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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.03%), DAX (0.19%), CAC +0.08%

Apr 25 ,2024

  • Synopsis

    • European equity markets are set to open mostly flat Asia equities trading mixed Thursday. Mainland China and Hong Kong swung to gains after a soft open as Japan, South Korea and Taiwan continue to track sharp losses. Australia closed for Anzac Day. US futures notably weaker, weighed down by disappointing Meta guidance after hours. Regional tech mostly underperforming with Nasdaq lagging behind S&P 500. Dollar mostly softer amid euro gains while yen lagging. Crude oil and gold futures softer, Bitcoin recouping some earlier weakness.

    • On today's agenda, Global Government Fintech Lab 2024, speakers include Ireland's finance minister Richmomd. Sustainable business summit hosted by Bloomberg. EU's Simson speaks at the 4th 'WindWorks. Connecting Industries' conf. There's UK Mar car production - SMMT and Auto China 2024 trade show begins in Beijing

    • In central banks, ECB conf title Challenges for Monetary Policy Transmission in a Changing World 'ChaMP' (through Fri) ECB's Schnabel opening speech at 9:00CET, Bank of Italy's Panetta dinner speech at 19:30. BOE's Leaman speech at 9:30BST at event organised by Westminster & City. Norges Bank's Bech-Moen speech at 14:00CET at Center for real estate studies (Senter for eiendomsfag). Bundesbank's Nagel speech at 17:15CET at event at Univ. of Münster. BOE's Talbot lecture at 16:30BST at event organised by NIESR. ECB Economic Bulletin published at 10:00CET. Bundesbank's Mauderer panellist at 17:45CET at event hosted by Bankenverband Mitte. SNB publishes Q1 results at 7:25CET. A

    • Macroeconomic releases include: Germany May consumer climate - GfK, France Apr business survey, Norway Mar unemployment rate, Sweden Mar PPI, Spain Mar PPI, UK Apr distributive trades survey - CBI

    • In corporate news, Carrefour (CA.FP) reported yesterday after the EU close Q1 revenue (pre-IAS 29) €22.16B vs consensus €23.50B with FY24 financial targets confirmed. Also in France, BNP Paribas (BNP.FP) reports Q1 net income €3.10B vs consensus €2.40B and confirms its 2024 trajectory. Dassault Systemes (DSY.FP) reports Q1 revenue €1.50B vs FactSet €1.52B. SPIE (SPIE.FP) reports Q1 revenue €2.23B vs FactSet €2.20B. Sanofi (SAN.FP) reports Q1 Business EPS €1.78 vs consensus €1.73; FY24 Business EPS guidance reiterated

    • From the DACH region, HELLA GmbH & Co. KGaA (HLE.GR) reports Q1 EPS €0.57 vs year-ago €0.63 and reaffirms FY guidance. HelloFresh (HFG.GR) reports Q1 revenue €2.07B vs StreetAccount €2.02B. Wacker Chemie (WCH.GR) reports Q1 EPS €0.89 vs consensus €0.52; FY forecast confirmed. Kion Group (KGX.GR) Q1 net income attributable €108.8M vs consensus €98M; reaffirms FY outlook. Nestle (NESN.SW) reports Q1 Sales CHF22.09B vs consensus CHF22.37B; confirms FY guidance. Deutsche Bank reports Q1 net income €1.42B vs consensus €1.21B; said FY24 provisions for credit losses expected to remain at higher end of the previously communicated range.

    • Out of the Nordics, Telia Co. (TELIA.SS) reports Q1 EPS SEK0.15 vs consensus SEK0.29 and keeps FY outlook unchanged. Swedbank (SWED.A.SS) reports Q1 EPS SEK7.47 vs consensus SEK7.28. Aker Solutions (AKSO.NO) reports Q1 Adj. EPS NOK1.40 vs FactSet NOK0.95. In Spain, Banco de Sabadell (SAB.SM) reports Q1 net income €308M vs FactSet €234.3M [9 est, €209-263M].

