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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.12%), DAX30 (0.18%), CAC40 (0.16%)

Mar 15 ,2024

  • Synopsis

    • European indices are set to open lower tracking Asian equities trading lower. Heaviest losses are in Hong Kong with tech and mainland developers down ~3%. Losses picking up in mainland China

    • US equities ended lower Thursday, though off worst levels. Follows a mixed session for stocks on Wednesday. Breadth broadly negative though some strength in big tech

    • Among central banks updates Friday sees Chancellor Scholz delivering a speech in the morning to mark the 125th anniversary of the Central Assn of the German Construction Industry (ZDB) and in the afternoon will receive the President of the European Council, Charles Michel, with the focus of the discussions likely to be the preparation of the European Council on 21/22-Mar. PM of Greenland Egede hosts EU's von der Leyen and Denmark's PM Frederiksen. EU's Simson chairs the EU-US Energy Council meeting.

    • Riksbank's Bunge lecture at 8:30CET on the economic situation and current monetary policy for Folksam's investors. Bundesbank's Nagel speech at 11:00CET at press conf. relating to research project on history of Bundesbank.

    • Macroeconomic releases due today include: France Feb final CPI, Italy Feb final CPI, Jan retail sales, trade balance, Norway Feb trade balance, Sweden Feb unemployment rate

    • Notable earnings reported so far include: Salzgitter (SZG.GR) reports FY EBITDA €677.0M vs guidance €650-700M and FactSet €677.7M [8 est, €600.5-701.2M]. Lenzing (LNZ.AV) reports FY EPS (€20.02) vs FactSet (€11.45) [5 est, (€23.94)-(5.13)] . HELLA (HLE.GR) reports FY operating income €486M vs FactSet €480.0M [1 est]. HelloFresh (HFG.GR) confirms prelim FY23 earnings and FY24 outlook as per 7-Mar update. Vonovia (VNA.GR) reports FY FFO from cont. ops. €2.23 vs FactSet €2.19.

    • Trading Update due at 7am GMT: H&M Hennes & Mauritz (HM.B.SS) and Berkeley Group (BKG.LN)

    • In corporate news: Swisscom confirmed acquisition of Vodafone Italia for €8B on a debt and cash free basis.

  • Politics/Macro/World News

    • Putin is master of all he surveys as Russians head to polls (Reuters)

    • Global Trade Defies Headwinds to Post Rebound: Bloomberg Tracker (Bloomberg)

  • Company news

    • Earnings/updates

      • MOLN.SW (Molecular Partners) -- reports FY EPS (CHF1.89) vs FactSet (CHF1.97) [4 est, (CHF2.35)-(1.64)]

      • BOL.FP (Bolloré) -- reports FY net income €566M vs year-ago €2.72B

      • DWNI.GR (Deutsche Wohnen) -- reports preliminary FY FFO €1.31 vs FactSet €1.26

      • EAPI.FP (Euroapi) -- announces FY24 guidance suspended due to temporary pause of API production at the Brindisi site in Italy

      • DAL.IM (Datalogic) -- reports FY net income €9.5M vs FactSet €11.6M [3 est, €10.3-13.5M], cuts dividend (60%) y/y

      • INRN.SW (Interroll Holding) -- reports FY revenue CHF556.3M vs FactSet CHF561.2M [10 est, CHF548.0-585M]

    • M&A

      • PGHN.SW (Partners Group Holding) -- Partners Group reportedly weighing potential sale of certain of its infrastructure assets valued at >$5B -- Bloomberg

    • Healthcare

      • MDGL (Madrigal Pharmaceuticals) -- gets FDA approval for Rezdiffra to treat adults with NASH consistent with moderate to advanced liver fibrosis

      • OPTN (OptiNose) -- discloses manufacturing agreement with Hikma for XHANCE units - 8-K

      • NWRN.SW (Newron Pharmaceuticals) -- enters into agreement for subscription of up to 2.05M newly issued shares for proceeds of up to €15.0M

      • CANTA.SS (Cantargia) -- presents new human data further supporting CAN10 in the treatment of systemic sclerosis

    • Other

      • BA.LN (BAE Systems) -- has been awarded U.S. Navy contract to continue supporting Mobile Deployable C5ISR programs worth ~$86M

      • HOLN.SW (Holcim) -- will launch its previously announced share buyback program for a total amount of CHF 1B until year-end 2024 on 18-Mar

      • GALP.PL (Galp Energia SGPS) -- Galp provides update on Namibia exploration

      • VNA.GR (Vonovia) -- announces FY23 dividend proposal and change in dividend policy

      • CABK.SM (CaixaBank) -- announces approval and commencement of a share buy-back programme for max amount of €500M

      • GBLB.BB (Groupe Bruxelles Lambert) -- reports NAV €113.64/share as at 31-Dec, (2.2%) y/y

  • Key rating changes

    • Upgrades

      • ADM.LN (Admiral Group) -- to buy from neutral at UBS

      • ECV.GR (Encavis AG) -- to equal-weight from underweight at Morgan Stanley

      • HYQ.GR (Hypoport) -- to outperform from neutral at BNP Paribas Exane

      • IAG.SM (International Consolidated Airlines Group) -- to outperform from market perform at Raymond James

      • KBC.BB (KBC Group) -- to equal weight from underweight at Barclays

      • MNDI.LN (Mondi) -- to buy from hold at Jefferies

      • ROO.LN (Deliveroo) -- to buy from hold at HSBC

    • Downgrades

      • MOR.GR (Morphosys) -- to equal weight from overweight at Wells Fargo Securities, we're told (timing uncertain)

      • SOON.SW (Sonova Holding) -- to sell from neutral at UBS

      • CA.FP (Carrefour) -- to neutral from outperform at Oddo

      • VOLCAR.B.SS (Volvo Car) -- to neutral from outperform at BNP Paribas Exane

      • CVSG.LN (CVS Group) -- to sector perform from outperform at RBC Capital Markets

      • BLV.FP (Believe) -- to hold from buy at HSBC

  • Data

    • Nikkei (0.26%) to 38707.64

    • Hang Seng (1.94%) to 16632.79

    • Shanghai Composite +0.19% to 3044.06

    • S&P futures (6.5) vs prior close of 5218.0

    • €-$ (0.0005) or (0.05%) to 1.0879

    • $-¥ (0.01) or (0.01%) to 148.31

    • €-¥ (0.12) or (0.07%) to 161.31

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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