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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.30%), DAX (0.45%), CAC (0.01%)

Mar 05 ,2024

  • Synopsis

    • European equity markets set to open lower amidst Asian equities trending mostly lower Tuesday. China unveiled 2024 growth target of around 5% and deficit target of 3%, as expected.

    • Economic data releases for today see Spain, Sweden Feb services PMIs and final reads for Eurozone, France, Germany and UK, Italy Q4 final GDP, France Jan industrial production, Eurozone Jan PPI, UK Feb retail sales monitor - BRC

    • Also on the agenda for today, EU's Šef�?ovi�? delivers a keynote speech at the Clean Aviation Annual Forum 2024 whilst EU's Simson delivers an opening keynote speech at the Solar Power Summit. EU's Schmit attends the European conference of housing ministers and EU's Hoekstra participates in the European Climate Pact Annual Event 2024. EU's Wojciechowski speaks at the #AGRIFOOD24 convention on agriculture and the food supply chain. UK MPs debate Automated Vehicles Bill as the legislation continues its passage through parliament, while committee topics include export-led growth (10:00GMT) and high streets in towns and small cities (10:30). Germany and UK Feb new car registrations are also due to be released.

    • In corporate news, in the DACHs region Redcare Pharmacy (RDC.GR), Bayer AG (BAYN.GR) dormakaba Holding (DOKA.SW), Chocoladefabriken Lindt & Spruengli (LISN.SW) and Ströer (SAX.GR) reported FY/Q4 earnings. In France, Thales (HO.FP) issued end of year numbers and hiked dividend by +16% to €3.40/share vs consensus €2.94/share.

    • In Southern Europe, Mota-Engil SGPS (EGL.PL) reported strong FY earnings and indicated that it is Well positioned to achieve the recently revised Strategy targets for 2026. Also due to report today includes Brembo (BRE.IM), Acea (ACE.IM), Ashtead (AHT.LN), Intertek (ITRK.LN), Greggs (GRG.LN), Rotork (ROR.LN), IWG (IWG.LN), Travis Perkins (TPK.LN) and Keller (KLR.LN).

  • Politics/Macro/World News

    • UK Seen Selling Fewer Long Bonds to Ease £258-Billion Supply Hit - Bloomberg

    • Novo Nordisk Set to Boost Danish GDP in 2024, Danske Says - Bloomberg

    • EU states wary of funding Brussels defence 'power grab' - FT

    • Olaf Scholz left reeling by leaks on missiles for Ukraine - FT, The Telegraph

    • EU provisionally agrees on law to cut packaging waste - Reuters

    • UK Feb LFL retail sales monitor +1.0% vs consensus +1.6% and prior +1.4% - BRC/KPMG

  • Top company news

    • Earnings/updates

      • DACHs

        • VACN.SW (VAT Group) -- reports FY EPS CHF6.35 vs FactSet CHF5.99 [17 est, CHF5.50-6.45]

        • LISN.SW (Chocoladefabriken Lindt & Spruengli) -- reports FY net income CHF671M vs FactSet CHF648.2M [12 est, CHF604-682M]; confirms its strategic target for 2024 organic growth of +6-8%

        • RDC.GR (Redcare Pharmacy) -- reports FY net income (€11.6M) vs FactSet (€15.6M) [12 est, (€25.8)-(4M)]

        • DOKA.SW (dormakaba Holding) -- reports H1 net income CHF48.5M including item and unclear if comparable to consensus CHF94.5M; reaffirms FY guidance

        • FORN.SW (Forbo Holding) -- reports FY EPS CHF72.55 vs FactSet CHF71.74 [5 est, CHF70.75-72.85]

        • HUBN.SW (HUBER+SUHNER) -- reports FY net income CHF64.8M vs FactSet CHF58.6M [6 est, CHF53.4-62.7M]

        • ASCN.SW (Ascom Holding) -- reports FY net income CHF17.4M vs FactSet CHF15.6M [4 est, CHF15.1-15.8M]

        • IFCN.SW (Inficon Holding) -- reports FY net income $106M vs FactSet $100.2M

        • HOCN.SW (HOCHDORF Holding) -- reports prelim FY EBITDA "higher single-digit million range" vs year-ago (CHF10.1M); various options are being examined with focus set towards sale or partial sale

        • SAX.GR (Ströer) -- reports prelim FY adj EBITDA €569M vs FactSet €565.9M [10 est, €554.1-576.8M]; FY24 organic growth expected to be noticeably higher than 2023

