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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open:Futures: FTSE (0.28%), DAX +0.04%, CAC +0.01%

Mar 26 ,2024

  • Synopsis

    • European equity markets set to open little changed to lower following a mixed closed yesterday. Asian equities trading mixed Tuesday in a quiet session. Australia gave up yesterday's gains as consumer sentiment disappointed, Japan set to close slightly higher. Another mixed day in China with Hong Kong and Shenzhen higher but Shanghai lower.

    • On today's agenda, PM Sunak is before parliamentary committee at 13:00GMT, Secretary of State at Ministry of Defence Shapps is before a committee at 15:15 and Minister for Public Health Leadsom on Pharmacy at 10:00. Institute for Government hosts event at 18:00GMT on the role of the House of Lords. Slovenia's PM Golob host Chancellor Scholz with press conf. following meeting. EU's Agriculture and Fisheries Council meets and the Belgian presidency of the Council of the EU will host a conf. on critical raw materials and trade policy, EU's Dombrovskis participates. Also, Switzerland's KOF spring economic forecast. General Association of the German Insurance Industry (GDV) discuss "Solvency II - Current status and perspectives"

    • In central banks, ECB's Lane participates at 19:00GMT at Trinity Student Economic Review event at Trinity College. Hungary Central Bank releases its Inflation Report. Estonia Central Bank publishes its latest economic forecasts at 10:00CET.

    • Macro data releases due today include: Germany Apr consumer confidence - GfK, Spain Q4 final GDP, Sweden Feb PPI, Finland Feb unemployment rate, Denmark Feb retail sales.

    • In earnings news, DACHs names kicked off the session with Wacker Neuson (WAC.GR), Vaudoise (VAHN.SW), Baloise (BALN.SW), CTS Eventim (EVD.GR) and Norma Group (NOEJ.GR) reporting final year numbers. In France, Atos (ATO.FP) confirmed its preliminary results as per 28-Feb update and withdrew its previously communicated financial objectives given the contemplated sale of assets and the ongoing debt refinancing discussions.

    • Also due to report today include, Pfeiffer Vacuum Technology (PFV.GR), JOST Werke (JST.GR), Encavis (ECV.GR), SergeFerrari Group (SEFER.FP), 888 Holdings (888.LN), John Wood Group (WG.LN), Flutter Entertainment (FLTR.LN), A.G. BARR (BAG.LN), Fevertree Drinks (FEVR.LN) and Ocado Group (OCDO.LN).

  • Politics/Macro/World News

    • Hungary Is Likely to Slow Rate Cuts After Central Bank Spat Hits Forint - Bloomberg

    • Macron Goes to Brazil Seeking Movement on Ukraine - Bloomberg

    • Russia supplies oil to North Korea as UN sanctions regime nears 'collapse' - FT

    • US and UK accuse China of cyber attacks on politicians and companies - FT, The Times

    • Israel cancels Washington meeting after UN Gaza ceasefire vote - BBC

  • Top company news

    • Earnings/updates

      • DACHs

        • SIE.GR (Siemens AG) -- Siemens confirms FY guidance; doesn't see urgent need for acquisitions - Börsen-Zeitung

        • HBH.GR (Hornbach Holding) -- reports prelim FY EBIT €254M vs FactSet €228M

        • HTG.GR (HomeToGo) -- reports FY adj EBITDA €1.8M vs FactSet €1.4M; guides FY24

        • ODHN.SW (Orascom Development Holding) -- reports FY net income CHF54.4M, +6% vs year-ago CHF51.3M

        • BVHN.SW (SKAN Group) -- reports Q4 EPS CHF0.84 vs year-ago CHF1.17

        • WAC.GR (Wacker Neuson) -- reports FY EPS €2.73 vs FactSet €2.84 [5 est, €2.67-2.94]; expects to see growth remain flat or fall slightly in fiscal 2024

        • VAHN.SW (Vaudoise Assurances Holding) -- reports FY net income CHF132.5M vs year-ago CHF130.8M; hikes shares B-divi by 10%

        • BALN.SW (Baloise) -- reports FY net income attributable CHF239.6M vs FactSet CHF263.2M

        • NOEJ.GR (Norma Group) -- reports final FY adj EPS €1.37 vs FactSet €1.22 [7 est, €0.92-1.65]; cuts divi by ~18% and guides FY24

        • EVD.GR (CTS Eventim) -- reports final FY earnings in line with prelim. release; EPS €2.86 vs FactSet €2.91

        • AAG.GR (Aumann) -- reports FY revenue €289.6M vs FactSet €274.9M

        • VH2.GR (Friedrich Vorwerk Group) -- reports FY EBITDA €32.0M vs FactSet €29.9M

      • France

        • QDT.FP (Quadient) -- reports FY net income from cont ops €84M vs FactSet €85.8M; guides FY24

        • ABCA.FP (ABC arbitrage) -- reports FY EPS €0.28 vs FactSet €0.30

        • ALATI.FP (Actia Group) -- reports FY net income attributable from cont. ops €8.0M vs FactSet €7M; revenue target of €800M postponed to 2027

        • ATO.FP (Atos) -- confirms prelim FY23 results as per 28-Feb update; no divi and FY24 objectives are not provided

      • Southern Europe

        • TGYM.IM (Technogym) -- reports FY adjusted net income €78.4M vs FactSet €77.7M, raises dividend +4% y/y (25-Mar)

