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StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.95%), DAX30 (1.36%), CAC40 (0.09%)

Apr 19 ,2024

  • Synopsis

    • European indices are set to open lower as tensions in the Middle East further escalate after it was confirmed by a US senior official that Israel launched missiles on Iranian territory. Sources report the airstrike by Israeli air force may have targeted the 8th tactical airbase of the Iranian air force, within Isfahan international airport. The IAEA said no nuclear site was damaged.

    • S&P futures (43.5) to 5,005.5, (0.86%) vs settlement

    • Asian equities are sharply lower Friday. Regional benchmarks took a sharp turn lower amid Middle East headlines, though have come off session lows.

    • US equities finished mostly lower in Thursday trading, ending near worst levels. Market unable to sustain early bounce attempt, and S&P logged its fifth-straight decline (longest streak since October). Laggards included semis ex-NVDA, software, casinos, refiners, hospitals, MedTech, and asset managers. Big tech was mixed with TSLA down for a fifth straight day but META better.

    • On Friday in Central Banks, BOE's Ramsden panellist at 15:15BST at event hosted by PIIE, other panellists include Netherland Central Bank's Knot. Bundesbank's Nagel panellist at 21:00CET at event hosted by PIIE. Two months ahead of the European Parliament election 2024, POLITICO Pro hosts event on trends and expectations

    • Economic today : UK Mar Retail Sales +0.8% y/y vs consensus +0.7% and prior revised (0.3%) from (0.4%). Germany Mar PPI (2.9%) y/y vs consensus (4.2%) and prior (4.1%)

    • In Earnings: Yesterday after the close L'Oreal (OR.FP) reported Q1 Sales €11.245B vs consensus €10.85B whilst EssilorLuxottica (EL.FP) reported Q1 revenue €6.34B vs StreetAccount €6.38B. Alma Media (ALMA.FH) reports Q1 EPS €0.13 vs FactSet €0.14 [4 est, €0.12-0.15]; reaffirms FY guidance. Pluxee (PLX.FP) reports H1 net income €68M, (26%) vs year-ago €92M. Raising 2024 Outlook. Sodexo (SW.FP) reports H1 underlying operating profit €612M vs consensus €600M; FY24 organic growth now expected at top of +6%-+8% range.

    • Trading Update due this morning: Gaztransport & Technigaz (GTT.FP), COMET Holding (COTN.SW)

  • Politics/Macro/World News

    • Iran scrambles air defences and shoots at incoming targets (FT)

    • German GDP Probably Grew in First Quarter, Bundesbank Says (BBG)

    • Oil Pares Gain After Iran Downplays Israel's Retaliatory Attacks (BBG)

  • Top company news

    • Earnings/updates

      • EL.FP (EssilorLuxottica) -- reports Q1 revenue €6.34B vs StreetAccount €6.38B

      • VIE.FP (Veolia Environnement) -- Veolia aims to increase US revenue by 50% by 2027 and double in size by 2030

      • SW.FP (Sodexo) -- reports H1 underlying operating profit €612M vs consensus €600M; FY24 organic growth now expected at top of +6%-+8% range

      • RBREW.DC (Royal Unibrew) -- reports Q1 EPS DKK2.00 vs FactSet DKK1.86 [7 est, DKK1.53-2.20]; raises FY organic EBIT growth guidance

      • COTN.SW (COMET Holding) -- trading update; Q1 revenue CHF80.9M vs year-ago CHF107.5M

      • WDP.BB (Warehouses de Pauw) -- reports Q1 EPRA EPS €0.33 vs year-ago €0.31

      • IPS.FP (Ipsos) -- reports Q1 revenue €557.5M vs FactSet €559.2M [2 est, €559-559.4M]

      • NSKOG.NO (Norske Skog) -- reports Q1 EPS (NOK3.86) vs FactSet (NOK1.05) [2 est, (NOK1.10)-(1.01)]

      • MERY.FP (Mercialys) -- reports Q1 Rental revenues €45.5M, +4% vs year-ago €43.6M

      • GURN.SW (Gurit Holding) -- reports Q1 revenue CHF97.2M vs FactSet CHF112.7M [3 est, CHF103-123M]

      • NYR.BB (Nyrstar) -- reports FY net income (€1.5M) vs year-ago (€0.8M)

    • M&A

      • BSY (Bentley Systems) -- exploring options following takeover interest - Reuters, citing sources

    • Healthcare

      • ROG.SW (Roche Holding) -- FDA approves Genentech's Alecensa as first adjuvant treatment for people with alk-positive early-stage lung cancer

    • Other

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for March

      • ALV.GR (Allianz) -- receives approval to commence wholly foreign-owned public fund management business in Mainland China

      • SCMN.SW (Swisscom) -- notes Federal Supreme Court upholds appeal and overturned original penalty decision of COMCOt

      • JMT.PL (Jeronimo Martins) -- holders approve proposal to allocate up to €40M a year to recently-created charitable foundation

      • FLOW.NA (Flow Traders) -- reports March ETP market data

  • Key rating changes

    • Upgrades

      • ABB.SS (ABB Limited) -- to buy from hold at DnB Markets

      • EDPR.PL (EDP Renovaveis) -- to outperform from sector perform at RBC Capital Markets

      • INDT.SS (Indutrade) -- to hold from sell at ABG Sundal Collier

      • OVS.IM (OVS) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- downgraded to neutral from outperform at Santander

      • EURN.BB (Euronav) -- to hold from buy at Kepler Cheuvreux

      • RHM.GR (Rheinmetall) -- to hold from buy at Deutsche Bank

      • SPM.IM (Saipem) -- to hold from buy at Stifel

      • SSAB.A.SS (SSAB) -- to equal weight from overweight at Barclays

      • BFSA.GR (Befesa) -- to underweight from equal-weight at Morgan Stanley

    • Initiations

      • AVOL.SW (Avolta) -- outperform at Mediobanca

      • SAB.SM (Banco de Sabadell) -- outperform at RBC Capital Markets

    • Other Actions

      • JDW.LN (JD Wetherspoon) -- reinstated overweight at Barclays

  • Data

    • Nikkei (2.41%) to 37161.79

    • Hang Seng (1.47%) to 16145.44

    • Shanghai Composite (0.49%) to 3059.13

    • S&P futures (40.8) vs prior close of 5049.0

    • €-$ (0.0014) or (0.13%) to 1.0633

    • $-¥ (0.35) or (0.23%) to 154.29

    • €-¥ (0.60) or (0.36%) to 164.02

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