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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.40%, DAX +0.59%, CAC +0.34%

Feb 22 ,2024

  • Synopsis

    • European equity markets are set to open higher amidst Asian equities trading mostly higher Thursday. Nikkei surging to record highs on tech spike to surpass Dec-89's post-bubble peak, Topix also strong. Solid gains in mainland China, Hang Seng overturning a weak opening to trade higher. US futures pushing higher whilst US dollar lower again, DXY index below 104, strength in AUD, NZD; yen flat on Ueda remarks. Treasury yield curve flattening. Crude oil, precious metals higher, industrial metals mixed with iron ore lower again.

    • On today's agenda, informal meeting of economic and financial affairs ministers (through Sat). Mario Draghi will consult with EU finance ministers on Sat (24th) in connection with preparation of report on how to sustain investments in digital and green transitions as part of the bloc's competitiveness. EU's von der Leyen hosts the Clean Tech Industry Dialogue, also participating is EU's Šef�?ovic. EU's Ferreira speech at the LSE Seminar"European Cohesion Policy as driver of European Integration". Germany's Ministry of Finance latest monthly report.

    • In central banks, ECB minutes from last policy meeting as well as ECB's Fernandez-Bollo in roundtable at 8:30CET at Eurofi with Tuominen panellist at 10:25. Norges Bank releases at 10:00CET its Expectations Survey 2024 Q1. Turkey interest rate decision. Eurofi sees participation of Latvia Central Bank's Kaz�?ks

    • Macroeconomic releases today include: Eurozone, France, Germany, UK Feb preliminary manufacturing/services PMIs, France Feb business confidence, Switzerland Feb economic sentiment, Italy Jan final CPI, Austria Jan final CPI, Eurozone Jan final CPI, Ireland Dec PPI

    • In corporate news, AXA (CS.FP) reports FY EPS €3.31 ex-items vs consensus €3.38, raises dividend +16% y/y, announces share buyback and new strategic plan. Also in France, Danone (BN.FP) FY recurring EPS €3.54 vs FactSet €3.46 and proposes dividend of €2.10, up +5.0%. Accor (AC.FP) reports FY net income €633M vs consensus €499M and confirms medium-term growth prospects. Sopra Steria Group (SOP.FP) reports FY EPS €15.51 ex-items vs FactSet €16.00 and raises dividend +8.1% y/y. Bureau Veritas (BVI.FP) reports FY adjusted EPS €1.27 vs consensus €1.24. ENGIE reports FY net recurring income €5.40B vs consensus €5.40B and upgrades FY24 guidance.

    • From the DACH region, Nestle (NESN.SW) reports FY underlying EPS CHF4.80 vs consensus CHF4.87 and confirms FY25 mid-term targets. Heidelberg Materials reports Q4 result from current operations €754M vs FactSet €731.2M. Knorr-Bremse (KBX.GR) reports Q4 EPS €1.17 vs FactSet €0.99. Gerresheimer (GXI.GR) Q4 adjusted EPS €1.51 vs consensus €1.43. Zurich Insurance Group (ZURN.SW) FY net income attributable $4.35B vs consensus $4.93B. Mercedes-Benz Group (MBG.GR) Q4 EPS €2.99 vs FactSet €2.65 and announces new €3B share buyback.

    • In the Netherlands, Arcadis (ARCAD.NA) Q4 Operating EBITA €107M vs FactSet €89.0M whilst BE Semiconductor Industries (BESI.NA) reports Q4 EPS €0.68 vs FactSet €0.60.

    • Elsewhere, Lloyds Banking Group (LLOY.LN), Rolls-Royce Holdings (RR.LN), Anglo American (AAL.LN), WPP (WPP.LN), Iberdrola (IBE.SM) and Repsol (REP.SM) are among other companies expected to update the market today with their respective earnings.

