Apr 09 ,2024
Synopsis
European equity markets are set to open flat to lower, whilst Asian equities mostly higher Tuesday. Benchmarks in Hong Kong, Japan and Australia logging mild gains. Mainland China indexes narrowly mixed. TSMC driving Taiwan's outperformance. Samsung weighing on Kospi. S&P 500 futures flat afterhours.
On today's agenda, in Ireland, Dáil expected to vote on Simon Harris becoming Taoiseach. Also, Sweden's Minister for Foreign Affairs Billström will host a foreign and security policy meeting in the Nordic-Baltic format (NB8) (thru Wed), press conf 13:00CET on Wed. There's an informal meeting of EU agriculture ministers. EU organised Aviation Conf: Europe's Flight Plan to a Sustainable Future. Handelsblatt hosts annual meeting of municipal utilities, title Roadmap to 2045 and beyond. EU's McGuinness to deliver Philip Monahan Memorial Lecture 2024 at 11:00BST at Univ. of Cork. In US, EIA releases short-term energy outlook. EU's Vestager has series of meetings/speeches in Washington DC (thru Fri).
In central banks, ECB releases bank lending survey at 10:00CET. Riksbank's Flodén speech at 12noon CET at meeting organised by DNB Bank. SNB's VP Schlegel lecture title Interest rates and foreign exchange interventions: Achieving price stability in challenging times, at 18:30CET at event hosted by ICMB. Latvia Central Bank's Krasovska participates in the Baltic Payment Forum.
On the macroeconomic calendar for today, France Feb trade balance, Netherlands Mar final CPI, UK Mar retail sales monitor - BRC, Denmark Feb trade balance.
In earnings news, bioMerieux (BIM.FP) reported Q1 revenue and confirmed its guidance for FY24. Additionally the company is hosting its CMD in Paris forecasting an organic revenue growth of +7% CAGR 2024 - 2028. In Norway, TGS-NOPEC Geophysical Co. (TGS.NO) and PGS ASA (PGS.NO) reported preliminary Q1 revenue. In Austria, OMV issued preliminary Q1 production of 352 Kboe/d vs year-ago 376 Kboe/d.
Politics/Macro/World News
Europe needs €800bn to meet 2030 climate targets, says industry - FT
Scholz Upbeat on German Growth Outlook as Inflation Eases - Bloomberg
Swedish Home Prices Extend Gains as Market Shows Signs of Thaw - Bloomberg
Labour vows to fund NHS pledges by tackling tax dodgers - BBC
David Cameron meets Donald Trump at Mar-a-Lago - The Telegraph
Top company news
Earnings/updates
BIM.FP (bioMerieux) -- reports Q1 revenue €965.2M vs FactSet €951.6M [2 est, €946.8-956.4M]; confirms its FY24 guidance
BIM.FP (bioMérieux) -- forecasts organic revenue growth of +7% CAGR 2024 - 2028 -- CMD
ENX.FP (Euronext) -- Mar trading activity
ALBPS.FP (Biophytis) -- reports FY net income (€17.0M) vs year-ago (€24.2M)
SENS.SW (Sensirion Holding) -- ends activities in condition monitoring; announces non-cash impairments of ~CHF25M
AFKS.RU (Sistema) -- reports FY net income (RUB5.3B)
TGS.NO (TGS-NOPEC Geophysical Co.) -- reports preliminary Q1 revenue $227M vs FactSet $207.1M
PGS.NO (PGS ASA) -- reports preliminary Q1 revenue $217M vs FactSet $191.7M
KID.NO (Kid ASA) -- reports prelim Q1 revenue NOK696.5M vs FactSet NOK651.7M
OMV.AV (OMV) -- reports prelim Q1 production 352 Kboe/d vs year-ago 376 Kboe/d
BGN.IM (Banca Generali) -- reports Mar total net inflows €600M vs year-ago €665M (8-Mar; timing uncertain)
M&A
UBSG.SW (UBS Group) -- may get full ownership of UBS Securities via trade with Beijing government - Bloomberg
