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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.38%, DAX +0.22%, CAC +0.16%

Feb 06 ,2024

  • Synopsis

    • European equity markets set to open higher whilst Asian equities trading mixed again Tuesday. Japan's markets will close lower for a second day and Australia's ASX was also down. China equities rebounding following latest intervention headlines.

    • On todays agenda, EU's von der Leyen participates in EP plenary debates. UK parliament sees MPs questions on HM Treasury at 11:30CET, with Opposition day debate (topic tbc) later on the day, committee topics include net zero (11:00), UK trade policy: food and agriculture (14:30), Levelling Up, Housing and Communities (15:15), UK-Swiss Financial Services Agreement (16:00).

    • In central banks, Riksbank's Thedéen participates at 9:00CET in the Riksdag Committee on Finance's meeting on financial stability. ECB consumer expectations survey released at 10:00CET. Elsewhere, EIA short-term energy outlook and Russia Jan new car registrations.

    • Macro data releases included UK Jan LFL retail sales monitor +1.4% vs consensus +1.2% and prior +1.9% - BRC/KPMG. Also due today Germany Dec factory orders, Jan construction PMI, Italy Jan business/consumer confidence, Eurozone Dec retail sales, consumer inflation expectations, UK Jan construction PMI, retail sales monitor - BRC

    • In earnings news, in DACHs, Software (SOW.GR), Aurubis (NDA.GR), Infineon Technologies (IFX.GR) and UBS Group (UBSG.SW) updated investors with their latest numbers with the latter proposing a dividend increased by 27.3% to CHF0.70 from CHF0.55. In Denmark, Demant (DEMANT.DC) reported FY earnings and announced that it has decided to undertake a review of strategic options for its Communications business. In Sweden, Tethys Oil (TETY.SS) guided 2024 annual average production in the range of 8,200 ± 400 bopd and Alfa Laval (ALFA.SS) reported Q4 earnings hiking dividend by 25% y/y.

    • Also due to report today, Idorsia Ltd. (IDIA.SW), intesa Sanpaolo (ISP.IM), FinecoBank (FBK.IM), Banca Monte dei Paschi di Siena (BMPS.IM), BP (BP.LN) and Renishaw (RSW.LN).

    • In M&A, Novartis (NOVN.SW) confirms agreement to acquire Morphosys (MOR.GR) for €68.00/sh cash, equity value €2.7B. Subject to a review of the offer document, MorphoSys' Management board and Supervisory board intend to recommend to shareholders the acceptance of the offer proposed.

  • Politics/Macro/World News

    • ECB Rate-Cut Timing Is Only First Tricky Call in Easing Process - Bloomberg

    • Bank of England official sees interest rate cuts ahead as 'reward' for lower inflation - FT

    • Olaf Scholz's energy policies branded 'toxic' by German business chief - FT

    • EU set to recommend deep CO2 cuts for 2040 climate target - Reuters

  • Top company news

    • Earnings/updates

      • DACHs

        • UBSG.SW (UBS Group) -- reports Q4 EPS ($0.09) vs consensus ($0.09)

        • SOW.GR (Software) -- guides FY revenue +0-2% y/y vs FactSet (6.3%)

        • NDA.GR (Aurubis) -- reports Q1 operating net income €89M vs consensus €89M

        • HGEA.GR (hGears) -- reports preliminary FY Adjusted EBITDA €5.6M, within €5-9M guidance range; FactSet €3.6M

        • IFX.GR (Infineon Technologies) -- reports Q1 adj EPS €0.53 vs consensus €0.49; guides Q2 and cuts FY revenue guidance by ~2%

      • Benelux

        • MITRA.BB (Mithra Pharmaceuticals) -- updates on cash position; current cash of €6.5M is expected to cover its current cash runway through early March, enters discussions with secured lenders to extend its cash runway

