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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.77%, DAX +0.30%, CAC +0.04%

Apr 22 ,2024

  • Synopsis

    • European equity markets set to open higher after last week's drop when the STOXX Europe 600 closed down (1.2%). Equities in the region dropped to one month-lows amid big flight-to-safety with inflows into traditional defensive assets and outflows from popular risk-assets like equity and commodity funds.

    • Asian equities higher Monday. Hang Seng outperforming regional benchmarks. Crude extending pullback amid Iran-Israel de-escalation. Precious metals also weaker amid recovery in risk sentiment.

    • In macro news highlights since Friday's market close: German Chancellor Scholz expressed optimism over the German economy, citing promising inflation and employment figures. S&P Global Ratings revised its outlook on Greece to positive from stable, saying this reflects its expectation that the tight fiscal regime will continue to spur a reduction in the government debt ratio, while growth should continue to outperform that of Greece's eurozone peers. In the Basque region, nationalist parties PNV and rival Bildu tied; Bloomberg reports PM Sanchez is considered likely to back the center-right PNV party in the Basque parliament, maintaining the PNV-led coalition that governs one of Spain's wealthiest and smallest regions.

    • Macroeconomic calendar for today includes Eurozone flash consumer confidence data for April, as well as the UK's house price index and industrial trends orders data. The Confederation of British Industry (CBI) will also release its business optimism index for the second quarter.

    • In corporate news highlights: Alstom (ALO.FP) has entered into a binding agreement to sell its North American conventional signalling business for around €630M to Knorr-Bremse AG (KBX.GR). Meanwhile, Bridgepoint Group (BPT.LN) is reportedly exploring options, including a potential sale, for its Swedish drinks business Vitamin Well, which could be valued at over €2B. Dr. Martens (DOCS.LN) is in focus amid report leading foreign fashion companies looking at it.

    • Companies reporting earnings/updates today include SAP (SAP.GR) (at 22:05 CET, with a call at 23:00 CET), Sandvik (SAND.SS), and Getinge (GETI.B.SS) (at 12:00 CET, with a call at 13:00 CET). Aryzta (ARYN.SW) already on the tape, reporting Q1 sales €514.0M vs consensus €528.8M; Organic growth +0.1% vs consensus flat; reaffirms FY guidance .

    • Also on today's agenda is Executive Forum for Policy Makers and Senior Officials organised by the World Bank (through Tue). Eurozone 2023 government budget and debt to GDP ratios releases as part of excessive deficit procedure and annual government finance statistics. EU's Foreign Affairs Council meets with Russian aggression against Ukraine and the situation in the Middle East on the agenda.

    • In the UK, MPs questions on Levelling Up, Housing and Communities kick-off proceeding in House of Commons (government minister before parliamentary committee at 16:00BST), and then go onto consider House of Lords amendments to Safety of Rwanda (Asylum and Immigration) Bill - may extend into Tue if necessary. In Germany, Bundestag discusses CDU/CSU proposal regards strategy to strengthen the German security and defense industry. Also, there's German Banking Congress (thru Tue) and Hannover Messe 2024 with partner country Norway; Chancellor Scholz amongst govn. officials visiting, also Norway's PM Støre along with industry and energy ministers (through Fri). EU's Borrell speaks at the EU-Gulf Cooperation Council High Level Forum on Regional Security and Cooperation. EU's Urpilainen attends the World Cocoa Conf.

    • In central banks, ECB Economic Bulletin pre-release at 10:00CET ahead of formal release in Thu. BOE's Benjamin speech at 10:05BST at Bloomberg 'developments in private equity'. ECB's Lagarde lecture at 17:30CET at Yale Univ. Other events include 26th World Energy Congress (through Thu)

  • Politics/Macro/World News

    • Greece Outlook Revised To Positive On Ongoing Debt Stock Reduction; Affirmed At 'BBB-/A-3' - S&P Global

    • Sanchez Becomes Kingmaker as Basque Allies Tie in Spanish Vote - Bloomberg

    • UK Leaseholders 'to pay ground rent for 20 more years' after reforms diluted - Times

    • Jeremy Hunt targets further 2p cut in national insurance - FT

    • Asking prices for UK homes close to record high, Rightmove says - Reuters

    • ECB Needs to Remain Restrictive Even If Cuts Start, Nagel Says - Bloomberg

    • ECB Shouldn't Rush Further Rate Cuts After June, Muller Says - Bloomberg

    • Middle East tensions should not delay ECB's June rate cut, Villeroy says - Reuters, citing Les Echos

  • Top company news

    • Earnings/updates

      • ICAD.FP (Icade) -- reports Q1 revenue €322.0M, +12% vs year-ago €286.7M

      • ARYN.SW (Aryzta) -- reports Q1 sales €514.0M vs consensus €528.8M; Organic growth +0.1% vs consensus flat; reaffirms FY guidance

      • Also reporting today

        • Earnings: SAP (SAP.GR), Sandvik (SAND.SS), Getinge (GETI.B.SS), Troax Group (TROAX.SS), Saipem (SPM.IM), Sogefi (SGF.IM), Freelance.com (ALFRE.FP), Mobico Group (MCG.LN), Elixirr International (ELIX.LN)

        • Trading Update: Lumibird (LBIRD.FP)

        • CMD/events: Kinepolis Group (KIN.BB), TRATON (8TRA.GR)

    • M&A

      • ALO.FP (Alstom) -- enters binding agreement with Knorr-Bremse AG to sell its North American conventional signalling business for c.€630M

