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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.01%), DAX30 +0.02%, CAC40 +0.15%

Mar 13 ,2024

  • Synopsis

    • European equity markets are set to open firmer amidst mainly higher Asia equities Wednesday. US futures flat.

    • Chancellor Scholz is set to make a statement on current topics in the Bundestag in the afternoon before answer questions from members and in the evening, receives the PM of Thailand, Srettha Tavisin. Also in Germany, Zukunftstag Mittelstand 2024 conf, speakers include Finance Minister Lindner, Federal Economics Minister Habeck, others. In UK, MPs questions on Wales are before weekly PMQs at 12noon GMT, which is followed by the passage of the Bill cutting National Insurance. Committee topics include retained EU law: the progress and mechanics of reform (14:30 govn. minister). EU's Vestager participates in the G7 Ministerial Meeting on Industry (through Thu) and Šef�?ovi�? participates online in the Ukraine-Slovakia Kosice Forum.

    • In central banks, Riksbank's Flodén give a speech at 8:50CET at 7th Annual Private Wealth Nordics Forum whilst Riksbank's Breman delivers a speech at 9:00CET at "Nordic Cash & Treasury Management 2024" conf. ECB's af Jochnick speech at 9:25CET at LBBW Fixed Income Forum and Cipollone at 12:45 at conf organised by Osservatori Digital Innovation.

    • Macro data out include UK Jan industrial/manufacturing production, trade balance, construction output and Feb monthly GDP tracker - NIESR as well as Eurozone Jan industrial production.

    • In earnings, from the DACHs region Zalando (ZAL.GR) reported Q4 net income €72.9M vs consensus €70.1M and guides 202 and Adjusted EBIT between €380-450M vs FactSet €365.51M whilst Adidas (ADS.GR) confirmed prelim FY numbers as of 31-Jan and reiterated FY24 operating profit of ~ €500M projection. Sandoz Group (SDZ.SW) is out with FY EPS $2.20 ex-items vs FactSet $2.44. In France, BNP Paribas (BNP.FP) said 2024 Net Income will be higher than 2023 Distributable Net Income and confirmed its 2025 ROTE target in a range of 11.5-12%. In Southern Europe, Inditex (ITX.SM) reported FY EPS €1.73 vs FactSet €1.69 and Tod's (TOD.IM) reported FY net income €50.0M vs FactSet €43.4M

  • Macro

    • Germany's Nahles Says Labor Market Can Absorb Unemployment - FT

    • EU Prepares €7.4B Aid Package for Egypt: FT

    • ECB's Buch warns again about commercial property - Reuters

    • ECB Must Take Bet on Rate Cut as Prices Abate, Wunsch - Bloomberg

    • ECB in Broad Agreement to Cut Rates in Spring, Villeroy - Bloomberg

    • Sunak and Modi Recommit to UK-India Trade Deal as Elections Loom - Bloomberg

    • BOE Governor Says UK Economy Is Near Full Employment Level - The Times

    • UK Signs Trade Pact With Texas in Effort to Boost Green Industry

  • Top company news

    • Earnings/updates

      • DACHs:

        • ADS.GR (Adidas) -- confirms prelim FY numbers as of 31-Jan; reports net loss from continuing operations (€58M) vs year-ago €254M; reiterates FY24 operating profit of ~ €500M projection

        • FLU.AV (Flughafen Wien) -- reports Feb Group total passenger traffic +18.3% to 2.38M

        • POST.AV (Oesterreichische Post) -- reports FY EPS €1.96 vs FactSet €1.92 [4 est, €1.84-2.04]; FY24 revenue growth target in the low to mid-single digit range

        • EOAN.GR (E.ON) -- confirms prelim FY23 earnings as per 1-Feb update; hikes divi by 4% and guides FY24 and FY28

        • ZIL2.GR (Elringklinger) -- reports preliminary FY adjusted EBIT €100.1M vs FactSet €91.7M [4 est, €86.7-95M]

        • SRAIL.SW (Stadler Rail) -- reports FY EPS CHF1.24 vs FactSet CHF1.39 [11 est, CHF1.23-1.56]

        • KURN.SW (Kuros Biosciences) -- reports FY EPS (CHF0.38) vs FactSet (CHF0.29) [1 est]

        • AUTN.SW (Autoneum Holding) -- reports FY net income CHF61.1M vs FactSet CHF51.0M [5 est, CHF27-84.6M]

        • ZAL.GR (Zalando) -- reports Q4 net income €72.9M vs consensus €70.1M; guides 2024 Adjusted EBIT between €380-450M vs FactSet €365.51M

        • SDZ.SW (Sandoz Group) -- reports FY EPS $2.20 ex-items vs FactSet $2.44 [13 est, $2.17-2.63]

        • FHZN.SW (Flughafen Zuerich) -- reports Feb traffic statistics

        • MOVE.SW (Medacta Group) -- reports FY net income €47.4M vs FactSet €60.9M [8 est, €53-71.2M]