        • RWAY.IM (Rai Way) -- reports Q4 net income €16.9M vs FactSet €19.1M [2 est, €18.9-19.2M]; approves 2024-27 industrial plan

        • EGL.PL (Mota-Engil SGPS) -- discloses perspectives for 2024 - Annual Report (post EU close 25-Mar)

      • Benelux

        • EBUS.NA (Ebusco Holding) -- reports FY net income (€120.1M) vs year-ago (€32.2M)

        • EXM.BB (Exmar NV) -- reports FY IFRS net income attributable $72.0M vs year-ago $320.3M

      • Nordics

        • LINK (Interlink Electronics) -- Interlink Electronics reports GAAP FY EPS ($0.08) vs year-ago $0.13 - 10-K

      • Also due to report today

        • Earnings:

          • Benelux: Onward Medical (ONWD.BB)

          • DACHs: KSB (KSB.GR), Pfeiffer Vacuum Technology (PFV.GR), JOST Werke (JST.GR), Encavis (ECV.GR), Viscom (V6C.GR), MediClin (MED.GR), MBB (MBB.GR), SKAN Group (SKAN.SW)

          • France: SergeFerrari Group (SEFER.FP), Vantiva (VANTI.FP)

          • Nordics: Cadeler (CADLR.NO)

          • Southern Europe: Hera (HER.IM)

          • UK: 888 Holdings (888.LN), John Wood Group (WG.LN), Flutter Entertainment (FLTR.LN), A.G. BARR (BAG.LN), Fevertree Drinks (FEVR.LN), Forterra (FORT.LN), Bellway (BWY.LN), Smiths Group (SMIN.LN), W.A.G. Payment Solutions (WPS.LN), Genel Energy (GENL.LN), CPP Group (CPP.LN), YouGov (YOU.LN), Softcat (SCT.LN), Big Technologies (BIG.LN), NIOX Group (NIOX.LN), Inspired (INSE.LN), Xaar (XAR.LN), Empresaria Group (EMR.LN), Luceco (LUCE.LN), Michelmersh Brick (MBH.LN), Digitalbox (DBOX.LN)

        • Trading Update: Ocado Group (OCDO.LN)

    • M&A

      • KWS.GR (KWS Saat) -- sells corn business and licenses for KWS breeding material in South America

      • SIE.GR (Siemens AG) -- Siemens confirms FY guidance; doesn't see urgent need for acquisitions - Börsen-Zeitung

      • TEF.SM (Telefonica) -- State holding company SEPI acquires 3% stake in Telefonica

      • RBG.LN (Revolution Bars Group) -- in talks with investors about emergency fundraising and puts itself up for sale - Sky News

      • Lim Jong-yoon, Lim Jong-hoon's lawsuit against Hanmi Science's 6.4M-share placement to OCI dismissed by court

      • Hanmi to proceed with business integration with OCI; expects support from shareholders

    • Healthcare

      • GRF.SM (Grifols) -- says CNMV denies possible additional investigation

      • VLA.FP (Valneva) -- announced the initiation of a Phase 1 clinical trial to investigate the safety and immunogenicity of VLA1601 its second-generation adjuvanted inactivated vaccine candidate against the Zika virus

    • Other

      • ULVR.LN (Unilever) -- awarded up to $20.9M by US Dept. of Energy for decarbonization projects at four factories

      • REP.SM (Repsol) -- implements 35M share buyback program

      • EURN.BB (Euronav) -- SEC filing: SC 13D/A (Filed by Compagnie Maritime Belge NV)

      • AF.FP (Air France-KLM) -- repaid 452M euros of OCEANE maturing in 2026

      • SGSN.SW (SGS) -- announces new executive committee; appoints Marta Vlatchkova as CFO, effective 8-May

      • CO.FP (Casino Guichard-Perrachon) -- Casino carries out the following transactions for accelerated safeguard plan

      • COP.GR (CompuGroup Medical) -- adopts resolution on share buy-back program for up to 500K shares

  • Key rating changes

    • Upgrades

      • AG1.GR (Auto1 Group) -- to equal-weight from underweight at Morgan Stanley

      • DANSKE.DC (Danske Bank) -- Danske Bank long-term recommendation transferred outperform at Handelsbanken; prior rating was market perform

      • ENEL.IM (Enel) -- to overweight from equal-weight at Morgan Stanley

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- to overweight from equal weight at Barclays

      • SAN.SM (Banco Santander) -- to overweight from equal weight at Barclays

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- to equal weight from overweight at Barclays

    • Downgrades

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

    • Initiations

      • BG.AV (BAWAG Group) -- overweight at Morgan Stanley

      • BKT.SM (Bankinter) -- equal weight at Barclays

      • UNI.SM (Unicaja Banco) -- equal weight at Barclays

    • Other Actions

      • ADYEN.NA (Adyen) -- added as a new long idea at Hedgeye

      • SMIN.LN (Smiths Group) -- transferred hold at Societe Generale (25-Mar, timing uncertain)

  • Data

    • Nikkei (0.04%) to 40398.03

    • Hang Seng +1.42% to 16707.43

    • Shanghai Composite +0.22% to 3033.06

    • S&P futures +9.5 vs prior close of 5278.3

    • €-$ +0.0013 or +0.12% to 1.0851

    • $-¥ (0.11) or (0.07%) to 151.31

    • €-¥ +0.08 or +0.05% to 164.16

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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