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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.12%, DAX +0.06, CAC (0.09%)

Feb 29 ,2024

  • Synopsis

    • European equity markets are set to open mixed amidst Asian equities moving higher over the day Thursday. Japan's markets gapped lower but are set to close near the flatline. Australia ended higher although both it and New Zealand set to be Asia's underperformers for February. More solid gains in mainland China, Hong Kong flat. US futures recovering to the flatline over the morning whilst US dollar unchanged, yen strengthening after a finance ministry official warned against currency volatility and on hawkish BOJ board member comments. Oil and precious metals flat, industrial metals moving higher.

    • In political developments, Rochdale by-election in the UK.

    • Macro calendar updates include: France/Switzerland/Sweden/Finland/Austria/Portugal Q4 final GDP, France/Spain/Ireland/Portugal Feb preliminary CPI, France Jan consumer spending, France/Austria/Greece Jan PPI, Switzerland Feb leading indicator - KOF, UK Feb mortgage approvals and Jan M4 money supply, Sweden/Netherlands/Norway Jan retail sales, Denmark Jan unemployment rate, Greece Dec retail sales

    • In corporate news, Covestro (1COV.GR) posted FY net income (€198M) vs FactSet (€134.7M) with no dividend. Also in the DACH region, Clariant (CLN.SW) Q4 adjusted EBITDA CHF158M vs consensus CHF145.0M; targets low single-digit local currency growth for 2024. Adecco Group (ADEN.SW) Q4 adjusted EPS €0.75 vs consensus €0.92.

    • Out of the Nordics, Frontline (FRO.NO) reported FY net income $656.4M vs FactSet $621.1M. In the Benelux, Anheuser-Busch InBev (ABI.BB) Q4 Underlying EPS $0.82 vs consensus $0.75 and proposes FY dividend €0.82/share. Ackermans & van Haaren (ACKB.BB) FY net profit €399.2M vs FactSet €397M. In France, Arkema (AKE.FP) posted Q4 adj EPS €1.43 vs consensus €1.67 and hikes divi by ~3%. Veolia Environnement (VIE.FP) is also out with FY earnings.

    • Also due to report today includes Beiersdorf (BEI.GR), MTU Aero Engines (MTX.GR), Compagnie de Saint-Gobain (SGO.FP), Cellnex Telecom (CLNX.SM), Construccion y Servicios (ACS.SM) and Grifols (GRF.SM).

    • On M&A front, Shell's (SHEL.LN) US solar business Savion reportedly puts a quarter of its assets up for sale.

  • Politics/Macro/World News

    • Show Franco-German animosity is hampering the EU's Ukraine arms fund - FT

    • Zelenskiy Pushes Peace Plan, Need for Arms in Albania Visit - Bloomberg

    • Jeremy Hunt could scrap non-dom status to fund tax cuts in Budget - Telegraph

    • Rochdale by-election: Polls to open as George Galloway and Simon Danczuk to battle for votes - Independent

    • Netherlands Jan Retail Sales +1.8% y/y vs consensus +3.7% and prior revised +3.7% from +4.2%

    • Finland Q4 GDP (1.6%) y/y vs preliminary (1.3%)

  • Top company news

    • Earnings/updates

      • Benelux

        • ABI.BB (Anheuser-Busch InBev) -- reports Q4 Underlying EPS $0.82 vs consensus $0.75

        • UMG.NA (Universal Music Group) -- reports Q4 adj EBITDA €677M vs consensus €675.2M

        • FUR.NA (Fugro) -- reports FY EPS €2.27 vs FactSet €1.38 [7 est, €1.28-1.52]

      • Southern Europe

        • MONC.IM (Moncler) -- reports FY net income €611.9M vs consensus €597M

        • SPM.IM (Saipem) -- reports Q4 adjusted net income from cont. ops. €101M vs year-ago (€139M)

        • MRL.SM (MERLIN Properties SOCIMI) -- reports FY FFO €0.61 vs prior guidance to exceed €0.60 and FactSet €0.62

        • SLR.SM (Solaria Energia) -- reports FY EPS €0.86 vs year-ago €0.72

        • TLGO.SM (Talgo) -- reports FY adjusted EBITDA €82.6M vs FactSet €74.0M [6 est, €60.4-78.2M]

      • DACHs

        • 1COV.GR (Covestro) -- reports FY net income (€198M) vs FactSet (€134.7M) [15 est, (€205)-12.8M]; no divi and guides FY24

        • AMS.SW (ams-OSRAM) -- to re-assess microLED strategy, record non-cash impairment charges, adjust mid-term revenue growth target

        • ADEN.SW (Adecco Group) -- reports Q4 adjusted EPS €0.75 vs consensus €0.92

        • KGX.GR (Kion Group) -- reports FY net income attributable €305.8M vs FactSet €338.6M [17 est, €304.0-410M], raises dividend, guides 2024

        • CLN.SW (Clariant) -- reports Q4 adjusted EBITDA CHF158M vs consensus CHF145.0M; targets low single-digit local currency growth for 2024

