May 06 ,2024
Synopsis
European equity markets are set for a positive open with indices in UK, Ireland, Cyprus and Greece remaining closed for a bank holiday. Asia equities trading mostly higher Monday. Hong Kong oscillating between gains and losses. Mainland China tracking sharp gains following the Golden Week holidays. Australia and Taiwan also firmer. Japan and South Korea offline until Tuesday. US futures extending Friday's sharp gains.
In central banks, there's BIS Innovation Summit speakers include Bank of France's Villeroy at 13:15CET, Bundesbank's Nagel and Bank of Italy's Panetta panellists at 13:30, SNB's Jordan speech at 14:25. European Bank Coordination (Vienna) Initiative (a framework for safeguarding the financial stability of emerging Europe) - Full Forum organised by EU Commission, EIB, EBRD, IMF, ECB and hosted by the Bank of Lithuania (through Tue), governor Šimkus speech at 12:00CET
Also, EU's von der Leyen participates in trilateral meeting with France's President Macron and China's President Xi Jinping. Moldovan President Sandu State Visit to Sweden (through Tue). Chancellor Scholz travels to Lithuania and Latvia, meets with President Nausėda and PM Siliņa, respectively, followed by a meeting with the heads of government of all three Baltic states, Estonia's PM Kallas, Lithuania's PM Šimonytė and Latvia's PM. In Germany, there's 29th meeting of the Stability Council, with a post meeting press conf by finance minister Lindner around mid-afternoon. EU's Borrell co-hosts the EU-Ukraine Defence Industries Forum.
In macro, Italy, Spain and Sweden Apr services PMIs are out as well as final reads for Eurozone, France, Germany, Eurozone Mar PPI, May Sentix investor confidence.
On the earnings front, PostNL (PNL.NA) reports Q1 Normalised EBIT (€9M) vs consensus (€2.0M) and confirms FY guidance whilst Demant (DEMANT.DC) is out with Q1 revenue DKK5.42B vs consensus DKK5.55B. In the DACHs region, Hypoport (HYQ.GR) reports final Q1 with net income €3.0M vs year-ago €0.2M and confirmed FY24 forecast
Politics/Macro/World News
Top company news
Earnings/updates
Benelux:
PNL.NA (PostNL) -- reports Q1 Normalised EBIT (€9M) vs consensus (€2.0M); confirms FY guidance
DACHs:
HYQ.GR (Hypoport) -- reports final Q1: net income €3.0M vs year-ago €0.2M; confirms FY24 forecast
Nordics:
DEMANT.DC Demant reports Q1 revenue DKK5.42B vs consensus DKK5.55B
BAKKA.NO (Bakkafrost) -- reports Q1 operational EBIT DKK710M vs FactSet DKK661.4M [11 est, DKK555-749M]
PEXIP.NO (Pexip Holding) -- reports Q1 revenue NOK292M vs FactSet NOK283.1M [4 est, NOK276.4-292M]
M&A
ETL.FP Eutelsat Communications confirms press speculation it is analysing options to partner with external infrastructure investors in its ground network
PRFT (Perficient) -- EQT AB fund to acquire Perficient for $76/share cash
NSI.NA (NSI NV) -- First Sponsor Group (ADN.SP) proposes to acquire 2.1M shares, ~10.65% stake, of NSI N.V.
HSBA.LN (HSBC Holdings) -- reportedly not aiming to offload any more assets at this time -- Reuters
ATO.FP (ATOS SE) --
Kretinsky and Attestor eye bid for Atos - Bloomberg
ATOS receives four financial restructuring proposals
DARK.LN (Darktrace) -- Unclear whether Darktrace's largest holders will support Thoma Bravo's acquisition of company - Mail on Sunday
SAB.SM (Banco de Sabadell) -- is said to be leaning in favour of talks with BBVA regarding possible merger - Bloomberg, citing sources
NEOEN.FP (Neoen) -- Indicative offers for stake in Neoen's Australian energy assets due within two weeks - Australian Financial Review
MITRA.BB (Mithra Pharmaceuticals) -- announces exclusive negotiations with Gedeon Richter
ALGIL.FP (Groupe Guillin) -- announces it has taken 49% stake in WOBZ Industries and WOBZ Distribution
Healthcare
IVA.FP (Inventiva) -- SEC filing: SC 13D/A (Filed by New Enterprise Associates 17, L.P.)
Other
LUMEN.SS (LumenRadio) -- CEO Alexander Hellström announces decision to resign
BP.LN (BP) -- shareholders expect company to reduce climate targets - FT
SHEL.LN (Shell Plc) -- Shell sold millions of carbon credits tied to CO2 removal that never occurred; subsidy scheme in Canada allowed registration of carbon credits equivalent to twice volume of CO2 captured - FT
UBSG.SW (UBS Group) -- Final Credit Suisse CEO Ulrich Körner to leave UBS within weeks amid dissolution of Credit Suisse's holding company - FT
TTE.FP (TotalEnergies) -- France may charge TotalEnergies with involuntary manslaughter - AFP
ENT.LN (Entain) -- Candidates turning down Entain as company hunts for new CEO - Sky News (15:55 BST)
NWG.LN (NatWest Group) -- UK preparing to offer bonus shares if people keep NatWest shares acquired in retail offer - Sky News
TPK.LN (Travis Perkins) -- Shareholders pushed Jasmine Whitbread out as chair of Travis Perkins - Sunday Times
Estimated weekend box office revenues in US, Canada $73.0M, (54.4%) y/y - Box Office Mojo
Fossil fuel funding disclosure proposals get ~one-quarter of shareholder support at BofA, Goldman Sachs (3-May)
Key rating changes
Upgrades
PIHLIS.FH (Pihlajalinna) -- buy from hold at Nordea
KNOW.SS (Knowi) -- upgraded to buy from hold at Nordea
NETC.DC (Netcompany Group) -- short-term recommendation upgraded to hold from sell at Handelsbanken
Downgrades
AGAS.NO (Avance Gas Holding) -- hold from buy at DnB Markets
VATN.SW (Valiant Holding) -- hold from buy at Kepler Cheuvreux
CAST.SS (Castellum AB) -- to hold from buy at DnB Markets
SALM.NO (Salmar) -- to hold from buy at Pareto
Initiations
COLR.BB (Colruyt Group) --reduce at Kepler Cheuvreux
HEM.SS (Hemnet Group) -- buy at ABG Sundal Collier
Data
Nikkei +0.00% to 38236.07
Hang Seng (0.18%) to 18442.19
Shanghai Composite +0.83% to 3130.66
S&P futures +3.3 vs prior close of 5154.8
€-$ (0.0002) or (0.02%) to 1.0761
$-¥ +1.01 or +0.66% to 153.91
€-¥ +1.10 or +0.67% to 165.64
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