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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.26%, DAX (0.04%), CAC (0.05%)

Apr 11 ,2024

  • Synopsis

    • European equity markets are set to open little change amidst Asian equities mostly lower Thursday. Initial risk-off move attributed to hot US CPI data, though regional benchmarks off worst levels with mainland China turning positive and Korean stocks flat. S&P 500 futures flat after recouping earlier losses. Precious and base metals recording mild gain. Crude steady. Bitcoin rebounding from overnight lows.

    • In central banks, ECB interest rate decision at 14:15CET with subsequent press conf at 14:45. No change is expected in the benchmark interest rate, with focus on language used for hints of possible cut in rates in Jun. Riksbank's Jansson speech at 13:15CET at a conf organised by The Swe! dish Unions within Industry. BOE's Greene panellist at 19:00BST at Delphi Economic Forum. BOE credit conditions survey releases at 9:30BST.

    • Further on today's agenda, Eurogroup meeting, ECB's Cipollone participates. Also, OPEC monthly report release. There's an informal meeting of EU tele­communications ministers (through Fri) and EU Political and Security Committee meet. Chancellor Scholz meets with members of the Agriculture Future Commission, discuss farming related issues. EU's Šef�?ovi�? and Breton speak at the high-level event on 'Powering Tomorrow, Inspiring Today: Nuclear Energy 2.0' organised by EDF, Fortum, Vattenfall and Euractiv. EU hosts 9th Cohesion Forum (through Fri), speakers include EU's von der Leyen. Elsewhere, US President Biden hosts Philippine's President Marcos in first-ever Philippines-US-Japan Trilateral Summit

    • In corporate news, Gerresheimer (GXI.GR) released Q1 EPS ex-items €0.65 vs consensus €0.68 and confirmed guidance. Also in the DACH region, Givaudan (GIVN.SW) reported Q1 trading update including revenue CHF1.82B vs consensus CHF1.78B. Helvetia Holding (HELN.SW) FY EPS CHF5.20 vs FactSet CHF5.51 and hikes divi by ~7%. In France, Publicis Groupe (PUB.FP) reports Q1 revenue €3.23B vs consensus €3.21B and expects Q2 solid organic growth within FY range. Meanwhile in Spain, Repsol (REP.SM) Q1 trading update saw upstream production 590 Kboe/d vs year-ago 608 Kboe/d.

    • On M&A front, Societe Generale (GLE.FP) to divest the majority of it's equipment financing businesses to Groupe BPCE for €1.1B

  • Macro/Politics

    • How Europe is paying other countries to police its borders - FT

    • Fraud-busters swoop on Greek contracts involving €2.5B of EU recovery funds - Politico

    • ECB to Hold With First Cut Locked In for June: Decision Guide - Bloomberg

    • Gold Resumes Gains as Middle East Tensions Offset Hot Inflation - Bloomberg

    • UK Mar House Price Balance (4%) vs consensus (6%) and prior (10%); respondents continue to foresee house prices returning to growth over the next twelve months - RICS survey

  • Top company news

    • Earnings/updates

      • GIVN.SW (Givaudan) -- reports Q1 revenue CHF1.82B vs consensus CHF1.78B

      • REP.SM (Repsol) -- Q1 trading update: upstream production 590 Kboe/d vs year-ago 608 Kboe/d (post EU close 10-Apr)

      • GXI.GR (Gerresheimer) -- reports Q1 EPS ex-items €0.65 vs consensus €0.68. Guidance confirmed

      • VACN.SW (VAT Group) -- reports Q1 revenue CHF198.5M vs StreetAccount CHF210.8M and guidance CHF185-205M

      • IDIA.SW (Idorsia) -- takes steps to address short-term liquidity needs; postpones FY23 and Q1 and 2024 financial results publication to 21-May

      • NOBI.SS (Nobia) -- AB announces restatement of 2023 following divestures of Bribus and ewe

      • ALCRB.FP (Carbios) -- reports FY net income (€27.2M) vs FactSet (€31.4M) [4 est, (€33.7)-(28.8M)]

      • HELN.SW (Helvetia Holding) -- reports FY EPS CHF5.20 vs FactSet CHF5.51 [5 est, CHF5.10-6.30]; hikes divi by ~7%

