Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.01%), DAX30 +0.11%, CAC40 +0.06%

Feb 21 ,2024

  • Synopsis

    • European equity market futures point to a firmer open amidst mixed markets in Asia Wednesday. Japan stocks set to close lower as tech weighs ahead of Nvidia results this evening. Australia pulled lower by consumer staples / Woolworths losses. Tech dominated Taiwan and South Korea lower, Jakarta down ahead of BI decision. Greater China markets all higher led by property names on 'whitelist' approvals. US futures lower.

    • EU's Dombrovskis fireside chat at event organised by DigitalEurope, titled 'Trans-Atlantic digital cooperation and challenges for the period of 2024-29'. EPP Group Conf 'Social Market economy that cares' sees a number of EU Commissioners speaking. In the UK, weekly PMQ's at 12noon GMT is followed by MP's debate on a motion in the name of the Scottish National Party, subject to be announced, whilst committee topics include future defence aviation capabilities 14:30, economic forecasting 14:15 (includes LSE Charlie Bean). Norway's PM Støre speech at 13:15CET at Kirkenes Conf. G20 foreign ministers meeting in Brazil (through Thu).

    • In central banks, ECB's Governing Council holds a non-monetary policy meeting. European think-tank dedicated to financial services Eurofi conf (through Fri) with ECB's Fernandez-Bollo in roundtable at 11:25CET, Tuominen panelist at 16:10. Bundesbank's Nagel participates at 11:00CET at Cabinet meeting on the Annual Economic Report. BOE's Dhingra speech at 14:00GMT at Market News International connect event 'Recent BoE projections - key factors/judgements'.

    • European Automobile Manufacturers' Association (ACEA) Jan new passenger car registrations for the EU + EFTA + UK

    • In maro, Switzerland Jan trade balance, Finland Jan unemployment rate, Denmark Q2 preliminary GDP and Eurozone Dec construction output are due to be released.

    • On the earnings front, DACHs region companies kicked off the session with Fresenius (FRE.GR) reports Q4 EPS €0.70 ex-items vs consensus €0.68, no divi for FY23 and guides Group constant currency EBIT is expected to grow in the rage of +4-8%. Wienerberger (WIE.AV) reports FY EPS €3.17 (Adjusted EPS €3.33) vs consensus €3.3. In the UK, Rio Tinto (RIO.LN) reports FY underlying earnings $11.80B vs StreetAccount $11.66B whilst HSBC Holdings (HSBA.LN) reports FY EPS $1.14 vs consensus $1.32 and said it will initiate a share buy-back of up to $2.0B. Elsewhere, Carrefour (CA.FP) reports FY adjusted net income attributable €1.30B vs FactSet €1.18B and raised the dividend +55% y/y and announced share buyback whilst NKT (NKT.DC) reports FY net income €124.3M vs FactSet €114.7M and guides FY24 and FLSmidth & Co. (FLS.DC) confirms Q4/FY23 earnings and FY24 outlook as per 29-Jan update.

  • Macro

    • UK businesses more optimistic this year, BCG survey shows - Reuters

    • France Seeks First Meeting for India-to-EU Infrastructure Link - Bloomberg

    • Hunt Weighs Plan to Spur Pension Pots to Invest in UK Assets - Bloomberg

  • Top company news

    • Earnings/updates

      • Benelux:

        • AED.BB (Aedifica) -- reports FY EPRA EPS €5.02 vs FactSet €4.95 [12 est, €4.85-4.99]

        • JDEP.NA (JDE Peet's) -- reports FY EPS €1.51 ex-items vs FactSet €1.67 [9 est, €1.55-1.77]

      • DACHs:

        • O2D.GR (Telefonica Deutschland Holding) -- reports Q4 adjusted OIBDA €695M vs consensus €683.0M

        • FRE.GR (Fresenius) -- reports Q4 EPS €0.70 ex-items vs consensus €0.68; no divi for FY23 and guides FY24

        • WIE.AV (Wienerberger) -- reports FY EPS €3.17 (Adjusted EPS €3.33) vs consensus €3.3

        • EFGN.SW (EFG International) -- reports FY net income CHF303.2M vs FactSet CHF259.4M [5 est, CHF244-284M]

        • KTCG.AV (Kapsch TrafficCom) -- reports 9M EPS €2.95 vs year-ago €0.18; reaffirms FY guidance

      • France:

        • CA.FP (Carrefour) -- reports FY adjusted net income attributable €1.30B vs FactSet €1.18B, raises dividend +55% y/y, announces share buyback

      • Nordics:

        • FLS.DC (FLSmidth & Co.) --confirms Q4/FY23 earnings and FY24 outlook as per 29-Jan update

        • SYNSAM.SS (Synsam) -- reports Q4 EPS SEK0.41 vs FactSet SEK0.35 [4 est, SEK0.00-0.56]

