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
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".
DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE