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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.07%, DAX +0.31%, CAC +0.20%

Feb 08 ,2024

  • Synopsis

    • European equity markets are set to open in positive territory amidst Asian equities trading mostly higher Thursday. Japan's Nikkei surged with Softbank leading on Arm earnings, Australia also finished higher. More gains for mainland China stocks while Hang Seng looses more ground in a repeat of yesterday's movements. A small gain for Seoul, Singapore giving up some recent gains, India down after RBI kept hawkish stance in flat rate decision. Southeast Asia mixed. US futures flat whilst US dollar flat. Crude blends higher, industrial metals mixed, gold and silver flat.

    • On today's agenda, meeting of heads of government of the German States and Senate Chancellery in Berlin. In UK, MPs questions on transport kick-off HoC proceedings at 9:30GMT. EU's Hoekstra in fireside chat at afore mentioned European Investment Bank Group Forum.

    • Among central banks updates/speakers, ECB economic bulletin published at 10:00CET. ECB's Elderson panelist at 15:15CET at joint ISPT and Port of Rotterdam Conf '24 "Material change" whilst BOE's Mann give a speech at 15:00GMT at event organised by OMFIF 'Inflation Dynamics and drivers: looking under the bonnet' and ECB's Lane participates in a fire-side chat at 16:30CET at Brookings Institution. Bank of Latvia's Krasovska participates in the "Fintech Day" 2024 in Vilnius. Russia - at 11:00GMT and Czech Republic - at 13:30GMT, release interest rate decisions with both seen as edging benchmarks interest rates lower from current 6.5% and 6.75%, respectively.

    • Macroeconomic updates include: Netherlands Jan final CPI unchanged with preliminary and UK Jan house price balance (RICS).

    • In corporate news, Siemens (SIE.GR) released Q1 numbers including Q1 EPS pre-PPA €3.19 ahead of consensus €2.32. Still in the DACH region, Swiss Prime Site (SPSN.SW) FY FFO I CHF4.05 per share vs year-ago CHF 4.00 along with a dividend proposal of CHF 3.40/sh, unch y/y. In France, Societe Generale (GLE.FP) reports Q4 net income €430M vs StreetAccount €391.0M, dividend of €0.90/share and €280M share buyback program. Credit Agricole (ACA.FP) reports Q4 underlying net income €1.30B vs consensus €1.28B and hikes divi by 24%. Kering reports FY recurring net income €3.06B vs consensus €3.17B.

    • Out of the Nordics, Aker BP (AKRBP.NO) Q4 EPS $0.26 vs FactSet $0.89. Orkla (ORK.NO) Q4 Adjusted EPS NOK1.31 vs FactSet NOK1.45. The company also proposes a total dividend for the financial year 2023 of NOK 6.00/share. Okea (OKEA.NO) reports Q4 operating income NOK2.12B vs quarter-ago NOK2.11B. In the Benelux, ArcelorMittal (MT.NA) Q4 EPS ($3.57) vs consensus ($2.19) and hikes divi by ~14%. Adyen (ADYEN.NA) reports H2 net income €416M vs FactSet €336.1M. KBC Group (KBC.BB) reports Q4 net result €677M vs consensus €686.9M.

  • Politics/Macro/World News

    • EU slams governments for banned goods reaching Russia - Politico

    • Binyamin Netanyahu rejects Israel-Hamas ceasefire - Times

    • China's deflation worry a bad omen for new year - Reuters

    • How Irish Unification Is Boosted by Brexit and Demographics - Bloomberg

    • Labour ditches £28bn green investment pledge - BBC

    • Netherlands Jan CPI +3.2% y/y vs preliminary +3.2%

  • Top company news

    • Earnings/updates

      • France

        • AIR.FP (Airbus SE) -- Airbus reports Jan gross orders of 31 aircraft, deliveries 30

        • DG.FP (VINCI SA) -- reports FY Attributable Net Income €4.70B vs FactSet €4.70B [17 est, €4.47-5.01B]; guides 2024 net income close to the level achieved in 2023

        • GLE.FP (Societe Generale) -- reports Q4 net income €430M vs StreetAccount €391.0M

        • IPN.FP (Ipsen) -- reports FY core EPS €9.15 vs consensus €8.63

        • SOI.FP (SOITEC) -- reports Q3 revenue €240M vs FactSet €269.5M [2 est, €244-295M]; now guides FY Revenue to be down around (10%) y/y

        • IPN.FP (Ipsen) -- reports FY core EPS €9.15 vs consensus €8.63

        • ACA.FP (Credit Agricole) reports Q4 underlying net income €1.30B vs consensus €1.28B; hikes divi by 24%

        • KER.FP (Kering) -- reports FY recurring net income €3.06B vs consensus €3.17B; guides H1 2024

        • PUB.FP (Publicis Groupe) -- reports FY EPS €6.96 vs FactSet €6.87 [15 est, €6.73-7.01]

      • Benelux

        • MT.NA (ArcelorMittal) -- reports Q4 EPS ($3.57) vs consensus ($2.19); hikes divi by ~14% and guides FY24

        • KBC.BB (KBC Group) -- reports Q4 net result €677M vs consensus €686.9M

        • ONTEX.BB (Ontex Group) -- reports Q4 operating income €23.5M vs year-ago €11.7M

      • DACHs

        • SIE.GR (Siemens AG) -- reports Q1 EPS pre-PPA €3.19 vs consensus €2.32

        • DB1.GR (Deutsche Börse) -- reports Q4 EPS €2.39 ex-items vs consensus €2.21

        • NEM.GR (Nemetschek) -- reports preliminary FY EBITDA €257.7M vs FactSet €255.3M [18 est, €234-279.1M]

        • KWS.GR (KWS Saat) -- reports H1 EPS (€3.30) vs year-ago (€2.41); forecasts for the KWS Group for FY23/2024 confirmed

        • SPSN.SW (Swiss Prime Site) -- reports FY FFO I CHF4.05 per share vs year-ago CHF 4.00

        • LMN.SW (lastminute.com) -- reports preliminary FY adjusted EBITDA €39.7M vs FactSet €43.2M [1 est]

      • Nordics

        • EQNR.NO (Equinor) -- StreetAccount Earnings Call Q&A Summary: Equinor Q4

        • PNDORA.DC (Pandora) -- StreetAccount Earnings Call Q&A Summary: Pandora Q4

        • GN.DC (GN Store Nord) -- reports Q4 Adj. EPS DKK2.86 vs year-ago DKK3.92

        • AKRBP.NO (Aker BP) -- reports Q4 EPS $0.26 vs FactSet $0.89 [12 est, $0.74-1.04]

        • ORK.NO (Orkla) -- reports Q4 Adjusted EPS NOK1.31 vs FactSet NOK1.45 [9 est, NOK1.34-1.58]

        • FABG.SS (Fabege) -- StreetAccount Earnings Call Q&A Summary: Fabege Q4

        • OKEA.NO (Okea) -- reports Q4 operating income NOK2.12B vs quarter-ago NOK2.11B

        • ELK.NO (Elkem) -- reports Q4 EPS (NOK0.73) vs year-ago NOK1.41

        • ATEA.NO (Atea) -- reports Q4 EPS NOK2.22 vs FactSet NOK2.93 [7 est, NOK2.80-3.10]

        • AKSO.NO (Aker Solutions) -- reports Q4 EPS ex-items NOK0.96 vs FactSet NOK0.56 [7 est, NOK0.39-0.65]; to implement a share buyback program of up to NOK 500M

        • NEWA.B.SS (New Wave Group) -- reports Q4 EPS SEK2.76 vs FactSet SEK2.66 [3 est, SEK2.50-2.85]

      • Southern Europe

        • BPE.IM (BPER Banca) -- reports Q4 net income €432.4M vs FactSet €418.8M [6 est, €199-624M]

