danske Bank reports Q4 net income DKK5.77B vs consensus DKK5.77B; guides FY24 and announces DKK 5.5B buy-back . (TOM2.NA) TomTom reports Q4 net result (€11.6M) vs consensus (€9M); guides FY24 Revenue €570-610M vs FactSet €600.37M.

    • Trading Update to be released shortly: YouGov (YOU.LN)

    • Nestle France enters into exclusive negotiations with French investment fund FnB for the sale of its French baby food business - Les Echos

  • Politics/Macro/World News

    • Bank losses revive fears over US commercial property market (FT)

    • Bank of England may signal when rates can be cut (Bloomberg)

    • Euro zone factory downturn eased for third month in January (Reuters)

  • Top company news

    • Earnings/updates

      • SAN.FP (Sanofi) -- StreetAccount Earnings Call Q&A Summary: Sanofi Q4

      • ROG.SW (Roche Holding) -- StreetAccount Earnings Call Q&A Summary: Roche Holding Q4

      • WRK (WestRock) -- guides Q2 adj EPS $0.17-0.31 vs FS $0.57 - Earnings slides (earlier)

      • MBG.GR (Mercedes-Benz Group) -- reports preliminary FY23 FCF of the industrial business of €11.3B

      • PUB.FP (Publicis Groupe) -- Publicis announces U.S.-wide settlement concerning opioid-related work by Rosetta

      • EOAN.GR (E.ON SE) -- reports Preliminary FY EPS €1.18 ex-items vs FactSet €1.14 [18 est, €0.88-1.27]

      • HUSQ.B.SS (Husqvarna) -- reports Q4 EPS (SEK1.77) vs consensus (SEK0.73); keeps divi unchanged

      • VK.FP (Vallourec) -- Follow-up: Vallourec expects FY EBITDA to exceed €1.19B vs FactSet €1.13B; net debt will be below €580M

      • VK.FP (Vallourec) -- expects FY EBITDA to exceed €1.19B vs FactSet €1.13B; net debt will be below €580M

      • CABK.SM (CaixaBank) -- reports Q4 net income attributable €1.16B vs consensus €1.21B

      • TOM2.NA (TomTom) -- reports Q4 net result (€11.6M) vs consensus (€9M); guides FY24 Revenue €570-610M vs FactSet €600.37M

      • HNSA.SS (Hansa Biopharma) -- reports Q4 EPS (SEK2.40) vs FactSet (SEK3.72) [3 est, (SEK3.79)-(3.66)]

      • MOVE.SW (Medacta Group) -- reports FY revenue €510.8M vs FactSet €517.1M [6 est, €502.7-557.9M]

      • GEO.IM (Geox) -- reports preliminary FY revenue €719.6M vs FactSet €742.3M [3 est, €738.5-749.4M]

      • SYNACT.SS (SynAct Pharma) -- announces its 2024 strategic plan and milestones

      • Also reporting today

        • CaixaBank (CABK.SM)

    • M&A

      • BARC.LN (Barclays) -- talking to PE firms about taking majority stake in UK merchant payments business - Reuters (1-Feb, 14:15 GMT)

      • VOLV.B.SS (Volvo) -- completes acquisition of battery business from Proterra

      • IMCD.NA (IMCD) -- completes acquisition of remaining 30% of Signet Excipients Private Ltd

      • QDT.FP (Quadient) -- acquires Frama; terms not disclosed

      • ELI.BB (Elia Group) -- completes acquisition of energyRe Giga

      • SDRY.LN (Superdry) -- "Just a matter of time" before bid comes in for Superdry - London Times

      • MUSTI.FH (Musti Group) -- Flybird Holding Oy extends the offer period relating to acquisition of Musti Group to 15-Feb from 5-Feb

      • ALSN.SW (ALSO Holding) -- ALSO signs preliminary agreement with Datamatic; final purchase agreement should be signed over the coming weeks

      • Lynas Rare Earths and MP Materials could be working on potential merger -- Australian Financial Review

    • Healthcare

      • AZN.LN (AstraZeneca) -- FDA approves sNDA for Tagrisso - labeling change with clinical data

      • HIK.LN (Hikma Pharmaceuticals) -- announces agreement in principle for US opioid settlement

      • ^HEALTH (Healthcare sector summaries) -- StreetAccount Sector Summary - Healthcare Post-Market

    • Other

      • SHB.A.SS (Svenska Handelsbanken) -- provides clarification of press release dated 26-Jan

      • CABK.SM (CaixaBank) -- proposes a dividend of €0.3919/share (gross); intends to implement a new share buyback during H1 of 2024

      • FactSet Podcast - Evening Market Recap, 1-Feb

      • Ferrari confirms earlier reports that Lewis Hamilton will join Scuderia Ferrari in 2025

      • Italy Jan new passenger car registrations 141,946 units, +10.6% y/y -- UNRAE

  • Key rating changes

    • Upgrades

      • Barclays upgrades EZJ.LN, WIZZ.LN

      • Morgan Stanley upgrades JMT.PL, SBRY.LN, ZAL.GR; downgrades KGF.LN

      • BAER.SW (Julius Baer Group) -- to buy from hold at Kepler Cheuvreux

      • LONN.SW (Lonza Group) -- to buy from hold at Deutsche Bank

      • MAERSK.B.DC (Maersk) -- to buy from hold at HSBC

      • SAP.GR (SAP) -- to buy from hold at Jefferies

      • SCHA.NO (Schibsted) -- to buy from hold at Kepler Cheuvreux

      • VOLCAR.B.SS (Volvo Car) -- to hold from reduce at Kepler Cheuvreux

      • WISE.LN (Wise Plc) -- to buy from hold at Jefferies

    • Downgrades

      • VWS.DC (Vestas Wind Systems) -- to hold from buy at Deutsche Bank

      • EVO.SS (Evolution) -- to hold from buy at Kepler Cheuvreux

      • IMCD.NA (IMCD) -- to hold from buy at HSBC

      • ATT.SS (Attendo) -- to hold from buy at ABG Sundal Collier

    • Other Actions

      • SW.FP (Sodexo) -- resumed equal-weight at Morgan Stanley

  • Data

    • Nikkei +0.41% to 36158.02

    • Hang Seng +0.35% to 15620.69

    • Shanghai Composite (1.11%) to 2740.08

    • S&P futures +28.5 vs prior close of 4928.5

    • €-$ +0.0003 or +0.03% to 1.0877

    • $-¥ +0.04 or +0.02% to 146.47

    • €-¥ +0.11 or +0.07% to 159.31

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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