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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.12%, DAX30 (0.02%), CAC40 +0.15%

Feb 07 ,2024

  • Synopsis

    • European equity markets are set to open mixed-to-higher following a firmer close on Tuesday. Asian markets mostly higher. Shanghai Composite up. ASX firmer. Kospi gains. However, Japanese markets mixed. Hang Seng also lower. US equity futures weaker.

    • UK weekly PMQs at 12noon GMT, whilst committee topics include a flexible grid for the future (14:00), enabling sustainable electrification of the UK economy (14:15), work of the Prudential Regulation Authority (14:15 includes BOE's Woods). European Investment Bank Group Forum (through Thu) sees EU's Simson and McGuinness on separate panels, EU's Simson also speaking at conf organised by Jutarnji list title 'Energy 224: Green Transition of Croatian Energy'.

    • A few central bank policy decisions including Iceland, which expected to leave its benchmark interest rate unchanged at 9.25%, and Poland, no change expected in 5.25% benchmark rate, at 8:30GMT and 13:00GMT respectively. The former also releases its Monetary Bulletin with updated forecasts.

    • Other central bank events include Latvian Capital Market Forum 2024, speakers include Latvia Central Bank's Kaz�?ks at 8:15CET and will be livestreamed, Riksbank's MPC meeting minutes published at 9:00CET and BOE's Breeden speech at 8:40GMT at UK WEN annual networking event. Riksbank's Thedéen visits the Estonian central bank, give a lecture at 10:30CET on Sweden's economic situation and current monetary policy. Bundesbank's Balz panellist at 11:00CET at Frankfurt Digital Finance Conf (through Thu). Latvia Central Bank's Paula participates in a regional event organised by Latvian Chamber of Commerce and Industry.

    • A busy macro front sees Spain/Norway/Denmark Dec industrial production, Switzerland Jan unemployment rate, France Dec trade balance, Italy Dec retail sales, Austria Jan PPI, UK Jan house price index - Halifax and Portugal Q4 unemployment rate

    • In earnings, DACHs region companies to update include Siemens Energy (ENR.GR) confirming prelim. Q1 results and reporting Q1 EPS €1.79 vs FactSet €1.25, METRO (B4B.GR) reports Q1 EPS €0.36 vs consensus €0.27 and TeamViewer (TMV.GR) reports Q4QNadjusted EBITDA €62.4M vs FactSet €69.3M. In the Nordics, Equinor (ENQR.NO) reports Q4 adjusted net income $1.88B vs consensus $2.33B, Pandora (PNDORA.DC) reports final Q4 EPS DKK29.40 vs FactSet DKK31.13; hikes divi by 12.5% and announces DKK4.0B buyback whilst Telenor (TEL.NO) reports Q4 EBITDA before items NOK8.47B vs consensus NOK8.57B; guides FY24, H. Lundbeck (HLUN.B.DC) reports Q4 Adj. EPS DKK0.58 vs FactSet DKK0.65 and Vestas Wind Systems (VWS.DC) reports FY net income €78M vs FactSet €72.3M. Elsewhere, Akzo Nobel (AKZA.NA) reports Q4 EPS €0.24 vs consensus €0.69 and Amundi (AMUN.FP) reports Q4 adj net income €313M vs consensus €314M.

    • Companies hosting CMDs/Investor Days include Equinor (EQNR.NO), Babcock International Group (BAB.LN), J Sainsbury (SBRY.LN), System1 Group (SYS1.LN), Hannover Re (HNR1.GR).

  • Macro

    • Germany Dec Industrial Production (1.6%) m/m vs consensus (0.4%) and prior (0.7%)

  • Top company news

    • Earnings/updates

      • Benelux:

        • AKZA.NA (Akzo Nobel) -- reports Q4 EPS €0.24 vs consensus €0.69

        • MELE.BB (Melexis) -- reports Q4 EPS €1.23 vs FactSet €1.30 [3 est, €1.26-1.35]

      • DACHs:

        • ENR.GR (Siemens Energy) -- confirms prelim. Q1 results; reports Q1 EPS €1.79 vs FactSet €1.25 [4 est, (€0.27)-3.69]

        • HNR1.GR (Hannover Re) -- announces prelim FY23 EBIT €1.97B; likely not comparable to FactSet €2.40B

