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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.04%, DAX30 (0.07%), CAC40 +0.00%

Apr 02 ,2024

  • Synopsis

    • European equity markets are set for a mixed open in the first trading session since indices closed for Easter holidays. Asian equities mixed Tuesday. Hang Seng outperforming after resuming trade following Easter holiday, property and tech stocks rallying while Xiaomi up big following EV update. Mainland equities flat. Nikkei erased initial advance. Kospi seeing minor gain with Samsung rallying. ASX turning lower. S&P 500 futures down slightly afterhours.

    • Today's agenda sees IMF's Georgieva speech at 20:30BST at event hosted by the Center for Global Development. EU Parliament's (EP) President Metsola on official visit to Cyprus. EU's Ivanova in Japan (through Wed) and participates in the high-level event on advanced materials, other meetings. Norway's minister of finance Vedum lecture at 12:30CET at Oslo Commerce School. Portugal's minority centre-right government due to be sworn in. Also, France, Italy and Spain Mar new car registrations

    • Macro data due include Italy, Norway, Spain, Sweden, Switzerland Mar manufacturing PMIs with final reads for Eurozone, France, Germany and UK as well as Germany Mar preliminary CPI, Switzerland Feb retail sales, UK Feb mortgage approvals, M4 money supply, Ireland Mar preliminary HICP and Austria Mar unemployment rate.

    • A light earnings front sees Voltalia VLTSA.FP) reporting FY net income €29.6M vs FactSet €34.9M whilst Hansa Biopharma (HNSA.SS) expects Q1 revenue to come in at SEK54M vs FactSet SEK46.8M

    • Over the weekend, Sky News reported AutoNation among suitors considering bidding for Inchcape's (INCH.LN) UK operations.

  • Politics/Macro/World News

    • UK Mar shop price index +1.3% vs consensus +2.2% and prior +2.5% - BRC

    • Spain Mar new passenger car registrations 94,840 units, (4.7%) y/y - ANFAC (1-Apr)

    • Netherlands Feb Retail Sales +3.0% y/y vs consensus +1.6% and prior revised +2.5% from +1.8%

    • Greece Feb Unemployment Rate 11.0% vs consensus 10.3% and prior revised 10.6% from 10.4% --- out yesterday

  • Top company news

    • Earnings/updates

      • DACHs:

        • SFZN.SW (Siegfried Holding) -- announces Wolfgang Wienand is stepping down as CEO; appoints CFO Reto Suter as CEO ad interim as of 1-May

        • ADVN.SW (Adval Tech Holding) -- reports FY net income (CHF3.9M) vs year-ago (CHF2.3M)

      • France:

        • ALAFY.FP (Afyren reports FY net income (€9.6M) vs FactSet (€11.6M) [2 est, (€14)-(9.1M)]

        • VLTSA.FP (Voltalia) -- reports FY net income €29.6M vs FactSet €34.9M [7 est, €26-44.9M]

      • Nordics:

        • SBO.NO (Selvaag Bolig) -- reports Q1 net sales 139 homes worth NOK760M vs year-ago 116 homes worth NOK658M

        • HNSA.SS (Hansa Biopharma) -- reports preliminary Q1 revenue SEK54M vs FactSet SEK46.8M [3 est, SEK39-54M]

        • MPCES.NO (MPC Energy Solutions) -- reports FY EPS ($0.38) vs year-ago ($0.25)

      • Southern Europe:

        • SOL.SM (Soltec Power Holdings) -- releases update FY23 earnings due to a change in the auditors' standpoint in the application of the standard IFRS 15

    • M&A

      • INCH.LN (Inchcape) -- AutoNation among suitors considering bidding for Inchcape's UK operations - Sky News (1-Apr, 7:06 ET/12:06 BST)

      • SWK (Stanley Black & Decker) -- Epiroc completes acquisition of STANLEY Infrastructure from Stanley Black & Decker

