Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.19%), DAX +0.04%, CAC +0.01%

Mar 25 ,2024

  • Synopsis

    • European equity markets set to open mixed (flat to lower) Monday having posted fresh all-time highs last week, with ninth straight week of gains and longest winning streak since 2012 on central bank easing plans. STOXX Europe 600 closed up +0.96% last week, while the FTSE 100 rose +2.68% for the week. DAX rose +1.5% to another record high last week. Recall SNB delivered surprise cut and BoE edges towards policy easing.

    • This week sees Riksbank interest rate decision, ECB's Lagarde participate in EIB meeting, release of Germany Mar unemployment change, a number of Q4 final GDPs and Mar preliminary CPIs from across the region as well as earnings/updates from the likes of Buzzi (BZU.IM), Flutter Entertainment (FLTR.LN), H&M Hennes & Mauritz (HM.B.SS), Kingfisher (KGF.LN) and Smiths Group (SMIN.LN)

    • On today's agenda, in central banks, ECB's Lagarde participates at 11:00CET at EIB Group Climate and Environment Advisory Council. BOE's Mann speech at 14:15GMT at Royal Economic Society Annual Conf (thru Wed). Bundesbank's Balz panellist at 19:30CET at event hosted by Ostfriesische Volksbank Leer (cooperative bank) livestream.

    • In the UK, MPs questions on defence kicks-off House of Commons session. Institute for Government hosts event at 17:30GMT title General election: How big a threat is AI and disinformation to elections in 2024? Chancellor Scholz and Economics Minister Habeck will take part in the groundbreaking ceremony and start of construction for Northvolt's (+NVOLT.SS) battery gigafactory in Heide. In the evening, the Chancellor holds latest in "Chancellor Talk" series in Brandenburg/Havel. EU's Environment Council meets. EU's Šef�?ovi�? participates in the annual Brussels meeting of the Ad-Hoc Council on the topic '2024 a year of change for the EU?'. Conf. on The Demographic Transformation sees participation/speeches by a number of EU Commissioners. Also, Switzerland's KOF consensus forecast (survey of active economists in business and public administration on their forecasts).

    • Macro data releases out today include out today include Spain Feb PPI, inland Feb PPI. Netherlands Q4 final GDP already on the tape, coming in at (0.4%) y/y v preliminary (0.5%)

    • Holidays: Cyprus, Greece (Independence Day)

  • Politics/Macro/World News

    • Triple lock for pensions to be in Tory manifesto, Jeremy Hunt says - BBC

    • Fitch Revises the United Kingdom's Outlook to Stable; Affirms at 'AA-' - link

    • Harris Will Take on Sinn Fein, Migration as Next Irish Premier - Bloomberg

    • Polish central bank chief seeks truce with Tusk over 'idiotic' accusations - FT

    • Mixed signals cloud the way for the Bank of England - Times

  • Top company news

    • Earnings/updates

      • PSH.LN (Pershing Square Holdings) -- reports FY EPS $13.17 vs year-ago ($5.96)

      • SIGHT.FP (GenSight Biologics) -- reports FY EPS (€0.54) vs FactSet (€0.62) [2 est, (€0.65)-(0.58)]

      • Also reporting today

        • Earnings:

          • DACHs: Synlab (SYAB.GR), adesso (ADN1.GR), Heidelberg Pharma (HPHA.GR), Addex Therapeutics (ADXN.SW)

          • France: Quadient (QDT.FP)

          • Southern Europe: Technogym (TGYM.IM)

          • UK: Kingfisher (KGF.LN), Gamma Communications (GAMA.LN), Central Asia Metal (CAML.LN), Henry Boot (BOOT.LN), Virgin Wines (VINO.LN)

        • Trading Update: Pennon Group (PNN.LN)

    • M&A

      • ULVR.LN (Unilever) -- may sell most of its nutrition business - Mail on Sunday

      • TIT.IM (Telecom Italia) -- Italy, Asterion may make joint bid for Telecom Italia's Sparkle - Bloomberg

