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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.26%, DAX30 +0.17%, CAC40 +0.30%

Apr 17 ,2024

  • Synopsis

    • European equity markets are set for a firmer open following sharp losses on Tuesday. Asian markets mixed. US equity futures firmer with S&P up ~0.1%.

    • Middle East conflict remains in focus; Israel's war cabinet postponed a third meeting until Wednesday to deliberate on its response to Iran's weekend attack amid international efforts to de-escalate. Helped oil to ease.

    • Special European Council (through Thu). UK Chancellor Hunt signals possibility of another fiscal statement ahead of election. PM Sunak faces his first PMQs after the Easter recess at 12noon BST.

    • On the central bank agenda, ECB's Cipollone participates at 11:00CET in executive committee meeting of the Italian Banking Assn. BOE's Greene panellist at 13:05BST and BOE's Bailey in conversation at 17:00 at IIF Global Outlook Forum, also ECB's Cipollone and Bank of Spain's de Cos in conversations at 14:00 and 16:00, respectively. ECB's Lagarde fireside chat at 19:45CET at event hosted by CFR and PIIE

    • The macro front will focus on UK inflation data early on. Final Eurozone reading due later. Austria Mar final CPI and Portugal Mar PPI also due for release.

    • In earnings, from the Benelux region ASML Holding (ASML.NA) reportedQ1 EPS €3.11 vs consensus €2.91 whilst Just Eat Takeaway.com (TKWY.NA) released Q1 GTV €6.55B vs consensus €6.46B and confirmed FY guidance. In France, LVMH Moet Hennessy Louis Vuitton (MC.FP) reported Q1 revenue €20.69B vs StreetAccount €21.12B whilst VINCI (DG.FP) reports Q1 airport passenger traffic 62.3M, +12.4%. Out of the DACHs region, Adidas (ADS.GR) announced prelim Q1 operating profit €336M vs year-ago €60M, whist Continental (CON.GR) reports preliminary Q1 revenue ~€9.8B vs FactSet €10.06B and HELLA (HLE.GR) is out with Q1 sales €2.0B vs year-ago €2.0B, +0.6% y/y. Elsewhere, Volvo (VOLV.B.SS) reported Q1 EPS SEK6.92 vs consensus SEK6.29, Tryg (TRYG.DC) reports Q1 net income DKK776M vs consensus DKK746M and Rio Tinto (RIO.LN) reports Q1 iron ore production (Mt) 77.9 vs StreetAccount 79.1.

  • Top company news

    • Earnings/updates

      • Benelux:

        • ASML.NA (ASML Holding) -- reports Q1 EPS €3.11 vs consensus €2.91; guides Q2

        • TKWY.NA (Just Eat Takeaway.com) -- reports Q1 GTV €6.55B vs consensus €6.46B; confirms FY guidance

        • TOM2.NA (TomTom) -- reports Q1 net result (€4.9M) vs consensus (€1M); reiterates full-year guidance for both free cash flow and revenue

        • CMCOM.NA (CM.com) -- Q1 trading update: reports Q1 normalized EBITDA of €3.3M vs year-ago €2.4M; expects year-over-year revenue development to improve as of Q2 2024

      • France:

        • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- reports Q1 revenue €20.69B vs StreetAccount €21.12B

        • DG.FP (VINCI SA) -- Vinci reports Q1 airport passenger traffic 62.3M, +12.4%

        • ADP.FP (Aeroport de Paris) -- reports March Paris Aeroport traffic 8.0M; +7.7% y/y

        • VIRP.FP (Virbac) -- reports Q1 revenue €345.7M vs FactSet €336.6M [1 est]

        • ALESK.FP (Esker) -- reports Q1 revenue €47.7M vs FactSet €48.1M [2 est, €47.7-48.5M]

      • DACHs:

        • ADS.GR (Adidas) -- announces prelim Q1 operating profit €336M vs year-ago €60M

        • CON.GR (Continental) -- reports preliminary Q1 revenue ~€9.8B vs FactSet €10.06B [4 est, €9.90-10.48B]

        • HLE.GR (HELLA GmbH & Co. KGaA) -- reports Q1 sales €2.0B vs year-ago €2.0B, +0.6% y/y

        • TKA.AV (Telekom Austria) -- reports Q1 net income €117M, (13%) vs year-ago €135M

        • SHLTN.SW (SHL Telemedicine) -- reports FY net income ($6.9M) vs year-ago ($0.4M)

        • RSL2.GR (R. Stahl) -- reports FY EPS €0.03 vs year-ago €0.30 and FactSet €0.64 [2 est, €0.49-0.79]

        • IDIA.SW (Idorsia) -- publishes a Financial Status required for an upcoming bondholder meeting

      • Nordics:

