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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.07%, DAX +0.03%, CAC +0.03%

Mar 14 ,2024

  • Synopsis

    • European equity markets are set to open broadly flat to slightly higher amidst Asian equities trading mixed Thursday. Nikkei reversing yesterday's losses to close higher while the Topix outperform looks set to outperform. Australia closed lower. Sharp reversals in mainland China and Hong Kong. Gains for Seoul and Taipei, India seeing some buying after several days of losses.

    • On today's agenda, Switzerland's SECO economic forecasts and IEA monthly oil market report. Chancellor Scholz will receive the PM of Lithuania, Ingrida Šimonytė, will discuss bilateral, European, security and economic policy issues. Faroe Islands PM Johannesen hosts EU's von der Leyen and Denmark's PM Frederiksen

    • In Central banks, Riksbank's Breman speech at 9:00CET at conf organised by Dagens Industri whilst Riksbank publishes Payments Report 2024 at 9:30CET, press conf 11:00. Bank of Spain's Delgado speech at 9:15CET at FINRESP and 11:45 at event organized by the EU Commission , de Cos at 10:40 at FAD Juventud and 18:00 at event at Universidad Complutense. ECB's Elderson speech at 10:30CET at European Banking Federation Executive Committee meeting, Schnabel speech at 12:00 at Money Market Contact Group (MMCG) meeting and de Guindos fire side chat at 19:00 at Foros de Vanguardia. Netherlands Central Bank's Knot speech at 12:00CET in connection with the publication of the bank's annual report. Bundesbank's Mauderer speech at 18:00CET at bank's regional office in Rhineland-Palatinate and Saarland. Greece Central Bank's Stournaras speech at 18:30GMT at event jointly organised by The Hellenic Bankers Assn UK / LSE Hellenic Observatory

    • European macro data releases out today included UK Feb house price balance (10%) vs consensus (11%) and prior (18%) - RICS and Finland Feb CPI +3.0% y/y vs consensus +3.1% and prior +3.3%. Also due, Spain Feb final CPI, Switzerland Feb PPI, Sweden Feb CPI, Ireland Feb CPI,

    • In earnings news, DACHs names kicked off the session with Lanxess (LXS.GR), Swiss Life Holding (SLHN.SW), Vitesco Technologies Group (VTSC.GR), Rheinmetall (RHM.GR), Hapag-Lloyd (HLAG.GR), RWE (RWE.GR) and SAF-HOLLAND (SFQ.GR) reporting Q4/FY earnings. In France, ID Logistics Group (IDL.FP) and bioMerieux (BIM.FP) issued FY numbers with the latter indicating that Dividend of €100M has been paid in 2023, compared with €101M in 2022.

    • In Southern Europe, Greek Organisation of Football Prognostics (OPAP.GA) reported FY earnings with a proposed final dividend of €0.60/share. In Benelux, AMG Critical Materials (AMG.NA) issued FY earnings and guided FY24 CapEx to ~$125M. Also due to report today, VERBUND (VER.AV), RTL Group (RRTL.GR), Bollore (BOL.FP), SAES Getters (SG.IM), SNAM (SRG.IM), Brunello Cucinelli (BC.IM), Vistry (VTY.LN), Bridgepoint (BPT.LN), Deliveroo (ROO.LN) and OSB Group (OSB.LN).

  • Politics/Macro/World News

    • Spain's Catalonia calls early election on eve of amnesty vote - Reuters

    • Sunak's Woes Prompt Ministers to Question Whether He Can Hang On - Bloomberg

    • Europe's refineries in demand as Ukraine war boosts oil margins - FT

    • Poland recalls 50 ambassadors appointed by former rightwing government - The Guardian

    • Wilders willing to forgo Dutch premiership to advance coalition talks - Bloomberg

  • Top company news

    • Earnings/updates

      • DACHs

        • MOR.GR (Morphosys) -- reports Q4 net income (€48.3M) vs FactSet (€111.1M)

        • LXS.GR (Lanxess) -- reports Q4 net income (€577M) vs year-ago (€14M); cuts divi by ~91% and guides FY24

        • CLN.SW (Clariant) -- publishes the Integrated Report 2023, detailing the company's financial and non-financial business activities for the year

        • MBTN.SW (Meyer Burger Technology) -- reports FY net income (CHF291.9M) vs FactSet (CHF155.7M)

        • TXGN.SW (TX Group) -- reports FY adjusted net income CHF125.8M, +57% vs year-ago CHF80.1M

        • SLHN.SW (Swiss Life Holding) -- reports FY net income CHF1.11B vs consensus CHF1.11B; "SwissLife 2024" well on track

        • FRU.GR (Multitude) -- reports preliminary FY EPS €0.51 vs FactSet €0.62

        • VTSC.GR (Vitesco Technologies Group) -- reports final FY earnings in line with prelim. release; EPS (€2.41)

