Apr 24 ,2024
Synopsis
European equity market futures point to a positive open. Asian equities strengthening Wednesday. Nikkei, Kospi and Taiex seeing strongest gains amid rallies in semiconductor stocks. Hang Seng leading China markets higher, continuing week-to-date outperformance. ASX of highs following CPI. US contracts advancing afterhours with TSLA rallying post-earnings.
Norway's Minister of Industry and Fisheries Myrseth attends the 2024 Ocean Decade Conf (through Fri). Canadian PM Trudeau hosts his French counterpart Attal (through Thu). In afternoon, Chancellor Scholz has closed meeting with reps of BDA, BDI, DIHK and ZDH. EU's Šef�?ovi�? delivers a keynote speech at the high-level event 'Time to act: Plugging into the Green Deal', organised by Enel and Euractiv. EU's McGuinness participates in a high-level panel on sanctions 'The EU's sanctions on Russia - where are we and what is next for the Bloc?' co-organised by MEP Bart Groothuis and Rasmussen Global. Also, US President Biden hosts Japanese PM Kishida (through Thu)
In central banks, Bank of Spain's de Cos speaks at 8:50CET at BIS Conf of Banking Supervisors, and Bank of France's Villeroy panellist at 9:10. Norges Bank's Bache and Longva deliver speeches at 10:00CET at separate events of the Regional Network. Hungary Central Bank interest rate decision at 14:00CET. After EU markets close, there's the release of FOMC minutes from last meeting. Delphi Economic Forum (through Sat) speakers include Greece Central Bank's Stournaras, EU's Várhelyi participates.
On the macro front, UK Mar CPI/RPI/PPI input/output, Eurozone Mar final CPI, Austria Mar final CPI, Portugal Mar PPI
In earnings, ASM International (SM.NA) reports Q1 net income €178.9M ex-items vs consensus €129.7M and said it expects Q2 revenue in c.c. €660-700M vs FactSet €636.01M. In Germany, Roche Holding (ROG.SW) reports Q1 sales CHF14.40B vs consensus CHF14.40B whilst Deutsche Börse (DB1.GR) reports Q1 EPS €2.89 ex-items vs consensus €2.56. In France, Kering (KER.FP) reports Q1 revenue €4.50B vs FactSet €4.49B, Orange (ORA.FP) reports Q1 EBITDAaL €2.41B vs consensus €2.40B and confirms FY24 guidance, Bic (BB.FP) reports Q1 EPS €1.04 ex-items vs consensus €1.02 and Air Liquide (AI.FP) reports Q1 revenue €6.65B vs consensus €6.73B. In the Nordics, Norsk Hydro (NHY.NO) is out with Q1 EPS NOK0.93 ex-items vs consensus NOK0.99, Husqvarna (HUSQ.B.SS) reports Q1 EPS SEK2.31 vs FactSet SEK2.19 and Svenska Handelsbanken (SHB.A.SS) reports Q1 EPS SEK3.33 vs StreetAccount SEK3.37. Also of note, Volvo Car (VOLCAR.B.SS) reported Q1 EPS SEK1.12 vs FactSet SEK1.39 and Skandinaviska Enskilda Banken (SEB.A.SS) reports Q1 EPS SEK4.56 vs consensus SEK4.25
Politics/Macro/World News
Top company news
Earnings/updates
Benelux:
ASM.NA (ASM International) -- reports Q1 net income €178.9M ex-items vs consensus €129.7M; expects Q2 revenue in c.c. €660-700M vs FactSet €636.01M
VPK.NA (Royal Vopak) -- reports Q1 EPS €0.85 vs FactSet €0.79 [1 est]; raises FY EBITDA guidance
MELE.BB (Melexis) -- reports Q1 EPS €1.13 vs FactSet €1.17 [3 est, €1.14-1.21]; guides Q2 and FY24
VVY.NA (Vivoryon Therapeutics) -- reports FY comprehensive loss (€28.4M) vs year-ago (€27.8M); viability of company beyond Q2 of 2025 is dependent on its ability to raise additional funds
BIOS.BB (BioSenic) -- postpones AGM and publication of its 2023 annual report; provides temporary unaudited financial figures for 2023
WHA.NA (Wereldhave) -- reports Q1 DRPS €0.41 vs year-ago €0.46
