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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.61%, DAX +0.43%, CAC +0.26%

Apr 26 ,2024

  • Synopsis

    • European indices are set to open higher as Asian indices trade up after the BOJ left key policy rate unchanged, matching expectations.

    • Greater China markets gaining momentum with Hang Seng extending its week-to-date outperformance on property developers. Semis driving gains in Korea and Taiwan. Nikkei widened gains following BOJ decision

    • US equities ended lower Thursday, just off best levels as market regained some sharp early-morning losses. All four major indices still positive for the week. Big tech was mixed with META a notable decliner on its report but NVDA jumped. Laggards also included autos, credit cards, media (CMCSA), retail/apparel, IT services, biotech, banks, and containerboard (IP).

    • Among central banks updates: SNB's Steiner and Jordan speak at SNB's general meeting of shareholders at 10:00CET. ECB's 'ChaMP' conf, Bank of Portugal's Centeno panellist at 11:00CET and Germany's President Steinmeier visits the Bundesbank at the same time.. ECB's de Guindos lecture at 10:00CET at Academia Europea Leadership. Russia Central Bank is expected to leave its benchmark interest rate unchanged at 16% when it announces its decision at 11:30BST, press conf 13:00.

    • Macroeconomic releases due today include: : UK Apr consumer confidence - GfK, France Apr consumer confidence, Spain Q1 unemployment rate, Mar retail sales, Norway Mar retail sales, Sweden Mar trade balance, Eurozone Mar M3 money supply

    • In corporate news: Betsson reports Q1 EPS €0.30 vs FactSet €0.25. (KEMIRA.FH) Kemira reports Q1 EPS €0.49 vs FactSet €0.40. Cloetta reports Q1 EPS SEK0.37 vs FactSet SEK0.41. Remy Cointreau reports Q4 revenue €237.5M vs consensus €231; 2023-24 COP margin guidance confirmed. Saab reports Q1 EPS SEK5.71 vs FactSet SEK5.88. Proximus reports Q1 adjusted EBITDA €454M vs consensus €441.0M; reaffirms FY guidance. Umicore confirms that it expects FY24 EBITDA between €900M-€950M vs FactSet €932.2M; updates on Q1.

    • On today's agenda in UK/Ireland: Kingspan Group (KRX.ID), Smurfit Kappa (SKG.LN), Pearson (PSON.LN)

  • Politics/Macro/World News

    • UK Consumer Confidence Improves as Inflation and Taxes Fall (BBG)

    • Oil Heads for Weekly Advance Ahead of Critical US Inflation Data (BBG)

    • German climate protection law can be passed on Friday, says constitutional court (Reuters)

  • Top company news

    • Earnings/updates

      • AIR.FP (Airbus SE) -- reports Q1 Adjusted EBIT €577M vs consensus €789.0M; FY24 guidance unchanged

      • SAF.FP (Safran) -- reports Q1 revenue €6.22B vs consensus €6.14B; FY24 outlook reaffirmed

      • AC.FP (Accor) -- reports Q1 revenue €1.24B vs consensus €1.22B

      • SGO.FP (Compagnie de Saint-Gobain) -- reports Q1 revenue €11.36B vs StreetAccount €11.35B

      • DG.FP (VINCI SA) -- reports Q1 revenue €15.73B vs consensus €15.54B; confirms FY guidance

      • SKF.B.SS (SKF) -- reports Q1 EPS SEK4.83 ex-items vs FactSet SEK4.18 [15 est, SEK3.32-4.70]; reaffirms FY guidance

      • FR.FP (Valeo SE) -- reports Q1 revenue €5.43B vs StreetAccount €5.50B; 2024 and 2025 objectives reaffirmed

      • URW.FP (Unibail-Rodamco-Westfield) -- reports Q1 Proportionate revenue €942.8M vs year-ago €909.3M; confirms FY guidance

      • SGSN.SW (SGS) -- reports Q1 revenue CHF1.58B vs FactSet CHF1.58B [1 est]

      • SCHA.NO (Schibsted) -- reports Q1 Adj. EPS (NOK0.40) vs consensus NOK0.57

      • LIGHT.NA (Signify) -- reports Q1 net income €44M vs consensus €37M

      • ATE.FP (Alten) -- reports Q1 revenue €1.07B vs FactSet €1.08B [2 est, €1.08-1.08B]

      • SK.FP (SEB) -- reports Q1 revenue €1.89B vs FactSet €1.87B [2 est, €1.85-1.88B]

      • GFC.FP (Gecina) -- reports Q1 total gross rental income €173.8M, +4% vs year-ago €166.7M

      • TLX.GR (Talanx) -- reports preliminary Q1 net income €572M vs FactSet €480.0M [1 est]; maintains FY forecast