        • SFQ.GR (SAF-HOLLAND SE) -- confirms prelim FY23 earnings as per 19-Feb update; hikes divi by ~42% and guides FY24

        • SDF.GR (K+S) -- reports Q4 EPS €0.07 ex-items vs StreetAccount €0.13 (unclear if comparable)

        • HABA.GR (Hamborner REIT AG) -- confirms prelim FY23 earnings and FY24 guidance as per 8-Feb update; hikes divi by 2%

        • SQN.SW (Swissquote) -- reports FY net income CHF217.6M vs FactSet CHF222.6M [5 est, CHF217.8-229.7M]; guides 2024 PTP CHF300M vs FactSet CHF307M

        • RWE.GR (RWE) -- confirms preliminary FY numbers as of 26-Jan; confirms FY24 outlook with earnings at the lower end of the forecast range expected; dividend set to increase to €1.10/sh for FY24

        • DMP.GR (Dermapharm Holding) -- reports prelim FY adj EBITDA €310.2M vs guidance €300M-€310M and FactSet €303.6M; cuts divi by 16% and guides FY24

        • RHM.GR (Rheinmetall) -- reports FY EPS €10.96 vs FactSet €13.08

        • HLAG.GR (Hapag-Lloyd) -- reports final FY esrnings in line with prelim. release; net income €2.95B vs FactSet €2.84B

        • STLN.SW (Swiss Steel Holding) -- reports FY net income (€294.8M) vs year-ago €9.4M

      • France

        • BIM.FP (bioMerieux) -- reports FY net income €358M vs FactSet €416.7M

        • IDL.FP (ID Logistics Group) -- reports FY EBIT €125.8M vs FactSet €124.6M

        • BLV.FP (Believe) -- reports FY net income (€5.5M) vs FactSet (€6.7M)

        • ALQGC.FP (Quantum Genomics) -- reports FY net income (€3.2M)

        • SQI.FP (SQLI SA) -- reports FY net income €4.8M vs year-ago €7.7M

        • ALSEN.FP (Sensorion) -- reports FY net loss (€22.1M) vs year-ago (€23.2M)

      • Southern Europe

        • OPAP.GA (Greek Organisation of Football Prognostics) -- reports FY net income €414.1M vs FactSet €434.2M

        • IVG.IM (Iveco Group) -- announces agreement with Mutares to transfer the ownership of MAGIR

      • Benelux

        • AMG.NA (AMG Critical Materials) -- reports FY EPS $3.12 vs FactSet $3.18

        • MOL.HB (MOL Hungarian Oil & Gas) -- board approves update to "Shape Tomorrow" strategy

        • BAI.NA (BenevolentAI) -- reports FY preliminary normalised EPS (49.1p) vs FactSet (43.8p)

        • HYL.BB (Hyloris Pharmaceuticals) -- reports FY net income (€15.8M) vs FactSet (€11.2M)

        • PHARM.NA (Pharming Group) -- reports FY EPS ($0.02) vs FactSet $0.00

        • BFIT.NA (Basic-Fit) -- reports FY underlying EPS €0.42 vs FactSet €0.41

      • Nordics

        • KESKOB.FH (Kesko) -- reports Feb sales €919.0M, (0.8%) y/y in comparable terms

      • Also due today

        • Earnings:

          • Benelux: Groupe Bruxelles Lambert (GBLB.BB),

          • DACHs: VERBUND (VER.AV), RTL Group (RRTL.GR), Mensch und Maschine Software (MUM.GR), Molecular Partners (MOLN.SW)

          • France: Bollore (BOL.FP)

          • Nordics: Rusta (RUSTA.SS), Spinnova (SPINN.FH)

          • Southern Europe: SAES Getters (SG.IM), SNAM (SRG.IM), Brunello Cucinelli (BC.IM), SeSa (SES.IM), Gruppo MutuiOnline (MOL.IM), D'Amico International Shipping (DIS.IM), El.En. (ELN.IM), Cembre (CMB.IM), Arnoldo Mondadori Editore (MN.IM), Safilo (SFL.IM), Biesse (BSS.IM), TXT e-solutions (TXT.IM), Aquafil (ECNL.IM), Aeffe (AEF.IM)

          • UK: Vistry (VTY.LN), Bridgepoint (BPT.LN), Deliveroo (ROO.LN), OSB Group (OSB.LN), Playtech (PTEC.LN), Savills (SVS.LN), Helios Towers (HTWS.LN), Morgan Advanced Materials (MGAM.LN), Alfa Financial Software (ALFA.LN), Restore (RST.LN)

        • Trading Update: Trainline (TRN.LN), Harboes Bryggeri (HARB.B.DC), Halma (HLMA.LN) (provisional)

