May 03 ,2024
Synopsis
European indices are set to open higher as Asian equities trade firmer in another largely uneventful session during Golden Week. US equities finished solidly higher in Thursday trading, ending a bit off best levels. However, Dow, S&P, and Nasdaq remain lower for the week.
Apple (AAPL) reported after the close Q2 EPS $1.53 vs FactSet $1.51 [34 est, $1.41-1.57]; raises dividend; increases share repurchase authorization.
In central banks, Norges Bank interest rate decision at 10:00CET with no change in benchmark interest rate expected. Press conf. follows at 10:30
Economic data today: Sweden Apr services PMI and final read for UK, France Mar industrial production, Italy Apr unemployment rate, Spain Apr unemployment change, Eurozone Mar unemployment rate
In Earnings today: Legrand (LR.FP) reports Q1 net income €330.5M vs StreetAccount €282.5M. bpost (BPOST.BB) reports Q1 adjusted net income €43.7M vs FactSet €49.0M. Kontron (KTN.GR) reports Q1 net income €16.3M vs year-ago €16.6M. Credit Agricole (ACA.FP) reports Q1 net income €1.90B vs consensus €1.48B. GLPG.NA (Galapagos) -- reports Q1 EPS from continuing operations €0.36 vs year-ago (€0.17). UMG.NA (Universal Music Group) -- reports Q1 adjusted EBITDA €591M vs FactSet €565.2M [4 est, €563.7-567M]. CS.FP (AXA) -- reports Q1 revenue €34.0B vs StreetAccount €33.78B. GLE.FP (Societe Generale) -- reports Q1 net income €680M vs consensus €475M. DEC.FP (JCDecaux) -- reports Q1 revenue €801.6M vs StreetAccount €790.0M
M&A: (ATO.FP) Bain Capital looking closely at a takeover of Atos' assets -- Les Echos. KAR.SS Karnov Group unanimously recommends shareholders to accept the SEK 84 in cash per share offer from Greenoaks and Long Path
Macro/Politics
Top company news
Earnings/updates
GLPG.NA (Galapagos) -- reports Q1 EPS from continuing operations €0.36 vs year-ago (€0.17)
UMG.NA (Universal Music Group) -- reports Q1 adjusted EBITDA €591M vs FactSet €565.2M [4 est, €563.7-567M]
CS.FP (AXA) -- reports Q1 revenue €34.0B vs StreetAccount €33.78B
GLE.FP (Societe Generale) -- reports Q1 net income €680M vs consensus €475M
DEC.FP (JCDecaux) -- reports Q1 revenue €801.6M vs StreetAccount €790.0M
ACA.FP (Credit Agricole) -- reports Q1 net income €1.90B vs consensus €1.48B
DTG.GR (Daimler Truck Holding) -- reports Q1 EPS €1.00 vs FactSet €1.02 [3 est, €0.93-1.09]
ALK.B.DC (ALK-Abello) -- guides FY24 revenue +10-13% y/y vs prior guidance +9-12% and FactSet +10.7%; to report earnings today, rather than tomorrow
ALK.B.DC (ALK-Abello) -- reports Q1 EPS DKK1.10 vs FactSet DKK0.98 [3 est, DKK0.93-1.00]
ORK.NO (Orkla) -- reports Q1 EPS NOK1.50 vs FactSet NOK1.40 [7 est, NOK1.30-1.48]; outlook remains unchanged
APAM.NA (Aperam) -- reports Q1 EPS (€0.26) vs year-ago €1.83
CAST.SS (Castellum AB) -- Castellum revises financial targets and dividend policy
KRN.GR (Krones) -- reports Q1 EBITDA €125.4M vs FactSet €125.2M [4 est, €124-126.4M]
KTN.GR (Kontron) -- reports Q1 net income €16.3M vs year-ago €16.6M; guides FY24
SHUR.BB (Shurgard Self Storage) -- reports Q1 EPRA EPS €0.35 ex-items vs year-ago €0.34
EGTX.SS (Egetis Therapeutics) -- reports Q1 EPS (SEK0.30) vs FactSet (SEK0.31) [1 est]
AMBEA.SS (Ambea AB) -- reports Q1 EPS SEK1.25 vs FactSet SEK1.13 [2 est, SEK1.13-1.13]
AFP.SW (Aluflexpack) -- reports H1 revenue €90.6M, (8%) vs year-ago €98.8M
M&A
AAL.LN (Anglo American) -- Glencore reportedly considering making an offer to acquire Anglo American - Reuters
FRE.GR (Fresenius) -- divests 67% stake in Vamed's rehabilitation business; deal values the business at €853M (post-EU close)
SPR (Spirit AeroSystems) -- Airbus seeking financial compensation to take on money-losing operations from Spirit AeroSystems - Reuters
GLEN.LN (Glencore) -- Canada acquires units of Stillwater Critical Minerals Corp.
CS.FP (AXA) -- announces agreement to terminate sale of closed life and pensions portfolio at Germany; Life Europe enters reinsurance agreement for an in-force savings portfolio
CS.FP (AXA) -- reports Q1 revenue €34.0B vs StreetAccount €33.78B
BAER.SW (Julius Baer Group) -- completes Kairos sale
SG.IM (SAES Getters) -- appoints advisors related to offer from S.G.G. Holding S.p.A.; Discloses data on extraordinary items impacting FY24 (post EU close 2-May)
Healthcare
AMGN (Amgen) -- now trading higher after hours following disclosure on conference call it is planning to move MariTIde obesity drug into Phase 3
ALCLS.FP (Cellectis SA) -- appoints Arthur Stril as interim CFO following the resignation of Bing Wang, effective immediately
^HEALTH (Healthcare sector summaries) -- StreetAccount Sector Summary - Healthcare Post-Market
AB.FP (AB Science) -- The Paris Court of Appeal confirms the acquittal of AB Science CEO Alain Moussy for alleged insider trading and reduces the amount of the financial penalty imposed on AB Science for failure to comply with communication obligations
Other
SGO.FP (Compagnie de Saint-Gobain) -- signs 5-year renewable electricity supply contract in Romania with OMV Petrom SA
OBEL.BB (Orange Belgium) -- completes capital increase by contribution in kind; Nethys exchanges its stake in VOO Holding for newly issued shares of
Italy Apr new passenger car registrations 135,353 units, +7.5% y/y -- UNRAE
Key rating changes
Upgrades
ENR.GR (Siemens Energy) -- to buy from hold at Deutsche Bank
Data
Nikkei +0.00% to 38236.07
Hang Seng +1.44% to 18469.71
Shanghai Composite +0.00% to 3104.82
S&P futures +14.5 vs prior close of 5091.5
€-$ +0.0011 or +0.10% to 1.0738
$-¥ (0.62) or (0.40%) to 153.03
€-¥ (0.49) or (0.30%) to 164.28
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