  • Macro/Politics

    • Oil eases as US demand concerns outweigh Middle East fears - Reuters

    • Ukraine to increase long-range strikes in Russia, says UK defence chief - FT

    • EU Parliament backs clampdown on single-use plastic packaging - Reuters

    • Macron eyes Draghi over Von der Leyen for Top EU Commission job - Bloomberg

    • UK's Jeremy Hunt defends civil service job cuts to increase defence spending - BBC

  • Top company news

    • Earnings/updates

      • DACHs

        • NESN.SW (Nestle) -- reports Q1 Sales CHF22.09B vs consensus CHF22.37B; confirms FY guidance

        • BAS.GR (BASF SE) -- reports Q1 EPS €1.68 ex-items vs consensus €1.41; reaffirms FY guidance

        • HOLN.SW (Holcim) -- reports Q1 recurring EBIT CHF532M vs consensus CHF506.2M; reaffirms FY guidance

        • KGX.GR (Kion Group) -- reports Q1 net income attributable €108.8M vs consensus €98M; reaffirms FY outlook

        • HLE.GR (HELLA GmbH & Co. KGaA) -- reports Q1 EPS €0.57 vs year-ago €0.63; reaffirms FY guidance

        • RDC.GR (Redcare Pharmacy) -- reports Q1 net income (€8.2M) vs year-ago (€10.2M)

        • EMSN.SW (EMS-Chemie Holding) -- reports Q1 net sales CHF545M vs FactSet CHF546.3M [4 est, CHF540-552M]

        • BUCN.SW (Bucher Industries) -- reports Q1 net sales CHF853M vs FactSet CHF844.9M

        • DBK.GR (Deutsche Bank) -- reports Q1 net income €1.42B vs consensus €1.21B; FY24 provisions for credit losses expected to remain at higher end of the previously communicated range

      • France

        • STMPA.FP (STMicroelectronics) -- reports Q1 EPS $0.54 vs consensus $0.61; guides Q2 and adjusts FY24 guidance downward

        • DSY.FP (Dassault Systemes) -- reports Q1 revenue €1.50B vs FactSet €1.52B [11 est, €1.49-1.55B]

        • ML.FP (Cie Generale des Etablissements Michelin SA) -- reports Q1 revenue €6.64B vs consensus €6.68B; FY2 guidance unchanged

        • CA.FP (Carrefour) -- reports Q1 revenue (pre-IAS 29) €22.16B vs consensus €23.50B; FY24 financial targets confirmed

        • BNP.FP (BNP Paribas) -- reports Q1 net income €3.10B vs consensus €2.40B and confirms its 2024 trajectory

        • DSY.FP (Dassault Systemes) -- reports Q1 revenue €1.50B vs FactSet €1.52B [11 est, €1.49-1.55B]

        • SPIE.FP (SPIE) -- reports Q1 revenue €2.23B vs FactSet €2.20B [2 est, €2.14-2.26B]

        • CO.FP (Casino Guichard-Perrachon) -- reports Q1 revenue €2.11B, (5%) vs year-ago €2.21B

        • NANO.FP (Nanobiotix) -- reports FY23 net income (€39.7M) vs FactSet (€42.1M)

        • SPIE.FP (SPIE) -- reports Q1 revenue €2.23B vs FactSet €2.20B [2 est, €2.14-2.26B]

        • VANTI.FP (Vantiva) -- guides Q1 revenue €458M vs year-ago €573M

        • VRLA.FP (Verallia) -- reports Q1 adjusted EBITDA €203.9M vs FactSet €210.9M [3 est, €207.7-213.8M]

        • CNV.FP (Cnova) -- reports Q1 revenue €243.4M, (25%) vs year-ago €323.5M

        • ADOC.FP (Adocia) -- reports FY net income (€21.2M) vs year-ago (€6.9M)

        • MRN.FP (Mersen) -- reports Q1 revenue €312.5M vs year-ago €301.7M; FY24 guidance confirmed

        • BLV.FP (Believe) -- reports Q1 revenue €230.3M, +16% vs year-ago €198.6M

        • LSS.FP (Lectra) -- reports Q1 net income €7.2M vs year-ago €7.6M

        • FNAC.FP (Fnac Darty) -- reports Q1 revenue €1.79B vs FactSet €1.79B [1 est]

        • VLTSA.FP (Voltalia) -- reports Q1 revenue €111.1M vs FactSet €121.8M [1 est]

        • SAN.FP (Sanofi) -- reports Q1 Business EPS €1.78 vs consensus €1.73; FY24 Business EPS guidance reiterated

        • SU.FP (Schneider Electric) reports Q1 revenue €8.61B vs consensus €8.57B; organic growth +5.3% vs consensus +4.5%; 2024 target reaffirmed

        • RI.FP (Pernod Ricard) -- reports Q3 revenue €2.35B vs StreetAccount €2.46B; group remains confident in its medium-term financial framework of +4-7% top line growth, aiming for upper end of the range

      • Nordics

        • EQNR.NO (Equinor) -- reports Q1 adjusted net income $2.84B vs FactSet $2.06B

        • ESSITY.B.SS (Essity) -- reports Q1 EPS SEK4.33 ex-items vs StreetAccount SEK3.99

        • AUTO.NO (AutoStore Holdings) -- reports Q1 net income $20.6M vs FactSet $36.4M [7 est, $31-41M]

        • PROT.NO (Protector Forsikring) -- reports Q1 EPS NOK5.50 vs FactSet NOK5.99 [3 est, NOK5.50-6.60]

        • AKSO.NO (Aker Solutions) -- reports Q1 Adj. EPS NOK1.40 vs FactSet NOK0.95

      • Southern Europe

        • MONC.IM (Moncler) -- reports Q1 revenue €818.0M vs consensus €787.2M

        • WBD.IM (Webuild) -- Q1 Trading Update: New orders of €5.5B since the beginning of the year; reaffirms FY guidance

        • SAB.SM (Banco de Sabadell) -- reports Q1 net income €308M vs FactSet €234.3M [9 est, €209-263M]

      • UK

        • CRDA.LN (Croda International) -- Transcript Intelligence: Croda International Q1 Sales and Revenue Q&A

    • M&A

      • BARC.LN (Barclays) -- PLC intends to dispose of its performing Italian mortgage portfolio valued at ~€3.3B

      • AAL.LN (Anglo American) -- Follow-up/CORRECTION: BHP Group exploring possibility of takeover of Anglo American - Bloomberg

      • ERG.IM (ERG) -- completes the acquisition of 75% of newly formed US holding company with Apex Clean Energy

      • OJM.IM (Openjobmetis) -- Groupe Crit completes the acquisition of M.T.I. Investimenti's stake in Openjobmetis

      • IG.IM (Italgas) -- completes acquisition of 47.9% of Acqua Campania from Veolia

      • AFP.SW (Aluflexpack) -- completes acquisition of 68% stake in Helioflex

      • RQIH.LN (R&Q Insurance Holdings) -- R&Q Insurance provides update on proposed sale of Accredited

      • ALLIGO.B.SS (Alligo) -- acquires 100% of Hämeen Teollisuuspalvelu Oy and Riihimäen Teollisuuspalvelu Oy in Finland; terms undisclosed

      • SG.IM (SAES Getters) -- agrees to acquire FMB Feinwerk- und Meßtechnik GmbH for €8M

    • Healthcare

      • ONCO.SS (Oncopeptides) -- NICE unable to make recommendation on Oncopeptides's Pepaxti to treat relapsed or refractory multiple myeloma

      • ALBPS.FP (Biophytis) -- to transfer ADS from Nasdaq to OTC

      • ATT.SS (Attendo) -- to buy back shares for a maximum amount of SEK 110M

    • Other

      • RYA.ID (Ryanair Holdings) -- Ryanair announces cancellations of over 300 flights, due to tomorrow's French ATC strike on Thursday, 25 April

      • TIT.IM (Telecom Italia) -- TIM announces Alberta Figari appointed as Chairwoman, Pietro Labriola confirmed as CEO

      • CO.FP (Casino Guichard-Perrachon) -- announces implementation of reverse share split of its share capital through exchange of 100 existing shares for 1 new share

        • Casino Group, BUT, Conforama, MDA Company and Intermarché end technical goods purchasing partnership

  • Key rating changes

    • Upgrades

      • ATCO.A.SS (Atlas Copco) -- Atlas Copco short-term recommendation upgraded to buy from hold at Handelsbanken

      • HUSQ.B.SS (Husqvarna) -- Husqvarna short-term recommendation upgraded to buy from hold at Handelsbanken

      • SSAB.A.SS (SSAB) -- to hold from sell at Danske Bank; short-term recommendation upgraded to buy from hold at Handelsbanken

      • STB.NO (Storebrand) -- to buy from hold at Pareto

    • Downgrades

      • BILL.SS (Billerud) -- Billerud short-term recommendation downgraded to hold from buy at Handelsbanken

      • XVIVO.SS (Xvivo Perfusion) -- to hold from buy at Carnegie Securities

  • Data

    • Nikkei (2.15%) to 37634.09

    • Hang Seng +0.46% to 17279.83

    • Shanghai Composite +0.18% to 3050.39

    • S&P futures (36.3) vs prior close of 5107.5

    • €-$ +0.0015 or +0.14% to 1.0713

    • $-¥ +0.35 or +0.23% to 155.66

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