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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.21%, DAX30 +0.21%, CAC40 +0.35%

Feb 12 ,2024

  • Synopsis

    • European futures indicate a higher open. Asia markets quiet Monday as China and other markets in APAC are closed for Lunar New Year while Japan is shut for National Foundation Day. Those that are open are tilting downwards with the ASX and NZX both lower; India opened lower. US futures soft. US dollar slightly lower, Asia currencies quiet. Crude oil, precious and industrial metals lower. Cryptocurrencies small down after bitcoin hit three-year highs last week.

    • On the agenda for today, EU Commission due to publish its latest economic forecasts. Chancellor Scholz hosts Poland's PM Donald Tusk. EU's Dombrovskis participates in the European Semester Conf as part of EPW whilst EU's McGuinness meets with ECB's Cipollone, Central Bank of Ireland's Donnery and participates in EPW. ECB's Cipollone in panel discussion at 16:50 CET on 'Euro@25: What's next for the EMU?' during EPW. EU's Schinas delivers opening remarks and participates in a panel discussion at the Munich Security Conf. Kick Off event (begins 16-Feb when EU's von der Leyen, Vestager, Schinas, Johansson, Simson, Hoekstra, Schinas and Hahn among the participants). In central banks, ECB's Lane speech at 10:45CET and panelist at 14:15 at conf organised by BIS, ECB, Banco of Spain. ECB's Buch speech at 17:00CET at event at the House of the Euro. BOE's Bailey lecture at 18:00GMT at Loughborough University. Of note, in Finland the conservative former Prime Minister Alexander Stubb won Sunday's presidential election, securing 51.6% of votes according to final results. Stubb is pro-European and a strong supporter of Ukraine; this was the first election since Finland joined NATO.

    • Light earnings calendar for today; of note, Nordex (NDX1.GR) reports prelim FY EBITDA €2.0M vs FactSet €2.3M. Due to report are Michelin (ML.FP), from Nordics: Investment AB Latour (LATO.B.SS), Ratos (RATO.B.SS), Alimak (ALIG.SS), Humble (HUMBLE.SS), also Galp Energia (GALP.PL) and traffic stats from Flughafen Zurich (FHZN.SW).

    • In M&A, Tod's major holder, the Della Valle family, and L Catterton have entered into a framework agreement and launch voluntary tender offer over 36% stake in Tod's (TOD.IM) at €43/share; company to delist. Further out of Italy, Massimo Moratti S.a.p.A. di Massimo Moratti, Angel Capital Management S.p.A., and Stella Holding S.p.A. and Vitol B.V. have entered into a sale and purchase agreement pursuant to which the Moratti family has undertaken to sell to Vitol, shares of Saras S.p.A. (SRS.IM) representing ~ 35% of Saras's corporate capital, at a price per share equal to €1.75/sh.

    • Regional macro data releases out today are light with Jan CPI for Denmark and Portugal due.

  • Politics/ Macro/ World News

    • ECB's de Cos says March inflation, economic data will be key to assessing policy path (Bloomberg)

    • ECB's Panetta says disinflation at an advanced stage, sees rapid progress toward 2% target (Bloomberg)

    • Nato chief says Trump remarks may put US and EU lives at risk (Reuters)

    • UK-India trade deal talks hit impasse over social security payments (FT)

    • EU members strike deal to loosen stringent fiscal rules (Reuters)

    • German economy probably stalled at start of 2024,survey shows (Bloomberg)

    • UK set to learn if recession started after months of stagnation (Bloomberg)

    • Italy central bank chief says time for interest rate cuts is 'fast approaching' (FT)

    • Centre-right's Stubb wins close-fought Finnish presidential election (Reuters)

    • Hungary's president resigns in unusual setback for ruling party (Reuters)

  • Top company news

    • Earnings/updates

      • NDX1.GR (Nordex) -- prelim FY EBITDA €2.0M vs FactSet €2.3M [11 est, (€38)-39.5M]