        • NDX1.GR (Nordex) -- reports FY net income (€290.0M) vs FactSet (€290.1M) [11 est, (€346)-(196.9M)]

        • FNTN.GR (Freenet) -- reports FY EBITDA €500.2M vs FactSet €500.4M [13 est, €495.3-505.0M]; hikes divi by 5% and guides FY24

        • VZN.SW (VZ Holding) -- reports FY net income CHF187.0M vs FactSet CHF193.7M [1 est], raises dividend +28.7% y/y

      • France

        • FGR.FP (Eiffage) -- reports FY net income €1.01B vs FactSet €1.05B [13 est, €973.8-1.46B]

        • EAPI.FP (Euroapi) -- reports FY EPS (€2.02) vs year-ago (€0.16)

        • MF.FP (Wendel) -- reports FY net income €142.4M vs FactSet €418.7M [3 est, €166-724M]

        • NEOEN.FP (Neoen) -- reports FY adj net income €80.4M vs FactSet €82.0M [13 est, €68.9-92M]; hikes divi by 20% and guides FY24

        • CLARI.FP (Clariane) -- reports FY net income ex IFRS 16 and ex asset impairment €67M vs year-ago €2M

        • NXI.FP (Nexity) -- reports FY net income €19M vs year-ago €188M

        • SMCP.FP (SMCP) -- reports FY net income €11.2M vs FactSet €30.1M [5 est, €18.6-40.4M]

        • GDS.FP (Ramsay Générale de Santé) -- reports H1 EPS (€0.16) vs year-ago €0.40

      • Nordics

        • ADE.NO (Adevinta) -- reports Q4 EBITDA €159M vs FactSet €160.1M [1 est]

        • OET.NO (Okeanis Eco Tankers) -- reports Q4 EPS $0.63 vs FactSet $0.61 [5 est, $0.56-0.65]

    • M&A

      • FOUR (Shift4 Payments) -- trading higher after report Fiserv and Amadeus IT Group are considering acquiring - Reuters

      • CLARI.FP (Clariane) -- to sell all UK assets and activities to Elevation Healthcare Property for ~€243M

        • to sell Berkley Care Network in UK for £207M

      • SHEL.LN (Shell Plc) -- Shell's US solar business Savion puts a quarter of its assets up for sale - Reuters

      • SZU.GR (Suedzucker) -- completes delisting tender offer for CropEnergies AG

      • BETCO.SS (Better Collective) -- announces capital raise of ~10% new shares to prepare for future M&A

      • DIB.IM (Digital Bros) -- reverts publishing rights of Control franchise to Remedy Entertainment

      • ALDAR.FP (Damartex) -- announces the sale of Afibel; price not disclosed

    • Healthcare

      • VLA.FP (Valneva) -- Valneva's single-dose Chikungunya vaccine IXCHIQ recommended by U.S. CDC Advisory Committee (ACIP)

      • SDZ.SW (Sandoz Group) -- Sandoz US subsidiaries resolve generic drug antitrust class action litigation with direct purchaser class plaintiffs

      • MITRA.BB (Mithra Pharmaceuticals) -- announces DONESTA safety study for menopause completes treatment phase and advances to data management & reporting phase

    • Other

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- board approves €1.5B issue of contingently convertible securities

      • TIT.IM (Telecom Italia) -- addresses Milan Public Prosecutor's office confiscation

      • DG.FP (VINCI SA) -- Vinci announces 10% buyback program 2024-2025

      • TKA.GR (ThyssenKrupp) -- dismisses Handelsblatt report about potential job and capacity cuts in steel division as speculation - Reuters

      • EQT.SS (EQT AB) -- EQT plans to commence Galderma IPO in Switzerland as soon as early March - Bloomberg, citing people familiar with the matter

      • ARCAD.NA (ARCADIS) -- selected as part of MPA Delivery Partners for Hudson Tunnel Project

  • Key rating changes

    • Upgrades

      • DLG.LN (Direct Line Insurance Group) -- to equal weight from underweight at Barclays

      • STJ.LN (St. James's Place) -- to buy from neutral at BofA

      • REP.SM (Repsol) -- to outperform from neutral at BNP Paribas

    • Downgrades

      • ECV.GR (Encavis AG) -- to hold from buy at Berenberg

      • ENI.IM (Eni) -- to underperform from neutral at BNP Paribas

    • Initiations

      • SOBI.SS (Swedish Orphan Biovitrum) -- buy at Berenberg

      • LTG.LN (Learning Technologies Group) -- neutral at Goldman Sachs

  • Data

    • Nikkei (0.11%) to 39166.19

    • Hang Seng +0.41% to 16605.40

    • Shanghai Composite +1.45% to 3000.73

    • S&P futures +0.0 vs prior close of 5081.0

    • €-$ +0.0000 or +0.00% to 1.0835

    • $-¥ (0.94) or (0.63%) to 149.75

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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