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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.1, DAX flat, CAC +0.2%

Feb 05 ,2024

  • Synopsis

    • Eurooean equity markets set to open broadly flat to higher. Asian markets mixed. Recall European equities closed the previous week mixed, with the Stoxx Europe 600 broadly flat, but core regional indexes including the FTSE, DAX and CAC declined marginally. Positive sentiment stemmed from the US megacap tech sector's strong Q4 performance, but some of this was offset by major central banks like the Fed and BoE dropping their tightening bias and shifting to a neutral stance, while also signallng rate cuts are coming later than markets expect.

    • Focus on latest comments from Fed Chair Powell over the weekend. In a 60 Minutes interview, Powell largely rehashed comments from his press conference that downplayed likelihood of a March rate cut. Powell said while progress on inflation is being made, Fed likely won't have gained enough confidence by March that inflation is trending to 2% and wants to see additional data that confirms trend over past six months. who insists the Fed will move carefully on rate cuts, with probably fewer than the market expects. In Europe,

    • The week ahead in Europe sees EU parliament plenary session, Chancellor Scholz travel to the USA, UK MPs discuss work of the Prudential Regulation Authority with BOE's Woods, others, services PMIs from across the region, Germany industrial production as well as earnings/updates from AstraZeneca (AZN.LN), bp (BP.LN), Hermes International (RMS.FP), L'Oreal (OR.FP), Siemens (SIE.GR), TotalEnergies (TTE.FP), UBS Group (UBSG.SW) and Unilever (ULVR.LN).

    • Today's big name earnings include Unicredit (UCG.IM) and Nordea (NDA.SE.SS). Unicredit reports Q4 net income €1.92B vs consensus €1.21B; announces 100% total pay-out on FY23 net profit (The FY23 €8.6B shareholder distributionis intended to be in the form of €5.6B in share buybacks and €3.0B in dividend). Nordea reports total operating income €2.92B vs consensus €3.04B. Announces financial target for 2025 is return on equity above 15% vs prior above 13%. Vodafone (VOD.LN) due to release Q3 FY24 Trading Update.

    • Regional macro data releases out today include Germany Dec trade balance, Italy, Sweden services PMI with final reads for Eurozone, France, Germany and UK, Eurozone Dec PPI, Feb Sentix investor confidence

    • In central banks, first of the ECB's Economic Bulletin pre-releases published at 12noon CET. Germany and UK Jan new car registrations out also.

  • Politics/Macro/World News

    • Powell insists the Fed will move carefully on rate cuts, with probably fewer than the market expects - CNBC

    • Sunak Faces Irish Nationalists and Call for Funding in Belfast - Bloomberg

    • German top ministers weigh corporate tax reform - Reuters

    • ECB's Vujcic Says Patience Needed Before Starting Rate Cuts - Bloomberg

    • ECB's Elderson Sees 'Good Progress' on Bringing Inflation to 2% - Bloomberg

    • UK's new car registrations up nearly 8% in January - SMMT - Reuters

    • Most UK Firms Need to Hike Prices Further After Energy Crisis - Bloomberg

  • Top company news

    • Earnings/updates

      • UCG.IM (UniCredit) -- reports Q4 net income €1.92B vs consensus €1.21B; announces 100% total pay-out on FY23 net profit

      • NDA.SE.SS (Nordea Bank) -- reports Q4 EPS €0.31 vs StreetAccount €0.35; Outlook for 2025 updated: return on equity above 15%

      • ATO.FP (Atos SE) -- appoints "mandataire ad hoc" for its refinancing plan; conditions of initially planned €720M rights issue no longer applicable given changes in market environment -- market update

      • DHER.GR (Delivery Hero) --reports preliminary Q4 revenue excl. hyperinflation adjustment €2.98B vs FactSet €2.81B [1 est]; guides 2024 Adj. EBITDA €725-775M vs FactSet €661.66M

      • TEL.NO (Telenor) -- recognises impairment of NOK 8.04B related to its stake in True Corporation Ltd

      • Also reporting today

        • Earnings:

          • DACHs: Zuger Kantonalbank (ZUGER.SW)

          • Nordics: Oma Savings Bank (OMASP.FH), Balco (BALCO.SS), ChemoMetec (CHEMM.DC)

