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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.58%, DAX30 +0.38%, CAC40 +0.26%

Apr 10 ,2024

  • Synopsis

    • European equity markets are set for a positive open. Follows mixed Asian trade. Nikkei down. Hang Seng higher. Mainland China lower. ASX registers mild gains. US equity futures firmer with S&P up ~0.1% after mostly higher close for US markets in prior session.

    • Market in waiting mode for a several potential catalysts, particularly March CPI due later. ECB decision Thursday and with start of bank earnings season Friday. BoE also due to publish Bernanke's policy review on Friday. Heading into these events, focus on firmer US growth backdrop, which has fueled hawkish repricing of Fed pivot expectations. Attention also on higher commodity prices and higher breakevens. Sell-side have raised targets for S&P and recently talked up outlook for Stoxx Europe 600 given favorable rate outlook.

    • Survey by UK regulator FCA showed signs that Britain's cost-of-living crisis easing. Fits in more upbeat outlook in recent consumer confidence data. Opposition Labour Party continues to prepare for a general election win with announcement of new panel of tax advisers as its looks to raise revenue if it gains power.

    • In central banks, SNB Vice Chairman Schlegel said FX interventions have contributed to price stability but will only use when necessary. Bank of Spain's de Cos speech at 13:30CET at event organized by the Círculo Ecuestre de Barcelona (livestream) OPEC and non-OPEC ministerial meeting. NATO foreign ministers meeting (through Thu). There's an informal meeting of EU transport ministers (through Thu).

    • Also due today, World Trade Organization publishes its outlook. 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

    • Macro data due 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 earnings, Airbus (AIR.FP) reports March gross orders of 137 aircraft, deliveries 63 whilst the DACHs region, Barry Callebaut (BARN.SW) reports H1 recurring net income CHF215.8M vs consensus CHF166M and reiterates FY24 outlook.

  • Politics/Macro/World News

    • UK survey shows signs of cost of living crisis easing for some - Reuters

    • Netherlands Feb Manufacturing Production +1.4% m/m vs consensus +2.8% and prior revised (4.4%) from (4.7%)

  • Top company news

    • Earnings/updates

      • DACHs:

        • BARN.SW (Barry Callebaut) -- reports H1 recurring net income CHF215.8M vs consensus CHF166M; Reiterates FY24 outlook

      • France:

        • AIR.FP (Airbus SE) -- Airbus reports March gross orders of 137 aircraft, deliveries 63

        • KOF.FP (Kaufman & Broad) -- reports H1 net income €11.0M vs year-ago €31.6M

      • Nordics:

        • PNOR.NO (Petronor E&P) -- updates on Congo operations related to PNGF Sud field complex; Q1 average net working interest production 5,025 bopd

        • EMGS.NO (Electromagnetic Geoservices) -- provides vessel activity and multi-client sales update for Q1

      • Southern Europe:

        • PPC.GA (Public Power Corp.) -- reports FY net income attributable €428.3M vs year-ago (€19.0M) (post EU close 9-Apr)

    • M&A

      • RBO.FP (Roche Bobois) -- agrees to acquire a majority interest in its franchised Roche Bobois store in China for an undisclosed sum

      • IDR.SM (Indra Sistemas) -- weighs sale of Minsait Payments unit separately from its parent company for €600M - Expansion, citing sources

      • IAG.LN (International Consolidated Airlines Group) -- IAG set to be handed EU antitrust warning over bid to acquire Air Europa after its remedies failed to address antitrust concerns - Reuters

      • PSM.GR (ProSiebenSat.1 Media) -- exploring potential sale of Verivox and Flaconi - Bloomberg (9-Apr, 14:30 CET)

      • SAB.SM (Banco de Sabadell) -- under no pressure to sell British TSB business - Reuters

      • AZE.BB (Azelis Group) -- to acquire European distribution business of DBH Osthandelsgesellschaft mbH; terms undisclosed

      • IP.IM (Interpump Group) -- announces two acquisitions in China for a combined price of ~€2.9M (post-close 9-Apr)

      • Frasers Group, Next considering acquiring Ted Baker's European retail business - London Times (9-Apr, 13:15 BST)

    • Healthcare

      • IPH.FP (Innate Pharma's) -- drug candidate IPH45 first preclinical data presented at the American Association for Cancer Research (AACR) Annual Meeting 2024

      • NOVN.SW (Novartis) -- halts enrollment of new patients in ribociclib

      • ROG.SW (Roche Holding) -- Roche obtains CE Mark for first companion diagnostic to identify patients with HER2-low metastatic breast cancer eligible for ENHERTU

      • RAH.GR (Societal CDMO) -- SEC filing: SC 13D/A (Filed by First Light Asset Management, LLC)

      • RENX.LN (Renalytix) -- announces $1.0M registered direct offering of 2.7M shares priced at $0.375/sh - 424B5

      • TNG.FP (Transgene) -- and NEC present first clinical benefits of neoantigen cancer vaccine, TG4050, in head & neck cancer at AACR 2024

      • AVCT.LN (Avacta Group) -- reports data from ongoing Phase I clinical trial of AVA6000 at AACR 2024; demonstrates clinical proof-of-concept showing multiple patient responses

    • Other

      • PHIA.NA (Koninklijke Philips) -- FDA announces that court finalizes Consent Decree against Philips Respironics

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- completes €781M buyback program

      • RWE.GR (RWE) -- expects significant structural demand destruction in energy-intensive sectors in Germany due to elevated prices from imported LNG - FT, citing CEO

      • SWED.A.SS (Swedbank) -- publishes 2023 Climate and Nature report

      • DOCM.SW (DocMorris) -- receives gematik approval for simple digital e-prescription redemption via health card

      • SRAIL.SW (Stadler Rail) -- receives four vehicle order from Lausanne-Echallens-Bercher

      • Analysts look at beverage trends ahead of spring shelf space resets

  • Key rating changes

    • Uprades

      • Kepler Cheuvreux upgrades ATRLJ.B.SS, CTY1S.FH; downgrades KLARA.B.SS, SAGA.B.SS

      • CEVI.SS (CellaVision) -- buy from hold at Pareto

      • SHEL.LN (Shell) -- outperform from neutral at BNP Paribas Exane

    • Downgrades

      • MYCR.SS (Mycronic) -- long-term recommendation downgraded to underperform from market perform at Handelsbanken

      • HUH1V.FH (Huhtamaki) --hold from buy at Berenberg

      • AIXA.GR (Aixtron) -- underperform from outperform at BNP Paribas Exane

      • BAS.GR (BASF SE) -- to hold from buy at Deutsche Bank

    • Initiations

      • BKG.LN (Berkeley Group Holdings) --buy at HSBC

      • Goldman Sachs initiates AFX.GR, ALC, ALC.SW

      • TROAX.SS (Troax Group) -- buy at Berenberg

      • EDEN.FP (Edenred) -- sell at Jefferies

      • BC.IM (Brunello Cucinelli) -- outperform at Oddo

      • BEIJ.B.SS (Beijer Ref) -- buy at HSBC

  • Data

    • Nikkei (0.42%) to 39607.43

    • Hang Seng +1.87% to 17143.24

    • Shanghai Composite (0.82%) to 3023.43

    • S&P futures +2.0 vs prior close of 5260.3

    • €-$ (0.0004) or (0.04%) to 1.0854

    • $-¥ +0.06 or +0.04% to 151.81

    • €-¥ (0.07) or (0.04%) to 164.73

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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