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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.39%), DAX +0.31%, CAC40 (0.44%)

Apr 15 ,2024

  • Synopsis

    • European equity markets set to open mixed after last week's losses where the Stoxx Europe 600 closed fown (0.3%) and Dax down (1.4%). The FTSE 100 bucked the trend last week, closing up 1.1% amid outperformance in miners and energy names.

    • Markets this morning dealing with fallout from Iranian missile and drone assault against Israel. Nearly all projectiles intercepted by Israel and its allies with no reports of casualties. Iran later said matter concluded, helping to allay concerns of triggering full-blown conflict. Situation remains fluid with Israel vowing to respond, though is facing pressure not to significantly escalate situation. President Biden also reportedly US would not participate in any attack on Iran. Oil prices currently marginally lower, while Gold is flat.

    • European macro data releases out today include Switzerland Mar PPI, Norway Mar trade balance, Eurozone Feb industrial production. Finland Mar CPI already on the tape, coming in at +2.2% y/y vs consensus +3.0% and prior +3.0%.

    • Also on today's agenda: IMF/World Bank spring meeting gets underway and the events last thru Mon 22nd. The coming together of central bankers and ministers at the meetings spurns several other events through the week. In central banks, Bundesbank monthly report pre-release and Estonia Central Bank press conf at 10:30CET in connection with conclusion of IMF Article IV Mission. BOE's Breeden speech at 12:15BST at the Innovate Finance Global Summit 2024 and ECB's Lane lecture at 13:00BST at the Univ. College Dublin Economics Society. Portugal Central Bank's official bulletin is published as is ECB's latest survey of monetary analysts at 10:00CET. Sweden's government will submit spring budget for 2024 to the Riksdag. Finance Minister Elisabeth Svantesson will present the spring budget during a press conf starting at 08:30. Also today, Bank of Lithuania's Simkus speech a 9:30CET on ECB's monetary policy decision. Germany's finance minister Lindner discusses at 12:30CET 15 years of debt brake - financial policy for the economic turnarounf. In UK, MPs consider Lords message regards Safety of Rwanda (Asylum and Immigration) Bill, a topic that is also being considered by Committee (15:30BST). Elsewhere, event title Visions for Europe: Economic expert debate for the 2024 EU elections organised by brugel/FT. There's an informal meeting of EU energy ministers (thru Tue) and EU's Šef�?ovi�? speech at the launch event of the ESPAS Global Trends Report.

    • In corporate news highlights, Sulzer (SUN.SW) out with better than expected Q1 order intake, Prysmian (PRY.IM) to acquire Encore Wire (WIRE) for $290/share in cash, or EV of €3.9B; BNP Paribas (BNP.FP) has signed an agreement with Fosun to acquire an ~9% stake in the share capital of Ageas (AGS.BB), taking over Fosun's shareholding

  • Politics/Macro/World News

    • Joe Biden urges restraint from Israel after Iran's drone and missile attack - FT

    • Metals Spike as Sanctions on New Russian Supplies Rattle LME - Bloomberg

    • Bank of France's Villeroy says ECB should decide on the first cut at our next meeting on 6-Jun -- Le Journal du Dimanche

    • British PM Sunak's Rwanda scheme set to pass parliament but challenges await - Reuters

    • German Chancellor Scholz Says Auto Competition in Europe Must Be Fair - Reuters

  • Top company news

    • Earnings/updates

      • SUN.SW (Sulzer) -- reports Q1 order intake CHF 1.02B vs consensus CHF975.3M

      • IBE.SM (Iberdrola) -- reports provisional Q1 total net electricity production 40,904 GWh, (9.9%) y/y

      • KESKOB.FH (Kesko) -- reports Mar sales €1.00B, (11.8%) y/y in comparable terms

      • FYB.GR (Formycon) -- reports preliminary FY23 EBITDA €1.5M vs FactSet (€10.6M) [3 est, (€14)-(7.1M)]

      • Also reporting today

        • Earnings:

          • France: Broadpeak (ALBPK.FP)

          • UK: Mobico Group (MCG.LN), Ceres Power (CWR.LN), Equals Group (EQLS.LN)

        • Trading Update: Sika (SIKA.SW), Bystronic (BYS.SW), Galp Energia (GALP.PL), PageGroup (PAGE.LN), Alphawave IP Group (AWE.LN), Audioboom (BOOM.LN), Ekinops (EKI.FP)

    • M&A

      • WIRE (Encore Wire) -- Prysmian to acquire Encore Wire for $290/share in cash, or EV of €3.9B

      • BNP.FP (BNP Paribas) -- signs an agreement with the Fosun Group for the repurchase of its stake in ageas