        • B4B.GR (METRO) -- reports Q1 EPS €0.36 vs consensus €0.27

        • DAE.SW (Dätwyler Holding) -- reports FY net income CHF66.8M vs FactSet CHF81.4M [8 est, CHF73-94.1M]

        • TMV.GR (TeamViewer) -- reports Q4 adjusted EBITDA €62.4M vs FactSet €69.3M [4 est, €57-97.9M]

        • COP.GR (CompuGroup Medical) -- reports FY EPS €2.06 ex-items vs FactSet €1.91 [10 est, €1.51-2.34]

        • EVD.GR (CTS Eventim) -- reports preliminary FY adjusted EBITDA €501.4M vs prior guidance well above €400M, FactSet €447.6M [10 est, €411.1-476M]

        • VOE.AV (Voestalpine) -- reports Q3 EPS €0.45 vs FactSet €0.46 [5 est, €0.34-0.71]

        • JEN.GR (Jenoptik) -- reports prelim FY EBITDA ~€210M vs FactSet €209.4M [11 est, €205-214.6M]; further profitable growth expected for FY24

      • France:

        • AMUN.FP (Amundi) -- reports Q4 adj net income €313M vs consensus €314M

        • LNA.FP (LNA Santé) -- reports preliminary FY revenue €720M vs FactSet €749.8M [3 est, €742.4-754.7M]

      • Nordics:

        • EQNR.NO (Equinor) -- reports Q4 adjusted net income $1.88B vs consensus $2.33B

        • PNDORA.DC (Pandora) -- reports final Q4 EPS DKK29.40 vs FactSet DKK31.13; hikes divi by 12.5% and announces DKK4.0B buyback

        • VWS.DC (Vestas Wind Systems) -- reports FY net income €78M vs FactSet €72.3M [15 est, €19-156.6M]

        • TEL.NO (Telenor) -- reports Q4 EBITDA before items NOK8.47B vs consensus NOK8.57B; guides FY24

        • HLUN.B.DC (H. Lundbeck) -- reports Q4 Adj. EPS DKK0.58 vs FactSet DKK0.65

        • SANOMA.FH (Sanoma) -- reports Q4 operational EPS (€0.22) vs year-ago (€0.07)

        • SHB.A.SS (Svenska Handelsbanken) -- reports Q4 EPS SEK3.66 vs FactSet SEK3.45 [13 est, SEK3.13-3.92]

        • SCHA.NO (Schibsted) -- reports Q4 Adj. EPS NOK0.47 vs consensus NOK1.02; updates medium-term targets for Jobs

        • STB.NO (Storebrand) -- reports Q4 EPS NOK2.06 ex-items vs consensus NOK2.07; raises dividend +11% y/y, launches NOK400M share buyback program

        • ITAB.SS (ITAB Shop Concept) -- reports Q4 EPS SEK0.50 vs year-ago SEK0.30

        • SF.SS (Stillfront Group) -- reports Q4 EPS SEK0.02 vs year-ago SEK0.42

        • IRLAB.A.SS (IRLAB Therapeutics) -- reports Q4 EPS (SEK0.67) vs year-ago (SEK0.64)

        • CEVI.SS (CellaVision) -- reports Q4 EPS SEK2.11 vs FactSet SEK1.35 [4 est, SEK1.20-1.61]

        • SFAB.SS (Solid Försäkring) -- reports Q4 EPS SEK2.36 vs year-ago SEK2.49

        • HOFI.SS (Hoist Finance) -- reports Q4 EPS SEK1.82 vs year-ago SEK0.19; Confirms SEK100M share buyback

        • LIAB.SS (Lindab International) -- reports Q4 EPS SEK2.48 vs FactSet SEK2.40 [4 est, SEK2.21-2.55]; hikes divi by ~4% and will reach its FY24 financial targets

        • KIND.SS (Kindred Group) -- reports final Q4 numbers: EPS (9.0p) vs year-ago 23.0p

      • Southern Europe:

        • BPSO.IM (Banca Popolare di Sondrio) -- reports FY net income attributable €461.2M vs FactSet €453.0M [5 est, €428-471.4M]

