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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.31%), DAX30 (0.10%), CAC40 +0.14%

Apr 03 ,2024

  • Synopsis

    • European equity markets are set for a mixed to lower open amidst Asian equities lower Wednesday. Broad-based declines amid the rate backup with ASX and Kospi underperforming. Hang Seng leading China markets lower. Nikkei off worst levels.

    • No market impact from 7.4 magnitude earthquake off Taiwan coast. Biden-Xi held phone call Tuesday, though no progress on key points of contention such as tech and trade sanctions.

    • Commodity volatility in focus with oil hitting highest since Oct-2023, driven in part by escalation of geopolitical tensions involving major producers Russia and Iran. Gold scaling record highs with haven demand a go-to-excuse amid geopolitical developments, while inflation-hedge buying and central bank demand also mentioned as drivers. At the same time, China slowdown concerns playing out elsewhere with iron ore and steel under pressure amid weaker demand.

    • Also on todays agenda, OPEC and non-OPEC ministerial meeting. NATO foreign ministers meeting (thru Thu). There's an informal meeting of EU transport ministers (thru Thu). EU's Vestager at EP's Committee on Internal Market and Consumer Protection at 9:00CET. Norway's minister of health and care Kjerkol participates at 12noon CET in a large group meeting for health politicians in the Storting

    • In central banks, Bank of Spain's de Cos speech at 13:30CET at event organized by the Círculo Ecuestre de Barcelona (livestream).

    • Macro data due today include: Eurozone Mar preliminary CPI, Feb unemployment rate, Sweden Mar services PMI, Italy Feb unemployment rate, Netherlands Mar preliminary CPI, Austria Mar preliminary CPI.

    • In Corporate news, Montana Aerospace (AERO.SW) reported FY Net sales €1.43B, in-line with preliminary and vs FactSet €1.47B and provided outlook for FY24 and FY25. Also in Switzerland, Glarner Kantonalbank (GLKBN.SW) published its FY earnings report and proposed an unchanged dividend payment of CHF 1.10/sh to AGM. In France, yesterday after the close Boiron (BOI.FP) reported FY revenue €493.3M, (8%) vs year-ago €534.3M.

    • In M&A, Genmab (GMAB.DC) agreed to acquire ProfoundBio for $1.8B in cash. Following this announcement, guides 2024 operating expenses before expenses incurred by it in connection with the proposed transaction to be at or moderately above the upper end of the previously disclosed guidance range of DKK 12.4 -13.4B.

  • Politics/Macro/World News

    • Southern growth spurt creates two-speed eurozone economy - FT

    • Portugal's New Prime Minister Asks Opposition Parties to Let Him Govern - Bloomberg

    • ECB's Holzmann warming to June rate cut but keeping an eye on Fed - Reuters

    • Councils demand independent review of 'arbitrary' levelling up schemes - The Guardian

  • Top company news

    • Earnings/updates

      • AERO.SW (Montana Aerospace) -- reports FY23 adjusted EBITDA €137.7M vs FactSet €139.6M [5 est, €128.4-144M]

      • BOI.FP (Boiron) -- reports FY revenue €493.3M, (8%) vs year-ago €534.3M

      • GLKBN.SW (Glarner Kantonalbank) -- publishes FY report: net income CHF26.0M vs year-ago CHF25.3M

    • M&A

      • RSW.LN (Renishaw) -- Siemens AG does not intend to make an offer for Renishaw

      • RBI.AV (Raiffeisen Bank International) -- issues update on acquisition of 28.5M shares of STRABAG SE

      • CFR.SW (Richemont) -- Mytheresa (MYTE), Bain Capital and Permira among potential bidders for Richemont's Yoox Net-a-Porter -- FT, citing people familiar with the situation

      • SIKA.SW (Sika Group) -- acquires Kwik Bond Polymers, LLC for an undisclosed sum

      • HO.FP (Thales) -- completes acquisition of Cobham Aerospace Communications

      • CLN.SW (Clariant) -- International Flavors & Fragrances completes sale of Cosmetics Ingredients business to Clariant; deal was announced 30-Oct

      • VIRP.FP (Virbac) -- acquires Sasaeah in Japan. Terms were not disclosed

      • OVS.IM (OVS) -- signs a binding investment agreement with the aim of acquiring in multiple stages the control and, ultimately, 100% of Goldenpoint S.p.A.