      • (OTHER) WHR (Whirlpool Corp.) -- closes previously announced contribution transaction with Arçelik A.S. and MENA sale - 8-K

      • ACOR (Acorda Therapeutics) -- files for voluntary chapter 11 protection to facilitate orderly sale

      • HSBA.LN (HSBC Holdings) -- Having completed sale of HSBC Bank Canada, HSBC Holdings to announce special $0.21/share dividend (06:30 ET/18:30 HKT/11:30 BST)

      • RTO.LN (Rentokil Initial) -- set to acquire HiCare - London Times

      • EQT.SS (EQT AB) -- EQT could announce deal for Avetta tomorrow (2-Apr) - Bloomberg

      • WHC.AU (Whitehaven Coal) -- completes acquisition Daunia and Blackwater coal mines from BHP Mitsubishi Alliance

      • CRBN.NA (Corbion) -- completes sale of its emulsifiers business unit to Kingswood Capital Management for $362M in cash

      • BFG.SS (BYGGFAKTA GROUP) -- BYGGFAKTA GROUP's Independent Bid Committee recommends shareholders accept the increased offer of SEK52/sh

      • CICN.SW (Cicor Technologies) -- completes the acquisition of TT Electronics IoT Solutions Ltd

    • Healthcare

      • OSE.FP (OSE Immunotherapeutics) -- announces peer-reviewed publication on novel myeloid immune checkpoint CLEC-1 in Journal of Immunology

      • LONN.SW (Lonza Group) -- names Wolfgang Wienand CEO; Wienand will join company this summer

      • STRO (Sutro Biopharma) -- Ipsen and Sutro Biopharma announce exclusive global licensing agreement for an ADC targeting solid tumors

      • ROVI.SM (Laboratorios Farmaceuticos Rovi, S.A.) -- FDA approves Risvan for the treatment of schizophrenia in adults

    • Other

      • UBSG.SW (UBS Group) -- announces launch of new share repurchase program of up to $2B on 3-Apr

      • EDP.PL (EDP-Energias de Portugal) -- EDP - Energias de Portugal's Brazilian subsidiary placed the winning bid for 3 lots in electricity transmission auction (2:00ET)

      • SLHN.SW (Swiss Life Holding) -- completes CHF300M share buyback programme

      • AllianceBernstein, Societe Generale launch Bernstein JV; deal was announced 22-Nov-2022

      • Tata Technologies, BMW to form 50:50 JV for automotive software and business IT solutions

  • Key rating changes

    • Upgrades

      • Barclays upgrades BESI.NA; downgrades AIXA.GR

      • KRN.GR (Krones) -- to buy from hold at Berenberg

    • Downgrades

      • RAA.GR (Rational) -- to equal weight from overweight at Barclays

      • MTRS.SS (Munters Group) -- to hold from buy at Berenberg

    • Initiations

      • Bernstein Societe Generale Group initiates

        • ADP.FP, AENA.SM, FHZN.SW, and FRA.GR

        • CTPNV.NA, GYC.GR, LEG.GR, others

        • AED.BB, BLND.LN, COFB.BB, others

        • ESSITY.B.SS, JDEP.NA

        • LSS.FP, ORP.FP, SESG.FP, others

        • CAP.FP, IDR.SM, NEM.GR, others

        • 1U1.GR, FNTN.GR, LBTYA, and O2D.GR

        • KPN.NA, NOS.PL, PROX.BB, and SCMN.SW

        • 1COV.GR, BNR.GR, CRDA.LN, others

        • ARGX.BB, AZN.LN, EAPI.FP, others

  • Data

    • Nikkei +0.02% to 39811.77

    • Hang Seng +2.27% to 16916.63

    • Shanghai Composite (0.21%) to 3070.77

    • S&P futures (8.0) vs prior close of 5295.3

    • €-$ (0.0019) or (0.17%) to 1.0727

    • $-¥ +0.05 or +0.03% to 151.72

    • €-¥ (0.16) or (0.10%) to 162.75

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".

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