      • ACAST.SS (Acast) -- Q4 EPS (SEK0.65) vs year-ago (SEK0.41)

      • IBE.SM (Iberdrola) -- provisional Q4 Net Electricity Production 43,071 GWh, +4.5% y/y

      • RATO.B.SS (Ratos) -- final FY earnings in line with preliminary release

      • VOS.GR (Vossloh) -- on track to achieve 2023 guidance - Börsen-Zeitung

    • M&A

      • TOD.IM (Tod's) -- L Catterton launches voluntary tender offer over 36% stake in Tod's at €43/sh; company to delist

      • TRN.IM (TERNA Rete Elettrica Nazionale) -- Terna reportedly weighing bid for up to €1.5B of high-voltage assets -- Bloomberg

      • SRS.IM (Saras) -- Moratti's family sells 35% stake in Saras to Vitol at €1.75/sh

      • BLV.FP (Believe) -- Consortium formed by TCV, EQT, together with Denis Ladegaillerie to make cash offer for all outstanding shares of Believe at €15/sh; board unanimously welcomes the proposal

      • UKCM.LN (UK Commercial Property REIT) -- Tritax Big Box in advanced talks to merge with UK Commercial Property REIT for shares - London Times

      • RNO.FP (Renault), 175.K (Geely) -- reportedly planning to close engine JV by end of February -- Reuters

      • ADE.NO (Adevinta) -- announces preliminary results of voluntary offer for all outstanding ordinary class A shares

      • SMS.LN (Smart Metering Systems) -- KKR on course to buy Smart Metering Systems - Telegraph

      • TLGO.SM (Talgo) -- Ganz-MaVag confirms talks with Talgo

      • EWIND.NO (Edda Wind) -- announces sale of vessel Edda Passat; terms not disclosed

      • Virgin Media O2 in early-stage discussions with TalkTalk - Telegraph

    • Healthcare

      • ROG.SW (Roche Holding) -- launches three new Factor Xa inhibitor coagulation tests to meet growing patient need

    • Other

      • SAP.GR (SAP) -- SAP and designated Chair successor Punit Renjen mtually agree to part ways

      • BATS.LN (British American Tobacco) -- releases combined performance and sustainability report

      • PUB.FP (Publicis Groupe) -- to repurchase 2M shares to cover employee Long term incentive plans

      • TTE.FP (TotalEnergies) -- CEO defends pursuit of new oil and gas projects alongside investment in renewable power - FT

      • NWG.LN (NatWest Group) -- to lower bonus pool ahead of share offer - Sky News

      • SWON.SW (SoftwareONE Holding) -- SoftwareOne to combine the requested EGM with the upcoming AGM

      • Golden Goose, Puig, others among European firms looking to IPO as early as H1 -- Reuters

      • SBTi actions in the past month include net zero approval for Maersk; Carbon markets set to expand as China relaunches voluntary market (9-Feb)

  • Key rating changes

    • Upgrades

      • JUP.LN (Jupiter Fund Management) -- to neutral from underperform at BNP Paribas Exane

      • RSW.LN (Renishaw) -- to buy from sell at UBS

      • HTRO.SS (Hexatronic Group) -- to buy from hold at Danske Bank

    • Downgrades

      • AKRBP.NO (Aker BP) -- to hold from buy at Berenberg

    • Initiations

      • ROO.LN (Deliveroo) -- buy at Deutsche Bank

      • PLX.FP (Pluxee) -- overweight at JPMorgan

  • Data

    • Nikkei closed

    • Hang Seng closed

    • Shanghai Composite closed

    • S&P futures (2.3) vs prior close of 5044.0

    • €-$ +0.0009 or +0.09% to 1.0793

    • $-¥ (0.08) or (0.05%) to 149.20

    • €-¥ +0.04 or +0.02% to 161.02

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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