        • CMD/events: Eni (ENI.IM), GR Sarantis (SAR.GR), Telefonaktiebolaget LM Ericsson (ERIC.B.SS), Daimler Truck Holding (DTG.GR)

    • M&A

      • BT.A.LN (BT Group) -- CityFibre set to announce purchase of Lit Fibre -- Sky News

      • IVG.IM (Iveco Group) -- announces agreement with Mutares to transfer the ownership of MAGIR

      • CDA.FP (Compagnie des Alpes) -- to acquire Urban Group

      • ENT.LN (Entain) -- exploring possible sale of several overseas brands - FT

      • SHA.GR (Schaeffler) -- and Vitesco enter into merger agreement following approval of respective supervisory boards

      • EMBRAC.B.SS (Embracer Group) -- ceases all operations in Russia through the divestment of selected assets from the operative group Saber Interactive for a purchase price of $247M (SEK 2,527M)

      • SBMO.NA (SBM Offshore) -- and Technip Energies sign partnership agreement to form EkWiL, a Floating Offshore Wind JV

      • GTT.FP (Gaztransport & Technigaz) -- ENGIE Group announces its intention to sell its c.5.38% in stake in Gaztransport & Technigaz

      • ALQGC.FP (Quantum Genomics) -- announces shareholder vote on ExactCure merger on 24-Apr

    • Healthcare

      • 4568.JP (Daiichi Sankyo) -- submits new drug application in Japan for datopotamab deruxtecan

      • IVA.FP (Inventiva) -- to present results of LEGEND Phase IIa combination trial with lanifibranor and empagliflozin in patients with MASH/NASH and T2D on 19-Mar-24

      • IBAB.BB (Ion Beam Applications) -- Ion Beam Applications' JV PanTera signs a second agreement for the supply of actinium-225

      • MEDCL.FP (MedinCell) -- announces Philippe Guy as Chairman of Supervisory Board

    • Other

      • ABI.BB (Anheuser-Busch InBev) -- files mixed securities shelf of indeterminate size - F-3ASR

      • EQNR.NO (Equinor) -- announces drilling contracts extension

      • BA.LN (BAE Systems) -- awarded $754.3M US Army contract modification

      • NHY.NO (Norsk Hydro) -- CEO Hilde Merete Aasheim steps down

      • AVOL.SW (Avolta) -- wins nine-year contract for 26 stores in Istanbul's Sabiha Gökçen International Airport

      • TE.FP (Technip Energies) -- Technip Energies, JGC and NPCC Received Limited Notice To Proceed for ADNOC's Ruwais LNG Project in the UAE

      • SGSN.SW (SGS) -- has finalized its double materiality assessment in line with Corporate Sustainability Reporting Directive (CSRD) requirements

      • NEL.NO (NEL ASA) -- receives $75M in support from DOE and state of Michigan for electrolyser production facility

      • NEL.NO (NEL ASA) -- Nel and partners receive ~$90M in funding from DoE

      • MCPHY.FP (McPhy Energy) -- McPhy awarded a new firm contract in the industrial field for the supply of a McLyzer 800 to AAK in Sweden

      • Department of Energy (DOE) announced $750M in funding for 52 projects across 24 states Hydrogen Electrolysis, Manufacturing, and Recycling Activities (timing uncertain)

      • Galderma Pharma launches Swiss IPO; price range for offered shares set at CHF49-53/share and will result in offer size of CHF2.3B (13-Mar)

  • Key rating changes

    • Upgrades

      • PST.IM (Poste Italiane) -- to buy from hold at Deutsche Bank

      • DGE.LN (Diageo) -- to buy from hold at Kepler Cheuvreux

      • SAN.FP (Sanofi) -- to buy from hold at Stifel

    • Downgrades

      • KARN.SW (Kardex Holding) -- to hold from buy at Jefferies

      • SESG.FP (SES) -- downgraded to hold from buy at Berenberg

    • Initiations

      • AIA.GA (Athens International Airport) -- equal-weight at Morgan Stanley

      • LONN.SW (Lonza Group) -- buy at CLSA

    • Other Actions

      • LMP.LN (LondonMetric Property) -- reinstated overweight at JPMorgan; prior rating was overweight

      • GRNG.SS (Gränges) -- resumed buy at Nordea; prior rating was buy

  • Data

    • Nikkei +0.29% to 38807.38

    • Hang Seng (0.87%) to 16934.03

    • Shanghai Composite (0.18%) to 3038.45

    • S&P futures +8.5 vs prior close of 5232.5

    • €-$ (0.0009) or (0.08%) to 1.0940

    • $-¥ +0.13 or +0.09% to 147.88

    • €-¥ (0.01) or (0.01%) to 161.74

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.
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