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StreetAccount Summary - Europe Pre-Open: FTSE (0.34%), DAX (0.45%), CAC (0.30%)

Mar 11 ,2024

  • Synopsis

    • European equity markets set to open lower after STOXX Europe 600 rose 1.14% last week (seventh consecutive week of gains), closing at fresh record highs. FTSE 100 meanwhile underperformed last week with sterling up ~1.8% on the week on rate backdrop, with two BoE rate cuts priced in by year-end. Focus today in the UK on a closely watched UK jobs market survey, which shows permanent starters' pay increased at the slowest rate since March 2021, while temp pay growth was among the weakest seen over the past three years. The Times writes that a sharp decline in the pace of wage growth and falling demand for staff has added to pressure on the Bank of England to cut interest rates to revive a stalling jobs market. Note that there are several BoE speakers on the agenda today with Mills a panellist at 9:30GMT at the International Futures Industry Conf (through Wed). and Mann panellist at 17:00GMT at event jointly organised by CEPR, Citadel and ICMB. Also, UK Financial Policy Committee quarterly meeting, attended by BOE's Bailey. Also in the UK, MPs continue to debate the budget, and separately, there will be the annual review of the "shopping basket" of goods and services used by the Office for National Statistics to measure consumer price inflation indices

    • European macro data releases out today include Switzerland Feb consumer confidence, Spain Jan retail sales, Norway Feb CPI, Denmark Feb CPI, Jan trade balance, Portugal Jan trade balance

    • Today's agenda also sees Eurogroup meeting (through Tue), ECB's Cipollone participates. There will also be publication at 10:00CET of the latest ECB Survey of Monetary Analysts.

    • In Portugal, focus on election result. Portugal's centre-right Democratic Alliance (AD) won Sunday's general election, its leader Luis Montenegro said, though it was unclear if he could govern without the support from far-right Chega, with whom he again refused to negotiate. Chega's parliamentary representation more than quadrupled to at least 48 lawmakers in the 230-seat legislature, giving the combined right a majority. (Reuters)

    • Relatively quiet on the corporate front, ahead of a busy earnings week with the likes of E.ON (EOAN.GR), Generali (G.IM), H&M Hennes & Mauritz (HM.B.SS), Inditex (ITX.SM) reporting in the coming days.

    • Asian equities mixed Monday. Steep losses in Japan with semis under notable pressure, taking their cues from biggest NVDA sell-off since May. TSMC a notable drag on Taiex. Greater China markets outperforming with tech leading gains amid latest government support headlines. Commodity producers weighing heavily on ASX. Iron ore futures sharply lower Monday with Dalian contracts down 4%, extending year-to-date fall to almost 20%. Pullback attributable to stimulus disappointment at China NPC with authorities appearing to favor new economy sectors than commodity-intensive infrastructure (Bloomberg)

  • Macro/politics

    • Portugal's center-right coalition claims slim election win as radical right surges (CNN)

    • Recruitment activity across the UK continued to weaken midway through opening quarter of the year - KPMG and REC (link)

    • Stalling jobs market puts pressure on Bank to cut interest rates (Times)

    • Strong start for Europe's IPO market lifts recovery hopes (FT)

    • India-UK Trade Talks Set to End With Key Issues Unresolved (Bloomberg)

    • Meloni's Party Avoids Second Straight Defeat in Regional Ballot (Bloomberg)

  • Top company news

    • Earnings/updates

      • TIT.IM (Telecom Italia) -- issues addedum to 2024-2026 business plan; confirms 2024-2026 guidance presented to the market on 6-Mar

      • AOX.GR (Alstria) -- reports FY FFO €88.0M vs year-ago €106.6M

      • LEG.GR(LEG Immobilien) -- reports FY AFFO per share €2.44 vs year-ago €1.48

      • HYQ.GR (Hypoport) -- reports preliminary FY EBIT €13.3M vs prior guidance €13M and FactSet €11.1M [6 est, €7.6-13.4M]

      • Also reporting today

        • Earnings:

          • DACHs: Logwin (TGHN.GR), q.beyond (QBY.GR), Metall Zug (METN.SW)

          • France: Seche Environnement (SCHP.FP)

          • Southern Europe: GR Sarantis (SAR.GA)

          • Ireland: Mincon Group (MIO.ID)

    • M&A

      • EL.FP (EssilorLuxottica) -- reportedly among investors interested in eyewear manufacturer Marcolin - FT

      • ENEL.IM (Enel) -- A2A to buy 90% of new company from e-distribuzione for €1.22B

      • PGHN.SW (Partners Group Holding) -- TPG said to be in talks to acquire Techem from Partners Group -- Bloomberg

      • EQT.SS (EQT) -- in advanced talks to sell its 20% stake in Ottobock to controlling shareholders for €1.1B - Bloomberg, citing people with knowledge of the matter