      • NXI.FP (Nexity) -- completes sale of its retail service activities to Bridgepoint

      • ASB.AU (Austal) -- chairman John Rothwell considering retirement - Australian Financial Review, citing sources

      • GMAB.DC (Genmab) -- agrees to acquire ProfoundBio for $1.8B in cash

    • Healthcare

      • VNDA (Vanda Pharmaceuticals) -- FDA approves Fanapt (iloperidone) tablets for the acute treatment of manic or mixed episodes associated with bipolar I disorder in adults

      • ANAB (AnaptysBio) -- NICE recommends AnaptysBio's Jemperli with platinum-based chemotherapy to treat advanced or recurrent endometrial cancer with high microsatellite instability or mismatch repair deficiency

      • NANO.FP (Nanobiotix) -- announces completion of Phase I dose escalation and NBTXR3 recommended Phase II dose for the treatment of inoperable recurrent lung cancer in patients amenable to re-irradiation

    • Other

      • SREN.SW (Swiss Re) -- CEO Christian Mumenthaler to step down, effective 1-Jul

      • EDPR.PL (EDP Renovaveis) -- secures around 100 MW of storage capacity in the US (post EU close 2-Apr)

      • ANDR.AV (Andritz) -- starts up second tissue production line at Xuong Giang Paper, Vietnam

      • STB.NO (Storebrand) -- completes 4.2M share buyback program for total consideration of NOK400M

      • PGS.NO (PGS ASA) -- announces commencement of a multi-client 3D seismic project in the Penyu Basin, offshore Peninsular Malaysia

      • MBTN.SW (Meyer Burger Technology) -- Meyer Burger announces preliminary take-up of 97.54% of offered shares in the ongoing capital increase; remaining shares to be placed in the market

      • MBTN.SW (Meyer Burger Technology) -- successfully completes capital increase; gross proceeds CHF206.75M

      • Italy Mar new passenger car registrations 162,083 units, (3.7%) y/y -- UNRAE

  • Key rating changes

    • Upgrades

      • IFX.GR (Infineon Technologies) -- to overweight from equal-weight at Morgan Stanley

      • FBK.IM (FinecoBank) -- to overweight from neutral at JPMorgan

      • FNOX.SS (Fortnox) -- to buy from hold at DnB Markets

      • SGRO.LN (Segro) -- to overweight from underweight at Barclays

      • WDP.BB (Warehouses de Pauw) -- to overweight from underweight at Barclays

    • Downgrades

      • AXFO.SS (Axfood) -- to hold from buy at Carnegie Securities

      • IRE.IM (Iren) -- to neutral from outperform at Mediobanca

      • SHOT.SS (Scandic Hotels Group) -- to underweight from equal-weight at Morgan Stanley

      • SOI.FP (SOITEC) -- to equal-weight from overweight at Morgan Stanley

      • VER.AV (Verbund) -- to sell from hold at Stifel

      • CNS.IM (Civitanavi Systems) -- to hold from buy at Berenberg

    • Initiations

      • ETL.FP (Eutelsat Communications) -- underperform at Oddo

      • HEM.SS (Hemnet Group) -- outperform at BNP Paribas Exane

      • ITP.FP (Interparfums) -- buy at Stifel

      • VCT.LN (Victrex) -- buy at Investec

  • Data

    • Nikkei (0.76%) to 39536.29

    • Hang Seng (0.86%) to 16785.88

    • Shanghai Composite (0.09%) to 3072.27

    • S&P futures (9.0) vs prior close of 5260.5

    • €-$ +0.0006 or +0.06% to 1.0777

    • $-¥ +0.04 or +0.02% to 151.60

    • €-¥ +0.11 or +0.07% to 163.33

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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