  • Macro/Politics/World

    • Germany's shortage of workers is biggest risk to growth, minister says - Reuters

    • ECB's Wunsch Says Maybe Too Early to Get Hopes Up on Rates - Bloomberg

    • UK opens up gilts sales to retail investors - FT

    • Jeremy Hunt draws up plans for a 99 per cent mortgage scheme - FT

    • Surplus threatens Jeremy Hunt's plans for tax cuts - The Times

    • Mark Rutte in pole position to be next NATO boss - Politico

  • Top company news

    • Earnings/updates

      • DACHs

        • MTX.GR (MTU Aero Engines) -- guides FY24 revenue €7.3-7.5B vs FactSet €7.13B [20 est, €6.74-7.46B]; proposes €2.00/sh dividend for FY23

        • GXI.GR (Gerresheimer) -- reports Q4 adjusted EPS €1.51 vs consensus €1.43

        • ZURN.SW (Zurich Insurance Group) -- reports FY net income attributable $4.35B vs consensus $4.93B

        • KBX.GR (Knorr-Bremse) -- reports Q4 EPS €1.17 vs FactSet €0.99 [6 est, €0.71-1.26]

        • SUN.SW (Sulzer) -- reports FY core net income CHF257.9M

        • KRN.GR (Krones) -- reports Preliminary FY EBITDA €457.3M vs FactSet €450.1M [11 est, €427-464M]

        • MEDX.SW (medmix) -- reports FY adjusted net income CHF36.9M, (37%) vs year-ago CHF58.7M

        • KUD.SW (Kudelski) -- reports FY net income ($24.5M) vs FactSet ($8.5M) [3 est, ($21.8)-3.5M]

        • HEI.GR (Heidelberg Materials) -- reports Q4 result from current operations €754M vs FactSet €731.2M [2 est, €696.3-766M]

        • MBG.GR (Mercedes-Benz Group) - reports Q4 EPS €2.99 vs FactSet €2.65 [7 est, €2.40-2.96]; announces new €3B share buyback progamme

      • France

        • BN.FP (Danone) -- reports FY recurring EPS €3.54 vs FactSet €3.46 [22 est, €3.32-3.63]

        • SK.FP (SEB) -- reports FY EPS €6.97 vs FactSet €7.45 [10 est, €6.75-8.29]

        • POM.FP (Plastic Omnium) -- reports FY net income €163M vs FactSet €167.9M [9 est, €141.2-179.4M]

        • SOP.FP (Sopra Steria Group) -- reports FY EPS €15.51 ex-items vs FactSet €16.00 [10 est, €13.24-17.99], raises dividend +8.1% y/y

        • IPS.FP (Ipsos) -- reports FY adj net income €228.6M vs FactSet €212.5M; hikes divi by >22% and guides FY24

        • NK.FP (Imerys) -- reports FY adjusted net income attributable from cont. ops €242M; cuts ordinary dividend (10%) y/y

        • ERA.FP (Eramet) -- reports FY net income €109M vs year-ago €740M

        • AXW.FP (Axway Software) -- reports FY EPS €1.71 vs FactSet €1.72 [1 est]

        • AC.FP (Accor) -- reports FY net income €633M vs consensus €499M; confirms medium-term growth prospects

        • ENGI.FP (ENGIE) -- reports FY net recurring income €5.40B vs consensus €5.40B; upgrades FY24 guidance

      • Nordics

        • BORR.NO (Borr Drilling) -- reports Q4 net income $28.4M vs FactSet $9.6M [5 est, ($3)-19.8M]

        • BETCO.SS (Better Collective) -- confirms prelim FY23 earnings as per 9-Feb update; issues FY24 guidance and updated FY23-27 targets

        • EGTX.SS (Egetis Therapeutics) -- reports Q4 EPS (SEK0.30) vs FactSet (SEK0.35) [2 est, (SEK0.37)-(0.32)]

        • GSF.NO (Grieg Seafood) -- reports Q4 EPS NOK2.20 vs FactSet (NOK0.32) [9 est, (NOK1.20)-1.05]

      • Benelux

        • AMG.NA (AMG Critical Materials) -- reports Q4 EPS $0.07 vs year-ago $1.85

        • AALB.NA (Aalberts) -- reports FY EPS €3.37 ex-items vs year-ago €3.36; raises dividend +2% y/y

        • BEIS.NA (BE Semiconductor Industries) -- reports Q4 EPS €0.68 vs FactSet €0.60 [8 est, €0.58-0.68]

