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
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
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