        • GYC.GR (Grand City Properties) -- reports FY FFO €1.07 vs guidance €1.01-1.07 and FactSet €1.04

        • KCO.GR Kloeckner & Co. reports FY EPS from continuing operations (€0.01) vs FactSet €0.02 [3 est, (€0.12)-0.17], cuts dividend (50%) y/y

      • France:

        • BNP.FP (BNP Paribas) -- Confirmation of the Net Income trajectory: 2024 Net Income will be higher than 2023 Distributable Net Income

        • ALCOX.FP (Nicox) -- issues updates on Corporate, Pipeline and Financing Perspectives; company is financed to at least November 2024

        • MRN.FP (Mersen) -- reports FY net income €81.6M vs FactSet €83.5M

      • Southern Europe:

        • ITX.SM (Inditex) -- reports FY EPS €1.73 vs FactSet €1.69 [26 est, €0.85-1.77]

        • TOD.IM (Tod's) -- reports FY net income €50.0M vs FactSet €43.4M [13 est, €37.4-55M]

      • UK:

        • FXPO.LN (Ferrexpo) -- provides further updates on FY23 results & Ukrainian subsidiary

    • M&A

      • LOCAL.FP (Solocal) -- supports Ycor's offer and will consult its financial creditors; guides FY24

      • HUSQ.B.SS (Husqvarna Group) -- to acquire ETwater; price not disclosed

      • RUI.FP (Rubis) -- enters into exclusive negotiations with I Squared Capital for sale of its 55% stake in JV Rubis Terminal for €375M; announces €0.75/share special divi

      • MT.NA (ArcelorMittal) -- acquires strategic stake in Vallourec; representing 28.4% interest for a total consideration of ~€955M

      • ENI.IM (Eni) -- completes sale of upstream assets in Congo to Perenco

      • ORA.FP (Orange) -- Spain authorises Orange's acquisition of Masmovil - Reuters, citing government minister (12-Mar, 16:30 CET)

      • INBX (Inhibrx, Inc.) -- announces expiration of HSR waiting period for acquisition by Sanofi - 8-K

      • LIO.LN (Liontrust Asset Management) -- Liontrust approached Artemis about potential takeover; talks no longer ongoing - FT

      • GMAA.LN (Gama Aviation) -- notes offer period has commenced in connection with proposed tender offer

    • Healthcare

      • REGN (Regeneron) -- NICE does not recommend Regeneron's Dupixent to treat moderate to severe prurigo nodularis

      • AMBEA.SS (Ambea) -- shareholder ACTR Holding AB sells 7.7M share stake at SEK 57.5/sh

    • Other

      • ONCO.SS (Oncopeptides) -- to carry out a fully guaranteed rights issue of ~SEK300M

      • NOM.NO (Nordic Mining) -- to be traded ex reverse split with new ISIN as of today 13-Mar-24

      • DSY.FP (Dassault Systemes) -- proposes FY23 dividend of €0.23/sh

      • BA.LN (BAE Systems) -- awarded $318.0M US Army contract

      • EOAN.GR (E.ON SE) -- E.ON appoints CFO Marc Spieker as COO Commercial effective 1-Jun (12-Mar, post-EU close)

      • RHM.GR (Rheinmetall) -- announces €208M order for artillery ammunition from Spain

      • PRS.SM (Promotora de Informaciones) -- PRISA to carry out issuance of subordinated notes mandatorily convertible into newly issued shares of the company

  • Key rating changes

    • Upgrades

      • YIT.FH (Yit) -- accumulate from reduce at Inderes

      • SOL.SM (Soltec Power Holdings) -- outperform from neutral at Santander

      • HBR.LN (Harbour Energy) -- buy from hold at Berenberg

      • Jefferies upgrades AC.FP; downgrades IHG.LN

      • JPMorgan upgrades FLTR.LN; downgrades ENT.LN

      • GLEN.LN (Glencore) -- to buy from hold at Deutsche Bank

    • Downgrades

      • NESTE.FH (Neste) -- neutral from outperform at BNP Paribas Exane

      • IHG.LN (InterContinental Hotels Group) -- to underperform from market perform at Bernstein

      • VMUK.LN (Virgin Money UK) -- to hold from buy at HSBC

      • COL.SM (Inmobiliaria Colonial SOCIMI) -- to neutral from buy at Van Lanschot Kempen

      • CVSG.LN (CVS Group) -- to add from buy at Peel Hunt

    • Initiations

      • Berenberg initiates AZE.BB, BNR.GR, IMCD.NA

  • Data

    • Nikkei (0.26%) to 38695.97

    • Hang Seng (0.03%) to 17088.18

    • Shanghai Composite (0.39%) to 3044.01

    • S&P futures +0.0 vs prior close of 5241.3

    • €-$ +0.0001 or +0.01% to 1.0930

    • $-¥ (0.00) or (0.00%) to 147.69

    • €-¥ +0.06 or +0.04% to 161.40

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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