        • SUS.SS (Surgical Science Sweden) -- reports Q4 net income SEK98M vs FactSet SEK61.6M [5 est, SEK57.7-68M]

        • NKT.DC (NKT) -- reports FY net income €124.3M vs FactSet €114.7M [5 est, €109.3-127M]; guides FY24

        • CALTX.SS (Calliditas Therapeutics) -- reports Q4 EPS (SEK0.34) vs FactSet (SEK0.94) [8 est, (SEK2.32)-0.30]

        • KAMBI.SS (Kambi Group) -- reports Q4 EPS €0.18 vs FactSet €0.19 [4 est, €0.06-0.33]

      • Southern Europe:

        • NVG.PL (The Navigator Co.) -- reports Q4 net income €74.2M vs FactSet €51.8M [4 est, €30-62M] (post EU close 20-Feb)

      • UK:

        • RIO.LN (Rio Tinto) -- reports FY underlying earnings $11.80B vs StreetAccount $11.66B

        • HSBA.LN (HSBC Holdings) -- reports FY EPS $1.14 vs consensus $1.32; to initiate a share buy-back of up to $2.0B

    • M&A

      • UMG.NA (Universal Music Group) -- acquires minority stake in Chord Music Partners for $240M

      • ORI.AU (Orica) -- enter into binding agreement to acquire Cyanco from an affiliate of Cerberus for $640M; to be funded by A$400M underwritten institutional placement

      • CSR.AU (CSR) -- Compagnie de Saint-Gobain exploring potential acquisition of CSR - Bloomberg

      • BN.FP (Danone) -- planning to sell Russian business to Chechnya-linked Vamin Tatarstan - FT

      • EDP.PL (EDP-Energias de Portugal) -- EDP- Energias de Portugal announces completion of asset rotation deal related to transmission line in Brazil (post EU close 20-Feb)

      • CURY.LN (Currys) -- largest shareholder Redwheel supports decision to reject Elliott's takeover offer (20-Feb, 14:53 GMT)

      • +HTR.LN (Heathrow Airport Holdings) -- Mubadala Investment weighing stake in Heathrow Airport - Economic Times

    • Healthcare

      • PHXM.FP (Phaxiam Therapeutics) -- gives formal notice to Nasdaq of the company's intention to voluntary delist its American Depositary Shares

    • Other

      • EL.FP (EssilorLuxottica) -- and Michael Kors extend licensing agreement for 5-year

      • NWG.LN (NatWest Group) -- SEC filing: SC 13D/A (Filed by HM Treasury)

      • LR.FP (Legrand) -- President and CEO for North & Central America, John Selldorff announces retirement, effective 29-Feb

      • CADLR.NO (Cadeler) -- has been contracted by PGE and Orsted to install turbines in Poland

      • COP.GR (CompuGroup Medical) -- plans dividend increase to €1.00 per share from €0.50 per share

  • Key rating changes

    • Upgrades

      • NEX.FP (Nexans) -- outperform from neutral at Oddo

      • BICO.SS (BICO Group) -- short-term recommendation upgraded to buy from hold at Handelsbanken

      • ENG.SM (Enagas) -- hold from sell at Deutsche Bank

      • CURY.LN (Currys) -- to buy from hold at HSBC

      • GBF.GR (Bilfinger) -- to buy from hold at Kepler Cheuvreux

      • GENL.LN (Genel Energy) -- to buy from hold at Jefferies

    • Downgrades

      • PLUS.LN (Plus500) -- neutral from outperform at Autonomous Research

      • COLO.B.DC (Coloplast) -- to hold from buy at Berenberg

      • CAST.SS (Castellum AB) -- to hold from buy at Pareto

      • AKSO.NO (Aker Solutions) -- to sector perform from outperform at RBC Capital Markets

      • ANE.SM (Corporación Acciona Energías Renovables) -- to reduce from hold at HSBC

    • Initiations

      • SAAB.B.SS (Saab) -- initiated buy at Pareto

      • MAERSK.B.DC (Maersk) -- underperform at Bernstein

    • Other Actions

      • SIKA.SW (Sika Group) -- transferred buy at Berenberg; prior rating was buy

      • CPR.IM (Davide Campari-Milano) -- transferred equal weight at Barclays; prior rating was equal weight

      • KCO.GR (Kloeckner & Co.) -- resumed buy at Deutsche Bank; prior rating was buy

  • Data

    • Nikkei (0.26%) to 38262.16

    • Hang Seng +2.10% to 16588.96

    • Shanghai Composite +1.29% to 2960.29

    • S&P futures (3.3) vs prior close of 4991.5

    • €-$ +0.0005 or +0.05% to 1.0813

    • $-¥ +0.07 or +0.05% to 150.08

    • €-¥ +0.17 or +0.10% to 162.28

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