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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.15%), DAX (0.21%), CAC (0.04%)

Feb 27 ,2024

  • Synopsis

    • Europe indices are set to open lower whilst Asian equities trading mixed Tuesday. Japan to finish near the start line despite hitting a fresh intra-day record high. Australia added a few points. Mainland China stocks higher but Hang Seng languishing in the red. Seoul and Taipei steeply lower as tech rally runs out of steam.

    • On today's agenda, Norway's finance minister Vedum attends meeting of finance ministers in the G20 whilst Norway's energy minister Aasland attends the annual energy conf. of Sparebank 1 Markets. In UK, MPs questions on Energy Security and Net Zero kick of proceedings, with committee topics including regulation of property agents 10:30GMT, UK trade policy: food and agriculture 14:30 and How sustainable is our national debt? 15:00.

    • In central banks, Riksbank's Thedéen speech at 8:00CET at seminar organised by the Östsvenska Chamber of Commerce. BOE's Benjamin speech at annual BEAR research conf, BOE's Bailey speech at 12:30GMT. Norges Bank Annual Report released at 10:00CET. BOE's Ramsden speech at 13:40GMT at Assn for Financial Markets in Europe's Bond Trading, Innovation and Evolution Forum. Bundesbank's Balz speech at 17:00CET at event at bank's regional office in Baden-Württemberg. Hungary Central Bank interest rate decision and Russia Monetary Policy Report.

    • Macroeconomic releases today include: Germany Mar consumer confidence - GfK, France Feb consumer confidence, Eurozone Jan M3 money supply

    • In corporate news, in the DACH's region, Straumann Holding (STMN.SW), Arbonia (ABBN.SW), Duerr (DUE.GR) and SIG Combibloc Group (SIGN.SW) reported FY/Q4 earnings. In France, Edenred (EDEN.FP), Bouygues (EN.FP) and Eurofins Scientific (ERF.FP) issued FY numbers with the latter cutting dividend by 50% and guiding FY24 objectives. In Southern Europe, Banco Comercial Portugues (BCP.PL) reported FY earnings with a revenue of €3.77B vs FactSet €3.65B. Also due to report today includes ASM International (ASM.NA), PUMA (PUM.GR), Smith & Nephew (SN.LN), Croda International (CRDA.LN), The UNITE Group (UTG.LN) Lagarde (MMB.FP).

  • Politics/Macro/World News

    • Jeremy Hunt plans national insurance cut and vape tax for budget - The Times

    • UK tax burden to hit record high regardless of Budget, analysis finds - FT

    • Hunt must spell out how tax cuts would be paid for - BBC

    • Macron says sending western troops to Ukraine cannot be ruled out - FT, The Guardian

    • EIB shifts on nuclear power under new leadership - FT

    • A Slow-Motion Property Crash in Germany Is a Bigger Threat to Banks Than US CRE - Bloomberg

  • Top company news

    • Earnings/updates

      • DACHs

        • STMN.SW (Straumann Holding) -- reports FY core EPS CHF2.76 vs consensus CHF2.95; hikes divi by ~6.3% and guides FY24

        • SIGN.SW (SIG Combibloc Group) -- reports Q4 net income €94.8M ex-items vs FactSet €108.6M

        • ADV.GR (Adtran Networks) -- reports Q4 net income (€22.7M) vs year-ago €3.8M

        • PSPN.SW (PSP Swiss Property) -- reports FY EPS CHF7.40 ex-items vs FactSet CHF5.62

        • BBN.SW (Bellevue Group) -- reports FY net income CHF15.2M, in line with preliminary numbers as of 29-Jan

        • ARBN.SW (Arbonia) -- reports FY cont ops net income (CHF12.5M) ex-items vs year-ago CHF3.2M

        • NWO.GR (New Work) -- reports preliminary FY EBITDA €97.1M vs guidance €92-100M; FactSet €91.3M