      • DLG.LN (Direct Line Insurance Group) -- With results, CEO Adam Winslow to make case to keep Direct Line independent - Mail on Sunday

      • NTGY.SM (Naturgy Energy Group) -- TotalEnergies among parties bidding for GPG Australia - Australian Financial Review

      • VMUK.LN (Virgin Money UK) -- Nationwide members seeking vote on proposed purchase of Virgin Money UK - Mail on Sunday

      • TCAP.LN (TP ICAP Group) -- may sell or list Parameta Solutions - FT

    • Healthcare

      • LLY (Eli Lilly) -- announces more than two-thirds of people with atopic dermatitis and skin of color experienced skin improvement in a first-of-its-kind lebrikizumab study

      • SAN.FP (Sanofi) -- announces New Phase 2B results for amlitelimab support potential for best-in-class maintenance of response in atopic dermatitis

      • NOVO.B.DC (Novo Nordisk) -- announces Wegovy approved in the US for cardiovascular risk reduction in people with overweight or obesity and established cardiovascular disease

      • UCB.BB (UCB) -- discloses first presentation of year 4 BIMZELX (bimekizumab-bkzx) data showed long-term maintenance of complete skin clearance in moderate-to-severe plaque psoriasis

      • MLTX (MoonLake Immunotherapeutics) -- MoonLake announces significant improvements with Nanobody sonelokimab over 24 weeks in active psoriatic arthritis (PsA) and other updates at its R&D Day

      • 4519.JP (Chugai Pharmaceutical) -- notes Galderma announcement of Nemolizumab data at AAD annual meeting

      • PHXM.FP (Phaxiam Therapeutics) -- announces effectiveness of voluntary delisting of American Depositary Shares from Nasdaq Stock Market

      • +BOEHRINGER (Boehringer Ingelheim) -- FDA grants orphan drug designation to Boehringer Ingelheim for the treatment of systemic sclerosis

    • Other

      • EOAN.GR (E.ON SE) -- E.ON expected to appoint CFO Marc Spieker as COO to replace Patrick Lammers - Handelsblatt (8-Mar, 17:08 CET)

      • BLND.LN (British Land Co.) -- British Land to name William Rucker to replace Tim Score as chairman - Sky News

      • VPK.NA (Royal Vopak) -- Air Liquide, Vopak sign MoU to collaborate on infrastructure for ammonia import, cracking and hydrogen distribution infrastructure in Singapore

      • JDEP.NA (JDE Peet's) -- CEO Fabien Simon to depart company on 1-Apr

      • TCELL.E.TI (Turkcell) -- discloses ruling from Ukrainian court has no significant impact on daily operations of its Ukrainian subsidiaries; submits appeal to cancel seizures - 6-K

      • Delta Air Lines expects 737 Max 10 aircraft deliveries could pushed out to as late as 2027 - Bloomberg

      • Estimated weekend box office revenues in US, Canada $134.9M, +14.2% y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • SKF.B.SS (SKF) -- to overweight from underweight at Barclays

      • MKS.LN (Marks & Spencer Group) -- to outperform from sector perform at RBC Capital Markets

      • VMUK.LN (Virgin Money UK) -- to equal-weight from underweight at Morgan Stanley

      • VER.AV (Verbund) -- to hold from sell at Societe Generale

      • GLJ.GR (GRENKE) -- to outperform from neutral at Oddo

    • Downgrades

      • HFG.GR (HelloFresh) -- to hold from buy at Jefferies (timing uncertain)

      • MUV2.GR (Munich Re) -- to market perform from outperform at Keefe, Bruyette & Woods

      • VMUK.LN (Virgin Money UK) -- to hold from buy at Shore Capital Stockbrokers

      • BREE.LN (Breedon Group) -- to neutral from buy at UBS

      • SESG.FP (SES) -- to hold from buy at Kepler Cheuvreux

      • TREL.B.SS (Trelleborg ) -- to equal weight from overweight at Barclays

      • ETL.FP (Eutelsat Communications) -- to reduce from hold at Kepler Cheuvreux

    • Other Actions

      • SZU.GR (Suedzucker) -- resumed hold at Deutsche Bank

      • VAR.NO (Vår Energi) -- initiated buy at ING

      • BC.IM (Brunello Cucinelli) -- initiated hold at Stifel

      • REJL.B.SS (Rejlers) -- initiated hold at Kepler Cheuvreux

  • Data

    • Nikkei (2.19%) to 38820.49

    • Hang Seng +1.26% to 16559.04

    • Shanghai Composite +0.57% to 3063.26

    • S&P futures (4.5) vs prior close of 5129.0

    • €-$ +0.0004 or +0.04% to 1.0945

    • $-¥ (0.16) or (0.11%) to 146.90

    • €-¥ (0.14) or (0.09%) to 160.76

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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