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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.41% , DAX +0.18%, CAC +0.31%

Mar 28 ,2024

  • Synopsis

    • European equity markets are set to open in positive territory amidst Asian equities again trading mixed Thursday. Japan markets sharply lower heading into the close amid profit taking and rebalancing dynamics. Strong gains in Hong Kong albeit it off its day's high, mainland benchmarks also higher. Southeast Asia mostly lower. US futures mostly unchanged. US dollar unchanged, pressure on AUD and NZD but other forex quiet. Treasury yields mostly higher, JGB yields down. Crude oil higher, precious metals higher and industrial metals mixed. Cryptocurrencies higher following overnight losses.

    • Central interest rate decisions in focus kicking off with SNB interest rate decision at 9:30CET followed by Norges Bank interest rate decision and monetary policy report at 10:00CET. UK's BOE interest rate decision is announced at at 12:00GMT. In other central bank events, ECB Economic Bulletin and Bundesbank Monthly Report published. ECB's Buch speech at 9:00CET at EP's hearing of the Committee on Economic and Monetary Affairs of the European Parliament. Netherlands Central Bank's Knot and BOE's Mann speak at event organised by Centre for Economic Policy Research (CEPR). Norges Bank's Moen speech at 17:00CET at Norwegian Finance Society. Bank of France's Villeroy speaks at 18:30CET at event hosted by House of Finance

    • Further on today's agenda, Germany's Ministry of Finance releases its latest Monthly Report as well as Deutsche Bahn FY earnings and press conf. EU heads of state and government meet in Brussels for the first nuclear energy summit, co-chaired by the IAEA and Belgium ahead of the start of the EU Summit (through Fri). EU's Simson panellist at the Nuclear Energy Summit 2024, and in UK, MPs general debates on Committees reports on armed forces readiness and defence equipment and on food security. Elsewhere, French President Macron continues State visit to Brazil.

    • Macroeconomic updates include: Eurozone, France, Germany, UK Mar flash manufacturing/services PMIs, France Mar business confidence, Netherlands Feb unemployment rate, Norway Feb unemployment rate, UK Feb public sector borrowing. Also, European Automobile Manufacturers' Association (ACEA) Feb new passenger car registrations for the EU + EFTA + UK.

    • In corporate news, EnergieKontor (EKT.GR) reports FY net income €83.3M vs FactSet €59.6M and hikes divi by 20%. Still in the DACH region, Scout24 (G24.GR) confirms preliminary FY23 financials; confirms financial guidance framework for 2024 - 2026; proposes dividend of €1.20/sh, +20% y/y. BayWa (VYW6.GR) reports FY net income (€93.4M) vs FactSet €25.2M and updates medium term guidance. Jungheinrich (JUN3.GR) reports FY EPS €2.94 vs FactSet €3.08 and announces highest divi in company's history. Aluflexpack (AFP.SW) reports final FY earnings: net income €10.5M vs FactSet €5.8M and reaffirms 2024 guidance. Dermapharm Holding (DMP.GR) reports final FY earnings in line with preliminary release; EPS €1.16 vs FactSet €2.30; reaffirms dividend proposal and 2024 guidance. From the Benelux, InPost (INPST.NA) FY EPS PLN1.30 vs FactSet PLN1.61 and for the FY expects to exceed market growth in all geographies

    • In other corporate developments, Renault Group (RNO.FP) sold to Nissan 99.1M Nissan shares for €358M whilst Casino, Guichard-Perrachon (CO.FP) announces effective completion of its financial restructuring

  • Macro/politics

    • UK goods to face new Canadian tariffs in latest blow to Brexit trade agenda - Politico

    • BoE rate-setter warns against rushing to cut interest rates - FT

    • How Portugal's surging far right is already flexing its muscles - FT

    • Erdogan seeks to regain Istanbul and Vanquish his Nemesis - Bloomberg

    • Gold holds steady ahead of US data for more Fed clues - Reuters

  • Top company news

    • Earnings/updates

      • France

        • SOI.FP (SOITEC) -- confirms guidance for FY24; expects FY revenue to be down around (10%) y/y

        • IVA.FP (Inventiva) -- reports FY net income (€102.7M) vs FactSet (€92.2M) [7 est, (€112.7)-(39.1M)]

        • TNG.FP (Transgene) -- reports FY net income (€22.4M) vs FactSet (€29.6M) [3 est, (€42)-(13.8M)]

        • TRI.FP (Trigano) -- reports Q2 revenue €974.2M, +18% vs year-ago €827.2M

        • ALESK.FP (Esker) -- reports FY net income €14.9M vs FactSet €15.3M [8 est, €14.5-16.1M]

        • VU.FP (VusionGroup) -- reports FY net income €79.6M vs FactSet €70.7M [8 est, €39-121.7M]

        • CGM.FP (Cegedim) -- reports FY net income (€7.4M) vs year-ago €13.6M

        • OSE.FP (OSE Immunotherapeutics) -- reports FY net income (€23.0M) vs year-ago (€17.8M)

        • LNA.FP (LNA Santé) -- reports FY net income €23.4M vs FactSet €24.6M [3 est, €22.2-27.0M]

        • ALDVI.FP (Advicenne) -- reports FY net income (€7M) vs FactSet (€8.1M) [2 est, (€8.3)-(7.9M)]; aims to achieve operational profitability during Q4 2024

      • Benelux

        • BFIT.NA (Basic-Fit) -- reports H1 revenue €974.2M, +18% vs year-ago €827.2M

        • INPST.NA (InPost) -- reports FY EPS PLN1.30 vs FactSet PLN1.61 [11 est, PLN1.32-1.88]

