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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.40%, DAX +0.36%, CAC +0.28%

Feb 15 ,2024

  • Synopsis

    • European equity markets are set to open in positive territory amidst Asian equities largely higher Thursday. Japan set to close on fresh 34-year highs as technology stocks surge again, Australia also closed higher and India flat in early trading. Southeast Asia mostly better. Mainland China bourses remain closed. US futures positive whilst US dollar tilting negative, yen stronger on intervention talk, other currencies flat. Treasury yields mixed, JGB yields notably down. Crude oil lower, precious and industrial metals flat

    • On today's agenda, Chancellor Scholz visits the Microsoft company in Berlin, speaks with Brad Smith, Microsoft President and Vice Chairman. Also, IEA monthly oil market report is due to be released.

    • In central banks, Riksbank's Thedéen speech a 8:30CET at a seminar organised by the Västerbotten Chamber of Commerce. ECB's Lagarde before EP's Committee on Economic and Monetary Affairs whilst ECB's Lane speech at 13:00CET at seminar organised by Florence School of Banking and Finance. BOE's Greene fireside chat at 13:00GMT with Chief Economist, Fitch Ratings whilst BOE's Mann panelist at 13:50GMT at 40th Annual NABE Economic Policy Conf. Riksbank's Breman speech ay 16:20CET at a gala organised by RES & Travel News whilst Norges Bank's Wolden Bache annual address at 18:00CET title "Economic perspectives" and Bundesbank's Nagel speech at 19:00CET at Munich Security Conf.

    • From a macroeconomic calendar perspective: UK Q4 preliminary GDP, Dec trade balance, construction orders, Jan monthly GDP tracker - NIESR, Switzerland Jan PPI, consumer confidence - SECO, Spain Jan final CPI, Italy Dec trade balance, Netherlands Jan unemployment rate, Denmark Q4 preliminary GDP, Norway Jan trade balance, Eurozone Dec trade balance, Greece Jan CPI, Ireland Jan CPI

    • In corporate news, Airbus (AIR.FP) reports Q4 adjusted EBIT €2.21B vs consensus €2.27B. Still in France, Orange (ORA.FP) reports Q4 EBITDAaL €3.54B vs consensus €3.51B and guides FY24 low single-digit growth in EBITDAaL. La Francaise des Jeux (FDJ.FP) reports FY net income €425M vs FactSet €379.4M and hikes divi by 30%. Nexans (NEX.FP) FY net income €223M vs consensus €236M, raises dividend +9.5% y/yChargeurs (CRI.FP), and Legrand (LR.FP) are also out with FY earnings.

    • In the Netherlands, Koninklijke BAM Groep (BAMNB.NA) reports FY net income €175M vs FactSet €127M [1 est] and announces €30M share buyback. DSM-Firmenich (DSFIR.NA) reports Q4 Adjusted EBITDA €439M vs consensus €433.0M.

    • Out of the Nordics, Embracer Group (EMBRAC.B.SS) reports Q3 Adjusted EPS SEK2.09 vs FactSet SEK1.04 [9 est, SEK0.58-1.43]; now expects FY Adj EBIT at the low end of prior forecast range. Tomra Systems (TOM.NO) reports Q4 adjusted EPS NOK1.27 vs year-ago NOK1.23. Haypp Group (HAYP.SS) reports Q4 net income (SEK2.9M) vs FactSet SEK8.7M [1 est]

  • Politics/Macro/World News

  • Why Hungary is again blocking the latest round of Russia sanctions - FT

  • Will Germany lead Nato? - FT

  • Netherlands Jan Unemployment Rate 3.6% vs consensus 3.7% and prior 3.6%

  • Top company news

    • Earnings/updates

      • France

        • AIR.FP (Airbus SE) -- reports Q4 adjusted EBIT €2.21B vs consensus €2.27B

        • SAF.FP (Safran) -- reports FY EPS €4.70 vs consensus €5.40; guides FY24

        • EL.FP (EssilorLuxottica) -- reports FY adjusted net income €2.95B vs FactSet €2.98B

        • RNO.FP (Renault) -- reports FY net income €2.30B vs FactSet €3.53B [18 est, €2.50-4.34B]

        • LR.FP (Legrand) -- reports FY adjusted net income €1.20B vs FactSet €1.19B [18 est, €1.06-1.30B]