        • FFARM.NA (ForFarmers) -- reports FY Underlying EPS €0.25 vs year-ago €0.337

        • VLK.NA (Van Lanschot Kempen) -- reports FY Underlying EPS €2.95 vs FactSet €2.92 [2 est, €2.83-3.00]

      • Southern Europe

        • PRS.SM (Promotora de Informaciones) -- reports FY net income (€33M) vs year-ago (€13M)

        • HOME.SM (Neinor Homes) -- reports FY EPS €1.32 ex-items vs FactSet €1.12 [6 est, €0.88-1.22]

        • TEF.SM (Telefonica) -- reports Q4 OIBDA €1.79B vs consensus €1.98B; confirms cash dividend for 2024 of €0.30/sh

    • M&A

      • AXW.FP (Axway Software) -- announces entering into exclusive discussions to acquire most of Sopra Banking Software activities

      • DHER.GR (Delivery Hero) -- reports negotiations regarding potential sale of foodpanda business in select SE Asia markets terminated

      • SK.FP (SEB) -- to acquire Groupe Sofilac (terms undisclosed)

      • MAIRE.IM (Maire Tecnimont) -- Maire Tecnimont's Nextchem agrees to acquire HyDEP and Dragoni Group

      • KUD.SW (Kudelski) -- reports FY net income ($24.5M) vs FactSet ($8.5M) [3 est, ($21.8)-3.5M]

      • TSL.IM (Tessellis) -- signs a binding letter of intent for the acquisition of a 3.51% stake on Istella; chairman resigns for personal reasons

      • BOLS.NA (Lucas Bols) -- Nolet and Lucas Bols announce final results of offer with 75.8% of shares obtained

    • Other

      • AIR.FP (Airbus SE) -- Vietjet Air signs MoU with Airbus for the purchase of 20 A330-900 widebodies; terms undisclosed

      • NK.FP (Imerys) -- StreetAccount Metrics Recap - Imerys FY Earnings

      • ACC.NO (Aker Carbon Capture) -- awarded study for waste-to-energy plants in Northern Europe

      • SRAIL.SW (Stadler Rail) -- awarded contract for electric battery trainsets by Chicago

      • PRS.SM (Promotora de Informaciones) -- PRISA resolves to increase share capital

      • SAP.GR (SAP) -- Proposes increased annual regular dividend of €2.20/sh for FY23 vs €2.05 year-ago

      • BP.LN (BP) -- Lightsource bp completes $348M financing for two utility-scale solar projects, additional energy security and diversification for Texas grid

      • MBG.GR (Mercedes-Benz Group) -- resolves to implement a share buyback policy and to conduct a further share buyback program

      • HEI.GR (Heidelberg Materials) -- announces up to €1.2B share buyback program

      • UCG.IM (UniCredit) -- seeking improved terms for selling Amundi's funds to its clients in 2024 - Reuters (21-Feb, 17:05 CET)

      • EVD.GR (CTS Eventim) -- CTX Eventim and AXS to become ticketing service provider for 2028 Olympic games

      • WIE.AV (Wienerberger) -- AG resolves on use of 6M treasury shares

  • Key rating changes

    • Upgrades

      • BC8.GR (Bechtle) -- to buy from hold at Berenberg

      • FLS.DC (FLSmidth & Co.) -- to buy from hold at DnB Markets; to buy from hold at ABG Sundal Collier

      • MONY.LN (Moneysupermarket.com Group) -- to buy from hold at Berenberg

      • VID.SM (Vidrala) -- to buy from hold at Bestinver Securities

    • Downgrades

      • SOBI.SS (Swedish Orphan Biovitrum) -- to hold from buy at Deutsche Bank

      • SU.FP (Schneider Electric) -- to hold from buy at HSBC

  • Data

    • Nikkei +2.19% to 39098.68

    • Hang Seng +0.78% to 16631.59

    • Shanghai Composite +1.03% to 2981.24

    • S&P futures +40.0 vs prior close of 4996.3

    • €-$ +0.0019 or +0.18% to 1.0838

    • $-¥ (0.08) or (0.05%) to 150.24

    • €-¥ +0.19 or +0.12% to 162.81

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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