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StreetAccount Summary - Europe Pre-Open FTSE +0.01%, DAX (0.15%), CAC +0.09%

Apr 30 ,2024

  • Synopsis

    • European equity markets set to open mixed whilst Asia equities trading mostly higher Tuesday. Mainland China the lone decliner, contrasting with gains in the rest of the region led by Japan. US contracts narrowly mixed following cash gains in a mostly uneventful session.

    • European macro data releases out today include: Germany Q1 preliminary GDP, Apr unemployment change, Mar retail sales, France Q1 preliminary GDP, Apr preliminary CPI, Mar PPI, household consumption, Switzerland Apr leading indicator - KOF, Italy Q1 preliminary GDP, Apr preliminary CPI, UK Mar mortgage approvals, M4 money supply, Eurozone Q1 preliminary GDP, Apr preliminary CPI, Denmark Mar unemployment rate, Austria Q1 preliminary GDP, Apr preliminary CPI, Mar PPI, Portugal Q1 preliminary GDP, Apr preliminary CPI, Mar retail sales, Greece Mar PPI, Feb retail sales

    • Also on today's agenda, in the UK, MPs consider Lords amendments to Digital Markets, Competition and Consumers Bill. Committee topics include export-led growth (10:00BST), Are the UK's Russian financial sanctions working? (10:15), whilst Secretary of State for Foreign, Commonwealth and Development Affairs Cameron is before committee (15:00).

    • In central banks, Norges Bank's Bache and Norges Bank Investment Management CEO Tangen before the Standing Committee on Finance and Economic Affairs of the Storting at 10:15CET. ECB's Buch speech at 12:00CET at conf "Globalisation: What's Next?" co-organised by Banque de France, CEPR, World Bank, and the Univ. of Surrey. BOE's Mills speech at 13:00BST at London Institute of Banking & Finance. Spain publishes Annual Report 2023. Bundesbank's Balz speech at 19:00CET at Bamberg Business Assn. Bank of Spain publishes Annual Report 2023.

    • In earnings, in the DACHs region, Covestro (1COV.GR), Clariant (CLN.SW), Mercedes-Benz Group (MBG.GR), Volkswagen (VOW3.GR), OMV (OMV.AV), Erste Group Bank (EBV.AV) and Deutsche Lufthansa (LHA.GR) reported Q1 earnings. In France, Capgemini (CAP.FP), Rexel (RXL.FP), Exclusive Networks (EXN.FP) and Thales (HO.FP) issued Q1 updates with the latter confirming its targets for 2024.

    • In Nordics, Kongsberg Gruppen (KOG.NO), Aker Horizons (AKH.NO), Sparebanken Vest (SVEG.NO) and Telenor (TEL.NO) are amongst others in the region to update investors with their latest numbers. Elsewhere, HSBC Holdings (HBA.LN), Banco Santander (SAN.SM) and CaixaBank (CABK.SM) reported Q1 earnings.

  • Politics/Macro/World News

    • French capital markets union plan gets backing from European funds body - FT

    • France Grows in Hope Region Out of Recession: Europe GDP Latest - Bloomberg

    • Labour poised to profit from SNP chaos after Humza Yousaf resigns - The Times

    • Northern Irish farmers face supply chain risks over Brexit deal, warn Lords - FT

  • Top company news

    • Earnings/updates

      • DACHs

        • LOGN.SW (Logitech International) -- reports Q4 non-GAAP EPS $0.99 vs StreetAccount $0.66

        • STMN.SW (Straumann Holding) -- reports Q1 revenue CHF643.8M vs StreetAccount CHF633.3M; on track to meet 2024 outlook

        • 1COV.GR (Covestro) -- reports Q1 net income (€35M) vs year-ago (€26M); confirms FY24 outlook and guides Q2

        • NEM.GR (Nemetschek) -- reports Q1 net income €42.5M vs FactSet €42.9M [4 est, €42.5-43.3M]; Outlook for 2024 and Ambition for 2025 confirmed

        • CLN.SW (Clariant) -- reports Q1 EBITDA CHF184M ex-items vs consensus CHF161.0M; confirms FY guidance

        • FPE3.GR (FUCHS SE) -- reports Q1 EPS €0.58 vs FactSet €0.58

        • VNA.GR (Vonovia) -- reports Q1 EPRA NTA per share €46.72 vs year-ago €46.82; confirms its FY24 forecast

        • MBG.GR (Mercedes-Benz Group) -- reports Q1 EPS €2.86 vs FactSet €2.63 [7 est, €2.41-2.79]; confirms FY24 financial targets

        • BALN.SW (Baloise) -- publishes Financial Condition Report 2023; as per 1-Jan-24, Group Swiss Solvency Test ratio 207%