          • Southern Europe: Logista (LOG.SM)

          • UK: Porvair (PRV.LN)

        • Trading Update: Vodafone (VOD.LN), Trident Royalties (TRR.LN), Nordnet (SAVE.SS), McPhy Energy (MCPHY.FP)

    • M&A

      • KEMIRA.FH (Kemira) -- completes the divestment of its oil & gas related portfolio to Sterling Specialty Chemicals LLC

      • MCG.SJ (MultiChoice Group) -- concludes ZAR105/share offer from Canal+ significantly undervalues company

      • ENEL.IM (Enel) -- ready to end plans to sell off its remaining operations in Argentina -- Bloomberg

      • TKA.GR (ThyssenKrupp) -- German government preparing to take stake in Thyssenkrupp Marine Systems - Handelsblatt

      • EQT.SS (EQT AB) -- EQT may list Galderma in H1 - FT

      • APPS.SM (Applus Services)

        • Manzana Spain Bidco acquires 25.7M shares of Applus Services at €10.65/share

        • Amber EquityCo, S.L.U. increases offer price for Applus Services to €11.00/share

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- "surprised" by "very high willingness" of Europeans to pay for weight-loss drugs themselves - FT

      • 4523.JP (Eisai) -- plans to launch Leqembi with 1,500 patients in China this year - Reuters (19:51 ET/09:51 JT)

      • VLA.FP (Valneva) -- sold the Priority Review Voucher (PRV) it received from the FDA for $103M

      • SFZN.SW (Siegfried Holding) -- announces changes in senior management team

    • Other

      • SHEL.LN (Shell Plc) -- Shell says US decision to pause approvals for new LNG export terminals will erode confidence in the industry - FT

      • CO.FP (Casino Guichard-Perrachon) -- provides update on conditions precedent to financial restructuring

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- TGS-NOPEC Geophysical Co., SLB announce engagement phase 5 Ocean Bottom Node (OBN) multi-client acquisition in the U.S. Gulf of Mexico

      • CEC.GR (CECONOMY) -- does not expect to incur further write-downs on 24% stake in Fnac Darty - Börsen-Zeitung

      • SAS.SS (SAS) -- updates on expected recoveries in the chapter 11 process

      • HM.B.SS (H&M Hennes & Mauritz) -- To react faster to new trends, H&M will move some manufacturing out of Asia - FT

      • NWG.LN (NatWest Group) -- UK hoping 2M people will buy NatWest shares - Sunday Times, seemingly citing sources

      • VIE.FP (Veolia Environnement) -- Veolia urges European governments to do more to cut red tape on permits for renewable energy projects - FT

      • Applied Nutrition considering autumn IPO - Sky News

      • Biden administration to press for lower grocery prices - Reuters (15:57 ET)

      • Estimated weekend box office revenues in US, Canada $59.7M, (26.6%) y/y - Box Office Mojo

      • Iran used Lloyds and Santander to covertly move money as part of sanctions-evasion scheme - FT

  • Key rating changes

    • Upgrades

      • ADS.GR (Adidas) -- to outperform from sector perform at RBC Capital Markets

      • INF.LN (Informa) -- to buy from neutral at UBS

      • JMT.PL (Jeronimo Martins) -- to overweight from equal weight at Barclays

      • KCR.FH (Konecranes) -- to buy from hold at SEB

      • LAND.LN (Land Securities Group) -- to overweight from equal-weight at Morgan Stanley

      • NG.LN (National Grid) -- to buy from hold at Jefferies

      • VOLCAR.B.SS (Volvo Car) -- to buy from hold at HSBC

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

    • Downgrades

      • BAR.BB (Barco) -- to hold from buy at ING (2-Feb, timing uncertain)

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

      • TREL.B.SS (Trelleborg) --to hold from buy at Kepler Cheuvreux

  • Data

    • Nikkei +0.54% to 36354.16

    • Hang Seng +0.14% to 15554.66

    • Shanghai Composite (0.52%) to 2716.06

    • S&P futures (10.0) vs prior close of 4980.3

    • €-$ (0.0002) or (0.02%) to 1.0782

    • $-¥ (0.14) or (0.09%) to 148.30

    • €-¥ (0.19) or (0.12%) to 159.87

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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