    • M&A

      • ORA.FP (Orange) -- BNP Paribas, Deutsche Bank and Morgan Stanley among final bidders for Orange Bank Spain business - El Confidencial, citing sources

      • HOLN.SW (Holcim) -- acquires Germany's ZinCo; financial details not provided

      • TIT.IM (Telecom Italia) -- reportedly plans to reject previously announced offer of €750M from Italy for its subsea cable unit, Sparkle SpA - Bloomberg

      • ATO.FP (ATOS SE) -- and Kretinsky talks over sale of legacy IT business have reportedly stalled - Bloomberg (earlier today)

      • SHUR.BB (Shurgard Self Storage) -- acquires Pickens Self-Storage in Germany for total cash consideration of €120.0M

      • OVS.IM (OVS) -- signs a LoI with the shareholders of Goldenpoint S.p.A. with the aim of developing a potential industrial partnership; envisages taking a minority stake

      • DHL.GR (DHL Group) -- KfW starts selling 50M shares in Deutsche Post AG (earlier)

      • DNO.NO (DNO ASA) -- DNO acquires 25% interest in the Arran field on the UK Continental Shelf from ONE-Dyas E&P Limited for $70M plus contingent amount up to $5M

      • PVN.IM (Piovan) -- acquires a further 1% of Nu-Vu Conair Private Ltd. achieving a consolidated 51% stake in the company

    • Healthcare

      • MARI.AV (Marinomed Biotech) -- has enrolled the first patient in a clinical study to investigate the lubricating properties of Carragelose eye drops in patients diagnosed with mild to moderate dry eye disease

      • EVT.GR (Evotec Biologics) -- expands development and manufacturing agreement with ABL for broadly neutralising antibodies against HIV

      • DIM.FP (Sartorius Stedim Biotech) -- €1.2B share placement priced at €233/share

      • IPH.FP (Innate Pharma) -- enters ADS sales agreement for up to $75M with Jefferies - 424B5

      • ALVIO.FP (Valerio Therapeutics) -- announces share capital reduction

    • Other

      • KIND.SS (Kindred Group) -- appoints Nils Andén as permanent CEO with immediate effect

      • OTOVO.NO (Otovo) -- and Meyer Burger announce collaboration

      • CLCO.NO (Cool Company Ltd.) -- enters into new time charter agreement for one of its TFDE vessels

      • KTN.GR (Kontron) -- signs 3 major railway contracts worth exceeding €100M

      • SGO.FP (Compagnie de Saint-Gobain) -- signs renewable electricity supply agreement in Italy

      • STAN.LN (Standard Chartered) -- looking for new chair - FT

      • SWED.A.SS (Swedbank) -- issues $650M of tier 1 capital

      • SCYR.SM (Sacyr Vallehermoso) -- announces ~12.5M shares issued in the capital increase admitted to trading

      • SBB.B.SS (Samhällsbyggnadsbolaget i Norden) -- SBB provides update regarding bondholder allegation

  • Key rating changes

    • Upgrades

      • BNP Paribas Exane upgrades SHL.GR; downgrades PHIA.NA

      • Berenberg upgrades VRLA.FP; downgrades VETN.SW

      • BAER.SW (Julius Baer Group) -- to equal-weight from underweight at Morgan Stanley

      • CFR.SW (Richemont) -- to outperform from neutral at Mediobanca

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

      • PDX.SS (Paradox Interactive) -- Paradox Interactive short-term recommendation upgraded to hold from sell at Handelsbanken

      • TYRES.FH (Nokian Renkaat) -- Nokian Renkaat short-term recommendation upgraded to hold from sell at Handelsbanken

    • Downgrades

      • STMN.SW (Straumann Holding) -- to reduce from hold at HSBC

      • NOD.NO (Nordic Semiconductor) -- to hold from buy at Jefferies

    • Other Actions

      • PLX.FP (Pluxee) -- initiated buy at Deutsche Bank

  • Data

    • Nikkei (0.11%) to 36119.92

    • Hang Seng (0.17%) to 16109.61

    • Shanghai Composite +1.29% to 2825.51

    • S&P futures (1.3) vs prior close of 4974.8

    • €-$ +0.0009 or +0.08% to 1.0764

    • $-¥ +0.02 or +0.02% to 147.97

    • €-¥ +0.17 or +0.11% to 159.26

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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