      • Nordics

        • NOD.NO (Nordic Semiconductor) -- reports Q4 net income ($12.8M) vs FactSet ($5.9M); guides Q1 revenues $70-80M vs FactSet $111.8M

        • CHEMM.DC (ChemoMetec) -- reports Q2 EBITDA DKK 51.6M vs FactSet DKK 48.2M [1 est]

        • ICEAIR.IR (Icelandair Group) -- StreetAccount Earnings Call Q&A Summary: Icelandair Group Q4

        • EQV1V.FH (eQ) -- reports Q4 EPS €0.19 vs FactSet €0.21

        • BNOR.NO (BlueNord) -- reports Jan prelim production of net 23.5 mboepd

        • MULTI.NO (Multiconsult) -- reports Q4 adjusted EBITA NOK145.1M, +50% vs year-ago NOK96.8M

        • DEMANT.DC (Demant) -- reports FY EBIT DKK4.15B vs consensus DKK4.18B

        • TETY.SS (Tethys Oil) -- guides 2024 annual average production in the range of 8,200 ± 400 bopd

        • BOAT.SS (Nimbus Group) -- reports Q4 EPS (SEK1.04) vs year-ago SEK0.15

        • ALFA.SS (Alfa Laval)-- reports Q4 EPS SEK3.77 vs FactSet SEK4.59 [11 est, SEK3.63-5.15], raises dividend +25% y/y

        • IPCO.SS (International Petroleum Corp) -- reports Q4 net income $29.7M vs FactSet $39.1M

        • CLIME.B.SS (Climeon) -- reports Q4 EPS (SEK0.27) vs year-ago (SEK0.41)

        • BOUL.SS (Boule Diagnostics) -- reports Q4 EPS SEK0.22 vs year-ago SEK0.09

        • LAGR.B.SS (Lagercrantz Group) -- reports Q3 EPS SEK1.09 vs FactSet SEK0.97

        • RESURS.SS (Resurs Holding) -- reports FY net income SEK281M vs FactSet SEK240.7M

      • France

        • MCPHY.FP (McPhy Energy) -- reports prelim FY revenue €18.8M vs FactSet €19.9M

        • ALCOX.FP (Nicox) -- to present at the upcoming Association for Research in Vision and Ophthalmology (ARVO) Annual Meeting 2024; updates on financing

        • SCR.FP (SCOR SE) -- announces January 2024 P&C renewals €4.25B; +13.6% y/y

      • Southern Europe

        • UNI.SM (Unicaja Banco) -- reports Q4 net income €6M vs FactSet €2.6M

      • Also due today:

        • Earnings:

          • DACHs: Idorsia Ltd. (IDIA.SW), METRO (B4B.GR)

          • Nordics:Paradox Interactive (PDX.SS), Nolato (NOLA.B.SS), Nordic Waterproofing (NWG.SS), Eastnine (EAST.SS), CTT Systems (CTT.SS), Profoto (PRFO.SS), Nordic Mining (NOM.NO), Nokian Renkaat (TYRES.FH), eQ (EQV1V.FH), Suominen (SUY1V.FH)

          • Southern Europe: Intesa Sanpaolo (ISP.IM), FinecoBank (FBK.IM), Banca Monte dei Paschi di Siena (BMPS.IM), Banca Popolare di Sondrio (BPSO.IM), Anima (ANIM.IM)

          • UK: BP (BP.LN), Renishaw (RSW.LN), Mattioli Woods (MTW.LN)

      • Trading Update: CMC Markets (CMCX.LN), Equasens (EQS.FP), Linedata Services (LIN.FP), Abeo (ABEO.FP)

      • Traffic: Norwegian Air Shuttle (NAS.NO)

      • CMD/events: Abivax (ABVX.FP), Crossject (ALCJ.FP)

    • M&A

      • MOR.GR (Morphosys) -- Novartis confirms agreement to acquire Morphosys for €68.00/sh cash via voluntary public takeover offer

      • UBSG.SW (UBS Group) -- reports Q4 EPS ($0.09) vs consensus ($0.09)

      • HEIA.NA (Heineken) -- Lesaka Technologies announces acquisition of Touchsides (Pty) Ltd from Heineken International B.V.; terms not disclosed

      • AAL.LN (Anglo American) -- not considering asset sales - FT

      • ENELAM.CI (Enel Americas) -- Peru's Indecopi grants conditional approval for Enel Peru's asset sale to CSGI for $2.9B

      • AMG.NA (AMG Critical Materials) -- AMG's Vanadium acquires suite of processing related technologies and IP related activities from Transformation Technologies Inc.