        • OMV.AV (OMV) -- reports Q1 Clean CCS Net Income attributable €696M vs consensus €572M

        • WIHN.SW (WISeKey International Holding) -- announces extension of deadline for publication of its Annual Report; issues prelim FY numbers

        • SIGN.SW (SIG Combibloc Group) -- reports Q1 adjusted net income €39.7M vs FactSet €51.8M; FY guidance confirmed

        • RLF.SW (RELIEF THERAPEUTICS Holding) -- reports FY net income (CHF98.2M) vs year-ago (CHF50.8M) - Annual Report

        • LHA.GR (Deutsche Lufthansa) -- reports Q1 net income (€734M) vs FactSet (€562.3M)

        • BRNK.GR (Branicks Group) -- reports FY FFO €0.62 vs FactSet €0.60

        • DWNI.GR (Deutsche Wohnen) -- reports preliminary Q1 Adj. pretax income €141.3M

        • EBS.AV (Erste Group Bank) -- reports Q1 net income €783M vs consensus €731.4M

        • FIE.GR (Fielmann Group) -- reports final FY numbers in line with preliminaries as of 29-Feb; reports Q1 sales €529M vs FactSet €525.6M

        • VOW3.GR (Volkswagen) -- reports Q1 net income €3.27B vs StreetAccount €3.41B; Outlook 2024 confirmed

      • France

        • CAP.FP (Capgemini) -- reports Q1 revenue €5.53B vs consensus €5.55B

        • ALCLS.FP (Cellectis SA) -- reports Q4 EPS ($0.59) vs FactSet ($0.30) [1 est]

        • RXL.FP (Rexel) -- reports Q1 sales €4.71B vs consensus €4.75B

        • POXEL.FP (Poxel) -- SCOR SE Q1 financial update; postpones publication of its 2023 FY results

        • VCT.FP (Vicat) -- reports Q1 revenue €911M vs year-ago €899M

        • EXN.FP (Exclusive Networks) -- reports Q1 revenue €1.26B vs FactSet €1.25B [1 est]; confirms FY guidance

        • VETO.FP (Vetoquinol) -- reports Q1 revenue €133.7M vs FactSet €146.2M

        • ALTHX.FP (Theranexus) -- reports FY net income (€6.8M) vs year-ago (€6.6M)

        • DEEZR.FP (Deezer) -- reports Q1 revenue €132.5M vs year-ago €115.2M

        • HO.FP (Thales) -- reports Q1 revenue €4.42B vs consensus €4.36B; confirms its targets for 2024

        • SESG.FP (SES) -- reports Q1 net income attributable €73M vs consensus €39M; reaffirms FY guidance

      • UK

        • HSBA.LN (HSBC Holdings) -- reports Q1 EPS ex-items $0.34 vs FactSet $0.25 [3 est, $0.10-0.34]

        • PRU.LN (Prudential) -- Q1 update: APE sales +7% on constant exchange rate y/y to $1.63B

      • Southern Europe

        • CABK.SM (CaixaBank) -- reports Q1 net income attributable €1.01B vs consensus €1.00B

        • TENERGY.GA (Terna Energy) -- reports FY adjusted net income from cont. ops. €64.6M vs FactSet €61.4M

        • GEKTERNA.GA (GEK Terna) -- reports FY EPS €1.42 ex-items vs FactSet €1.26 [1 est]

        • SAN.SM (Banco Santander) -- reports Q1 underlying attributable profit €2.85B vs consensus €2.89B

        • LTMC.IM (Lottomatica Group) -- reports Q1 adjusted net income €49.7M;guides FY24 including 8 months of contribution from SKS365

      • Nordics

        • KOG.NO (Kongsberg Gruppen) -- reports Q1 EPS NOK6.36 vs FactSet NOK5.49 [5 est, NOK4.88-5.90]

        • LSG.NO (Lerøy Seafood Group) -- repeats FY25 harvest volume guidance of 205,000 GWT in annual report

        • MUSTI.FH (Musti Group) -- reports Q2 EPS (€0.15) vs FactSet €0.21

        • AKH.NO (Aker Horizons) -- reports Q1 pretax income (NOK2.07B)

        • AKTIA.FH (Aktia Bank) -- reports Q1 EPS €0.38 vs FactSet €0.32

        • TEL.NO (Telenor) -- reports Q1 net income NOK11.56B vs consensus NOK7.91B; reaffirms FY guidance