        • TRYG.DC (Tryg) -- reports Q1 net income DKK776M vs consensus DKK746M

        • VOLV.B.SS (Volvo) -- reports Q1 EPS SEK6.92 vs consensus SEK6.29

        • NEL.NO (NEL) -- reports Q1 net income (NOK22M) vs FactSet (NOK135.2M) [5 est, (NOK190)-(93M)]

        • TEKNA.NO (Tekna Holding) -- guides Q1 revenue C$8.6-8.8M, (7%)-(9%) q/q

      • UK:

        • RIO.LN (Rio Tinto) -- reports Q1 iron ore production (Mt) 77.9 vs StreetAccount 79.1

    • M&A

      • SPEX.SW (Spexis) -- notes moratorium extention, receives additional payment related to transaction with Santhera

      • SON.PL (Sonae SGPS) -- completes the acquisition of a 89.1% stake in Diorren for a total consideration of €160.5M

      • SG.IM (SAES Getters) -- S.G.G. Holding S.p.A. offers to acquire SAES Getters for €26.3/share in cash (ex 2023 dividend) (post EU close 16-Apr)

      • 8593.JP (Mitsubishi HC Capital) -- completes investment in European Energy A/S

      • GREEN.SS (Green Landscaping Group) -- acquires Gartenidee Kuchler GmbH; price undisclosed

      • CTO.LN (TClarke) -- The Wider Regent Group updates on the interests in TClarke shares

      • Pet O set top acquire part of the PETstock business - The Australian

      • Gina Rinehart's Hancock Prospecting emerges as significant shareholder in both Lynas and MP Materials - Australian Financial Review (~09:40 ET)

    • Healthcare

      • CRNA.NO (Circio) -- terminates TG01 cancer vaccine license option agreement with IOVaxis in China for non-payment

      • GUBRA.DC (Gubra) -- unveils UCN2 as novel anti-obesity drug candidate for healthy weight loss

      • NOVN.SW (Novartis) -- Kesimpta six-year efficacy data show substantial benefits in recently diagnosed treatment- naïve people with relapsing multiple sclerosis

      • UCB.BB (UCB) -- FINTEPLA (fenfluramine) oral solution approved in Japan for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS) as an add-on therapy to other anti-epileptic medicines for patients two years of age and older (

      • SAN.FP (Sanofi) -- announces new 48-week frexalimab phase 2 data support potential for high sustained efficacy in multiple sclerosis

      • 7370.GR (NexImmune, Inc.) -- SEC filing: 10-K

      • MITRA.BB (Mithra Pharmaceuticals) -- to present early data from ESTELLE pediatric study at two upcoming congresses

      • MEDCL.FP (MedinCell) -- enters into strategic co-development and licensing agreement with AbbVie

      • OSE.FP (OSE Immunotherapeutics) -- global license to develop novel monoclonal antibody for treatment of chronic inflammation becomes effective

    • Other

      • HTG.GR (HomeToGo) -- completes public share tender offer; company to repurchase 1.2M Class A shares at €2.00/sh

      • Regional Gaming Revenues - Massachusetts March 2024

      • Regional Gaming Revenues - New Jersey March 2024

      • Shopping Center net absorption turns negative in Q1 - Cushman & Wakefield

  • Key rating changes

    • Upgrades

      • ERIC.B.SS (Ericsson) -- buy from hold at SEB

      • Bernstein upgrades SVT.LN; downgrades PNN.LN

      • JPMorgan upgrades BOL.SS, FRES.LN

      • AKZA.NA (Akzo Nobel) -- to buy from hold at Jefferies

      • ELK.NO (Elkem) -- to buy from hold at SEB

      • ENG.SM (Enagas) -- to hold from sell at Bestinver Securities

      • EPI.A.SS (Epiroc) -- to buy from sell at UBS

      • GJF.NO (Gjensidige Forsikring) -- to hold from sell at SEB

      • KESKOB.FH (Kesko) -- to buy from hold at Danske Bank

    • Downgrades

      • VOW3.GR (Volkswagen) -- to market perform from outperform at Bernstein (17:29 CET)

      • SCA.B.SS (Svenska Cellulosa) -- to underweight from neutral at JPMorgan

    • Initiations

      • NXT.LN (Next) -- neutral at Oddo

      • NIBE.B.SS (NIBE Industrier) -- sell at Goldman Sachs

    • Other Actions

      • DLG.LN (Direct Line Insurance Group) -- reinstated buy at Goldman Sachs

  • Data

    • Nikkei (0.83%) to 38152.72

    • Hang Seng (0.50%) to 16168.35

    • Shanghai Composite +1.17% to 3042.32

    • S&P futures +2.5 vs prior close of 5092.5

    • €-$ (0.0007) or (0.07%) to 1.0612

    • $-¥ (0.09) or (0.06%) to 154.61

    • €-¥ (0.25) or (0.15%) to 164.05

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.
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