        • AGS.BB (Ageas) -- acknowledges BNP Paribas as shareholder

      • STAN.LN (Standard Chartered) -- SC Ventures to spend at least $10M to invest in Algbra - Sky News

      • VMUK.LN (Virgin Money UK) -- Mutuo favors Nationwide's purchase of Virgin Money UK - Daily Mail

      • SG.IM (SAES Getters) -- signs non-binding indication of interest to buy HeatWave Labs

    • Healthcare

      • ROG.SW (Roche Holding) -- Roche's Columvi meets primary endpoint of overall survival in people with relapsed or refractory diffuse large B-cell lymphoma in Phase III STARGLO study

      • UCB.BB (UCB) -- announces key findings from the first retrospective patient cohort study in Denmark to observe the characteristics of patients selected for romosozumab treatment in routine clinical practice

      • IPH.FP (Innate Pharma) -- announces first patient dosed in Phase 2 dose expansion part of the Sanofi-sponsored clinical trial of SAR443579 / IPH6101

      • KRKG.SV (KRKA d.d.) -- KRKA, Laurus Labs incorporate 51-49 JV announced 25-Jan

    • Other

      • SIE.GR (Siemens AG) -- Siemens expects Germany's manufacturers to remain dependent on China for decades - FT, citing CFO

      • TEF.SM (Telefonica) -- SEC filing: SC 13D (Filed by CRITERIA CAIXA, S.A.U.)

      • TIT.IM (Telecom Italia) -- announces agreement with trade unions

      • UCG.IM (UniCredit) -- appoints Pietro Carlo Padoan and Andrea Orcel Chair and CEO, respectively

      • TEMN.SW (Temenos) -- notes completion of independent examination into allegations made by Hindenburg Research

      • SY1.GR (Symrise) -- not planning any job cuts despite declining profitability - Handelsblatt, citing chief human resources officer

      • AVOL.SW (Avolta) -- extends retail contract with Athens International Airport to 2034

      • TEL.NO (Telenor) -- appoints Kasper Wold Kaarbø as acting CFO from 8-May

      • SPM.IM (Saipem) -- receives authorization to proceed with the execution of the Whiptail project in Guyana (13-Apr)

      • Estimated weekend box office revenues in US, Canada $73.3M, (50.6%) y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • ADS.GR (Adidas) -- to overweight from underweight at Morgan Stanley

      • 1COV.GR (Covestro) -- to buy from hold at Kepler Cheuvreux

      • BAS.GR (BASF) -- to buy from hold at Kepler Cheuvreux

      • CRST.LN (Crest Nicholson Holdings) -- to buy from neutral at UBS

      • LXS.GR (Lanxess) -- to buy from hold at Kepler Cheuvreux

      • ISS.DC (ISS A/S) -- to buy from neutral at Goldman Sachs

      • LI.FP (Klepierre) -- to buy from hold at Jefferies

      • FGR.FP (Eiffage) -- to buy from hold at Stifel

    • Downgrades

      • BAS.GR (BASF) -- to underperform from neutral at BNP Paribas Exane

      • SOLB.BB (Solvay) -- to hold from buy at Deutsche Bank

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

      • VIMIAN.SS (Vimian Group) -- to neutral from buy at UBS

      • PEAB.B.SS (Peab) -- to sell from hold at DnB Markets

      • BEIJ.B.SS (Beijer Ref) -- to hold from buy at ABG Sundal Collier

      • FER.SM (Ferrovial) -- to hold from buy at Stifel

      • HOT.GR (Hochtief) -- to hold from buy at Stifel

      • TROAX.SS (Troax Group) -- to hold from buy at Nordea

      • FPE3.GR (FUCHS SE) -- to hold from buy at Kepler Cheuvreux

      • AI.FP (Air Liquide) -- to reduce from hold at Kepler Cheuvreux

      • BAKKA.NO (Bakkafrost) -- to neutral from buy at Sparebank 1 Markets

    • Other Actions

      • SPM.IM (Saipem) -- initiated outperform at RBC Capital Markets

      • HAG.GR (HENSOLDT) -- resumed hold at Deutsche Bank

      • ALLEI.SS (Alleima) -- initiated buy at ABG Sundal Collier

      • MTGB.SS (Modern Times Group MTG) -- initiated buy at Nordea

  • Data

    • Nikkei (0.93%) to 39156.82

    • Hang Seng (0.71%) to 16602.38

    • Shanghai Composite +1.16% to 3054.53

    • S&P futures +19.0 vs prior close of 5167.5

    • €-$ +0.0022 or +0.21% to 1.0659

    • $-¥ +0.73 or +0.48% to 153.83

    • €-¥ +1.14 or +0.70% to 163.95

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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