      • PUB.FP (Publicis Groupe) -- reports Q1 revenue €3.23B vs consensus €3.21B; expects Q2 solid organic growth within FY range

      • TNIE.GR (tonies) -- reports FY Adjusted EBITDA €14.4M vs FactSet €6.9M [4 est, (€2)-12M]

      • GSC1.GR (GESCO SE) -- confirms FY EPS €1.9

    • M&A

      • PPC.GA (Public Power Corp.) -- confirms completes the acquisition of Kotsovolos from Currys (post EU close 10-Apr)

      • RBG.LN (Revolution Bars Group) -- announces fundraise, restructuring plan, and formal sale process

      • RUI.FP (Rubis) -- and I Squared Capital reach final agreement on sale of Rubis' stake in Terminal

      • SWON.SW (SoftwareONE Holding) -- SoftwareOne to host AGM on 28-Apr pointing out that as many shareholders as possible should decide on the company's future

      • SG.IM (SAES Getters) -- to acquire FMB Berlin

      • GLE.FP (Societe Generale) -- agrees to divest the majority of it's equipment financing businesses to Groupe BPCE for €1.1B

    • Healthcare

      • ROG.SW (Roche Holding) -- Roche granted FDA Breakthrough Device Designation for blood test to support earlier Alzheimer's disease diagnosis

      • SN.LN (Smith & Nephew) -- Proxy adviser ISS urges Smith & Nephew shareholders to vote against "excessive" pay rise for CEO - FT

      • ALCLS.FP (Cellectis SA) -- publishes novel intronic gene editing approach for the treatment of inborn metabolic diseases by edited HSPCs

      • MEDX.SW (medmix) -- CEO Girts Cimermans steps down; appoints René Willi as new CEO

      • SFL.IM (Safilo Group) -- and Marc Jacobs announce early renewal of multi-year licensing agreement

      • OSE.FP (OSE Immunotherapeutics) -- receives €8.4M in Public Funding to support registration Phase 3 Clinical Trial of cancer vaccine tedopi in lung cancer

      • SHLTN.SW (SHL Telemedicine) -- notes final results of Imperial College TELE-ACS trial in Post-ACS patient care

      • FYB.GR (Formycon) -- announces commercial launch of FYB201 in Canada and Switzerland

      • VSC.GR (4SC) -- announces Landmark RESMAIN study data presented at the 5th World Congress of Cutaneous Lymphomas

    • Other

      • AI.FP (Air Liquide) -- further develops its biomethane capacities in the U.S. with two new production units

      • BA.LN (BAE Systems) -- awarded $459.8M US Army contract

  • Key rating changes

    • Upgrades

      • AO.LN (AO World) -- to buy from hold at Shore Capital Stockbrokers

      • KGF.LN (Kingfisher) -- to buy from hold at HSBC

      • PEAB.B.SS (Peab) -- to buy from hold at SEB

      • SMIN.LN (Smiths Group) -- to buy from hold at HSBC

      • NDA.SE.SS (Nordea Bank) -- long-term recommendation upgraded to outperform from market perform at Handelsbanken

      • SUBC.NO (Subsea 7) -- to overweight from neutral at JP Morgan

      • MKS.LN (Marks & Spencer Group) -- to overweight from neutral at JPMorgan

    • Downgrades

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- to sell from buy at Banco Sabadell

      • EKTA.B.SS (Elekta) -- to underperform from outperform at Bernstein

      • ROVI.SM (Laboratorios Farmaceuticos Rovi, S.A.) -- to sell from buy at Banco Sabadell

      • TE.FP (Technip Energies) -- to neutral from overweight at JP Morgan

      • EPI.A.SS (Epiroc) -- to hold from buy at ABG Sundal Collier

  • Data

    • Nikkei (0.31%) to 39459.03

    • Hang Seng (0.19%) to 17107.12

    • Shanghai Composite +0.66% to 3047.42

    • S&P futures (0.5) vs prior close of 5207.

    • €-$ (0.0000) or (0.00%) to 1.0746

    • $-¥ (0.24) or (0.16%) to 152.93

    • €-¥ (0.22) or (0.13%) to 164.32

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