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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (1.23%), DAX30 (1.22%), CAC40 (1.26%)

Apr 05 ,2024

  • Synopsis

    • European equity markets are set to open lower amidst weaker session in Asia and lower close on Wall Street overnight. Nikkei seeing the heaviest selling amid yen fluctuation. Losses intensified in Australia and Korea. Hang Seng also pulling lower after resuming trade. Mainland China remains shut for Qingming Festival. Yen seeing across-the-board gains. Dollar higher against other currencies. Crude holding near six-month high amid Middle East tensions. Gold pulling back from record high. Base metals selling off alongside equities. Bitcoin flat.

    • Risk off move on equity markets attributed to ramp in Middle East fighting amid concerns of wider conflict after Iran vowed retaliation for Israel strike on its Syrian embassy. Media reports Iran response could involve strikes inside Israel, forcing latter to respond. Geopolitical tensions have largely been ignored by markets though latest developments have tied into oil's rally to six-month high, which has fanned concerns it will slow pace of disinflation momentum.

    • On the agenda for today in Europe, in central banks, there's Estonia Central Bank commentary on Mar inflation. EU's Gentiloni and Ferreira participate in the workshop 'The Outlook for the Economy and Finance' organised by Ambrosetti.

    • Light corporate releases with Oxurion (OXUR.BB), O'Key Group (OKEY.LN), Futura Medical (FUM.LN), Savannah Resources (SAV.LN) due to release earnings/ trading updates and Norwegian Air Shuttle (NAS.NO) scheduled to release traffic numbers

    • On the macroeconomic calendar for today, Germany Feb factory orders and manufacturing turnover along with UK Mar house price index from both Nationwide and Halifax are due at 7:00 BST, followed by France Feb industrial production at 7:45 BST and Eurozone Feb retail sales at 10:00 BST. Also, Germany and UK Mar new car registrations due today.

  • Politics/Macro/World News:

    • ECB seen cutting interest rates once a Quarter starting in Jun (Bloomberg)

    • Russia is trying to sabotage European rqilways, warns Prague (FT)

    • Israel says it will open new aid routes into Gaza (BBC)

    • Eastern Europe's richest family targeted in Slovak media dispute (Bloomberg)

  • Top company news

    • Earnings/updates

      • ROS.AV (Rosenbauer International) -- FY EPS (€0.20) vs FactSet €0.84 [3 est, (€0.10)-1.53]

      • GRF.SM (Grifols) -- presents the information requested by CNMV to assist in guaranteeing the transparency and integrity of present and future financial information (post EU close 4-Apr)

      • GNFT.FP (GENFIT) -- FY net income (€28.9M) vs FactSet (€28.7M) [5 est, (€42)-(11.0M)]

      • CYAD.BB (Celyad Oncology) -- Aug-23 private placement intended to cover company's operating expenses well into 2025 - Interim CEO's letter to shareholders

      • SIGHT.FP (GenSight Biologics) -- reports cash position as of 31-Mar-24 and provides business update

      • LSG.NO (Lerøy Seafood Group) -- Q1 trading update: total harvest volume of salmon and trout 26.4K GWT; ex-volumes from Scottish Seafarms

      • HAUTO.NO (Höegh Autoliners) -- Mar trading update: transported 1.2M CBM of cargo on prorated basis

    • M&A

      • IMPN.SW (Implenia) -- main shareholder Max Roessler sells 13.7% of its stake to BURU Holding AG

      • AIR.FP (Airbus), BA (Boeing) -- reportedly evaluating deal to split up Spirit AeroSystems' (SPR) operations -- Reuters, citing sources

      • EXPN.LN (Experian) -- to acquire illion in ANZ for total consideration of up to A$820M (~$532M)

      • HOLN.SW (Holcim) -- has signed agreement to acquire Tensolite; terms undisclosed

      • CLARI.FP (Clariane) -- confirms meeting with members of CSEC on possible sale of HAD/SSIAD business in France

      • EVN.AV (EVN AG) -- terminates structured bidder process for a full sale of WTE Wassertechnik GmbH and is evaluating further strategic options

    • Healthcare

      • B8F.GR (Biofrontera AG) -- resolves capital increase; shareholders will be granted statutory subscription rights

      • IBT.B.SS (Infant Bacterial Therapeutics) -- reports last patient enrolled in Phase 3 study of IBP-9414

    • Other

      • ENI.IM (Eni) -- confirms proposal for a new buyback program in line with previously disclosed plan (post EU close 4-Apr)

      • BVI.FP (Bureau Veritas) -- holder Wendel (MF.FP) sells 40.5M shares through Goldman Sachs; confirms repurchased ~3.69M of its own shares (~0.8% of its share capital) as part of Wendel's accelerated placement

      • SWON.SW (SoftwareONE Holding) -- notes that three additional proxy advisors, Ethos, Glass Lewis and Inrate, have opposed complete replacement of Board of Directors as requested by 29% shareholder block

  • Key rating changes

    • Upgrades:

      • DUST.SS (Dustin Group) -- to buy from hold at Kepler Cheuvreux

      • KINV.B.SS (Kinnevik) -- to buy from hold at .Nordea

      • LUCE.LN (Luceco) -- to add from hold at Peel Hunt

      • WALL.B.SS (Wallenstam) -- to hold from sell at ABG Sundal Collier

    • Downgrades

      • CARL.B.DC (Carlsberg) -- to equal weight from overweight at Barclays

      • AENA.SM (Aena S.M.E.) -- to hold from buy at Deutsche Bank

      • ECV.GR (Encavis AG) -- to hold from buy at Pareto

      • INVE.B.SS (Investor) -- to hold from buy at Nordea

      • INDU.A.SS (Industrivarden) - to sell from hold at Nordea

      • TREL.B.SS (Trelleborg) -- to hold from buy at Pareto

    • Initiations

      • RUSTA.SS (Rusta) -- buy at Danske Bank

      • ELI.BB (Elia Group) -- overweight at Morgan Stanley

      • MAAT.FP (Maat Pharma) -- buy at Gilbert Dupont

  • Data

    • Nikkei (2.13%) to 38924.87

    • Hang Seng (0.08%) to 16712.33

    • Shanghai Composite +0.00% to 3069.30

    • S&P futures +8.8 vs prior close of 5197.3

    • €-$ (0.0011) or (0.10%) to 1.0826

    • $-¥ (0.15) or (0.10%) to 151.19

    • €-¥ (0.34) or (0.21%) to 163.69

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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