        • DUE.GR (Duerr) -- reports Q4 net income €4.9M vs consensus €18.7M; guides FY24

      • France

        • EDEN.FP (Edenred) -- reports FY net income €267M vs consensus €312M

        • GTT.FP (Gaztransport & Technigaz) -- reports FY net income €201.4M vs FactSet €183.2M; hikes divi +41%, guides 2024 EBITDA between €345-385M vs FactSet €342.36M

        • ERF.FP (Eurofins Scientific) -- reports FY net income €308M vs consensus €431M; cuts divi by 50%, guides FY24 and confirms FY27 objectives

        • EN.FP (Bouygues) -- reports FY net income €1.04B vs FactSet €1.06B [11 est, €966.2-1.26B]; is targeting 2024 sales and COPA slightly up on 2023

      • Nordics

        • ZEAL.DC (Zealand Pharma) -- reports FY EPS (DKK12.44) vs FactSet (DKK13.01)

        • MPCC.NO (MPC Container Ships) -- reports Q4 adj EPS $0.18 vs FactSet $0.16

        • HYPRO.NO (HydrogenPro) -- reports Q4 net income (NOK1M) vs FactSet (NOK36.8M)

        • NRC.NO (NRC Group) -- reports Q4 net income (NOK6M) vs year-ago (NOK393M)

        • SITOWS.FH (Sitowise Group) -- reports Q4 EPS (€0.02) vs FactSet €0.03

        • MAHA.A.SS (Maha Energy) -- reports Q4 EPS $0.00 vs year-ago ($0.03)

        • QLINEA.SS (Q-linea) -- reports Q4 EPS (SEK0.46) vs year-ago (SEK2.18)

        • SIOFF.NO (Siem Offshore) -- reports Q4 EBITDA $40.1M vs FactSet $41.9M

        • SIILI.FH (Siili Solutions) -- reports Q4 EBITA €2.5M ex-items vs year-ago €3.1M

      • Benelux

        • UPG.BB (Unifiedpost) Group reports FY net income attributable (€83.9M) including items and unclear if comparable to FactSet (€33.8M)

        • CFEB.BB (Cie d'Entreprises CFE) -- reports FY net income €22.8M vs FactSet €33.5M [3 est, €28-44.1M]; keeps divi unchanged

      • Southern Europe

        • BCP.PL (Banco Comercial Portugues) -- reports FY net income €856M vs FactSet €833.4M [12 est, €794.7-866.6M]

        • ORY.SM (Oryzon Genomics) -- reports Q4 EPS (€0.03) vs FactSet (€0.05) [3 est, (€0.10)-(0.02)]

      • Also due to report today

        • Earnings:

          • Benelux: ASM International (ASM.NA)

          • DACHs: MunichRe (MUV2.GR), PUMA (PUM.GR), flatexDEGIRO (FTK.GR)

          • France: Lagarde (MMB.FP), Coface (COFA.FP)

          • Nordics: Jyske Bank (JYSK.DC), Per Aarsleff (PAAL.B.DC), Millicom International Cellular (TIGO.SS), Måsøval (MAS.NO), Integrated Wind Solutions (IWS.NO)

          • Southern Europe: Ferrovial (FER.SM), Naturgy Energy (NTGY.SM), Laboratorios Farmaceuticos Rovi (ROVI.SM), Gestamp Automocion (GEST.SM), Construcciones y Auxiliar de Ferrocarriles (CAF.SM), Semapa (SEM.PL), IGD SIIQ (IGD.IM), Davide Campari-Milano (CPR.IM)

          • UK/Ireland: Smith & Nephew (SN.LN), Croda International (CRDA.LN), The UNITE Group (UTG.LN), abrdn (ABDN.LN), Kitwave Group lc (KITW.LN), McBride (MCB.LN), Uniphar (UPR.ID)

        • Trading Update: Adocia (ADOC.FP), Bilendi (ALBLD.FP)

        • CMD/events: Aperam (APAM.NA), International Public Partnerships (INPP.LN)