      • ATO.FP (Atos) -- Onepoint CEO David Layani reveals his plan to save Atos -- Le Figaro

      • DLG.LN (Direct Line Insurance Group) -- confirms Ageas does not intend to make an offer for Direct Line

      • NETW.LN (Network International Holdings) -- and Brookfield receive approval from Central Bank of the UAE for merger

      • SFOR.LN (S4 Capital) -- "Everyone is looking at" S4 Capital - London Times, citing PE source

      • MQG.AU (Macquarie Group) -- Macquarie looking at buying into Heathrow Airport - Telegraph

    • Other

      • STMPA.FP (STMicroelectronics) -- Italy, France reach agreement on STMicroelectronics governance - Bloomberg

      • SAP.GR (SAP) -- pursuing more US investors as it seeks to catch up with US competitors - Börsen-Zeitung

      • BN.FP (Danone) -- provides update on its EDP business in Russia

      • DTE.GR (Deutsche Telekom) -- amends first tranche of 2024's up-to-€2B buyback program

      • LHA.GR (Deutsche Lufthansa) -- Italian Finance Minister says EU opposes ITA Airways-Lufthansa deal - Handelsblatt

      • TIGO.SS (Millicom International Cellular) -- CFO Sheldon Bruha stepping down; effective 15-Apr

      • AVOL.SW (Avolta) -- adds Germany's Cologne Bonn Airport to operational portfolio with award of 17 new stores for ten years

      • CABK.SM (CaixaBank) -- discloses receipt of updated minimum fund requirements from Bank of Spain

      • FHZN.SW (Flughafen Zuerich) -- FOCA srarts stakeholder involvement on possible introduction of "roll-over mechanism" at Zurich Airport for upcoming charge period

      • WDP.BB (Warehouses de Pauw) -- Warehouses de Pauw's co-CEO Tony De Pauw to stand down effective 1-Jul; remains active as a special advisor

      • PNL.NA (PostNL) -- and trade unions reached agreement for new collective labor agreement

      • Estimated weekend box office revenues in US, Canada $103.4M, (11.3%) y/y - Box Office Mojo

      • Western Australia's TAB fails to attract sufficient interest - Australian Financial Review

  • Key rating changes

    • Upgrades

      • LEG.GR (LEG Immobilien) -- to overweight from underweight at Barclays

      • HEI.GR (Heidelberg Materials) -- to buy from hold at Deutsche Bank

      • UCB.BB (UCB) -- UCB assumed equal-weight at Morgan Stanley; prior rating was underweight

      • ERF.FP (Eurofins Scientifi) -- to buy from hold at Kepler Cheuvreux ;

    • Downgrades

      • ITX.SM (Inditex) -- to neutral from buy at UBS

      • TEG.GR (TAG Immobilien) -- to equal weight from overweight at Barclays

      • GLE.FP (Societe Generale) -- to equal-weight from overweight at Morgan Stanley

      • ATO.FP (ATOS) -- to sell from hold at Societe Generale

      • APPS.SM (Applus Services) -- to hold from buy at Kepler Cheuvreux

      • ITRK.LN (Intertek Group) -- to hold from buy at Kepler Cheuvreux

      • SLHN.SW (Swiss Life Holding) -- to hold from buy at Kepler Cheuvreux (

    • Other

      • LONN.SW (Lonza Group) -- initiated outperform at BNP Paribas Exane

  • Data

    • Nikkei (1.16%) to 40414.12

    • Hang Seng (0.11%) to 16480.84

    • Shanghai Composite (0.55%) to 3031.13

    • S&P futures (7.8) vs prior close of 5293.3

    • €-$ +0.0005 or +0.04% to 1.0814

    • $-¥ (0.05) or (0.04%) to 151.35

    • €-¥ (0.72) or (0.44%) to 163.70

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".

DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE