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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.22%), DAX +0.08%, CAC +0.05%

Mar 04 ,2024

  • Synopsis

    • European equity markets set to open mixed, after the Stoxx Europe 600 closed at a record high of 497.58 on Friday. Germany's DAX also posted fresh all-time highs.

    • Asian equities reversing early gains to trade mostly lower Monday. Greater China benchmarks in cautious trading ahead of the National People's Congress. Few surprises in latest press previews of the NPC, which commences Tuesday. Leaders reportedly to retain growth target of around 5%. However, recent fiscal and monetary policy rhetoric again points to absence of large-scale easing.

    • In the UK, main event of the week is the UK Budget., which will take place on Wednesday. UK Chancellot Hunt has hinted that he will introduce tax cuts, though stressed that he would only do so in a way that was "responsible and prudent". Among the measures Mr Hunt is believed to be considering is a further cut to national insurance. (BBC). The Chancellor is also considering revenue raising measures including a possible rise in air passenger duty for business travel, according to the FT. Hunt is, according to the Times, drafting plans for up to £9B worth of tax rises and spending reductions in an effort to balance the books and pay for a potential 2p cut in national insurance. .

    • The other macro main event this week is the ECB meeting on Thursday. While the ECB is expected to hold rates at a record 4%, the debate on rate cuts is expected to be more heated than ever (ING Think, Reuters)

    • European macro data releases out today include Switzerland Feb CPI, Spain Feb unemployment change, Eurozone Mar Sentix investor confidence.

    • In corporate highlights: Henkel (HEN3.GR) reports broadly in-line FY results and issues FY24 outlook. Evonik (EVK.GR) reports Q4 adj. net income (€56M) vs FactSet (€55.1M); to establish a new organizational structure, sees ~€400M pa of cost reductions. Delivery Hero (DHER.GR) announces financing transaction to extend its existing term facilities and to raise add-on term facilities, confirms FY24 guidance. Sosteneo to acquire 49% stake in Enel Libra Flexsys for €1.1B

    • In central banks, SNB publishes its 2023 Annual Report. Riksbank's Bunge speech at 8:00CET at event organised by Ruter Dam. Bank of Spain's Delgado panelist at 15:30CET at event organized by the Austrian Central Bank, other speakers include Governor Holzmann. Today's agenda also sees Center for European Policy Studies event titled 'Ideas Lab', attendees include EU's Dombrovskis. EU's Šef�?ovi�? participates in a roundtable at the European Conference for a Just Transition and EU's McGuinness delivers a keynote speech at the Annual Payment Conference 2024. Chancellor Scholz participates in the Mercedes-Benz works meeting. In UK, MPs ask questions Levelling Up, Housing and Communities before a general debate on farming. Committee topics include UK's preparedness for future pandemics (16:15GMT). EU energy ministers meeting.

  • Macro/politics

    • Oil

      • OPEC+ members extend oil output cuts to second quarter - Reuters

    • UK

      • Budget 2024: Jeremy Hunt hints he will cut taxes - BBC

      • Hunt lines up personal tax cuts for Budget; also considers revenue raising measures including possible rise in air passenger duty for business travel - FT

      • UK Traders Are Wary That Hunt's Budget Risks Revving Inflation - Bloomberg

    • Portugal

      • S&P upgrades Portugal to 'A-' on ongoing steep external and government deleveraging; outlook positive - Link

  • Top company news

    • Earnings/updates

      • HEN.GR (Henkel)

        • reports FY Revenue €21.50B vs consensus €21.50B, adj EBIT €2.56B vs consensus €2.58B, adj EPS €4.35 vs consensus €4.35

        • Outlook for FY24: Organic sales growth: 2.0 - 4.0%, EBIT margin: 12.0 - 13.5%, EPS: Increase of +5 to +20% (at constant exchange rates)

      • EVK.GR (Evonik Industries) -- reports Q4 adj. net income (€56M) vs FactSet (€55.1M); to establish a new organizational structure, sees ~€400M pa of cost reductions

      • DHER.GR (Delivery Hero) -- announces financing transaction to extend its existing term facilities and to raise add-on term facilities, confirms FY24 guidance

      • BEAN.SW (BELIMO Holding) -- reports FY net income CHF136.8M vs FactSet CHF120.9M [10 est, CHF116.9-127M]

      • COTN.SW (COMET Holding) -- reports final FY earnings in line with prelim. release: net income CHF15.4M vs FactSet CHF14.2M [6 est, CHF2.0-18.3M]

      • ARYN.SW (Aryzta) -- reports FY net income attributable €125.7M, +55% vs year-ago €80.9M

