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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.17%, DAX30 (0.09%), CAC40 +0.06%

May 08 ,2024

  • Synopsis

    • European equity markets are set for a mixed open. Note, Swedish markets close early for the Ascension Day holiday. Asia equities trading mostly lower Wednesday. Japan tracking sharp losses, followed by mainland China. Hong Kong lacking direction while Australia and South Korea stuck around flat. US futures little changed after mixed performance in the cash session.

    • In central banks, Riksbank interest rate decision at 9:30CET, with consensus for no change in the benchmark interest rate, though some commentators see the possibility of a 25 bps cut, and a push back of the notion of back-to-back moves. Post decision press conf at 11:00. Iceland interest rate decision at 9:30BST, with no change in the 9.25% benchmark interest rate expected. Norges Bank publishes latest Financial Stability Report at 10:00CET. Central banks in Hungary at 14:00CET and Russia at 11:30BST release monetary policy reports. Bank of Italy's Perrazzelli panellist at 8:50CET at the Influence, Relevance & Growth Conf. Governor of the National Bank of Belgium Wunsch speech at 14:00CET at Frankfurt School of Finance & Management. Estonian Central Bank comments on Apr inflation.

    • Finland's President Stubb visits Germany, meets with Chancellor Scholz in the afternoon. Russia's Putin holds anniversary summit of the Eurasian Economic Union. In the UK, weekly PMQs at 12noon BST, whilst parliamentary committee topics include impact of changes made by NICE to evaluate drugs used to treat patients with terminal illness like cancer (9:30), draft Rail Reform Bill (9:30), energy bills for domestic customers (10:00, CEO of Centrica (CNA.LN), E.ON UK), work of the Financial Conduct Authority (14:15). FT hosts crypto and digital assets summit (through Thu) and a webinar at 13:00BST on fallout from the 2-May local and mayoral elections and ask the question who will win the UK general election?. European Court of Justice rules on Ryanair vs Commission regarding a restructuring aid for Condor

    • In macro Germany Mar industrial production, Spain Mar industrial production, Italy Mar retail sales, Denmark Mar trade balance, manufacturing production, Norway Mar manufacturing production, Netherlands Mar manufacturing production

    • On the earnings front, Anheuser-Busch InBev (ABI.BB) kicked off the session and reported Q1 underlying EPS $0.75 vs consensus $0.64 whilst reaffirming FY guidance. From the DACHs region, Bayerische Motoren Werke (BMW.GR) Q1 EPS €4.42 vs StreetAccount €4.05 and confirmed FY guidance and expects to see slight growth in customer deliveries worldwide in 2024 . Fresenius (FRE.GR) is out with Q1 EPS ex-items €0.76 vs consensus €0.64 and raiswed FY Organic revenue guidance to +4-7% vs prior guidance +3-6% whilst Lanxess (LXS.GR) reported Q1 adjusted EPS from continuing operations (€0.09) vs FactSet (€0.65) and Continental (CON.GR) released final Q1 net income (€53M) vs year-ago €382M; confirms FY24 outlook. Knorr-Bremse (KBX.GR) reported Q1 operating EBIT €238.2M vs consensus €233.3M whilst METRO (B4B.GR) is out with Q2 EPS (€0.53) vs consensus (€0.42) and United Internet (UTDI.GR) issued Q1 EPS €0.35 vs consensus €0.45. Elsewhere, Mowi (MOWI.NO) reported Q1 underlying EPS €0.21 vs FactSet €0.24

  • Politics/Macro/World News

    • Netherlands Mar Manufacturing Production (1.5%) m/m vs consensus (0.4%) and prior revised +1.1% from +1.4%

  • Top company news

    • Earnings/updates

      • Benelux:

        • PHARM.NA (Pharming Group) -- reports Q1 net income ($12.4M) vs FactSet $6.6M [2 est, $3.4-9.7M]; on track for 2024 total revenue guidance of $280M - $295M

        • AMG.NA (AMG Critical Materials) -- reports Q1 EBIT $17.1M vs year-ago $105.1M

        • SBMO.NA SBM Offshore Q1 Trading Update: YTD Directional revenue $871M, in line with expectation; reaffirms FY Directional revenue and EBITDA guidance

        • BEKB.BB (Bekaert) -- reports Q1 consolidated sales €1.03B, (14%) vs year-ago €1.19B

      • France:

        • DBV.FP (DBV Technologies) -- reports Q1 EPS ($0.28) vs FactSet ($0.21) [3 est, ($0.23)-(0.18)]

