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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.63%, DAX30 +0.39%, CAC40 +0.34%

Mar 01 ,2024

  • Synopsis

    • European equity markets set to open broadly higher amidst mostly higher session in Asia. US futures also higher. US dollar flat, yen weaker. Treasury yields mixed. Crude futures continue to trade in a tight range. Industrial metals higher.

    • On the agenda for today, BOE's Pill speech at 13:00GMT at the Cardiff University Business School. Among events that EU's Simson speaking at during visit to Azerbaijan is 10th Ministerial Meeting of the Southern Gas Corridor Advisory Council. France, Italy and Spain Feb new car registrations.

    • In political updates, George Galloway wins a divisive by-election contest in Rochdale, north England, with 12,335 votes on a 37.6% turnout. In other updates, ECB Governing Council member Fabio Panetta remarks that consumer-price growth is slowing more rapidly than anticipated.

    • Economic data releases for today see Italy/Norway/Spain/Sweden/Switzerland Feb manufacturing PMI readings, with final reads for Eurozone/France/Germany/UK; Switzerland Jan retail sales, Eurozone/Italy/Netherlands/Austria Feb preliminary CPI also due. Italy Jan unemployment rate, Eurozone/Greece Jan unemployment rate and Austria Feb unemployment rate also due along with UK Feb house price index - Nationwide.

  • Politics/Macro/World News

    • ECB's Panetta Says Inflation Is Falling Faster Than Expected - Bloomberg

    • Hunt leans toward retaining 5p/liter UK fuel duty cut - Bloomberg

    • Sunak's Rwanda asylum scheme could cost UK £580Mn, watchdog warns - FT

    • George Galloway wins divisive Rochdale by-election - FT

    • SNB Chairman Thomas Jordan to step down at end of Sept-24

    • Netherlands Feb preliminary CPI +2.8% y/y vs consensus +3.0% and prior +3.2%

  • Top company news

    • Earnings/updates

      • VK.FP (Vallourec) -- Q4 EBITDA €280M vs 1-Feb guidance >€275M, FactSet €278.2M [2 est, €276-280.4M]

      • ANA.SM (Acciona) -- FY net income attributable €541M vs FactSet €584.9M [8 est, €533-691M], dividend +7.8% y/y

      • DTG.GR Daimler Truck Holding reports Q4 EBIT €1.56B vs FactSet €1.38B [4 est, €1.24-1.54B]

      • MAU.FP Maurel et Prom reports final FY net income €242M vs FactSet €184.9M [4 est, €154.0-245M]; keeps div unchanged

      • HEIJM.NA (Heijmans) -- FY EPS €2.40 vs year-ago €2.56, raises dividend +1.1% y/y

      • BEKB.BB (Bekaert) -- FY Underlying EBIT €388M vs FactSet €365.9M [4 est, €360.3-370M]; to prioritize investment in the business in the next 12-24 months

      • BPOST.BB (bpost) -- Q4 net income €34.6M vs FactSet €43.3M [2 est, €39.3-47.3M]

      • AGN.NA (Aegon) -- FY operating capital generation €1.28B vs consensus €1.25B

      • CRBN.NA (Corbion) -- FY EPS €1.22 vs FactSet €1.16 [6 est, €0.93-1.67]

      • KNIN.SW (Kuehne & Nagel) -- FY EPS CHF12.02 vs consensus CHF12.27

      • SGO.FP (Compagnie de Saint-Gobain) -- FY adjusted EPS €6.39 vs FactSet €6.04 [19 est, €5.11-6.50]

      • CLNX.SM (Cellnex Telecom) -- FY Adjusted net income (€297M) vs FactSet (€279.5M)

      • FR.FP (Valeo SE) -- FY net income €221M vs consensus €292.2M; targets 2024 operating margin of 4.0% - 5.0%

      • GNFT.FP (GENFIT) -- FY revenue €28.6M vs year-ago €20.2M

      • LDO.IM (Leonardo) -- FY EBITA €1.29B vs consensus €1.26B

      • EDP.PL (EDP-Energias de Portugal) -- FY net income attributable €952M, +40% vs year-ago €679M, dividend +2.6% y/y

      • ACS.SM (ACS SA) -- FY net income €780M vs FactSet €694.4M [11 est, €535-776M]

      • ACX.SM (Acerinox) -- Q4 net income attributable (€119M)

      • COL.SM (Inmobiliaria Colonial SOCIMI) -- FY Recurring EPS €0.32 vs FactSet €0.31 [15 est, €0.30-0.33]

      • FCC.SM (Fomento de Construcciones y Contratas) -- FY net income €591M vs FactSet €459.6M [4 est, €372.1-500M]

      • VIS.SM (Viscofan) -- FY net income €141.0M vs FactSet €143.7M [10 est, €139.2-146.8M]

      • MEL.SM (Melia Hotels International) -- FY net income €117.7M vs FactSet €103.4M [12 est, €89.6-117M]

