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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.73%, DAX +0.59%, CAC +0.21%

Mar 12 ,2024

  • Synopsis

    • European equity markets set to open higher amidst Asian equities mixed Tuesday. Nikkei extending losses though off worst levels. Hang Seng building on Monday's advance with property developers and tech outperforming. Shares in Korea and Taiwan also recording gains. S&P 500 and Nasdaq futures advancing afterhours. In the US, waiting game for CPI due later today Some concerns about another hotter-than-expected print, particularly with market pricing in ~95 bp of easing for 2024 post-NFP on Friday.

    • European macro data releases out today included Netherlands Feb CPI +2.8% y/y vs preliminary +2.8%. Also due today Germany Feb final CPI, UK jobs data including Feb claimant count, Portugal Feb final CPI.

    • Also on todays agenda, US President Biden receives Poland's President Duda and PM Tusk at the White House whilst Chancellor Scholz receives the President of the Philippines, Ferdinand Marcos Jr. Economic conference of the SPD Economic Forum, speakers include Economics Minister Habeck. Norway's government starts the budget work for 2025 with a budget conference (through Wed). EU's von der Leyen participates in the EP plenary debate in preparation of the European Council meeting of 21/22-Mar. In UK, MPs conclude debate on the budget, the topic of committee business at 10:15GMT (Office of Budget Responsibility execs). OPEC monthly report

    • In central banks, Bank of Austria's Holzmann speech at 9:00CET at event organised by the bank/WKO. Riksbank's Thedéen, others will take part in an open hearing at the Committee on Finance about the bank's activities in 2023 and current monetary policy. BOE's Mann panellist at 11:00GMT at event hosted by NIESR and Butt speech at 14:05GMT at ISDA Virtual Conf. ECB's Buch speech at 17:00CET at Morgan Stanley Financial Conf. Bundesbank's Balz speech at 18:00CET at event organised by Sparda Bank. Bank of Spain's quarterly report on the Spanish economy, includes an update of the macroeconomic projections for the Spanish economy. ECOFIN meeting with ECB's de Guindos participating.

    • In corporate news, DACHs names kicked off the session with Galenica (GALE.SW), FUCHS SE (FPE3.GR), Wacker Chemie (WCH.GR), BKW AG (BKW.SW) and Siltronic (WAF.GR) reporting FY earnings. In France, Maisons du Monde (MDM.FP) and Seche Environnement (SCHP.FP) issued FY/Q4 earnings with the latter proposing 2023 dividend of €1.20 per share vs year-ago €1.10 per share. Elsewhere, Assicurazioni Generali (G.IM), A2A (A2A.IM) and Syensqo (SYENS.BB) reported FY numbers.

    • Also reporting today include Vienna Insurance (VIG.AV), Mayr-Melnhof Karton (MMK.AV), De'Longhi (DLG.IM), Italgas (IG.IM), Persimmon (PSN.LN), Hill & Smith (HILS.LN), Domino's Pizza (DOM.LN), Genuit (GEN.LN) and TI Fluid Systems (TIFS.LN).

  • Politics/Macro/World News

    • Swedish PM says ready to fortify crucial Baltic island - FT

    • Emmanuel Macron pushes far-right to show its colours on Russia - FT, Bloomberg

    • UK House Hunters Speed Up Plans to Beat Price Hike, Survey Says - Bloomberg

    • BoE's Mann: long way for inflation pressures to be consistent with 2% target - Reuters

    • Tory donor accused of racist Diane Abbott remarks - BBC

  • Top company news

    • Earnings/updates

      • DACHs

        • WCH.GR (Wacker Chemie) -- reports final FY net income €327M vs FactSet €319.2M; guides 2024 EBITDA between €600-800M vs FactSet €786.51M

        • TECN.SW (Tecan Group) -- reports FY net income CHF132.1M vs FactSet CHF120.6M

        • WAF.GR (Siltronic) -- reports FY EPS €6.15 vs FactSet €5.98 [10 est, €5.48-6.87]; guides FY24 and confirms FY28 targets

        • FPE3.GR (FUCHS SE) -- reports FY EPS €2.08 vs FactSet €2.11

        • PPGN.SW (PolyPeptide Group) -- reports FY EPS (€1.56) vs FactSet (€1.16)

        • BKW.SW (BKW AG) -- reports FY net income CHF488M vs FactSet CHF476.1M

        • MED.SW (Medartis Holding) -- reports FY underlying EBITDA CHF33.6M vs FactSet CHF30.0M

        • SENS.SW (Sensirion Holding) -- reports FY net income (CHF6.6M) vs year-ago CHF63.6M

        • TEG.GR (TAG Immobilien) -- reports FY FFO I €0.98 vs FactSet €0.99

        • GALE.SW (Galenica) -- reports FY net income attributable CHF281.2M ex-items and unclear if comparable to FactSet CHF167.5M

        • VLRT.SW (Valartis Group) -- guides IFRS FY net loss between (CHF6-7M) vs year-ago CHF7.2M