        • RUI.FP (Rubis) -- reports H1 revenue €1.66B, (5%) vs year-ago €1.74B; 2024 Guidance reiterated

        • ALO.FP Alstom reports FY adjusted net income €44M vs consensus €493.4M

      • DACHs:

        • BMW.GR (Bayerische Motoren Werke) -- reports Q1 EPS €4.42 vs StreetAccount €4.05; confirms FY guidance and expects to see slight growth in customer deliveries worldwide in 2024

        • UTDI.GR (United Internet) -- reports Q1 EPS €0.35 vs consensus €0.45

        • CON.GR (Continental) -- reports final Q1 net income (€53M) vs year-ago €382M; confirms FY24 outlook

        • FRE.GR (Fresenius) -- reports Q1 EPS ex-items €0.76 vs consensus €0.64; raises FY Organic revenue guidance to +4-7% vs prior guidance +3-6%LXS.GR (Lanxess) -- reports Q1 adjusted EPS from continuing operations (€0.09) vs FactSet (€0.65) [5 est, (€1.11)-0.08]

        • KBX.GR (Knorr-Bremse) -- reports Q1 operating EBIT €238.2M vs consensus €233.3M

        • B4B.GR (METRO) -- reports Q2 EPS (€0.53) vs consensus (€0.42)

        • NDA.GR (Aurubis) -- reports Q2 operating net income €105M vs consensus €93M

        • SAX.GR (Ströer SE & Co.) --reports Q1 EBIT €35M vs FactSet €27.8M [1 est]; confirms FY guidance

        • VTSC.GR (Vitesco Technologies Group) -- reports Q1 EBIT €33.0M vs FactSet €34.3M [1 est]; confirms outlook for FY24

        • SFQ.GR (SAF-HOLLAND) -- reports Q1 adjusted EPS €0.69 vs year-ago €0.54

        • SYAB.GR (Synlab) -- reports Q1 adjusted net income €24.9M vs year-ago €33.0M; reaffirms FY guidance

        • AERO.SW (Montana Aerospace) -- reports Q1 adjusted EBITDA €38.2M vs year-ago €23.6M

        • FACC.AV (FACC) -- reports Q1 EPS €0.08 vs year-ago (€0.08); reaffirms FY guidance

        • STM.GR (Stabilus) -- reports Q2 net income €18.1M vs year-ago €42.6M

        • G1A.GR (GEA Group) -- reports Q1 net income €90.6M vs FactSet €90.4M [2 est, €90-90.9M]; FY24 outlook confirmed

        • LNZ.AV Lenzing reports Q1 EPS (€0.83) vs year-ago (€3.03)

        • IOS.GR IONOS Group reports Q1 adjusted EBITDA €105.8M vs FactSet €105.0M [1 est]

      • Nordics:

        • TGS.NO TGS-NOPEC Geophysical Co. reports Q1 EPS ($0.13) vs FactSet $0.03 [9 est, ($0.21)-0.23]

        • DFDS.DC DFDS reports Q1 EPS (DKK0.89) vs year-ago DKK2.43ELO.NO Elopak reports Q1 EPS €0.08 vs FactSet €0.06 [4 est, €0.05-0.06]

        • VEI.NO Veidekke reports Q1 EPS NOK0.10 vs FactSet (NOK0.26) [3 est, (NOK0.58)-(0.06)]

        • WAWI.NO Wallenius Wilhelmsen reports Q1 EPS $0.39 vs FactSet $0.50 [6 est, $0.46-0.58]; confirms FY outlook

        • AKER.NO Aker ASA reports Q1 NAVPS NOK813 vs year-ago NOK803

        • FG.SS Fasadgruppen Group reports Q1 EPS (SEK0.20) vs FactSet SEK0.37 [2 est, SEK0.36-0.37]

        • HEX.NO Hexagon Composites reports Q1 EPS (NOK0.79) vs FactSet (NOK0.35) [2 est, (NOK0.50)-(0.20)]

        • NTG.DC (NTG Nordic Transport Group) -- reports Q1 net income DKK78M vs FactSet DKK79.8M [4 est, DKK68-91M]; FY24 guidance maintained

        • CAMX.SS Camurus reports Q1 EPS SEK1.32 vs FactSet SEK1.09 [4 est, SEK0.46-1.52]; FY24 guidance reiterated

        • MOWI.NO (Mowi) -- reports Q1 underlying EPS €0.21 vs FactSet €0.24 [10 est, €0.22-0.26]

