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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.08%, DAX +0.08%, CAC +0.12%

Apr 08 ,2024

  • Synopsis

    • European equity markets are set to open flat to higher. Crude prices sharply lower, precious metals supported, industrial metals mixed.

    • Recall that last week the STOXX 600 ended (1.2%) lower after ten consecutive weekly gains. This followed hawkish comments from some US Fed officials, strong US data and a spike in tensions in Europe and the Middle East. Profit-taking also cited as a factor, after record-breaking run. Just oil and gas stocks outperformed last week, with the sector up ~4% on the week, given geopolitical tensions and an upswing in the China manufacturing PMI which was broadly supportive of commodity prices.

    • Asian equities mostly higher Monday. In macro developments, Japan real wages shrank at a quicker pace following recent period of narrowing declines. PBOC announced re-lending program up to CNY500B to boost science and technology sector. Yellen continues her visit to China, though nothing substantive beyond agreeing to talks with Vice Premier He Lifeng about China's overcapacity. On geopolitical front, Israel PM Netanyahu announced withdrawal of some troops from southern Gaza.

    • The week ahead in Europe sees ECB interest rate decision, Eurogroup meeting, OPEC and IEA monthly oil market reports, Germany Feb industrial production, UK Feb industrial/manufacturing production as well earnings/updates from Barry Callebaut (BARN.SW), BP (BP.LN), OMV (OMV.AV), Repsol (REP.SM) and Tesco (TSCO.LN).

    • Macro data releases out today include Germany Feb industrial production, trade balance, Switzerland Mar unemployment rate, Norway Feb manufacturing production, Eurozone Apr Sentix investor confidence

    • In central banks, Riksbank's Thedéen speaks at 9:00CET and 12noon at meetings organised by Nordea, and at 19:00 at an event organised by Malmö Börssällskap. SNB's Jordan speech at 17:15CET at event title "Towards the future monetary system"; also speaking is BOE's Breeden at 17:30. Latvia Central Bank's Zariņa in a discussion on LTV7/rus.LSM.

    • Also today: In Paris, Chinese trade minister Wang Wentao meets French government ministers. EU's von der Leyen delivers the opening speech at the Clean Transition Dialogue on Mobility, chaired by EU's Šef�?ovi�?. EU's Várhelyi participates in EU Meets the Balkans Forum. EU's Šef�?ovi�? speech at the event on 'The future of EU industry: value chain resilience or dependence', organised by EUROFER. Chancellor Scholz answers question at evening event organised by VRM publishing. Also, FT hosts Commodities Global Summit (thru Wed)

  • Macro/politics

    • Italy Sees Debt 'Surely' Staying Below 140% of GDP This Year - Bloomberg

    • ECB Jostling Over Back-to-Back Summer Cuts Has Already Begun - Bloomberg

    • Ireland's new prime minister pledges to fix housing crisis as elections loom - FT

  • Top company news

    • Earnings/updates

      • AKRBP.NO (Aker BP) -- reports Q1 net production mboepd 448.0 vs year-ago 452.7

      • CLAS.B.SS (Clas Ohlson) -- reports Mar sales (ex acquired Spares Group) +4% to SEK648M; Organic sales +5% y/y

      • BOSN.SW (Bossard Holding) -- reports Q1 revenue CHF257.4M, (15%) vs year-ago CHF304.5M

      • GSF.NO (Grieg Seafood) -- trading update: Q1 harvest volume ~21,000t GWT

      • Also reporting today

        • Earnings: Industrivarden (INDU.A.SS), Burkhalter Holding (BRKN.SW), Bango (BGO.LN)

        • Trading Update: Repsol (REP.SM)

        • Production: Ferrexpo (FXPO.LN)

        • Traffic: SAS (SAS.SS)

        • CMD/events: Equinor (EQNR.NO) ESG

    • M&A

      • BPOST.BB (bpost) -- signs agreement with view to acquire Staci from Ardian and other minority shareholders for enterprise value of €1.3B

      • ATO.FP (Atos) -- The French government and Dassault are looking into Atos -- BFMTV

      • WRK (WestRock) -- EU clears Smurfit Kappa, WestRock combination

      • CRH.LN (CRH plc) -- acquires BoDean and Northgate Ready Mix; terms undisclosed

      • MQG.AU (Macquarie Group) -- Last week, Macquarie ruled out buying into Heathrow - Telegraph, seemingly citing sources

      • NTGY.SM (Naturgy Energy Group) -- calls off sale of GPG Australia for now - Bloomberg

      • DKSH.SW (DKSH Holding) -- DKSH Performance Materials to acquire Elite Organic Sdn. Bhd; price not disclosed

      • VMUK.LN (Virgin Money UK) -- Nationwide members look likely to call special meeting regarding Virgin Money purchase - Mail on Sunday

      • GBF.GR (Bilfinger) -- Middle East, US provide primary focus for Bilfinger's hunt for acquisitions - Boersen-Zeitung

      • BLV.FP (Believe) -- says WMG will not submit binding offer for a combination

      • PPT.AU (Perpetual) -- TA Associates, EQT to join forces on offer for Perpetual units - Australian Financial Review

