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StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.10%, DAX30 +0.12%, CAC40 (0.17%)

Mar 06 ,2024

  • Synopsis

    • European equity markets are set to open mixed amidst Asian equities turning positive Wednesday. US futures flat.

    • Focus in the UK on PMQ's at 12noon GMT follows MPs questions on Scotland, after which Chancellor Hunt delivers Spring Budget; OBR's latest outlook for the economy and public finances will be published alongside the Spring Budget. Committee topics include National Audit Office strategy and main estimate 2024-25 (9:15), strategic transport objectives (9:30), future energy technology mix (10:00), Global Combat Air Program (10:30) and EU Entry/Exit and the UK border (15:00).

    • In central banks, Ireland Central Bank's Donnery speech at event organised by IOB and McMunn panelist at 15:00GMT at Irish Society for Women in Economics. Bank of Spain's Delgado panelist at 9:30CET at event on 10th anniversary of the Single Supervisory Mechanism. Russia Feb new car registrations.

    • Macro data due include Germany Jan trade balance, Germany and UK Feb construction PMI as well as Eurozone Jan retail sales and Ireland Feb unemployment rate.

    • In earnings, DHL Group (DHL.GR) reported FY net income €3.69B vs consensus €3.74B and increased its current €3B share buy-back program to €4B and extended it until end 2025 whilst Symrise (SY1.GR) reported FY EPS €2.44 vs FactSet €2.60 and said it plans 14th consecutive dividend increase to €1.10/sh whilst reaffirming its long-term growth and profitability goals. From Switzerland, Cicor Technologies (CICN.SW) reported FY net income CHF6.1M vs FactSet CHF9.5M whilst u-blox Holding (UBXN.SW) reported FY net income CHF51.1M vs year-ago CHF109.0M. Elsewhere, Scandinavian Tobacco Group (STG.DC) reported Q4 EPS DKK3.60 ex-items vs FactSet DKK3.53, NOS SGPS (NOS.PL) reported Q4 net income attributable €54.7M vs FactSet €17.3M and D'Ieteren Group (DIE.BB) reported FY adjusted consolidated profit before tax €970.8M vs FactSet €1.16B.

    • Other companies due to report include Dassault Aviation (AM.FP), Teleperformance (TEP.FP), Clas Ohlson (CLAS.B.SS), Jeronimo Martins (JMT.PL), Nexi (NEXI.IM), Pirelli & C. (PIRC.IM), Legal & General (LGEN.LN) and Convatec (CTEC.LN).

  • Macro:

    • Jeremy Hunt's scorched earth budget- politico

    • Jeremy Hunt defies public services alarm with pre-election budget tax cuts - Guardian

  • National Insurance cut sparks talk of May election - Telegraph; BBC

  • French FinMin Le Maire says 2023 Public Deficit 'Significantly Above' 4.9% - LeMonde

  • EU set to allow possible retroactive tariffs for Chinese EVs - Reuters

Top company news

  • Earnings/updates

    • Benelux:

      • ELI.BB (Elia Group) -- reports FY net income attributable €324.5M vs FactSet €329.8M [6 est, €310-349M], raises dividend +4.2% y/y; reaffirms 2024 guidance

      • DIE.BB (D'Ieteren Group) -- reports FY adjusted consolidated profit before tax €970.8M vs FactSet €1.16B [2 est, €1.16-1.17B]

      • NYXH.BB (Nyxoah) -- reports Q4 EPS (€0.38) vs year-ago (€0.51)

    • DACHs:

      • DHL.GR (DHL Group) -- reports FY net income €3.69B vs consensus €3.74B; current €3B share buy-back program increased to €4B and extended until end 2025

      • SY1.GR (Symrise) -- reports FY EPS €2.44 vs FactSet €2.60 [19 est, €2.31-2.91]; plans 14th consecutive dividend increase to €1.10/sh; reaffirms its long-term growth and profitability goals

      • ADKO.AV (Addiko Bank) -- reports Q1 net income €41.1M vs year-ago €25.7M; New Outlook 2024 and Mid-Term Guidance

      • CICN.SW (Cicor Technologies) -- reports FY net income CHF6.1M vs FactSet CHF9.5M [4 est, CHF9.1-10.0M]; issues 2024 outlook

      • UBXN.SW (u-blox Holding) -- reports FY net income CHF51.1M vs year-ago CHF109.0M

    • France:

      • TKO.FP (Tikehau Capital) -- reports FY net income €176.7M vs FactSet €190.2M [9 est, €135-347M]

      • SCR.FP (SCOR) -- reports Q4 net income €162M vs consensus €163M

    • Nordics:

      • BAVA.DC (Bavarian) -- confirms FY23 earnings and reiterates FY24 guidance as per 21-Feb update

      • STG.DC (Scandinavian Tobacco Group) -- reports Q4 EPS DKK3.60 ex-items vs FactSet DKK3.53 [1 est]

    • Southern Europe:

      • ACE.IM (ACEA) --

        • approves 2024-2028 business plan; hosts Investor Day today

        • reports FY recurring net income €280M vs FactSet €289.2M [5 est, €281.4-294M]; hikes divi by 4% and guides FY24

      • NOS.PL (NOS SGPS) -- reports Q4 net income attributable €54.7M vs FactSet €17.3M [5 est, €12.6-24.9M]; raises dividend +29.5% y/y (post EU close 5-Mar)

