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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.05%), DAX +0.22%, CAC +0.26%

Feb 23 ,2024

  • Synopsis

    • Europe indices are set to open mixed as US futures trade higher. Notable earnings reported so far today include: Allianz reporting Q4 Core Net income €2.35B vs consensus €2.28B. Deutsche Telekom reporting Q4 EPS €0.37 ex-items vs consensus €0.38. BASF SE reported final FY earnings in line with preliminary. StanChart reports better than expected Q4 earnings and launches new $1B share buyback.

    • Asian equities are trading mostly higher. Greater China markets seeing a mixed day with Shanghai higher, but Shenzhen and Hong Kong lower. Japan closed for a holiday.

    • US equities ended higher and near best levels in Thursday trading, with S&P logging a new all-time high and the Nasdaq having its best session in more than a year. Nvidia revenue and EPS beat by more than 8% and 12% respectively, while revenue guidance was nearly 9% ahead.

    • In central banks, ECB's latest consumer expectations survey results released at 10:00CET and ECB's Schnabel lecture at shortly after 10:20 on "Has the fight against inflation been won?" at Bocconi University. ECB's af Jochnick panelist at 10:30 at Eurofi and ECB's Schnabel speech at 14:00 at event hosted by Forum Analysis. Bundesbank's Nagel, Mauderer at press conf at 11:00CET in connection with Deutsche Bundesbank Annual Report 2023. Norges Bank's Longva receives at 10:00CET the annual Norges Bank Watch report.. UK Jan car production.

    • Macroeconomic releases due today include: Germany Q4 final GDP, Feb business climate - Ifo, UK Feb consumer confidence - Gfk, Feb distributive trades - CBI, Eurozone Jan consumer inflation expectations

    • In corporate news: BRNL.NA Brunel International reports Q4 Underlying EBIT €15.5M vs year-ago €17.8M. PROX.BB Proximus reports Q4 EPS €0.28 vs consensus €0.21. CALN.SW Calida Holding reports FY net income (CHF44.8M) vs FactSet (CHF52.6M) [2 est, (CHF60.5)-(44.6M)]

    • Earnings due today: Benelux: Cofinimmo (COFB.BB), What's Cooking Group NV (WHATS.BB), Brunel International (BRNL.NA)

    • DACHs: BASF (BAS.GR), HENSOLDT (HAG.GR).

    • Nordics: Okeanis Eco Tankers Corp. (OET.NO), Pagero Group (PAGERO.SS), Norva24 Group (NORVA.SS), RaySearch Laboratories (RAY.B.SS), Scandinavian Enviro Systems (SES.SS), Cavotec (CCC.SS), Scanfil (SCANFL.FH), Afarak Group (AFAGR.FH)

    • Southern Europe: Sogefi (SGF.IM)

    • UK: Standard Chartered (STAN.LN), City of London Investment Group (CLIG.LN)

  • Politics/Macro/World News

    • Traders Reduce Bets on ECB Cuts This Year to Less Than One Point (Bloomberg)

    • UK consumer confidence falls amid concern over persistent inflation (FT)

    • BASF Sees Growth in China, Cuts European Costs By €1 Billion (Bloomberg)

    • US to impose sanctions on over 500 targets in Russia action on Friday (Reuters)

    • Central Europe's shoppers still shell-shocked even as inflation ebbs (Reuters)

  • Top company news

    • Earnings/updates

      • GLPG.NA (Galapagos) -- reports FY net income from continuing operations (€4.0M) vs year-ago (€71.4M)

      • AAL.LN (Anglo American) -- StreetAccount Earnings Call Q&A Summary: Anglo American Q4

      • ALV.GR (Allianz) -- reports Q4 Core Net income €2.35B vs consensus €2.28B; 2024 Operating profit target of €14.8B, +/- €1B vs FactSet €15.41B, announces new share buyback program for up to €1B and amendment of dividend policy

      • BESI.NA (BE Semiconductor Industries) -- StreetAccount Earnings Call Q&A Summary: BE Semiconductor Industries Q4

      • STAN.LN (Standard Chartered) -- reports Q4 underlying EPS $0.30 vs FactSet $0.26 [4 est, $0.21-0.31]; launches new $1B share buyback