        • ODF.NO (Odfjell) -- reports Q1 EPS $0.86 vs FactSet $0.69 [5 est, $0.65-0.76]

        • HAUTO.NO (Höegh Autoliners) -- April trading update: transported 1.2M CBM of cargo on prorated basis

        • DNO.NO DNO ASA reports Q1 net profit $16.8M vs FactSet $9.8M [5 est, ($32.2)-27M]

        • MING.NO SpareBank 1 SMN reports Q1 EPS NOK4.68 vs FactSet NOK4.63 [6 est, NOK3.70-6.94]

        • SITOWS.FH (Sitowise Group) -- reports Q1 EPS €0.02 vs FactSet €0.05 [3 est, €0.04-0.06]

      • Southern Europe:

        • LDO.IM (Leonardo) -- reports Q1 net income €93M ex-items vs consensus €92M; confirms FY24 guidance

        • INW.IM (Infrastrutture Wireless Italiane) -- reports Q1 net income €89.7M vs FactSet €93.2M [4 est, €91-95.6M]

        • BAMI.IM (Banco BPM) -- reports Q1 net income €370.2M vs FactSet €346.9M [9 est, €300.3-470.8M]

        • SFL.IM (Safilo Group) -- reports Q1 adjusted EBITDA €32.0M vs FactSet €30.8M [4 est, €30.1-31.7M]

        • TLGO.SM (Talgo) -- reports Q1 net income €10.4M vs FactSet €6.0M [2 est, €4.4-7.5M]; reaffirms FY guidance

      • Ireland:

        • MAREL.IR (Marel) -- reports Q1 net income (€3.2M) vs year-ago €9.1M; issues FY24 and mid-term outlook

    • M&A

      • 1913.HK (Prada) -- open to exploring acquisitions - Bloomberg

      • EDPR.PL (EDP Renovaveis) -- EDP Renovaveis' JV with ENGIE, Ocean Winds, completes the sale of a 16.6% stake in the 950 MW Moray East offshore wind farm to Equitix Investment

      • STR.AV (STRABAG SE) -- announces plan to acquire parts of VAMED Group together with PORR

      • POS.AV (PORR) -- AG and STRABAG SE reached agreement in principle on acquisition of parts of VAMED Group

      • Santos and Repsol reportedly exploring sale of minority stakes in Alaska oilfields, including Pikka project - Reuters

      • NFL may allow PE to buy 30% stakes in teams - Bloomberg

    • Healthcare

      • DBV.FP (DBV Technologies) -- SEC filing: 10-Q

    • Other

      • SAN.SM (Banco Santander) -- sets the final terms and conditions for the previously disclosed new convertible perpetual preferred securities (post EU close 7-May)

      • TEF.SM (Telefonica) -- SEC filing: SC 13D/A (Filed by State Industrial Participation Co)

      • CS.FP (AXA) -- Amends share repurchase agreement dated 23-Feb-24

      • SKA.B.SS (Skanska) -- builds data center in Georgia, USA, for $238M, about SEK 2.5B

      • DWS.GR (DWS Group) -- included low-fee advisory mandates in calculations for years to inflate client asset inflows by billions of euros - FT

  • Key rating changes

    • Upgrades

      • LHA.GR (Deutsche Lufthansa) -- to overweight from equal weight at Barclays

      • RENE.PL (Redes Energeticas Nacionais SGPS) -- to sector perform from underperform at RBC Capital Markets (earlier, timing uncertain)

      • TMV.GR (TeamViewer) -- to equal-weight from underweight at Morgan Stanley

      • TMV.GR (TeamViewer) -- to neutral from underweight at JPMorgan

      • VWS.DC (Vestas Wind Systems) -- to buy from hold at Deutsche Bank

    • Downgrades

      • UBSG.SW (UBS Group) -- to hold from buy at Deutsche Bank

      • HYQ.GR (Hypoport) -- to hold from buy at Pareto

      • ZIL2.GR (Elringklinger) -- to neutral from overweight at JPMorgan

  • Data

    • Nikkei (1.45%) to 38270.55

    • Hang Seng (0.47%) to 18393.33

    • Shanghai Composite (0.33%) to 3137.46

    • S&P futures (1.3) vs prior close of 5213.8

    • €-$ (0.0011) or (0.10%) to 1.0745

    • $-¥ +0.68 or +0.44% to 155.18

    • €-¥ +0.33 or +0.20% to 166.72

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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