  • M&A

    • LDO.IM (Leonardo) -- Fincantieri in talks to buy Wass unit from Leonardo - Milano Finanza, seemingly citing source

    • TRI.CN (Thomson Reuters) -- completes Pagero acquisition

    • BHG.SS (BHG Group) -- to consolidate Hemfint Kristianstad and Arc E-Commerce; acquires Trendrum

    • SL.IM (Sanlorenzo) -- completes the acquisition of a 95% stake in Simpson Marine (post EU close 5-Mar)

  • Healthcare

    • HPHA.GR (Heidelberg Pharma) -- to present first efficacy data on HDP-101 and data from proprietary ADC technology platform at AACR Meeting 2024

    • TNG.FP (Transgene) -- will present a poster on updated data from the ongoing randomized Phase I trial of TG4050 at the American Association for Cancer Research Annual Meeting (AACR)

    • EVT.GR (Evotec) -- and Claris Ventures streamline access to accelerate programmes from Claris's portfolio companies into the clinic

    • SIGHT.FP (GenSight Biologics) -- Announces Update on Real-World Data from Early Access Programs of LUMEVOQ Gene Therapy at NANOS 2024

    • NOVO.B.DC (Novo Nordisk) -- NIH issues press release on results of SLIM LIVER study in patients with HIV on antiretroviral therapy

    • ADCT (ADC Therapeutics) -- abstracts on its novel antibody drug conjugates have been accepted for presentation at AACR

    • IPH.FP (Innate Pharma) -- announces first patient dosed in Phase 1/2 study of IPH6501 in relapsed /refractory B-Cell non-Hodgkin's Lymphoma

    • SDZ.SW (Sandoz Group) -- Follow-up x2: Sandoz Group confirms FDA approval for denosumab biosimilars

    • OXUR.BB (Oxurion) -- receives €300K in framework of Atlas Funding Program

    • BONEX.SS (BONESUPPORT HOLDING) -- announces CERAMENT BONE VOID FILLER receives FDA clearance for spinal interbody fusion procedures

    • AVCT.LN (Avacta Group) -- to present updated results from single-agent phase 1 trial of AVA6000 at 2024 AACR Annual Meeting

  • Other

    • NB2.GR (Northern Data Group) -- updates on acquisition of shares by CEO Aroosh Thillainathan under preset purchase plan

    • BORR.NO (Borr Drilling) -- Chairman Tor Olav Trøim discloses purchase of 200K shares at an average price of $5.9962 per share

    • PCELL.SS (PowerCell Sweden) -- received SEK 35M order from Vantastec Group

    • LSEG.LN (London Stock Exchange Group) -- Blackstone (BX), Thomson Reuters (TRI.CN) consortium to offer 21.5M London Stock Exchange Group shares through placing and directed buyback

    • NHY.NO (Norsk Hydro) -- appoints Trond Olaf Christophersen as acting CFO

    • CBK.GR (Commerzbank) -- completes €600M share buyback

    • ECV.GR (Encavis AG) -- Encavis Asset Management announces start of construction of 260 megawatts (MW) solar park in Germany

    • CRBN.NA (Corbion) -- Supervisory board has nominated Peter Kazius to succeed Eddy van Rhede van der Kloot as CFO of Corbion

    • SWON.SW (SoftwareONE Holding) -- SoftwareOne shareholders Daniel von Stockar, B. Curti Holding AG and René Gilli calls EGM on 18-Apr

Key rating changes

  • Upgrades

    • COL.SM (Inmobiliaria Colonial SOCIMI) -- neutral from underperform at BNP Paribas Exane

    • Berenberg upgrades HON, LR.FP; downgrades AKE.FP, ROK

    • AIR.FP (Airbus SE) -- to neutral from sell at UBS

    • BEAN.SW (BELIMO Holding) -- to buy from hold at HSBC

    • EXPN.LN (Experian) -- Experian transferred buy at Jefferies; prior rating was hold

    • FABG.SS (Fabege) -- Fabege short-term recommendation upgraded to buy from hold at Handelsbanken

    • HUFV.A.SS (Hufvudstaden) -- to hold from sell at ABG Sundal Collier

    • IAG.SM (International Consolidated Airlines Group) -- to overweight from underweight at JPMorgan

    • IMCD.NA (IMCD) -- to overweight from underweight at JPMorgan

    • TUI1.GR (TUI Group) -- to overweight from equal-weight at Morgan Stanley

  • Downgrades

    • SU.FP (Schneider Electric) -- to hold from buy at Deutsche Bank

    • ANTO.LN (Antofagasta) -- to underweight from equal weight at Barclays

    • ANTO.LN (Antofagasta) -- to sector perform from outperform at RBC Capital Markets

    • BFIT.NA (Basic-Fit) -- to equal weight from overweight at Barclays

  • Initiations

    • BILL.SS (Billerud) -- reinitiated buy at Kepler Cheuvreux

    • NESTE.FH (Neste) -- buy at Stifel

Data

  • Nikkei (0.02%) to 40090.78

  • Hang Seng +1.44% to 16395.05

  • Shanghai Composite (0.21%) to 3041.43

  • S&P futures +4.0 vs prior close of 5085.8

  • €-$ +0.0003 or +0.03% to 1.0861

  • $-¥ (0.21) or (0.14%) to 149.82

  • €-¥ (0.20) or (0.12%) to 162.70

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