        • RXL.FP (Rexel) -- reports FY net income €823.3M vs FactSet €796.1M [12 est, €754.8-852M]

        • LI.FP (Klepierre) -- reports FY CFPS €2.48 vs FactSet €2.23

        • ADP.FP (Aeroport de Paris) -- reports FY net income €631M vs FactSet €569.0M [17 est, €438.5-709M]

          • reports January Paris Aéroport's traffic 7.0M; +0.7% y/y

        • GFC.FP (Gecina) -- reports FY EPS €6.01 vs FactSet €5.93 [15 est, €5.80-6.01]

        • VRLA.FP (Verallia) -- reports FY net income €475.3M vs FactSet €497.9M [9 est, €473-531.2M]

        • MERY.FP (Mercialys) -- reports FY EBITDA €149.4M, +4% vs year-ago €144.2M

        • LSS.FP (Lectra) -- reports Q4 net income €7.7M vs year-ago €8.4M

      • Benelux

        • DSFIR.NA (DSM-Firmenich) -- reports Q4 Adjusted EBITDA €439M vs consensus €433.0M

      • Nordics

        • SALM.NO (Salmar) -- reports Q4 EPS NOK10.00 vs FactSet NOK8.11 [9 est, NOK5.10-9.50]

        • BICO.SS (BICO Group) -- announces goodwill impairment of SEK 582M and provides preliminary figures for Q4 2023

        • EMGS.NO (Electromagnetic Geoservices) -- reports Q4 EPS ($0.03) vs year-ago $0.05

        • KEMPOWR.FH (Kempower) -- StreetAccount Earnings Call Q&A Summary: Kempower Q4

      • Southern Europe

        • TIT.IM (Telecom Italia) -- reports Q4 EBITDA €1.49B vs FactSet €1.03B [3 est, €461-1.33B]

      • DACHs

        • CBK.GR (Commerzbank) -- reports Q4 Net Income to Shareholders €395M vs consensus €361M; aims for a 2024 net profit higher than in 2023

      • UK

        • RENX.LN (Renalytix) -- reports Q2 EPS ($0.09) vs year-ago ($0.14) - 10-Q

        • SOLG.LN (SolGold) -- reports Q2 EPS ($0.01) vs year-ago ($0.00)

    • M&A

      • DHER.GR (Delivery Hero) -- seeking more than €1B for sale of Southeast Asian business - Handelsblatt

      • AO.LN (AO World) -- acquires certain assets of A1 Comms Limited (in administration)

    • Healthcare

      • GMAB.DC (Genmab) -- board will propose new share buyback program of up to DKK 3.5B

    • Other

      • NWG.LN (NatWest Group) -- set to name interim CEO Paul Thwaite as CEO on a permanent basis -- Sky News

      • ADP.FP (Aeroport de Paris) -- announces proposed dividend of €3.82 per share vs prior year €3.13

      • SECU.B.SS (Securitas) -- S&P Global Ratings upgrades long-term credit rating on Securitas to BBB from BBB-

      • SightGlass Vision receives Breakthrough Device designation from FDA for lenses designed to slow myopia progression in children

  • Key rating changes

    • Upgrades

      • SAMPO.FH (Sampo) -- to outperform from neutral at Mediobanca

      • DHL.GR (DHL Group) -- to buy from neutral at Goldman Sachs

      • IHP.LN (Integrafin Holdings) -- to outperform from sector perform at RBC Capital Markets

      • SGO.FP (Compagnie de Saint-Gobain) -- to buy from neutral at Goldman Sachs

    • Downgrades

      • HEIA.NA (Heineken) -- to hold from buy at HSBC

      • KGF.LN (Kingfisher) -- to hold from buy at Jefferies

      • GJF.NO (Gjensidige Forsikring) -- to underperform from neutral at Mediobanca

    • Initiations

      • MF.FP (Wendel) -- buy at Berenberg

  • Data

    • Nikkei +1.21% to 38157.94

    • Hang Seng +0.51% to 15959.75

    • Shanghai Composite +0.00% to 2865.90

    • S&P futures +3.3 vs prior close of 5018.0

    • €-$ +0.0004 or +0.04% to 1.0731

    • $-¥ (0.51) or (0.34%) to 150.09

    • €-¥ (0.52) or (0.32%) to 161.03

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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