Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.16%), DAX (0.17%), CAC (0.21%)

Feb 19 ,2024

  • Synopsis

    • European equity markets set to open marginally lower after last week's gains when the STOXX Europe 600 rose ~1.4%, to hit near all-time highs. It should be a relatively quiet session today with US Markets closed for President's Day. Asian equities mixed Monday. Mainland China outperforming as markets resumes trade following holiday break. Big growth in China holiday travel and spending viewed positively. However, some commentators warned against extrapolating to consumption more broadly after private data showed sharp drop in January car sales. Hang Seng pulling back amid renewed weakness in tech and property stocks

    • European macro data releases out today include Spain Dec trade balance, Sweden Jan CPI, Finland Jan CPI, Portugal Jan PPI

    • Focus on UK property data. Average new seller asking prices rose by 0.9% in January, taking the average asking price for a house in the UK up to £362,839, according to data from Rightmove. Prices are 0.1% higher than a year earlier.

    • On the corporate front, focus on Currys (CURY.LN) following report JD.com exploring takeover. Also Elliott reportedly considering a possible cash offer for Currys, after its previous 62p/share cash offer was rejected.

    • Today's agenda also sees EU's von der Leyen expected to launch her bid for a second term as President of the EU Commission (two days ahead of the official deadline to become a candidate) at an event hosted by her Christian Democratic Union party in Germany. EU's Dombrovskis participates in a meeting with the International Trade Committee of the EP whilst EU's Simson speech at the H2 Forum 'Empowering the future of hydrogen'. In UK, MPs questions on defence at 14:30GMT whilst committee business includes examining impact of medicine shortages on patients 16:30. In central banks, Bundesbank's Monthly Report released at 12noon CET whilst Bundesbank's Balz at public hearing at 13:00CET of the Finance Committee of the German Bundestag on the digital euro.

  • Politics/Macro/World News

    • UK

      • UK Home Asking Prices Rise as Mortgage Relief Spurs Activity - Bloomberg

      • Government to outline new curbs on short-term lets in England - FT

      • BOE Risks Deepening UK's Recession, Former Chief Economist Warns - Bloomberg

    • Spain

      • Spanish conservatives retain majority in Galicia regional vote - Reuters

    • France

      • France cuts 2024 growth forecast as outlook darkens - Reuters

    • Denmark

      • Denmark's Municipal Workers Reach 6.5% Wage Deal Over Two Years - Bloomberg

  • Top company news

    • Earnings/updates

      • ICAD.FP (Icade) -- reports FY net income €221.9M vs FactSet €298.6M [10 est, €203-411.1M]

      • RBT.FP (Robertet) -- reports preliminary FY revenue €721.1M vs FactSet €732.2M

      • SFQ.GR (SAF-HOLLAND) -- reports preliminary FY EBIT ~€202M ex-items vs FactSet €161.7M [4 est, €147-172M]

      • ALM.SM (Almirall) -- reports FY Normalized net income €15.6M vs FactSet €17.4M [11 est, €7-23.7M]

      • Also reporting today

        • Earnings: Temenos (TEMN.SW), BIC (BB.FP), OEM International (OEM.B.SS), Moneysupermarket.com Group (MONY.LN), Wilmington (WIL.LN), NNIT (NNIT.DC), Dialight (DIA.LN)

        • Trading Update: Forvia (FRVIA.FP)

    • M&A

      • CURY.LN (Currys) --

        • board unanimously rejects unsolicited 62p/share cash offer from Elliott - Sunday Times

        • JD.com exploring takeover of Currys - Telegraph; Elliott Advisors considering making new cash bid for Currys - London Times

      • 8058.JP (Mitsubishi) -- Newlat Food stops negotiations for the acquisition of Princes Limited (post EU close 16-Feb)

      • IMCD.NA (IMCD) -- announces acquisition of ResChem; terms undisclosed

      • MUSTI.FH (Musti Group) -- Musti reports preliminary results of Flybird's tender offer; minimum acceptance condition to be waived subject to final acceptance level of at least 40%

      • ACAD.SS (AcadeMedia) -- Mellby Gård cancels deal to sell all shares in AcadeMedia to the Akelius Foundation

      • PMET.CN (Patriot Battery Metals) -- Speculation Patriot Battery Metals may be a takeover target- The Australian

      • 500672.IN (Novartis India) -- Dr Reddy's seeking Novartis's 70.68% stake in Novartis India - CNBC-TV18

      • Graphcore in discussions to sell itself - Telegraph

    • Healthcare

      • AZN.LN (AstraZeneca) -- FDA approves Tagrisso for locally advanced or metastatic NSCLC

    • Other

      • STLA.IM (Stellantis) -- North America reorganizes sales organization

      • RHM.GR (Rheinmetall) -- signs MoU to set up a JV with a Ukrainian partner company

      • ECV.GR (Encavis AG) -- Encavis sign a long-term Power Purchase Agreement for the European business operations of Aliaxis

      • EURN.BB (Euronav) -- SEC filing: SC 13D/A (Filed by Compagnie Maritime Belge NV)

      • EZJ.LN (EasyJet) -- Founder Stelios Haji-Ioannou wants EasyJet to implement secondary listing on Nasdaq - Mail on Sunday

      • CO.FP (Casino Guichard-Perrachon) -- announces proceedings for recognition of financial restructuring in the U.S.

      • NEOEN.FP (Neoen) -- to more than double zero emission generation pipeline in Australia by 2030 - The Australian

      • By some measures, Mondelez growing rather than cutting its presence in Russia - Bloomberg

      • Estimated weekend box office revenues in US, Canada $76.0M, (47.6%) y/y - Box Office Mojo

      • Regional Gaming Revenues - New Jersey January 2024

      • UK's Secretary of State for Energy Security and Net Zero grants development consent for the Net Zero Teesside project

  • Key rating changes

    • Upgrades

      • EQNR.NO (Equinor) -- to equal-weight from underweight at Morgan Stanley

      • REP.SM (Repsol) -- to overweight from equal-weight at Morgan Stanley

      • AUTO.NO (AutoStore Holdings) -- to buy from hold at Arctic Securities

      • SPM.IM (Saipem) -- Saipem reinstated overweight at Barclays; prior rating was equal weight

      • SSE.LN (Scottish and Southern Energy) -- to buy from hold at Jefferies

      • TIETO.FH (Tietoevry) -- to hold from reduce at Kepler Cheuvreux

      • CABK.SM (CaixaBank) -- to hold from reduce at Kepler Cheuvreux

      • US.IM (UnipolSai Assicurazioni) -- to hold from reduce at Kepler Cheuvreux

    • Downgrades

      • PIRC.IM (Pirelli & C.) -- to hold from buy at HSBC

      • JDEP.NA (JDE Peet's) -- to equal weight from overweight at Barclays

      • METSO.FH (Metso Corp.) -- to hold from buy at Kepler Cheuvreux

      • SAAB.B.SS (Saab) -- to hold from buy at Kepler Cheuvreux

      • ALLFG.NA (Allfunds Group) -- to neutral from outperform at BNP Paribas Exane

    • Initiations

      • BC8.GR (Bechtle) -- underweight at Barclays

  • Data

    • Nikkei (0.04%) to 38470.38

    • Hang Seng (0.79%) to 16210.96

    • Shanghai Composite +1.38% to 2905.31

    • S&P futures +5.5 vs prior close of 5019.8

    • €-$ +0.0009 or +0.08% to 1.0787

    • $-¥ (0.18) or (0.12%) to 149.97

    • €-¥ (0.07) or (0.04%) to 161.76

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".

DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE