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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.05%, DAX +0.12%, CAC40 +0.10%

Mar 08 ,2024

  • Synopsis

    • European indices are set to open higher after ending around the best levels in yesterday's session

    • Asian equities are mostly higher. Tech and property stocks driving Hang Seng higher while mainland China equities little changed. SK Hynix driving Kospi higher following plans to ramp investment in advanced chip packaging. Nikkei rebounding following Thursday's yen-driven risk-off move

    • US equities were higher in Thursday trading, ending just off best levels. S&P 500 posted another record close as stocks built on Wednesday's gains. Big tech outperformed following some recent pressure. Semis, social media, cloud software, homebuilders, chemicals, industrial metals, machinery, apparel retailers, grocers, pet products, off-price retail, credit cards, oil majors and select GLP-1 names among the notable gainers.

    • Friday sees Ireland two referendums amend the constitution to provide for a wider concept of family, beyond one defined by marriage; and to delete reference to the role and duties of women in the home. No vote on proposal to insert a specific reference to gender equality and non-discrimination.

    • In central banks, Riksbank's Breman speech at 7:30CET at meeting arranged by the Chamber of Commerce and Industry of Southern Sweden whilst Riksbank's Flodén speech at 12:00CET at an event organised by Öhman Fonder. Austria Central Bank hosts event title Financing the transition to net zero, speakers include Austria Central Bank's Holzmann

    • Macroeconomic releases due today include: Germany Jan industrial production, PPI, France Jan trade balance, Spain Jan industrial production, Italy Jan PPI, Eurozone Q4 final GDP, Sweden Jan industrial production, Netherlands Jan manufacturing production, Greece Jan trade balance, industrial production, Feb CPI

    • In corporate news: VIV.FP reported FY adjusted net income €722M vs FactSet €667.8M yesterday after the close. Today (MITRA.BB) Mithra Pharmaceuticals reported FY net income (€173.5M) including items and unclear if comparable to FactSet (€71.5M) [3 est, (€87.3)-(40.5M)]. (CLTN.SW) Coltene Holding reports final FY earnings in line with prelim. release; net income CHF11.9M vs FactSet CHF13.4M [1 est], cuts dividend (39%) y/y.

    • Note Russia is celebrating Women's Day today.

  • Politics/Macro/World News

    • Will the Budget leave you better off? (FT)

    • Key Takeaways From Biden's State of the Union Address (BBG)

    • Europe's mild winter leaves gas stocks at record high (Reuters)

  • Top company news

    • Earnings/updates

      • DBV.FP (DBV Technologies) -- reports FY EPS ($0.76) vs FactSet ($0.62) [5 est, ($0.97)-(0.37)]

      • HFG.GR (HelloFresh) -- reports preliminary FY23 adjusted EBITDA €448M vs prior guidance €430-470M and FactSet €430.4M [18 est, €331-502M]; withdraws medium term targets

      • INW.IM (Infrastrutture Wireless Italiane) -- reports FY net income €339.5M vs FactSet €344.8M [15 est, €332-365M];

      • SECU.B.SS (Securitas) -- reiterates all Group financial targets with a modification of the target of a net debt to EBITDA ratio - Investor Day

      • FHZN.SW (Flughafen Zuerich) -- reports FY net income CHF304.2M vs FactSet CHF289.1M [12 est, CHF217.3-312.0M]

      • RUI.FP (Rubis) -- reports FY net income €354M vs FactSet €309.5M [3 est, €305.4-312.2M]

      • DAN.IM (Danieli & C. Officine Meccaniche) -- reports H1 net income €98.8M, +33% vs year-ago €74.1M

      • MITRA.BB (Mithra Pharmaceuticals) -- reports FY net income (€173.5M) including items and unclear if comparable to FactSet (€71.5M) [3 est, (€87.3)-(40.5M)]

      • MCPHY.FP (McPhy Energy) -- reports FY net income (€47.4M) vs FactSet (€45.7M) [6 est, (€51.5)-(42M)]; proposes an issuance of convertible bonds

      • STF.FP (Stef) -- reports FY net income €191.6M vs FactSet €166.4M [3 est, €164-169.1M]

      • FCT.IM (Fincantieri) -- reports FY adjusted net income (€7M) vs FactSet (€32.2M) (post EU close 7-Mar)

    • M&A

      • SMDS.LN (DS Smith) -- Mondi reaches an agreement in principle on the key financial terms of a possible all share offer for DS Smith

      • MUSTI.FH (Musti Group) -- Flybird Holding Oy announces preliminary result of the subsequent offer period in connection with acquisition of Musti Group

    • Healthcare

      • ROG.SW (Roche Holding) -- presents positive topline CGM accuracy data at ATTD conference

      • BAYN.GR (Bayer AG) -- Bayer major holder Harris Associates supports decision to suspend breakup - Reuters

      • IVA.FP (Inventiva) -- announces that screening in NATiV3 Phase III clinical trial evaluating lanifibranor in NASH has resumed

      • OXUR.BB (Oxurion) -- holder Atlas Special Opportunities, LLC holds 15.72% of the company's shares as at 1-Mar - Filing

    • Other

      • AIR.FP (Airbus SE) -- Airbus reports Feb gross orders of 2 aircraft, deliveries 49

      • UCG.IM (UniCredit) -- Italian data protection authority fines UniCredit €2.8M for 2018 data breach case

      • ALO.FP (Alstom) -- receives an additional order for 103 MF19 new generation metros to modernise the Paris region network; order is part of previously disclosed framework agreement

      • LHA.GR (Deutsche Lufthansa) -- subsidiary Swiss International Air Lines signs carbon removal agreement with Climeworks

      • ENX.FP (Euronext) -- CAC40 March 2024 quarterly review: Accor included, Alstom excluded from the CAC40

      • RUI.FP (Rubis) -- appoints Marc Jacquot CFO

      • COLR.BB (Colruyt Group) -- provides update on Colryut family stake

      • NEOEN.FP (Neoen) -- wins 119 MWp in solar projects in France

  • Key rating changes

    • Upgrades

      • BAG.LN (A.G. BARR) -- to equal weight from underweight at Barclays

      • ECV.GR (Encavis AG) -- to hold from sell at Stifel

      • RED.SM (Redeia Corporacion) -- to outperform from sector perform at RBC Capital Markets

      • UBSG.SW (UBS Group) -- to overweight from equal-weight at Morgan Stanley

    • Downgrades

      • SAMPO.FH (Sampo) -- to hold from buy at HSBC

      • PZC.LN (PZ Cussons) -- to equal weight from overweight at Barclays

    • Initiations

      • PST.IM (Poste Italiane) -- buy at Jefferies

      • YOU.GR (ABOUT YOU) -- buy at Stifel

      • ARCH.NO (Archer) -- buy at Carnegie Securities

    • Other Actions

      • NOVO.B.DC (Novo Nordisk) -- target increased to DKK1,100 at Deutsche Bank

  • Data

    • Nikkei +0.23% to 39688.94

    • Hang Seng +1.48% to 16469.47

    • Shanghai Composite +0.63% to 3046.54

    • S&P futures +1.8 vs prior close of 5161.8

    • €-$ (0.0001) or (0.01%) to 1.0948

    • $-¥ (0.13) or (0.09%) to 147.92

    • €-¥ (0.13) or (0.08%) to 161.92

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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