KPN.NA (Royal KPN) -- reports Q1 Adjusted EBITDA AL €605M vs consensus €602M; FY24 outlook raised
DACHs:
ROG.SW (Roche Holding) -- reports Q1 sales CHF14.40B vs consensus CHF14.40B; confirms FY24 outlook
DB1.GR (Deutsche Börse) -- reports Q1 EPS €2.89 ex-items vs consensus €2.56
EVT.GR (Evotec) -- reports FY EPS (€0.47) vs FactSet (€0.32) [10 est, (€0.76)-(0.01)]
TEMN.SW (Temenos) -- reports Q1 EPS $0.73 vs consensus $0.74; confirms FY24 guidance
GALD.SW (Galderma Group) -- reports Q1 revenue $1.07B, +12.3% vs year-ago $954M
UBXN.SW (u-blox Holding) -- trading update: reports Q1 revenue CHF56.0M vs guidance CHF50-60M, year-ago CHF165.8M and FactSet 56.6M [2 est]
KURN.SW (Kuros Biosciences) -- provides Q1 business update: Total medical devices sales CHF13.9M, +148%
SUR.GR (Surteco Group) -- reports FY EPS (€0.79) vs FactSet (€0.54) [1 est]
AMAG.AV (AMAG Austria Metall) -- reports Q1 net income €13.3M vs year-ago €26.8M; guides FY24 EBITDA between €150M-€180M
France:
ORA.FP (Orange) -- reports Q1 EBITDAaL €2.41B vs consensus €2.40B; confirms FY24 guidance and increases FY24 divi to €0.75/share
KER.FP (Kering) -- reports Q1 revenue €4.50B vs FactSet €4.49B [3 est, €4.48-4.51B]
NEX.FP (Nexans) -- reports Q1 revenue €1.69B vs StreetAccount €1.74B
AI.FP (Air Liquide) -- reports Q1 revenue €6.65B vs consensus €6.73B
IPN.FP (Ipsen) -- reports Q1 total sales €822.4M vs FactSet €789.9M [3 est, €782.7-795.3M]; confirms FY24 financial guidance
FGR.FP (Eiffage) -- Eiffage's APRR reports Q1 consolidated revenue ex construction €711.8M vs year-ago €695.1M, +2.4% y/y
BB.FP (Bic) -- reports Q1 EPS €1.04 ex-items vs consensus €1.02
COV.FP (Covivio) -- reports Q1 group revenue €153.6M vs year-ago €153.5M
MMT.FP (M6-Metropole) -- reports H1 revenue €322.3M, +3% vs year-ago €312.9M
CNV.FP (Cnova) -- publishes 2023 annual financial report; material uncertainty on ability to continue as going concern after 2025
IDL.FP (ID Logistics Group) -- reports Q1 revenue €736.3M vs year-ago €625.9M, +17.6%
PIG.FP (Haulotte Group) -- reports Q1 revenue €157M vs year-ago €196M, (20.0%) y/y
SCHP.FP (Seche Environnement) -- reports preliminary Q1 revenue €262.9M vs FactSet €266.7M [1 est]
ERF.FP (Eurofins Scientific) -- reports Q1 revenue €1.65B vs year-ago €1.57B; confirms its objectives for FY24 to FY27
ALCAR.FP (Carmat) -- reports FY net income (€53.9M) vs FactSet (€49.3M) [5 est, (€53.6)-(44M)]
ALKAL.FP (Kalray) -- reports FY net result (€11.7M) vs year-ago (€15.5M)
Nordics:
NHY.NO (Norsk Hydro) -- reports Q1 EPS NOK0.93 ex-items vs consensus NOK0.99
HUSQ.B.SS (Husqvarna) -- reports Q1 EPS SEK2.31 vs FactSet SEK2.19 [6 est, SEK2.00-2.33]
SHB.A.SS (Svenska Handelsbanken) -- reports Q1 EPS SEK3.33 vs StreetAccount SEK3.37
VOLCAR.B.SS (Volvo Car) -- reports Q1 EPS SEK1.12 vs FactSet SEK1.39 [9 est, SEK0.86-1.75]
BRG.NO (Borregaard) -- reports Q1 EPS NOK2.00 vs FactSet NOK1.98 [4 est, NOK1.77-2.16]
NOD.NO (Nordic Semiconductor) -- reports Q1 EPS ($0.13) vs FactSet ($0.11) [9 est, ($0.15)-(0.05)]
AKRBP.NO (Aker BP) -- reports Q1 EPS $0.84 vs FactSet $0.73 [11 est, $0.65-0.84]
INTRUM.SS (Intrum) -- reports Q1 Adjusted EPS (SEK1.20) vs FactSet SEK1.47 [3 est, SEK1.40-1.58]
XXL.NO (XXL ASA) -- reports Q1 EPS (NOK0.13) vs FactSet (NOK0.11) [1 est]
BILL.SS (Billerud) -- reports Q1 EPS SEK1.26 vs FactSet SEK0.99 [7 est, SEK0.52-1.52]
SEB.A.SS (Skandinaviska Enskilda Banken) -- reports Q1 EPS SEK4.56 vs consensus SEK4.25
WITH.FH (WithSecure) -- reports Q1 EPS (€0.01) vs FactSet (€0.01) [5 est, (€0.02)-(0.01)]