      • SHLF.NO (Shelf Drilling) -- reports Q4 net income ($21.2M) vs FactSet $5.3M [2 est, $1.4-9.2M]

      • SHLF.NO (Shelf Drilling) -- issues March fleet status report

      • GURN.SW (Gurit Holding) -- reports FY net income CHF4.0M vs FactSet CHF10.6M [5 est, CHF5.2-15.2M]

      • Also reporting today

        • Earnings:

          • Southern Europe: Piaggio & C (PIA.IM)

          • UK: GlobalData (DATA.LN), Craneware (CRW.LN), Senior (SNR.LN), Quartix Technologies (QTX.LN)

        • CMD/events: AB Science (AB.FP)

    • M&A

      • ENEL.IM (Enel) -- Sosteneo to acquire 49% stake in Enel Libra Flexsys for €1.1B (1-Mar, timing uncertain)

      • SMDS.LN (DS Smith) -- Mondi increases preliminary takeover offer for DS Smith - Bloomberg (1-Mar, post-EU close)

      • SWON.SW (SoftwareONE Holding) -- founding shareholders provide update on group acting in concert with Bain Capital

      • BPT.LN (Bridgepoint Group) -- in advanced talks to sell Dorna Sports - Sky News

      • SPR (Spirit AeroSystems) -- Airbus (AIR.FP) and Spirit AeroSystems have explored Airbus purchasing a220 wings plant -- Reuters, citing sources

      • SGO.FP (Compagnie de Saint-Gobain) -- signs agreement to sell treated wood business in Ireland and UK

      • CICN.SW (Cicor Technologies) -- to acquire TT Electronics IoT Solutions Ltd for £20.8M on a cash and debt free basis

    • Healthcare

      • JNJ (Johnson & Johnson) -- FDA approves Rybrevant for 1L NSCLC with EGFR mutatiions, and converts AA to tradional approval

      • MOLN.SW (Molecular Partners) -- announces dismissal of class action lawsuit

      • 532523.IN (Biocon) -- settles with Bayer and Regeneron Pharmaceuticals, paving way for introduction of YESAFILI into Canada

    • Other

      • TTE.FP (TotalEnergies) -- publishes response to Le Monde article

      • ALV.GR (Allianz) -- completes acquisition of Tua Assicurazioni from Generali (G.IM)

      • DNB.NO (DNB Bank) -- completes share buyback program

      • TPEIR.GA (Piraeus Financial Holdings) -- Hellenic Financial Stability Fund's board approves disposal of stake up to 22% shareholding in Piraeus Financial Holdings

      • Estimated weekend box office revenues in US, Canada $113.1M, (3.8%) y/y - Box Office Mojo

      • Italy Feb new passenger car registrations 147,094 units, +12.8% y/y -- UNRAE (post EU close 1-Mar)

  • Key rating changes

    • Upgrades

      • BP.LN (BP) -- to buy from hold at Jefferies

      • BT.A.LN (BT Group) -- to buy from hold at Berenberg

      • MUV2.GR (Munich Re) -- to outperform from neutral at Oddo

      • IBE.SM (Iberdrola) -- to buy from neutral at Goldman Sachs

      • COFB.BB (Cofinimmo) -- to buy from neutral at Van Lanschot Kempen

      • CPG.LN (Compass Group) -- to buy from neutral at UBS

      • GSK.LN (GSK Plc) -- to buy from neutral at Guggenheim Securities

      • HEIA.NA (Heineken) -- to overweight from equal weight at Barclays

      • NOVO.B.DC (Novo Nordisk) -- to buy from hold at DnB Markets

      • OVH.FP (OVHCloud) -- to buy from hold at Stifel

    • Downgrades

      • IMCD.NA (IMCD) -- to hold from buy at Jefferies

      • ELE.SM (Endesa) -- to neutral from buy at Goldman Sachs

      • UCB.BB (UCB) -- to neutral from outperform at Oddo

      • FORTUM.FH (Fortum) -- to hold from buy at Berenberg

    • Initiations

      • SENS.SW (Sensirion Holding) -- buy at Berenberg

  • Data

    • Nikkei +0.50% to 40109.23

    • Hang Seng (0.44%) to 16516.93

    • Shanghai Composite +0.41% to 3039.34

    • S&P futures (6.0) vs prior close of 5146.0

    • €-$ +0.0009 or +0.08% to 1.0850

    • $-¥ +0.26 or +0.17% to 150.34

    • €-¥ +0.42 or +0.26% to 163.11

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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