      • ATE.FP (Alten) -- reports FY net income €233.2M vs FactSet €249.4M [7 est, €241-263.4M]

      • FNAC.FP (Fnac Darty) -- reports FY adj. net income €31M vs FactSet €61.5M [6 est, €22-91.8M]

      • FII.FP (Lisi) -- reports FY EPS €0.83 vs FactSet €1.16 [4 est, €1.01-1.50]

      • EVS.BB (EVS Broadcast Equipment) -- reports FY EPS €2.65 vs FactSet €2.33 [3 est, €2.09-2.66]

      • MTEL.HB (Magyar Telekom Telecommunications) -- reports Q4 net income Ft24.30B vs FactSet Ft20.94B [4 est, Ft17.50-24.65B]

      • DOV.IM (doValue) -- reports preliminary FY adjusted net income €2.7M vs FactSet €16.1M [3 est, €6.5-34.9M]

    • M&A

      • EN.FP (Bouygues) -- signs exclusivity agreement with La Poste group for the acquisition of the virtual operator La Poste Telecom and a distribution partnership

      • EQT.SS (EQT AB) -- EQT, CPPIB exploring options for Nord Anglia including listing or sale - Bloomberg

      • U (Unity Software) -- Capgemini (CAP.FP) to acquire Unity's Digital Twin Professional Services arm

      • OMV.AV (OMV) -- OMV, Adnoc merger talks stall - FT

      • GF.SW (Georg Fischer) -- board decides not to increase share capital

      • CSR.AU (CSR) -- Saint-Gobain bid for CSR 'years' in the making - media reports

    • Healthcare

      • SAN.FP (Sanofi) -- The FDA has accepted for Priority Review the supplemental Biologics License Application (sBLA) for Sanofi's Dupixent

    • Other

      • ABBN.SW (ABB Limited) -- CEO Björn Rosengren to step down effective 31-Jul; to retire as of 31-Dec

      • LHA.GR (Deutsche Lufthansa) -- announces reorganization of executive board; CFO Remco Steenbergen to step down

      • ALV.GR (Allianz) -- announces new share buyback program for up to €1B and amendment of dividend policy

      • STAN.LN (Standard Chartered) -- launches new $1B share buyback

      • VOLCAR.B.SS (Volvo Car) -- to propose a distribution of 62.7% of Volvo Cars' shareholding in Polestar Automotive Holding UK PLC to Volvo Cars' shareholders

      • MBTN.SW (Meyer Burger Technology) -- proposes CHF200-250M rights issue for Colorado and Arizona manufacturing facilities at EGM

      • CTY1S.FH (Citycon) -- explores conditions to carry out directed share issue of up to 11.9M new shares through Deutsch and SEB

      • CTY1S.FH (Citycon) -- completes 11.9M directed share issue priced at €4.05/sh

  • Key rating changes

    • Upgrades

      • Berenberg upgrades BNP.FP

      • Keefe, Bruyette & Woods upgrades DNB.NO; downgrades SEB.A.SS

      • BREE.LN (Breedon Group) -- to overweight from equal weight at Barclays

      • DEC.FP (JCDecaux) -- to buy from neutral at Goldman Sachs

      • HTO.GA (Hellenic Telecommunications Organization) -- to overweight from equal weight at Barclays

      • REP.SM (Repsol) -- to overweight from neutral at JPMorgan

    • Downgrades

      • Berenberg downgrades ACA.FP

      • DEMANT.DC (Demant) -- to hold from buy at Deutsche Bank

      • DOM.LN (Domino's Pizza Group) -- to equal weight from overweight at Barclays

      • LUND.B.SS (L E Lundbergföretagen) -- to sell from hold at DnB Markets

  • Data

    • Nikkei +0.00% to 39098.68

    • Hang Seng +0.03% to 16748.28

    • Shanghai Composite +0.45% to 3001.78

    • S&P futures +5.0 vs prior close of 5097.8

    • €-$ +0.0003 or +0.03% to 1.0827

    • $-¥ +0.09 or +0.06% to 150.63

    • €-¥ +0.11 or +0.07% to 163.06

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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