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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.05%), DAX30 (0.04%), CAC40 (0.12%)

Mar 27 ,2024

  • Synopsis

    • European indices are set to open close to unchanged to negative as S&P futures trade in positive territory +17.8 to 5,283.0, +0.34% vs settlement

    • Asian equities are trading mixed. Greater China markets underperforming with mainland stocks under pressure and tech weighing on Hang Seng. Nikkei outperforming with ASX and Taiex recording mild gain while Kospi flat.

    • US equities finished down in Tuesday trading, selling off in the last half hour of the session after remaining positive but rangebound for most of the day. Laggards included semis, energy, utilities, rails, chemicals, regional banks, department stores, auto suppliers, and media.

    • Among central banks updates, Riksbank interest rate decision at 9:30CET, press conf 11:00. The benchmark interest rate is expected to be left unchanged, with many commentators expecting a potential for a dovish message. ECB's Cipollone speech at 10:00CET on monetary policy followed by Q&A at the House of the Euro and Elderson panellist/remarks at 13:30 an event in margins of Task Force on Climate-Related Financial Risks' meeting in Brazil. BOE publishes financial policy summary and record at 10:30GMT. SNB releases latest Quarterly B

    • On today's economic agenda: Eurozone Mar economic sentiment, France Mar consumer confidence, Sweden Feb trade balance, Denmark Q4 final GDP, Spain Mar preliminary CPI, Feb retail sales, Norway Feb retail sales, UK Mar distributive trades - CBI

    • In corporate news: the following companies reported FY numbers. SMHN.GR SÜSS MicroTec, BWB.GR Baader Bank, MRX.GR Mister Spex, JEN.GR Jenoptik, GAM.SW Gam, LEHTO.FH Lehto Group Holding, RAA.GR Rational, WSU.GR Washtec, S92.GR SMA Solar, SHF.GR SNP Schneider-Neureither & Partner HGEA.GR hGears

    • In M&A: Honeywell to acquire Civitanavi Systems for €6.30/share in cash, or €200M ($216.6M) in equity value

  • Politics/Macro/World News

    • UK Stands to Lose 8 Million Jobs From AI, Analysis Warns (BBG)

    • Rishi Sunak's attempt to boost Tory morale hit after two ministers resign (FT)

    • UK businesses trim hiring and pay plans, Lloyds says (Reuters)

  • Top company news

    • Earnings/updates

      • S92.GR (SMA Solar Technology) -- confirms FY EBIT €269.5M vs FactSet €261.3M [7 est, €250-269.5M]

      • RAA.GR (Rational) -- reports FY EPS €18.98 vs FactSet €18.77 [14 est, €17.28-19.36]; revenues and EBIT in line with 11-Jan prelims; says outlook is optimistic

      • VANTI.FP (Vantiva) -- reports FY net income (€283M) vs FactSet (€70.8M) [1 est]

      • AT1.GR (Aroundtown) -- reports FY FFO €0.30 vs FactSet €0.30

      • ACLN.SW (Accelleron Industries) -- reports FY net income $110.0M vs FactSet $100.0M [5 est, $93-105.5M]

      • GVOLT.PL (Greenvolt Energias Renováveis) -- reports FY net income attributable €1.2M vs FactSet €13.0M [5 est, €8-24.9M] (post EU close 26-Mar)

      • WSU.GR (Washtec) -- reports final FY EPS €2.09 vs FactSet €2.09 [4 est, €1.99-2.18]

    • M&A

      • IP (International Paper) -- confirms proposal to acquire DS Smith plc

      • SMDS.LN (DS Smith) -- confirms that it is in discussions with International Paper regarding acquisition proposal

      • NETW.LN (Network International Holdings) -- and Brookfield confirms that the Court has approved the extension of the Long Stop Date to 9 October 2024

      • O2D.GR (Telefonica Deutschland Holding) -- Management board and Supervisory board of Telefónica Deutschland Holding AG jointly recommend acceptance of the public delisting acquisition offer

      • AEF.IM (Aeffe) -- announces Altana Società Benefit exercises option to acquire further 15% of Moschino Kids (post EU close 26-Mar)

    • Healthcare

      • ROG.SW (Roche Holding) -- receives FDA approval for molecular test to screen for malaria in blood donors

      • ROG.SW (Roche Holding) -- NICE makes no recommendation on Roche's Enspryng to prevent relapses in neuromyelitis optica spectrum disorders

      • GMAB.DC (Genmab) -- NICE recommends Genmab's Darzalex in combination to treat newly diagnosed systemic AL amyloidosis

      • SANN.SW (Santhera Pharmaceuticals Holding) -- Santhera Announces NDA for Vamorolone in Duchenne Muscular Dystrophy Accepted and Granted Priority Review by China's NMPA

    • Other

      • SIKA.SW (Sika Group) -- shareholders approve dividend of CHF 3.30/sh; Thierry Vanlancker elected as new Chair of the board

      • AENA.SM (Aena S.M.E.) -- Aena to invest over BRL 2B in upgrade of São Paulo's Congonhas airport

      • JDEP.NA (JDE Peet's) -- completes transaction to manufacture, market and sell Caribou-branded consumer and foodservice coffee products

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- Ministero dell'Economia e delle Finanze places 12.5% of share capital of Banca Monte dei Paschi di Siena at €4.15/sharert

  • Key rating changes

    • Upgrades

      • BNP Paribas Exane upgrades TEL.NO; downgrades ELISA.FH, TEL2.B.SS

      • ADYEN.NA (Adyen) -- to overweight from equal-weight at Morgan Stanley

      • SBRY.LN (J Sainsbury) -- to buy from neutral at UBS

    • Downgrades

      • HSBA.LN (HSBC Holdings) -- to equal weight from overweight at Barclays

      • BMW.GR (Bayerische Motoren Werke) -- to hold from buy at Jefferies

      • LHA.GR (Deutsche Lufthansa) -- to hold from buy at Deutsche Bank

  • Data

    • Nikkei +0.90% to 40762.73

    • Hang Seng (0.91%) to 16466.60

    • Shanghai Composite (0.61%) to 3013.05

    • S&P futures +16.8 vs prior close of 5265.3

    • €-$ +0.0001 or +0.01% to 1.0834

    • $-¥ +0.08 or +0.06% to 151.65

    • €-¥ (0.00) or (0.00%) to 164.16

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