      • UK

        • PTEC.LN (Playtech) -- StreetAccount Earnings Call Q&A Summary: Playtech Q4

      • DACHs

        • RAA.GR (Rational) -- StreetAccount Earnings Call Q&A Summary: Rational Q4

        • SBS.GR (Stratec) -- reports FY adjusted EPS €1.37 vs FactSet €1.50 [6 est, €1.36-1.60]

        • ECV.GR (Encavis AG) -- StreetAccount Earnings Call Q&A Summary: Encavis AG Q4

        • KTN.GR (Kontron) -- reports FY net income from cont ops €75.3M vs 15-Jan guidance €87M and FactSet €73.6M [7 est, €72-75M]

        • BSL.GR (Basler) -- confirms prelim. FY earnings: EPS (€0.45) vs FactSet (€0.46); reaffirms to suspend dividend payment for 2023

        • IIA.AV (Immofinanz) -- reports FY FFO (before tax) €275.30M vs year-ago €146.10M

        • SYT.GR (Softing) -- reports FY IFRS net income (€5.4M) vs guidance (€2.5M)-(€4.5M) and year-ago (€1.2M); guides FY24

        • DMP.GR (Dermapharm Holding) -- reports final FY earnings in line with preliminary release; EPS €1.16 vs FactSet €2.30; reaffirms dividend proposal and 2024 guidance

        • EKT.GR (EnergieKontor) -- reports FY net income €83.3M vs FactSet €59.6M; hikes divi by 20% and guides FY24

        • MZX.GR (Masterflex) -- reports FY EPS €0.83 vs FactSet €0.83 [3 est, €0.80-0.86]; issues FY24 guidance

    • M&A

      • EMBRAC.B.SS (Embracer Group) -- Take-Two to buy Gearbox Entertainment from Embracer Group for $460M (SEK4.9B) in shares

      • SPT.LN (Spirent Communications) -- Keysight Technologies reportedly seeking to outbid Viavi Solutions with a bid of ~200p-a-share for Spirent Communications - Sky News

      • RNO.FP (Renault) -- Nissan Motor to invest in Ampere regardless of IPO - Reuters (27-Mar, 14:48 ET/22:48 JST)

      • BFIT.NA (Basic-Fit) -- completes acquisition of 47 Spanish clubs of RSG Group

      • SPIE.FP (SPIE) -- announces the signature of an agreement to acquire c.75% of MBG energy GmbH in Germany

      • AZE.BB (Azelis Group) -- acquires PT Marga Dwi Kencana; terms undisclosed

      • ALLFG.NA (Allfunds Group) -- SIX Group rules out making bid for Allfunds Group - Reuters

      • EXN.FP (Exclusive Networks) -- acquires NEXTGEN Group in Sidney, Australia; terms undisclosed

      • LMP.LN (LondonMetric Property) -- announces it has no intention to make an offer for UK Commercial Property REIT Limited

      • DPP.LN (DP Poland) -- intends to raise gross proceeds of up to £20.5M; includes placing of new shares via accelerated bookbuild through Singer Capital Markets

    • Healthcare

      • AZN.LN (AstraZeneca) -- NICE recommends AstraZeneca's Lynparza for maintenance treatment of BRCA mutation-positive advanced ovarian, fallopian tube or peritoneal cancer after response to first-line platinum-based chemotherapy

      • BIM.FP (bioMerieux) -- bioMérieux receives Dual 510(k) clearance and CLIA-waiver approval for the BIOFIRE SPOTFIRE Respiratory/Sore Throat (R/ST) Panel

    • Other

      • ABBN.SW (ABB Limited) -- to launch new share buyback program of up to $1B on 1-Apr

      • DG.FP (VINCI SA) -- Implementation of the previously announced share buyback programme

      • SOI.FP (SOITEC) -- announces Eric Meurice to step down as chairman of the board, effective 23-Jul-24; Christophe Gégout will replace Meurice as chairman

      • BUR.LN (Burford Capital) -- announces CEO and CIO invest $5.1M in company's ordinary shares

      • CO.FP (Casino Guichard-Perrachon) -- shares trading suspended

  • Key rating changes

    • Upgrades

      • KNEBV.FH (Kone) -- to outperform from neutral at Oddo

      • HOLN.SW (Holcim) -- to outperform from neutral at Oddo

      • HM.B.SS (H&M Hennes & Mauritz) -- to buy from hold at Danske Bank

    • Downgrades

      • DHL.GR (DHL Group) -- to hold from buy at Deutsche Bank

      • NIBE.B.SS (NIBE Industrier) -- to equal weight from overweight at Barclays

      • ACLN.SW (Accelleron Industries) -- to hold from buy at Deutsche Bank

      • FORT.LN (Forterra Plc) -- to hold from add at Peel Hunt

      • DFS.LN (DFS Furniture) -- to hold from buy at Berenberg

    • Other Actions

      • DLG.LN (Direct Line Insurance Group) -- reinstated buy at Deutsche Bank

      • LMP.LN (LondonMetric Property) -- reinstated overweight at Barclays

  • Data

    • Nikkei (1.46%) to 40168.07

    • Hang Seng +0.91% to 16541.28

    • Shanghai Composite +0.31% to 3002.31

    • S&P futures (3.8) vs prior close of 5308.3

    • €-$ (0.0009) or (0.08%) to 1.0819

    • $-¥ +0.02 or +0.01% to 151.32

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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