      • BPT.LN (Bridgepoint Group) -- exploring options including sale for Swedish drinks business Vitamin Well; could be valued at over €2B - FT

      • SONG.LN (Hipgnosis Songs Fund) -- If Blackstone makes $1.24/share-in-cash offer, Hipgnosis Songs Fund to recommend it - Bloomberg

      • HEN3.GR (Henkel) -- planning to acquire technology-focused companies - FAZ

      • PGHN.SW (Partners Group Holding) -- TPG offers Partners Group more than €6B (CHF5.83B/$6.4B) for Techem - Bloomberg

      • IDS.LN (International Distributions Services)

        • Daniel Kretinsky "very serious" about buying Royal Mail - Telegraph, citing source close to the negotiations

        • Daniel Kretinsky not looking to split International Distributions Services - Sunday Times

      • DOCS.LN (Dr. Martens) -- Leading foreign fashion companies looking at Dr. Martens - Mail on Sunday

      • SAVE.SS (Nordnet) -- sells unsecured lending portfolio to Ikano Bank

      • A5G.ID (AIB Group) -- could be fully privatised in 2025 as buyback next month prepares to reduce government's stake to just over a third - FT, citing CEO interview

      • SONG.LN (Hipgnosis Songs Fund) -- Blackstone considering raising offer for Hipgnosis Songs Fund - Sky News

      • BUSER.SS (Bambuser) -- acquires tech solution HERO from Klarna

      • Brookfield excluded from AirTrunk dataroom - Australian Financial Review

      • EQT Partners set to acquire The Growth Fund's Fitness Passport business- Australian Financial Review

    • Healthcare

      • UCB.BB (UCB) -- European Commission approves BIMZELX(bimekizumab) as the first IL-17A and IL-17F biologic for moderate to severe HS

      • 500124.IN (Dr. Reddy's Laboratories) -- FDA issues CRL to Dr. Reddy's BLA for DRL_LI

      • IPN.FP (Ipsen) -- and Skyhawk Therapeutics announce RNA targeting research collaboration in rare neurological diseases

      • SDZ.SW (Sandoz Group) -- Sandoz announces that the European Commission (EC) has granted marketing authorization for Pyzchiva

      • PHARM.NA (Pharming Group) -- announces the repurchase of outstanding €125M convertible bonds due 2025

      • BIOA.B.SS (BioArctic) -- BioArctic, Eisai enter into research evaluation agreement for BAN2802; terms undisclosed

      • MITRA.BB (Mithra Pharmaceuticals) -- secures court protection measures to advance monetization process

      • SYAB.GR (Synlab) -- announces Italy unit affected by cyber-attack

      • XBRANE.SS (Xbrane Biopharma) -- Xbrane provides regulatory update on FDA review of its ranibizumab biosimilar candidate

      • 532321.IN (Zydus Lifesciences) -- UK grants marketing authorisation for Sentynl's NULIBRY to treat MoCD Type A

    • Other

      • AKRBP.NO (Aker BP) -- starts production from Hanz in the North Sea

      • GTT.FP (Gaztransport & Technigaz) -- appoints Jean-Baptiste Choimet to the position of CEO as of 12-Jun-24

      • EMBRAC.B.SS (Embracer Group) -- announces its intention to transform into three standalone publicly listed entities at Nasdaq Stockholm

      • EMBRAC.B.SS (Embracer Group) -- Follow-up: Asmodee secures financing agreement of €900M as part of separation, deleveraging the remaining Embracer Group

      • OUT1V.FH (Outokumpu) -- appoints Marc-Simon Schaar as CFO, effective 1-Jun

      • FRAS.LN (Frasers Group) -- refuses to allow Financial Reporting Council to publish key findings of review into latest annual report - London Times

      • IVG.IM (Iveco Group) -- Olof Persson to replace Gerrit Marx as CEO of Iveco Group starting from July 2024

      • Estimated weekend box office revenues in US, Canada $63.8M, (48.9%) y/y - Box Office Mojo

      • Getir preparing to announce next week it is withdrawing from the UK, Germany and the Netherlands - Sky News

  • Key rating changes

    • Upgrades

      • Jefferies upgrades BME.LN, MKS.LN, NXT.LN, and SBRY.LN

      • HSBA.LN (HSBC) -- to market perform from underperform at KBW

      • BYIT.LN (Bytes Technology Group) -- to buy from hold at HSBC

      • RBREW.DC (Royal Unibrew) -- to buy from hold at Danske Bank

      • SDZ.SW (Sandoz Group) -- to buy at UBS

      • TEF.SM (Telefonica) -- Telefonica resumed neutral at JPMorgan; prior rating was underweight

    • Downgrades

      • STAN.LN (Standard Chartered) -- to underperform from market perform at KBW

      • UBSG.SW (UBS Group) -- to neutral from outperform at BNP Paribas Exane

      • KOG.NO (Kongsberg Gruppen) -- to hold from buy at DnB Markets

      • ANOD.B.SS (Addnode Group) -- Addnode Group short-term recommendation downgraded to sell from hold at Handelsbanken

    • Initiations

      • BETCO.DC (Better Collective) -- buy at Danske Bank

  • Data

    • Nikkei +0.67% to 37317.14

    • Hang Seng +1.93% to 16537.23

    • Shanghai Composite (0.63%) to 3045.85

    • S&P futures +18.3 vs prior close of 5003.8

    • €-$ +0.0001 or +0.01% to 1.0664

    • $-¥ +0.11 or +0.07% to 154.71

    • €-¥ (0.03) or (0.02%) to 164.97

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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