EVO.SS (Evolution) -- reports Q1 EPS €1.27 vs FactSet €1.25 [8 est, €1.20-1.29]; FY24 guidance of EBITDA margin of 69-71% remains
SVED.B.SS (Svedbergs Group) -- reports Q1 EPS SEK0.95 vs FactSet SEK0.99 [1 est]
COOR.SS (Coor Service Management Holding) -- reports Q1 EPS SEK0.70 vs FactSet SEK0.94 [2 est, SEK0.75-1.12]
DSV.DC (DSV A/S) -- reports Q1 net income DKK2.46B vs consensus DKK2.59B; maintains Fy24 outlook
KNEBV.FH (Kone) -- reports Q1 EPS €0.39 vs consensus €0.38
SSAB.A.SS (SSAB) -- reports Q1 EPS SEK2.57 vs consensus SEK2.00; guides Q2
KIND.SS (Kindred Group) -- reports Q1 EPS 14.0p vs FactSet 16.0p [2 est, 15.0-17.0p]
Southern Europe:
PHM.SM (Pharma Mar) -- reports Q1 net income €2.3M vs FactSet (€3.8M) [3 est, (€6.7)-(1.2M)]
UK:
ITH.LN (Ithaca Energy) -- reaches agreement on a proposed combination with Eni (ENI.IM) on substantially all of Eni S.p.A.'s UK upstream assets
M&A
ALLFG.NA (Allfunds Group) -- Allfunds scraps talks over potential sale - Bloomberg
ITH.LN (Ithaca Energy) -- reaches agreement on a proposed combination with Eni (ENI.IM) on substantially all of Eni S.p.A.'s UK upstream assets
TIT.IM (Telecom Italia) -- EU said to examine concerns regarding impact of Telecom Italia's NetCo deal on wholesale market -- Reuters
IMCD.NA (IMCD) -- announces acquisition of Cobapharma; terms not mentioned
FGR.FP (Eiffage) -- to acquire EQOS in Germany; terms undisclosed
REC.IM (Recordati) -- CVC reportedly weighing options for its Recordati stake -- Bloomberg
534816.IN (Indus Towers) -- Bharti Airtel in discussions to acquire 21.05% stake in Indus Towers from Vodafone Group - Economic Times (08:28 IT/03:58 BST)
534816.IN (Indus Towers) -- Bharti Airtel responds to media reports, not in discussions with Vodafone Group to acquire stake in Indus Towers
Healthcare
NOVN.SW (Novartis) -- FDA approves lutetium Lu 177 dotatate for pediatric patients 12 years and older with GEP-NETS
NOVN.SW (Novartis) -- reports positive efficacy and safety data from phase II/III CALINA study of Coartem
EVT.GR (Evotec) -- appoints Christian Wojczewski as CEO, effective 1-Jul
Other
CRH.LN (CRH plc) -- to increase $2B US commercial paper program; may issue short term notes up to $4B - 8-K
TEMN.SW (Temenos) -- appoints Jean-Pierre Brulard as CEO, effective 1-May-24
MTG.B.SS (Modern Times Group MTG) -- AB launches new SEK 100M share repurchase program
MMT.FP (M6-Metropole) -- appoints David Larramendy as Chairman of Executive Board
Spirit AeroSystems and Boeing (BA) announce Memorandum of agreement - 8-K
Key rating changes
Upgrades
UBS initiates MOBN.SW; upgrades SPSN.SW
AKZA.NA (Akzo Nobel) -- to neutral from underweight at JPMorgan
BEIJ.B.SS (Beijer Ref) -- to buy from hold at Carnegie Securities
DNB.NO (DNB Bank) -- DNB Bank long-term recommendation upgraded to market perform from underperform at Handelsbanken
GALP.PL (Galp Energia SGPS) -- to neutral from sell at UBS
RAND.NA (Randstad) -- to hold from underperform at Jefferies
Downgrades
UBSG.SW (UBS Group) -- to neutral from buy at Citi
JM.SS (JM) -- JM long-term recommendation downgraded to market perform from outperform at Handelsbanken
PRS.NO (Prosafe) -- to hold from buy at Carnegie Securities
Data
Nikkei +2.18% to 38370.33
Hang Seng +2.08% to 17178.77
Shanghai Composite +0.53% to 3037.94
S&P futures +20.3 vs prior close of 5106.5
€-$ (0.0004) or (0.04%) to 1.0703
$-¥ +0.05 or +0.04% to 154.88
€-¥ +0.12 or +0.07% to 165.77
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