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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