        • ANIM.IM (Anima Holding SpA) -- reports Jan net inflows (excl. Class I insurance) (€470M)

    • M&A

      • ALHRG.FP (HERIGE) -- to sell Building Materials Trading, Public Works and Natural Stone businesses to SAMSE Group

      • TIT.IM (Telecom Italia) -- Telecom Italia's board mandates CEO to negotiate a new offer for Sparkle with MEF

      • MTG.B.SS (Modern Times Group MTG) -- combines Kongregate with Monumental for a 30% stake in the joined entity

      • SRS.IM (Saras) -- Moratti family approached by potential buyers of stake in Saras - Bloomberg, citing people with knowledge of the matter

      • CRI.FP (Chargeurs) -- notes opening of €12/sh takeover bid initiated by companies controlled by Chairman and CEO Michaël Fribourg

      • BOLS.NA (Lucas Bols) -- Nolet declares offer for Lucas Bols unconditional

      • (EQS.GR (EQS Group) -- EQS updates on delisting; trading on the Frankfurt Stock Exchange ends at the end of 6-May-24

    • Healthcare

      • DIM.FP (Sartorius Stedim Biotech) -- to propose dividend of €0.69 per share for fiscal 2023

      • ATT.SS (Attendo) -- to buy back shares for a maximum amount of SEK 110M

    • Other

      • BP.LN (BP) -- to keep Whiting refinery shut for up to three weeks for inspections of units and piping - Reuters

      • UMI.BB (Umicore) -- concludes €350M EIB loan to support its European research and innovation in EV battery materials

      • CCH.LN (Coca-Cola HBC) -- announces Anastasis Stamoulis will be appointed Group CFO; effective 1-May

      • EDPR.PL (EDP Renovaveis) -- EDP Renováveis secures a 15-year PPA with a global corporate client to sell the green energy produced by a 250MW portfolio in Spain

      • SLHN.SW (Swiss Life Holding) -- EU sets a provisional deadline of 12-Mar to rule on Swiss Life Asset Managers' acquisition of a stake in Telecom Infrastructure Partners

      • NEL.NO (NEL ASA) -- NEL notes lawsuit filed in California by Iwatani Corporation of America in connection with agreements for delivery of fueling equipment and services

      • B4B.GR (METRO) -- approves proposed dividend of €0.55/sh at Annual General Meeting

      • PSH.LN (Pershing Square Holdings) -- announces retirement of Chair Anne Farlow; appoints Rupert Morley as next Chair

      • TWEKA.NA (TKH Group) -- announces Peter Oosterveer appointed as Chairman of the Supervisory board to succeed Rokus van Iperen

  • Key rating changes

    • Upgrades

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

      • NOD.NO (Nordic Semiconductor) -- to equal weight from underweight at Barclays

      • NOD.NO (Nordic Semiconductor) -- to neutral from sell at UBS

      • PNDORA.DC (Pandora) -- to buy from hold at HSBC

      • RNO.FP (Renault) -- to outperform from neutral at BNP Paribas Exane

      • SF.SS (Stillfront Group) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • IHG.LN (InterContinental Hotels Group) -- to hold from buy at Societe Generale

      • MOR.GR (Morphosys) -- to neutral from buy at UBS

      • LSEG.LN (London Stock Exchange Group) -- to neutral from buy at UBS

      • AAK.SS (AarhusKarlshamn) -- AarhusKarlshamn short-term recommendation downgraded to sell from hold at Handelsbanken

      • RDW.LN (Redrow) -- to hold from buy at Jefferies

      • BRNK.GR (Branicks Group) -- to reduce from hold at Kepler Cheuvreux

  • Data

    • Nikkei +2.06% to 36863.28

    • Hang Seng (1.38%) to 15860.51

    • Shanghai Composite +0.89% to 2854.91

    • S&P futures (0.3) vs prior close of 5015.3

    • €-$ +0.0012 or +0.11% to 1.0786

    • $-¥ +0.52 or +0.35% to 148.71

    • €-¥ +0.76 or +0.48% to 160.39

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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