      • ALLDL.FP (Groupe LDLC) -- to acquire Rue du Commerce; terms undisclosed

      • Shell, Saudi Aramco complete due diligence on Pavilion Energy - Reuters

    • Healthcare

      • NOVN.SW (Novartis) -- presents new Leqvio data that is simultaneously published in the Journal of the American College of Cardiology

      • NOVO.B.DC (Novo Nordisk) -- After one year, Novo Nordisk's Wegovy helps heart-failure patients with diabetes - NEJM

      • ALNY (Alnylam Pharmaceuticals) -- Roche and Alnylam present positive results from the Phase II KARDIA-2 study of zilebesiran added to standard of care antihypertensives in patients with inadequately controlled hypertension

      • IONS (Ionis Pharmaceuticals) -- Ionis presents positive results from Phase 3 Balance study of olezarsen for familial chylomicronemia syndrome

      • BAYN.GR (Bayer AG) -- Punitive damages in Bayer Roundup cancer verdict in Missouri reduced to ~$550M from $1.56B -- Bloomberg, citing court filings

      • BBIO (BridgeBio Pharma) -- presents cardiac magnetic resonance (CMR) imaging evidence consistent with clinical improvement observed in the ATTRibute-CM Phase 3 study in patients with transthyretin amyloid cardiomyopathy (ATTR-CM)

      • BNTX (BioNTech) -- SE announces three-year Phase 1 follow-up data for mRNA-based Individualized immunotherapy candidate show persistence of immune response and delayed tumor recurrence in some patients with resected pancreatic cancer

      • 4568.JP (Daiichi Sankyo) -- Daiichi Sankyo, AstraZeneca issue press releases on FDA approval of Enhertu to treat adults with HER2 positive solid tumors

      • PHARM.NA (Pharming Group) -- announces completion of patient enrollment in its Phase III clinical trial evaluating leniolisib

      • 1177.HK (Sino Biopharmaceutical) -- enters strategic partnership with Boehringer Ingelheim

      • 1877.HK (Shanghai Junshi Biosciences) -- Junshi Biopharma discloses approval of the new indication application of toripalimab for the first-line treatment of renal cell carcinoma

      • AVCT.LN (Avacta Group) -- announces release of AACR abstract on data from Phase 1a trial of AVA6000

    • Other

      • MBG.GR (Mercedes-Benz Group) -- Alabama plant workers file for union election, according to the UAW

      • LSEG.LN (London Stock Exchange Group) -- Shareholders divided over LSEG CEO David Schwimmer's remuneration - Sunday Times

      • UCG.IM (UniCredit) -- Proxy adviser Glass Lewis advises UniCredit shareholders to vote against remuneration policy; highlights risks of Russia exposure - Reuters

      • AKSO.NO (Aker Solutions) -- awarded a EPCIC-contract worth between NOK0.5B and NOK1.5B for the Brasse tieback project for OKEA

      • DNO.NO (DNO ASA) -- DNO announces final investment decision has been made for the development of the Brasse field, to be renamed Bestla

      • Estimated weekend box office revenues in US, Canada $85.8M, (58.1%) y/y - Box Office Mojo

      • Investment trusts looking at leaving UK to escape EU rules enforced by FCA - Mail on Sunday

      • Tesla CEO Elon Musk replies on X, "Reuters is lying (again)", in response to earlier Reuters report that Tesla was scrapping plans for low cost car

  • Key rating changes

    • Upgrades

      • NOD.NO (Nordic Semiconductor) -- to buy from hold at Carnegie Securities

      • WIZZ.LN (Wizz Air Holdings) -- to neutral from underperform at BNP Paribas Exane

      • VOLV.B.SS (Volvo) -- to buy from hold at Jefferies

      • CON.GR (Continental) -- to buy from hold at Jefferies

      • PIRC.IM (Pirelli & C.) -- to buy from hold at Jefferies

      • ZAL.GR (Zalando) -- to buy from neutral at Citi

      • EVK.GR (Evonik) -- to buy from neutral at Citi

      • CLN.SW (Clariant) -- to buy from neutral at Citi

      • WWCH.GR (Wacker Chemie) -- to buy from sell at Citi

    • Downgrades

      • RTO.LN (Rentokil Initial) -- to hold from buy at HSBC

      • AD.NA (Ahold Delhaize) -- to underperform from neutral at BNP Paribas Exane

      • ML.FP (Michelin) -- to underperform from hold at Jefferies

      • AKE.FP (Arkema) -- to neutral from buy at Citi

      • ALV.GR (Allianz) -- to neutral from buy at UBS

    • Initiations

      • DIA.IM (DiaSorin) -- buy at UBS

      • NOD.NO (Nordic Semiconductor) -- overweight at JPMorgan

  • Data

    • Nikkei +0.66% to 39249.12

    • Hang Seng +0.11% to 16742.11

    • Shanghai Composite (0.34%) to 3058.81

    • S&P futures (7.3) vs prior close of 5253.0

    • €-$ (0.0004) or (0.04%) to 1.0835

    • $-¥ +0.21 or +0.14% to 151.79

    • €-¥ +0.16 or +0.10% to 164.47

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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