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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.44%, DAX30 +0.62%, CAC40 +0.48%

Apr 12 ,2024

  • Synopsis

    • European indices are set to open higher as S&P 500 futures trade flat after US indexes rebounded from Wednesday's sell-off

    • Yesterday ECB's Kazaks said rates will be cut in June if nothing surprising happens, the statement followed the widely expected ECB decision to leave rates on hold.

    • Asian equities mixed Friday. Hang Seng weighed down by property stocks as mainland China indexes trade flat. Nikkei up slightly while shares in Korea and Australia logging mild declines.

    • US equities ended mostly higher in Thursday trading, just off best levels, after shaking off early-morning weakness. Comes after Wednesday's sharp selloff on concerns about sticky inflation and pushed-out Fed cuts.

    • Among central banks updates: BOE's Greene panellist at 8:40BST and ECB's Elderson speech at 13:00CET at Delphi Economic Forum. Also, there's ECOFIN meeting , ECB's de Guindos participates. Chancellor Scholz host PM of Georgia, Kobachidze. IEA releases its latest monthly report.

    • Macroeconomic releases due today include:UK Feb industrial/manufacturing production, trade balance, construction output, Mar GDP tracker - NIESR, Germany Mar final CPI, France Mar final CPI, Spain Mar final CPI, Sweden Mar CPI

    • In corporate news: (ATRLJ.B.SS) Atrium Ljungberg reports Q1 EPS SEK3.22 vs FactSet SEK2.64. (FRA.GR) Fraport reports Mar Frankfurt Airport traffic statistics: passengers 4.6M, +7.8% y/y. (VAR.NO) Vår Energi reports Q1 net production 299 kboepd vs prior 225 kboepd and year-ago 214 kboepd

    • Volkswagen (VOW.GR) due to release Mar global sales.

  • Macro/Politics

    • US proposes debt to fund Ukraine using profits from frozen Russian assets (FT)

    • Highest Treasury Yields of Year Fail to Tempt Buyers to Auction (BBG)

    • Handful of ECB Officials Needed Extra Convincing to Back Hold

    • Iran aims to contain fallout in Israel response, will not be hasty, sources say (Reuters)

    • Labour to launch twin strategy for closer UK-EU relations if it wins power (FT)

  • Top company news

    • Earnings/updates

      • FRA.GR (Fraport) -- reports Mar Frankfurt Airport traffic statistics: passengers 4.6M, +7.8% y/y

      • FHZN.SW (Flughafen Zuerich) -- reports March traffic statistics

      • FAGR.BB (Fagron) -- StreetAccount Earnings Call Q&A Summary: Fagron Q1

      • AED.BB (Aedifica) -- completes 10 projects in Q1

      • RBT.FP (Robertet) -- reports FY net income €74.6M vs FactSet €74.0M [2 est, €72.9-75M]

      • RBT.FP (Robertet) -- Follow-up: Robertet reports FY results; proposes dividend of €8.50 per share

    • M&A

      • BP.LN (BP) -- EU sets a provisional deadline of 22-May to rule on Gunvor Group's acquisition of 75% stake in a 785MW combined cycle power plant located in Bilbao

      • BP.LN (BP) -- ADNOC reported to have previously examined possible acquisition of BP -- Reuters

      • GET.FP (Getlink) -- acquires ChannelPorts Ltd for an undisclosed sum

    • Healthcare

      • UCB.BB (UCB) -- presents new data highlighting developments across expansive neurology portfolio at 76th AAN Annual Meeting

      • NYXH.BB (Nyxoah) -- appoints Maurits Boon as Chief Medical Officer

      • HNSA.SS (Hansa Biopharma) -- executes SEK372.2M directed share issue at SEK29.12/new share through William Blair and Carnegie

      • ^HEALTH (Healthcare sector summaries) -- StreetAccount Sector Summary - Healthcare Post-Market

    • Other

      • UCG.IM (UniCredit) -- receives ECB authorization for the execution of the remainder of the 2023 share buy-back program for a maximum of €3.1B

      • TKA.GR (ThyssenKrupp) -- ThyssenKrupp's Executive board presents initial conceptual outlines of a planned realignment of steel operations

      • SAAB.B.SS (Saab) -- shareholders approve 4:1 share split; record date will be 8-May

      • VAR1.GR (VARTA) -- provides update on restructuring plans

  • Key rating changes

    • Upgrades

      • BNP Paribas Exane upgrades MNDI.LN; downgrades PKG

      • JPMorgan upgrades BDEV.LN, PSN.LN, RDW.LN

      • Goldman Sachs upgrades BIRG.ID

      • Mediobanca upgrades NWG.LN

      • Nordic Semiconductor (NOD.NO)upgraded to buy from hold at Danske Bank

      • Nordea Bank (NDA.FI.FH) upgraded to buy from hold at Kepler Cheuvreux

      • Evotec (EVT.GR) upgraded to buy from hold at Deutsche Bank

      • (ORSTED.DC) Ørsted upgraded to outperform from neutral at Oddo

    • Downgrades

      • IDR.SM (Indra Sistemas) -- to neutral from buy at JB Capital Markets

      • (SAB.SM) Banco de Sabadell downgraded to hold from buy at Kepler Cheuvreux

      • Goldman downgrades ABN.NA, BBVA.SM, INGA.NA

      • Mediobanca downgrades KBC.BB

      • Nokian Renkaat (TYRES.FH) downgraded to hold from buy at Danske Bank

    • Initiations

      • JET2.LN (Jet2) -- outperform at RBC Capital Markets

  • Data

    • Nikkei +0.30% to 39560.17

    • Hang Seng (1.64%) to 16814.28

    • Shanghai Composite +0.08% to 3036.63

    • S&P futures +0.5 vs prior close of 5243.3

    • €-$ (0.0015) or (0.14%) to 1.0716

    • $-¥ (0.07) or (0.04%) to 153.20

    • €-¥ (0.28) or (0.17%) to 164.12

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