      • SBS.GR (Stratec) -- reports Q1 EPS €0.10 ex-items vs year-ago €0.18; reaffirms FY guidance

      • MF.FP (Wendel) -- reports Q1 revenue €1.85B, +12% vs year-ago €1.65B

      • CLARI.FP (Clariane) -- reports Q1 revenue €1.31B vs FactSet €1.26B [1 est]

      • FTK.GR (flatexDEGIRO) -- reports Q1 net income €30.0M vs FactSet €29.2M [3 est, €29-29.5M]; guides FY revenues and net income at upper end of prior guidance

      • TKTT.FP (Tarkett) -- reports H1 revenue €668.1M, (4%) vs year-ago €698.4M

      • VU.FP (VusionGroup) -- reports Q1 adjusted sales €177.7M, +12% vs year-ago €159.3M

      • FII.FP (Lisi) -- reports Q1 revenue €449.3M vs FactSet €426.0M [1 est]

    • M&A

      • TKA.GR (ThyssenKrupp) -- EP Corporate Group set to acquire 20% stake in ThyssenKrupp's steel business; in discussions to purchase additional 30%; goal of establishing 50/50 jv

      • AAL.LN (Anglo American) -- does not find BHP's all share proposal attractive - Reuters

      • LHA.GR (Deutsche Lufthansa) -- Lufthansa planning to submit new concession proposal to EU regulators in effort to get ITA Airways transaction approved -- Bloomberg

      • FUSN (Fusion Pharmaceuticals) -- announces the Ontario Superior Court of Justice issues interim order in connection with previously announced arrangment with AstraZeneca

      • DUE.GR (Duerr) -- sells Danish subsidiary Agramkow

      • MOL.HB (MOL Hungarian Oil & Gas) -- MOL closed the acquisition of 15% stake in Waberer's

      • SHUR.BB (Shurgard Self Storage) -- acquires additional property from Box à la Carte; total acquisition cost of €9.3M

    • Healthcare

      • GSK.LN (GSK Plc) -- GSK files US patent infringement suit against Pfizer/Biontech over mRNA technology in companies' COVID-19 vaccines -- Reuters (earlier, intraday)

      • IDIA.SW (Idorsia) -- receives positive opinion from EU's CHMP for JERAYGO (aprocitentan) for treatment of resistant hypertension

    • Other

      • ELUX.B.SS (Electrolux) -- Group announces Jonas Samuelson will leave position as President & CEO on 1-Jan-25

      • TIGO.SS (Millicom International Cellular) -- board appoints Marcelo Benitez as CEO; effective 1-Jun-24

      • VK.FP (Vallourec) -- wins additional order from ExxonMobil Guyana

      • IGG.LN (IG Group Holdings) -- IG Group under fire from clients for money incorrectly being removed from accounts; company blames technical issue - FT

      • FDJ.FP (La Francaise des Jeux) -- board implements share buyback program

      • ATE.FP (Alten) -- board to propose a dividend of €1.50 per ordinary share at 2024 AGM on 20-Jun

      • NEL.NO (NEL ASA) -- Nel partners with Hy Stor Energy on Mississippi Clean Hydrogen Hub and receives capacity reservation for more than 1 gigawatt of alkaline electrolysers

      • Unibail-Rodamco-Westfield notes higher US sales, footfall in Q1 results

  • Key rating changes

    • Upgrades

      • ABDN.LN (abrdn Plc) -- to hold from reduce at HSBC

      • AHT.LN (Ashtead Group) -- Ashtead Group assumed buy at HSBC; prior rating was hold

      • AKSO.NO (Aker Solutions) -- to neutral from underweight at JPMorgan

      • AZN.SS (AstraZeneca) -- AstraZeneca short-term recommendation upgraded to buy from hold at Handelsbanken

      • FABG.SS (Fabege) -- to buy from hold at Pareto

      • HUSQ.B.SS (Husqvarna) -- to buy from hold at Jefferies

      • REG1V.FH (Revenio Group) -- to buy from hold at Danske Bank

    • Downgrades

      • KER.FP (Kering) -- to hold from buy at TD Cowen

      • ANOD.B.SS (Addnode Group) -- to hold from buy at Carnegie Securities

      • PNDX.B.SS (Pandox) -- to hold from buy at DnB Markets

  • Data

    • Nikkei +1.05% to 38023.89

    • Hang Seng +2.43% to 17705.23

    • Shanghai Composite +1.20% to 3089.46

    • S&P futures +42.5 vs prior close of 5082.3

    • €-$ (0.0003) or (0.03%) to 1.0727

    • $-¥ +0.48 or +0.31% to 156.12

    • €-¥ +0.42 or +0.25% to 167.45

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