Mar 22 ,2024
Synopsis
European indices are set to open lower, in line with Asian equities mostly lower.
Greater China markets lagging with real estate developers and tech stocks weighing on Hang Seng. Nikkei hit fresh record high before pulling back.
US equities finished higher in Thursday trading. Dow, S&P, and Nasdaq set fresh record closes though ended well off session highs
Friday sees Bank of Austria releases its Annual Report 2023; press conf at 11:00CET. MNI Webcast at 9:00GMT with Bundesbank's Nagel to discuss 'German & Eurozone Economic & Policy Developments'. Bundsbank's Nagel speech at 14:00CET at event organized by the central bank. ECB's Lane lecture at 18:00CET at event hosted by AMSE. Portugal Central Bank releases its latest Economic Bulletin. Russia Central Bank interest rate decision/press conf.
S&P futures are slightly higher +3.3 to 5,305.8, +0.06% vs settlement
EU's CHMP will today release its monthly meeting drug authorizations.
In Earnings: SGL Carbon reports FY net income €41.0M vs FactSet €41.1M [4 est, €17.1-63.5M] . Bike24 Holding reports Q4 net income (€62.9M) vs year-ago (€3.9M). Eurocommercial Properties reports FY direct investment result per share €2.32 vs FactSet €2.33; hikes dvi by ~6.3%
Earnings to be released on top of the hour: Phoenix Group Holdings (PHNX.LN), X5 Retail Group (FIVE.LN), JD Wetherspoon
Economic: Germany Mar Ifo survey, UK Mar consumer confidence - GfK, Feb retail sales, Ireland Feb PPI
Politics/Macro/World News
Top company news
Earnings/updates
ENEL.IM (Enel) -- reports FY ordinary net income €6.51B vs FactSet €6.54B [19 est, €6.33-7.02B] and company guidance €6.4B-6.7B
ENAV.IM (ENAV) -- StreetAccount Earnings Call Q&A Summary: ENAV Q4
CEZ.CP (CEZ) -- StreetAccount Earnings Call Q&A Summary: CEZ Q4
JDG.LN (Judges Scientific) -- StreetAccount Earnings Call Q&A Summary: Judges Scientific Q4
ALTR.PL (Altri SGPS) -- reports FY net income attributable from cont. ops €42.8M vs FactSet €24.9M [7 est, €19.5-33M] (post EU close 21-Mar)
M&A
ULVR.LN (Unilever) -- gauging private equity interest in ice cream business; could be valued at €10-15B - FT
(Healthcare
NOVN.SW (Novartis) -- Canada issues statement on CADTH draft recommendations for LEQVIO (inclisiran)
GRF.SM (Grifols) -- publishes conclusions reached by the CNMV regarding the Gotham report
UCB.BB (UCB) -- receives positive CHMP opinion for BIMZELX(bimekizumab) for the treatment of adults with moderate to severe hidradenitis suppurativa
IDIA.SW (Idorsia) -- CMO Guy Braunstein to retire
RENX.LN (Renalytix) -- SEC filing: SC 13D/A (Filed by JEFFERSON RIVER CAPITAL LLC)
ORP.FP (emeis) -- ORPEA completes reverse share split of its outstanding shares
ALBPS.FP (Biophytis) -- presented its phase 3 protocol in the treatment of sarcopenia
Other
MC.FP (LVMH Moet Hennessy Louis Vuitton) -- LVMH Managing Director and Chairman of the Executive Committee Antonio Belloni to step down following AGM on 18-Apr
AIR.FP (Airbus SE) -- IndiGo considering order of around 30 Airbus A350 aircraft - Bloomberg
ABBN.SW (ABB Limited) -- ABB plans to launch new share buyback of up to $1B following completion of 2023-2024 program
AVOL.SW (Avolta) -- wins new 6-year duty-paid contract at Maceió-Zumbi dos Palmares International Airport in Brazil
LGEN.LN (Legal & General Group) -- Legal & General abandons plan to obtain China business license - Reuters
VRLA.FP (Verallia) -- increases amount allocated to the liquidity agreement to €5M
DARK.LN (Darktrace) -- Holder KKR Dark Aggregator L.P. to place ~2.5% of Darktrace existing share capital
IDR.SM (Indra Sistemas) -- announces extension of share buy-back programme
ICAD.FP (Icade) -- releases climate and biodiversity report
Quick Take - Japan Airlines Co. lifts FY guidance, plans to introduce 42 new aircraft
Key rating changes
Upgrades
BVI.FP (Bureau Veritas) -- to overweight from equal weight at Barclays
Downgrades
STJ.LN (St. James's Place) -- to sector perform from outperform at RBC Capital Markets
ASCL.LN (Ascential) -- to hold from buy at HSBC
AT1.GR (Aroundtown) -- to sell from hold at Deutsche Bank
Initiations
THG.LN (THG Plc) -- buy at Peel Hunt
Data
Nikkei +0.18% to 40888.43
Hang Seng (2.13%) to 16504.75
Shanghai Composite (0.79%) to 3052.76
S&P futures +1.8 vs prior close of 5302.5
€-$ (0.0027) or (0.25%) to 1.0834
$-¥ (0.33) or (0.22%) to 151.32
€-¥ (0.75) or (0.46%) to 163.92
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