    • M&A

      • ROG.SW (Roche Holding) -- considering sale of lung disease drug, Esbriet, amid buyer interest - Bloomberg

      • IBE.SM (Iberdrola) -- announces closure of the share purchase agreement relating to the sale of power generation assets with an installed capacity of 8.539 MW in Mexico

      • MQG.AU (Macquarie Group) -- to sell its share of Australian Renewable Energy Hub to BP - Sydney Morning Herald

      • ARBN.SW (Arbonia) -- receives several unsolicited expressions of interest in purchasing the Climate (formerly HVAC) Division; negotiations with potential buyers at advanced stage

      • APGN.SW (APG) -- board initiates process which aims at finding a potential acquirer for the entire company

      • CLNX.SM (Cellnex Telecom) -- Various suitors competing for Cellnex Telecom's Polish operations - Bloomberg

      • UCG.IM (UniCredit) -- exploring acquisition of Vodeno - Bloomberg (26-Feb, 15:59 CET)

      • SRG.IM (Snam) -- Edison enters exclusive negotiations with Snam for the sale of Edison Stoccaggio (post EU close 26-Feb)

      • ELIS.FP (Elis) -- closes the acquisition of Moderna Holding BV in the Netherlands

      • PEUG.FP (Peugeot Invest) -- launches the sale of its stake in Groupe SEB

      • PHN.IM (Pharmanutra) -- announces merger by incorporation of Junia Pharma and Alesco into PharmaNutra

    • Healthcare

      • FGEN (Fibrogen) -- regains all rights to Roxadustat from AstraZeneca in the United States and other AstraZeneca territories, except China and South Korea

      • GMAB.DC (Genmab) -- FDA accepts for priority review sBLA for Genmab and AbbVie's Epcoritamab (EPKINLY) for difficult-to-treat relapsed or refractory follicular lymphoma

      • AB.FP (AB Science) -- announces that Health Canada has issued a Notice of Non-Compliance-Withdrawal (non/w) for masitinib in ALS

      • VIMIAN.SS (Vimian Group) -- reaches settlement agreement with one of the sellers in indemnification process relating to US patent dispute

    • Other

      • MUV2.GR (Munich Re) -- to propose dividend of €15/sh for 2023 and resolves share buy-back with volume of up to €1.5B

      • CO.FP (Casino Guichard-Perrachon) -- announces Paris Commercial Court approval of the accelerated safeguard plans

      • SHA.GR (Schaeffler) -- announces new automotive manufacturing facility

      • NEOEN.FP (Neoen) -- completes renewable energy portfolio financing of over A$1.1B in Australia

      • Canada government awards Rio Tinto C$18.1M to decarbonize iron ore operations at Labrador West

      • Dimon sees CRE distress likely contained, while others see opportunities to invest

      • Petrobras signs agreement with ArcelorMittal for studies and evaluations of low-carbon businesses

  • Key rating changes

    • Upgrades

      • FLTR.LN (Flutter Entertainment) -- to overweight from equal weight at Barclays

      • OR.FP (L'Oreal) -- to buy from hold at Berenberg

      • NESN.SW (Nestle) -- to sector perform from underperform at RBC Capital Markets

    • Downgrades

      • ULVR.LN (Unilever) -- to underweight from equal-weight at Morgan Stanley

      • WPP.LN (WPP Group) -- to hold from buy at HSBC

      • SU.FP (Schneider Electric) -- to market perform from outperform at Bernstein

      • AENA.SM (Aena) -- to neutral from outperform at Santander

  • Data

    • Nikkei +0.01% to 39239.52

    • Hang Seng +0.10% to 16651.86

    • Shanghai Composite +1.03% to 3007.69

    • S&P futures (5.3) vs prior close of 5080.3

    • €-$ (0.0006) or (0.06%) to 1.0848

    • $-¥ (0.22) or (0.14%) to 150.50

    • €-¥ (0.29) or (0.18%) to 163.26

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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