        • BAYN.GR (Bayer AG) -- reports Q4 core EPS €1.85 vs consensus €1.46; guides FY24

      • France

        • HO.FP (Thales) -- reports FY adj EPS €8.48 vs consensus €8.06; hikes divi by 16% and guides FY24

        • COFA.FP (Coface) -- launches Power the Core 2024-2027 strategic plan

      • Benelux

        • TFG.NA (Tetragon Financial Group) -- reports FY23 adjusted EPS €1.72 vs year-ago (€0.25)

        • TWEKA.NA (TKH Group) -- reports FY Adj. net income €130.5M vs FactSet €162.2M [6 est, €115.4-179.4M]; guides 2024 Organic growth in turnover and EBITA, with a weak Q1 2024

      • Southern Europe

        • EGL.PL (Mota-Engil SGPS) -- reports FY net income attributable €113M vs FactSet €73.8M [3 est, €65.4-84M]

      • Nordics

        • SYSR.SS (Systemair) -- reports Q3 EPS (SEK0.12) vs year-ago SEK0.79

        • EFUEL.NO (Everfuel) -- reports FY net income attributable (€27.5M) vs FactSet (€23M)

        • HAFNI.NO Hafnia reports Q4 net income $176.4M vs FactSet $170.6M

        • NORDH.NO (Nordhealth) -- reports Q4 net income (€3.4M) vs year-ago (€4.2M)

      • Also reporting today

        • Earnings:

          • Benelux: D'Ieteren (DIE.BB), Nyxoah (NYXH.BB), MotorK (MTRK.NA)

          • DACHs: TRATON (8TRA.GR), NEXUS (NXU.GR),

          • France: Ekinops (EKI.FP)

          • Southern Europe: Brembo (BRE.IM), Acea (ACE.IM), Ariston (ARIS.IM), Maire Tecnimont (MAIRE.IM)

          • UK/Ireland: Ashtead (AHT.LN), Intertek (ITRK.LN), Inchcape (INCH.LN), Greggs (GRG.LN), Rotork (ROR.LN), IWG (IWG.LN), Travis Perkins (TPK.LN), Keller (KLR.LN), Johnson Service Group (JSG.LN), Bakkavor (BAKK.LN), SIG (SHI.LN), dotDigital (DOTD.LN), Reach (RCH.LN), Foxtons (FOXT.LN), Headlam (HEAD.LN), Beeks Financial Cloud (BKS.LN) STV Group (STVG.LN), Origin Enterprises (OIZ.ID)

        • Trading Update: Nordnet (SAVE.SS)

        • CMD/events: Bayer (BAYN.GR), Maire Tecnimont (MAIRE.IM), Cellnex Telecom (CLNX.SM), Scanfil (SCANFL.FH), Ependion (EPEN.SS)

    • M&A

      • ENGI.FP (ENGIE) -- seeking to divest $1B worth of US renewable assets - Bloomberg, citing people familiar with the matter (4-Mar, 14:24 CET)

      • SWON.SW (SoftwareONE Holding) -- SoftwareONE takes note of dissolution of agreement between shareholder group and Bain Capital to pursue public takeover offer

      • MCG.SJ (MultiChoice Group) -- Canal+ to offer ZAR125/share in cash for MultiChoice Group; exclusivity granted

      • ECONB.BB (Econocom Group) -- Econocom enters into exclusive negotiations with a view to selling the firm Les Abeilles to the Boluda group

      • UCB.BB (UCB) -- announces strategic investment in IMIDomics, Inc

      • IAG.LN (International Consolidated Airlines Group) -- EU antitrust regulators temporarily halt investigation into IAG's bid to acquire Air Europa - Reuters

      • FLS.DC (FLSmidth & Co.) -- FLSmidth acquires Farnell-Thompson; terms undisclosed

      • MAIRE.IM (Maire Tecnimont) -- Maire Tecnimont's NextChem agrees to acquire GasConTec Gmbh for an an overall consideration of up to €30M

      • SHUR.BB (Shurgard Self Storage) -- Shurgard finalizes its acquisition transaction in Germany announced on 6-Feb-24

      • AGAS.NO (Avance Gas Holding) -- completes the sale of Venus Glory at a cash consideration of $66M

      • GIP seeking to sell a portion of its 50% stake in Pacific National - Australian Financial Review

    • Healthcare

      • LLY (Eli Lilly) -- seeking outsourcers to increase Zepbound production - media report