EURN.BB (Euronav) -- notes certain funds managed by FourWorld Capital Management LLC have filed a claim with the Enterprise Court in Antwerp, Belgium
SDG.FP (Synergie) -- acquires IPA Personnel Services
ATTICA.GA (Attica Holdings) -- Attica reaches agreement with Stena Line Holding for sale of stake in Africa Morocco Link (AML)S
Healthcare
AZN.LN (AstraZeneca) -- FDA approves efficacy supplement for AstraZeneca's Fasenra; expands population to ages 6-11 years
KA (Kineta) -- reports initial clinical response data at AACR 2024 of its ongoing Phase 1/2 VISTA-101 clinical trial
SDZ.SW (Sandoz Group) -- FDA approves sBLA for Sandoz's Hyrimoz; biosimilar now interchangeable for Humira
ALBPS.FP (Biophytis) -- launches OBA Phase 2 clinical study in obesity with BIO101 (20-hydroxyecdysone)
MITRA.BB (Mithra Pharmaceuticals) -- Mithra reaches milestone in estetrol skin study; last patient randomized; top-line results expected to be completed by the end of 2024
CANTA.SS (Cantargia) -- presents new preclinical data for antibody nadunolimab at AACR Annual Meeting
MEDCL.FP (MedinCell) -- awarded up to $6M extension grant to fight malaria from Unitaid
Other
EN.FP (Bouygues) -- opens negotiation procedure on a proposed employment protection plan; to affect 225 jobs
ATO.FP (ATOS SE) -- reportedly looking to raise at least €1B in new capital, convert half of its debt into equity under restructuring plan -- Bloomberg
TRMD.A.DC (TORM Plc) -- SEC filing: SC 13D/A (Filed by Oaktree Capital Group Holdings GP, LLC)
ALFEN.NA (Alfen) -- boards and Boudewijn Tans mutually decide to withdraw his nomination as CFO; fit not as both sides initially expected
Avangrid and Statkraft announce Virtual Power Purchase agreement (VPPA)
Sonoco and ENGIE announce 140 MW Virtual Power Purchase agreement
Key rating changes
Upgrades
BOL.SS (Boliden) -- to buy from hold at Carnegie Securities
ROG.SW (Roche Holding) -- to buy from hold at Kepler Cheuvreux
ATRLJ.B.SS (Atrium Ljungberg) -- short-term recommendation upgraded to hold from sell at Handelsbanken
HEBA.B.SS (HEBA Fastighets) -- long-term recommendation upgraded to market perform from underperform at Handelsbanken
SAGA.B.SS (Sagax) -- short-term recommendation upgraded to hold from sell at Handelsbanken
RNO.FP (Renault) -- to overweight from equal weight at Barclays
HLMA.LN (Halma) -- to overweight from equal weight at Barclays
Downgrades
SAVE.SS (Nordnet) -- to sell from neutral at UBS
CATE.SS (Catena) -- long-term recommendation downgraded to market perform from outperform at Handelsbanken
FABG.SS (Fabege) -- short-term recommendation downgraded to hold from buy at Handelsbanken
KLARA.B.SS (KlaraBo) -- short-term recommendation downgraded to hold from buy at Handelsbanken
WIHL.SS (Wihlborgs Fastigheter) -- short-term recommendation downgraded to hold from buy at Handelsbanken
PNDX.B.SS (Pandox) -- to sell from hold at Handelsbanken
EL.FP (EssilorLuxottica) -- to hold from buy at HSBC
G24.GR (Scout24) -- to hold from buy at HSBC
SOL.SM (Soltec Power Holdings) -- to neutral from outperform at Santander
Initiations
MIPS.SS (MIPS) -- buy at SEB
Data
Nikkei +0.95% to 39719.01
Hang Seng +0.55% to 16825.64
Shanghai Composite (0.32%) to 3037.29
S&P futures +3.0 vs prior close of 5253.3
€-$ (0.0003) or (0.03%) to 1.0857
$-¥ +0.09 or +0.06% to 151.89
€-¥ +0.02 or +0.01% to 164.92
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