      • APPS.SM (Applus Services) -- Manzana Spain BidCo nforms of acquisition in execution of the Sale and Purchase agreements of 2.5M shares of Applus

      • CLARI.FP (Clariane) -- sells 50% stake in portfolio of six care residences to Aedifica in the Netherlands for €25M

      • CE2.GR (Cropenergies) -- submits delisting application to Frankfurt Stock Exchange

      • TETY.SS (Tethys Oil) -- to initiate strategic review of portfolio of oil and gas properties

      • GCC.NO (Gram Car Carriers) -- agrees to sell Viking Amber for $64.6M

    • Healthcare

      • GSK.LN (GSK Plc) -- announces DREAMM-7 Phase III trial results; Blenrep combination nearly tripled median progression-free survival vs standard of care combination in patients with relapsed/refractory multiple myeloma

      • INCY (Incyte) -- acquires exclusive global development and commercialization rights to Tafasitamab (Monjuvi) in asset purchase agreement with MorphoSys

      • GRF.SM (Grifols) -- appoints Nacho Abia as new CEO

      • CEVI.SS (CellaVision) -- and Sysmex sign strategic alliance agreement

    • Other

      • FGR.FP (Eiffage) -- Eiffageand APRR selected for exclusive negotiations on the motorway between Machilly and Thonon-les-Bains (Haute-Savoie)

      • VPLAY.A.SS (Viaplay Group) -- rights issue oversubscribed

      • NEOEN.FP (Neoen) -- completes joint financing of the 2nd tranche of Goyder South wind farm and Blyth Battery in Australia

      • SRAIL.SW (Stadler Rail) -- signs contracts to supply trains to Saudi Arabia

  • Key rating changes

    • Upgrades

      • HOLM.B.SS (Holmen) -- Holmen short-term recommendation upgraded to buy from hold at Handelsbanken

      • ORK.NO (Orkla) -- to neutral from sell at UBS

      • SKF.B.SS (SKF) -- to equal-weight from underweight at Morgan Stanley

      • VOD.LN (Vodafone Group) -- to Short-term Outperform from Neutral at Nextgen Research LTD

      • LR.FP (Legrand) -- to hold from underperform at Jefferies

      • ROCK.B.DC (Rockwool) -- to neutral from underweight at JPMorgan

    • Downgrades

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- to hold from buy at HSBC

      • ENT.LN (Entain) -- downgraded to equal weight from overweight at Barclays

      • RWE.GR (RWE) -- to hold from buy at Stifel

    • Initiations

      • BESI.NA (BE Semiconductor Industries) -- outperform at BNP Paribas Exane

      • PLX.FP (Pluxee) -- neutral at Goldman Sachs

      • GF.SW (Georg Fischer) -- buy at Berenberg

      • STEM.LN (Sthree) -- buy at Berenberg

    • Others

      • RHIM.LN (RHI Magnesita) -- reinstated overweight at Barclays

  • Data

    • Nikkei (0.53%) to 36160.66

    • Hang Seng +3.79% to 16098.14

    • Shanghai Composite +2.63% to 2773.32

    • S&P futures +3.5 vs prior close of 4962.0

    • €-$ +0.0010 or +0.09% to 1.0754

    • $-¥ (0.26) or (0.17%) to 148.42

    • €-¥ (0.13) or (0.08%) to 159.58

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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