        • NAVA.NO (Navamedic) -- reports Q1 net income (NOK1.6M) vs year-ago NOK13.2M

        • MPCES.NO (MPC Energy Solutions) -- reports Q1 EPS $0.02 vs year-ago

        • SATS.NO (SATS ASA) -- reports Q1 EPS NOK0.38 vs FactSet NOK0.28

        • SVEG.NO (Sparebanken Vest) -- reports Q1 net income NOK1.22B vs FactSet NOK1.16B

        • SCATC.NO (Scatec) -- reports Q1 EPS (NOK0.73) vs year-ago (NOK1.02)

        • BWE.NO (BW Energy) -- issues Q1 trading update

      • Benelux

        • ARCAD.NA (ARCADIS) -- reports Q1 operating EBITA €104M vs FactSet €129.0M

        • VLK.NA (Van Lanschot Kempen) -- reports Q1 net income €32.7M vs year-ago €19.9M

        • UPG.BB (Unifiedpost Group) -- issues strategic update and FY24 objectives

    • M&A

      • GS (Goldman Sachs) -- in talks to transfer General Motors credit-card business to Barclays - Reuters

      • CPHN.SW (CPH Chemie + Papier Holding) -- closes acquisition of Sorbead India and Swambe Chemicals

      • BRKN.SW (Burkhalter Holding) -- to acquire Elektro Bernina AG in Madulain; terms undisclosed

    • Healthcare

      • PFE (Pfizer) -- FDA approves Pfizer's tisotumab vedotin-tftv for recurrent or metastatic cervical cancer

      • RYTM (Rhythm Pharmaceuticals) -- reports previously disclosed results from Phase 2 study of setmelanotide published in The Lancet Diabetes & Endocrinology

      • REC.IM (Recordati) -- FDA grants orphan drug designation to Isturisa for endogenous Cushing's syndrome

      • BAVA.DC (Bavarian Nordic A/S) -- Bavarian Nordic receives €65M contract to supply smallpox vaccines for EU strategic reserve

      • SDZ.SW (Sandoz Group) -- Amgen (AMGN) and Sandoz reach settlement agreement for denosumab biosimilar candidates; launch by 31-May-2025

      • NWRN.SW (Newron Pharmaceuticals) -- Phase II/III study 008A of evenamide meets primary, key secondary endpoints

      • 4587.JP (PeptiDream) -- expands peptide discovery collaboration with Novartis

    • Other

      • ERIC.B.SS (Telefonaktiebolaget LM Ericsson) -- Ericsson warns Europe is at risk of falling behind on digital infrastructure as overregulation drives it to irrelevance - FT, citing CEO interview

      • GLEN.LN (Glencore) -- A number of Glencore's largest shareholders advocate for keeping coal assets - Bloomberg, citing people familiar with the matter

      • NESTE.FH (Neste) -- President and CEO Matti Lehmus to step down

      • KOG.NO (Kongsberg Gruppen) -- announces NOK 255M contract to develop THOR Remote Control Terminal for Norwegian Defence Materiel Agency

      • FRAS.LN (Frasers Group) -- to acquire IP assets of Matches Fashion

      • DAN.IM (Danieli & C. Officine Meccaniche) -- Chairman Gianpietro Benedetti passes away

      • AES Brazil unit receiving interest from TotalEnergies (TTE.FP), China Three Gorges (600905.CH), and Auren Energia(AURE3.BZ) - Bloomberg (earlier)

      • Quick Take - BHP Group's rejected offer for Anglo American & Samarco settlement commentary

  • Key rating changes

    • Upgrades

      • PHIA.NA (Koninklijke Philips) -- to buy from hold at Kepler Cheuvreux

        • to hold from sell at Deutsche Bank

        • to neutral from sell at UBS

        • to neutral from underweight at JPMorgan

      • LDA.SM (Linea Directa Aseguradora) -- to buy from hold at Berenberg

      • HUM.SS (Humana AB) -- to buy from hold at ABG Sundal Collier

    • Downgrades

      • WRT1V.FH (Wartsila) -- to reduce from buy at Inderes

      • ANTO.LN (Antofagasta) -- to sell from reduce at Peel Hunt

      • DWS.GR (DWS Group) -- to neutral from overweight at JPMorgan

      • MANTA.FH (Mandatum) -- to hold from buy at SEB

    • Initiations

      • DHL.GR (DHL Group) -- overweight at Morgan Stanley

  • Data

    • Nikkei +0.80% to 38237.88

    • Hang Seng (0.28%) to 17696.38

    • Shanghai Composite (0.23%) to 3105.92

    • S&P futures (10.3) vs prior close of 5147.0

    • €-$ (0.0027) or (0.25%) to 1.0696

    • $-¥ +0.44 or +0.28% to 156.78

    • €-¥ +0.00 or +0.00% to 167.59

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