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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.75%, DAX +0.98%, CAC +0.65%

Mar 21 ,2024

  • Synopsis

    • European equity markets are set to open in positive territory amidst Asian equities strengthening Thursday. Mainland China stocks a touch lower. Nikkei the other major gainer after resuming trade following Wednesday public holiday. ASX off best levels. Emerging Asia indexes firming. S&P 500 futures higher afterhours.

    • Focus on interest rate decisions with SNB interest rate decision at 9:30CET followed by Norges Bank interest rate decision and monetary policy report at 10:00CET. UK's BOE interest rate decision is announced at at 12:00GMT. In other central bank events, ECB Economic Bulletin and Bundesbank Monthly Report published. ECB's Buch speech at 9:00CET at EP's hearing of the Committee on Economic and Monetary Affairs of the European Parliament. Norges Bank's Moen speech at 17:00CET at Norwegian Finance Society.

    • Also on today's agenda, Germany's Ministry of Finance releases its latest Monthly Report as well as Deutsche Bahn FY earnings and press conf. EU heads of state and government meet in Brussels for the first nuclear energy summit, co-chaired by the IAEA and Belgium ahead of the start of the EU Summit (through Fri). EU's Simson panellist at the Nuclear Energy Summit 2024, and in UK, MPs general debates on Committees reports on armed forces readiness and defence equipment and on food security.

    • Macroeconomic releases include Eurozone, France, Germany, UK Mar flash manufacturing/services PMIs, France Mar business confidence, Netherlands Feb unemployment rate, Norway Feb unemployment rate, UK Feb public sector borrowing.

    • Elsewhere, European Automobile Manufacturers' Association (ACEA) Feb new passenger car registrations for the EU + EFTA + UK.

    • In corporate news, BMW Group (BMW.GR) confirmed prelim FY23 earnings as per 14-Mar update; sees FY24 EBIT margin in Automotive Segment within range of 8-10%. Also in the DACH region, Nemetschek (NEM.GR) reported final FY earning in line with preliminary release. AEVIS VICTORIA (AEVS.SW) FY revenue CFH953.0M vs year-ago CHF1.14B; guides a net loss after depreciation, amortization and financial expenses CHF35-45M. technotrans (TTR1.GR) released FY earnings and announced change in the board of Management as COO/CTO, resigned from his position. United Internet (UTDI.GR) FY operating EPS €1.41 vs consensus €1.52; keeps divi unchanged and confirms FY24 outlook. Talanx reported FY net income €1.58B vs FactSet €1.61B.

    • Out of the Nordics, Veidekke (VEI.NO) issued 2024 market update: predicts mixed developments in the Scandinavian contracting markets. From the Benelux, Ion Beam Applications (IBAB.BB) reports FY net income (€9.1M) vs FactSet (€8.2M) and reiterates its previously announced mid-term guidance. In France, Innate Pharma (IPH.FP) is out with FY earnings.

    • Also due to report today, Wallix Group (ALLIX.FP), Enel (ENEL.IM), Next (NXT.LN), M&G (MGN.LN), Direct Line Insurance Group (DLG.LN).

  • Politics/Macro/World News

    • How farming outrage will crash another EU leaders' summit - FT

    • Gold sprints to record high as Fed sticks to 2024 rate-cut view - Reuters

    • Bank of England expected to hold interest rates - BBC

    • Simon Harris is early front-runner to become taoiseach - Irish Times

    • Netherlands Feb Unemployment Rate 3.7% vs consensus 3.6% and prior 3.6%

  • Top company news

    • Earnings/updates

      • PAH3.GR (Porsche Automobil Holding SE) -- reports FY result after tax €5.10B vs FactSet €5.36B [6 est, €5.06-5.65B]; launches JV with DTCP

      • HEI.GR (Heidelberg Materials) -- plans to increase dividend by 15% to €3.00 per share for the 2023 financial year

      • NEM.GR (Nemetschek) -- reports final FY earning in line with prelim. release; EPS €1.40 vs FactSet €1.34 [18 est, €1.06-1.58]

      • HHFA.GR (Hamburger Hafen und Logistik) -- reports FY revenues, EBIT and net income in line with prelims; guides 2024 operating result (EBIT) in range of €85M - €115M

      • 1U1.GR (1&1 AG) -- reports FY EPS €1.79 vs FactSet €1.81 [13 est, €1.67-2.10]; reaffirms 2024 guidance, proposes unchanged dividend

      • HOCN.SW (HOCHDORF Holding) -- reports FY net income (CHF10.2M) vs year-ago (CHF15.8M); goal of positive EBIT by the end of 2024

      • IPH.FP (Innate Pharma) -- reports FY EPS (€0.09) vs FactSet (€0.56) [4 est, (€1.10)-(0.30)]

      • PHXM.FP (Phaxiam Therapeutics) -- reports FY net income (€23.5M) vs FactSet (€26M) [1 est]

      • DOCM.SW (DocMorris) -- reports FY net income from cont. ops (CHF117.6M) vs FactSet (CHF104.8M) [8 est, (CHF114.3)-(86M)]

      • INVP.LN (Investec) -- StreetAccount Earnings Call Q&A Summary: Investec Q4

      • VETO.FP (Vetoquinol) -- reports FY net income €55.6M vs FactSet €55.2M [6 est, €50.1-57.7M]

      • CAI.AV (CA Immobilien Anlagen) -- reports FY FFO I €113.8M vs year-ago €125.3M

      • GBT.FP (Guerbet) -- reports FY net income €22.2M vs FactSet €9.8M [4 est, €7.2-12.5M]

    • M&A

      • TIT.IM (Telecom Italia) -- minority investor Merlyn Partners pushing company to sell Brazilian unit - Reuters (20-Mar, intraday, timing uncertain)

    • Healthcare

      • NYKD.NO (Nykode Therapeutics) -- updated results affirm benefits, indicate synergistic effect in phase 2 VB-C-02 trial of combining VB10.16, atezolizumab for cervical cancer

    • Other

      • DHER.GR (Delivery Hero) -- announces results of offer to buy back portions of outstanding convertible bonds due 2025 and 2026

      • HEI.GR (Heidelberg Materials) -- supervisory board extends mandate of Dominik von Achten as chairman of the managing board (CEO)

      • AZA.SS (Avanza Bank Holding) -- newly nominated CEO Gustaf Unger will assume his position as CEO of Avanza on Monday the 25-March

      • WG.LN (John Wood Group) -- to launch new cost efficiency programme that will include job cuts - Sky News (20-Mar, 15:38 GMT)

  • Key rating changes

    • Upgrades

      • IAG.LN (International Consolidated Airlines Group) -- to outperform from sector perform at RBC Capital Markets

      • BIM.FP (bioMerieux) -- to buy from hold at Berenberg

    • Downgrades

      • RDW.LN (Redrow) -- to sector perform from outperform at RBC Capital Markets

      • VMUK.LN (Virgin Money UK) -- to neutral from outperform at Autonomous Research

      • DIA.IM (DiaSorin) -- to hold from buy at Berenberg

  • Data

    • Nikkei +2.03% to 40815.66

    • Hang Seng +2.21% to 16907.95

    • Shanghai Composite +0.12% to 3083.51

    • S&P futures +22.5 vs prior close of 5286.8

    • €-$ +0.0016 or +0.15% to 1.0938

    • $-¥ (0.27) or (0.18%) to 150.99

    • €-¥ (0.10) or (0.06%) to 165.12

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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