      • BUCN.SW (Bucher Industries) -- FY EPS CHF34.38 vs FactSet CHF33.01 [9 est, CHF31.65-34.26]

      • SIX2.GR (Sixt) -- preliminary FY earnings before taxes €464.3M vs FactSet €473.8M; expects Q1 EBT in range of (€15M) to (€28M) vs year-ago €33.3M; FY24 EBT guided between €400M and €520M vs year-ago €464M

      • ICOS.IM (Intercos) -- FY adjusted net income €56.5M vs FactSet €62.0M

      • MARR.IM (Marr) -- preliminary FY revenue €2.09B vs FactSet €2.10B [5 est, €2.05-2.14B]

    • M&A

      • EMBRAC.B.SS (Embracer Group) -- to sell Saber Interactive to private investor group for up to $500M (SEK5.18B) - Bloomberg, citing person familiar with the transaction (29-Feb, 17:26 CET)

      • AMS.SM (Amadeus IT Group) -- says not interested in Shift4 (FOUR)

      • TOD.IM (Tod's) -- L Catterton files offer document with Consob in connection with previously disclosed tender offer over 36% stake in Tod's

      • OMV.AV (OMV) -- ADNOC completes acquisition of 24.9% stake in OMV from Mubadala

      • EMBRAC.B.SS (Embracer Group) -- reportedly close to sale of Gearbox Entertainment - Kotaku

      • STB.NO (Storebrand) -- receives approavals for divestment of 50% stake in Helseforsikring; closing expected on 2-Apr

      • FDE.FP (La Française de l'Energie) -- completes acquisition of controlling stake in Greenstat ASA

    • Healthcare

      • BAYN.GR (Bayer AG) -- proposes activist investor Jeffrey Ubben as new Supervisory board member

    • Other

      • VSC.GR (4SC) -- Marketing Authorisation Application (MAA) for resminostat (Kinselby) accepted by the EMA

      • ABCA.FP (ABC) -- arbitrage issues comments following fall in the price of shares in recent weeks

      • SNBN.SW (SNB) -- Chairman Thomas Jordan to step down at end of September 2024

      • EQNR.NO (Equinor) -- subsidiary Empire Wind 1 awarded offtake contract in New York's fourth offshore wind solicitation round

      • ORSTED.DC (Ørsted) -- and Eversource's Sunrise Wind project awarded right to negotiate a 25-year offshore wind renewable energy certificate agreement for an offshore wind farm with a maximum capacity of 924 MW

      • NHY.NO (Norsk Hydro) -- CFO Pål Kildemo to step down to take position as CFO in Emirates Global Aluminium

      • SBRY.LN (J Sainsbury) -- to remove 1,500 roles (timing uncertain, seemingly shortly before 29-Feb EU close)

      • MB.IM (Mediobanca) -- completes €200M share buyback

      • IVG.IM (Iveco Group) -- IVECO to supply 178 sustainable trucks to DHL in Germany

      • SBMO.NA (SBM Offshore) -- SPM Offshore announces repurchase of 50K shares

      • WBD.IM (Webuild) -- Webuild's main shareholders Salini and CDP Equity prematurely renew the shareholder agreement in force between them; new agreement lasts up to 28-Feb-27

      • MDM.FP (Maisons du Monde) -- appoints Denis Lamoureux as new CFO effective 4-Mar

  • Key rating changes

    • Upgrades

      • EDPR.PL (EDP Renovaveis) -- to buy from neutral at Goldman Sachs

      • EKTA.B.SS (Elekta) -- Elekta short-term recommendation upgraded to buy from hold at Handelsbanken

    • Downgrades

      • AMS.SW (ams-OSRAM) -- to hold from buy at Stife

      • ADE.NO (Adevinta) -- to hold from buy at SEB

      • REL.LN (RELX) -- to hold from buy at Berenberg

      • MONC.IM (Moncler) -- to hold from buy at HSBC

      • NESTE.FH (Neste) -- to hold from buy at Carnegie Securities

      • AMS.SW (ams-OSRAM) -- to market perform from outperform at Bernstein

      • STJ.LN (St. James's Place) -- to hold from buy at Numis (timing uncertain)

      • RBREW.DC (Royal Unibrew) -- to hold from buy at Danske Bank

      • KARN.SW (Kardex Holding) -- to hold from buy at Kepler Cheuvreux

    • Initiations

      • IMI.LN (IMI) -- outperform at Davy

      • PHP.LN (Primary Health Properties) -- neutral at JPMorgan

      • ALIG.SS (Alimak Group) -- buy at Berenberg

  • Data

    • Nikkei +1.90% to 39910.82

    • Hang Seng +0.39% to 16575.68

    • Shanghai Composite +0.29% to 3024.01

    • S&P futures +9.3 vs prior close of 5103.8

    • €-$ +0.0006 or +0.06% to 1.0811

    • $-¥ +0.39 or +0.26% to 150.37

    • €-¥ +0.47 or +0.29% to 162.52

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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