      • GSK.LN (GSK Plc) -- GSK notes ViiV Healthcare presents phase I clinical trial findings of cabotegravir long-acting injectable investigational formulation allowing at least four months between doses

      • ROG.SW (Roche Holding) -- FDA approves efficacy supplement (sNDA) for Xofluza - earlier

      • SDZ.SW (Sandoz Group) -- CFO Colin Bond to retire on 30-Jun; Remco Steenbergen appointed as CFO as of 1-Jul

      • CAMX.SS (Camurus) -- announces FDA acceptance of NDA submission for OclaizT for treatment of acromegaly

      • MITRA.BB (Mithra Pharmaceuticals) -- announces the termination of the management agreement with David Horn Solomon1 as CEO

      • XBRANE.SS (Xbrane Biopharma) -- receives additional subscription undertakings corresponding to ~SEK 18.1M in rights issue

    • Other

      • EU Council and Parliament strike deal to make packaging more sustainable and reduce packaging waste in the EU

      • VOW3.GR (Volkswagen) -- MAN Energy Solutions to deliver first ammonia-fuelled ship engine in 2024 - Reuters

      • CNA.LN (Centrica) -- announces commencement of next £250M tranche of its £1B share repurchase programme

      • RDC.GR (Redcare Pharmacy) -- announces early departure of CCO Stephan Weber and CIO Marc Fischer at AGM on 17-Apr-24

      • MAREL.IR (Marel) -- CFO Stacey Katz to step down; Sebastiaan Boelen appointed new CFO

      • Ethisphere announces 2024's most ethical companies (4-Mar)

  • Key rating changes

    • Upgrades

      • COL.SM (Inmobiliaria Colonial SOCIMI) -- to hold from underperform at Jefferies

      • COV.FP (Covivio) -- to buy from hold at Jefferies (earlier, timing uncertain)

      • KBC.BB (KBC Group) -- to buy from hold at Berenberg

      • NDX1.GR (Nordex) -- to buy from hold at HSBC

      • ISP.IM (Intesa Sanpaolo) -- to overweight from equal-weight at Morgan Stanley

      • VWS.DC (Vestas Wind Systems) -- to buy from hold at HSBC

      • BMED.IM (Banca Mediolanum) -- to outperform from neutral at Autonomous Research

      • FTK.GR (flatexDEGIRO) -- to outperform from underperform at Autonomous Research

    • Downgrades

      • SCHP.SW (Schindler Holding) -- to equal weight from overweight at Barclays

      • SHB.A.SS (Svenska Handelsbanken) -- to hold from buy at SEB

      • FDR.SM (Fluidra) -- to hold from buy at Jefferies

      • BIRG.ID (Bank of Ireland Group) -- to equal weight from overweight at Barclays

      • EAPI.FP (Euroapi) -- to sell from hold at Deutsche Bank

      • UCG.IM (UniCredit) -- to equal-weight from overweight at Morgan Stanley

      • ALFA.SS (Alfa Laval) -- to hold from buy at HSBC

      • WRT1V.FH (Wartsila) -- to hold from buy at HSBC

      • Rational (RAA.GR) -- to reduce from hold at HSBC

      • SIE.GR (Siemens AG) -- to reduce from hold at HSBC

      • SKF.B.SS (SKF) -- to reduce from hold at HSBC

      • AZA.SS (Avanza Bank Holding) -- to underperform from neutral at Autonomous Research

      • DHL.GR (DHL Group) --to hold from buy at Societe Generale

    • Initiations

      • ZEAL.DC (Zealand Pharma) -- buy at Berenberg

      • HUH1V.FH (Huhtamaki) -- buy at DnB Markets

      • ANTIN.FP (Antin Infrastructure Partners) -- hold at Deutsche Bank (earlier, timing uncertain)

      • MB.IM (Mediobanca) -- overweight at Morgan Stanley

      • VASTN.NA (VastNed Retail) -- hold at ING (4-Mar, timing uncertain)

      • SAAB.B.SS (Saab) -- sell at ABG Sundal Collier

  • Data

    • Nikkei (0.03%) to 40097.63

    • Hang Seng (2.35%) to 16205.61

    • Shanghai Composite +0.34% to 3049.57

    • S&P futures (13.5) vs prior close of 5138.3

    • €-$ (0.0010) or (0.09%) to 1.0847

    • $-¥ (0.04) or (0.03%) to 150.49

    • €-¥ (0.17) or (0.10%) to 163.25

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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