        • KOMN.SW (Komax Holding) -- reports FY EAT CHF43.8M vs FactSet CHF57.3M

        • M5Z.GR (Manz AG) -- reports preliminary FY EBIT €4.3M vs FactSet €1.9M

        • MXHN.GR (MAX Automation) -- reports FY EPS cont. ops €0.14 vs year-ago €0.43

      • France

        • MDM.FP (Maisons du Monde) -- reports FY net income €8.8M vs FactSet €13.4M [6 est, €8-16.4M]

        • SCHP.FP (Seche Environnement) -- reports Q4 net income €50.0M, +4% vs year-ago €47.9M

      • Nordics

        • KOA.NO (Kongsberg Automotive) -- reports FY net income (cont ops) (€59.1M) vs year-ago €20.8M

        • DEMANT.DC (Demant) -- will outline strategic priorities and financial aspirations for medium to long term during CMD today; FY24 outlook unchanged

      • Southern Europe

        • G.IM (Assicurazioni Generali) -- reports FY net income €3.58B vs consensus €3.57B

        • A2A.IM (A2A) -- reports FY adjusted net income €635M vs FactSet €570.4M, raises dividend +6% y/y; unveils the new 2024-35 Strategic Plan

      • Benelux

        • SYENS.BB (Syensqo) -- reports FY net income attributable €752M ex-items vs FactSet €557.4M

      • Also due to report today:

        • Earnings:

          • DACHs: Vienna Insurance (VIG.AV), Mayr-Melnhof Karton (MMK.AV), VP Bank (VPBN.SW)

          • France: Lumibird (LBIRD.FP)

          • Southern Europe: De'Longhi (DLG.IM), Italgas (IG.IM), ERG (ERG.IM), TOD'S (TOD.IM), Esprinet (PRT.IM), Toscana Aeroporti (TYA.IM), Gefran (GE.IM), National Bank of Greece (ETE.GA), Aegean Airlines (AEGN.GA)

          • UK: Persimmon (PSN.LN), Hill & Smith (HILS.LN), Domino's Pizza (DOM.LN), Genuit (GEN.LN), TI Fluid Systems (TIFS.LN), Fonix Mobile (FNX.LN), Synthomer (SYNT.LN), Costain (COST.LN), H&T (HAT.LN)

        • CMD/events: Mendus (IMMU.SS), UCB (UCB.BB)

        • Trading Update: DFDS (DFDS.DC), Groupe Partouche (PARP.FP)

        • Traffic: Flughafen Zurich (FHZN.SW)

    • M&A

      • LSEG.LN (London Stock Exchange Group) -- BCP York Holdings (Delaware) L.P. announces its intention to sell, indirectly, call options over, in aggregate ~10M voting shares in LSEG

      • 500875.IN (ITC Ltd) -- British American Tobacco PLC confirms that it is evaluating a possible disposal of a small part of BAT's shareholding in ITC by means of an on-market block trade

      • SIE.GR (Siemens AG) -- Nidec, KPS invited to make second-round offers for Siemens's Innomotics - Bloomberg (02:08 CET/10:08 JT)

      • BLV.FP (Believe) -- Believe's Ad-Hoc Committee decides not to engage, at this stage, in WMG's request

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

    • Healthcare

      • 5HTA.GR (Harpoon Therapeutics) -- SEC filing: SC 13D/A (Filed by MERCK SHARP & DOHME LLC)

      • INDV.LN (Indivior) -- announces publication demonstrating OPVEE (nalmefene) nasal spray reverses effects of opioid-induced respiratory depression in head-to-head study against intranasal Naloxone

    • Other

      • MBG.GR (Mercedes-Benz Group) -- Mercedes-Benz calls on EU to lower tariffs on EVs imported from China - FT

      • DG.FP (VINCI SA) -- awarded €700M railway contract by SNCF Réseau

      • FR.FP (Valeo SE) -- has requested the assistance of an investment services provider in order to achieve certain objectives of its share buy-back program

      • ISP.IM (Intesa Sanpaolo) -- receives ECB authorisation for €1.7B share buyback programme

      • FGR.FP (Eiffage) -- and Captrain secured in consortium two works packages worth almost €415M in the SNCF Réseau call for tenders for industrial renovation of the rail network

      • Swiss Re acquires 197.2K shares of Definity Financial

  • Key rating changes

    • Upgrades

      • G1A.GR (GEA Group) -- to outperform from underperform at RBC Capital Markets

      • NHY.NO (Norsk Hydro) -- to buy from hold at ABG Sundal Collier

    • Downgrades

      • DHL.GR (DHL Group) -- to neutral from buy at UBS

      • TKA.AV (Telekom Austria) -- to hold from buy at HSBC

      • AFX.GR (Carl Zeiss Meditec) -- to hold from buy at HSBC

    • Initiations

      • ENGCON.B.SS (engcon) -- buy at Berenberg

      • R3NK.GR (Renk Group) -- buy at Berenberg

  • Data

    • Nikkei (0.06%) to 38797.51

    • Hang Seng +2.61% to 17021.20

    • Shanghai Composite (0.48%) to 3053.81

    • S&P futures +18.8 vs prior close of 5185.8

    • €-$ +0.0011 or +0.10% to 1.0938

    • $-¥ +0.44 or +0.30% to 147.39

    • €-¥ +0.64 or +0.40% to 161.19

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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