Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (2.63%), DAX (1.67%), CAC (0.94%)

May 09 ,2024

  • Synopsis

    • European markets are set to open notably lower amid Asia equities trading mixed Thursday. Mainland China and Hong Kong swung to gains, joining Japan in positive territory, with other benchmarks lower. US futures somewhat softer following subdued price action overnight. Major currencies little changed with yen marginally weaker. Crude oil futures adding to overnight gains, gold and Bitcoin lower.

    • Of note, Nordic and Swiss markets remain closed for a bank holiday.

    • In central banks, ECB's McCaul panellist at 9:55CET at V Edition of the Expansión International Forum. Bank of Italy's Perrazzelli panellist at 10:20CET at W7 Summit (Wed/Thu). BOE interest rate decision, MPC minutes at 12noon BST. Policy is expected to be left unchanged. BOE's Bailey holds a post decision press conf. ECB's de Guindos remarks and Q+A at 14:15CET at event organised by Asociación Panel Cívico, the same time as Cipollone makes opening remarks at event organised by Italy's CONSOB. Poland interest rate decision due at 15:00CET, with no change in the 5.75% benchmark interest rate expected. Croatian Central Bank governor Vuj�?ić speech at 11:00CET at the Economic Council of the Croatian Chamber of Commerce.

    • Further on today's agenda, Turkish President Recep Tayyip Erdogan is set to travel to Washington for a meeting with US President Joe Biden. In UK, Tobacco and Vapes Bill faces committee legislative scrutiny (11:30). EU's Simson participates in the public Seminar discussing Estonia's achievements and prospects for the future in the European Union and delivers an opening speech in the public event 'Our Europe. Our NATO', organised by the the Ministry for Foreign Affairs.

    • Economic releases include Ireland Apr CPI, UK Apr house price balance - RICS

    • In corporate news, BPER Banca (BPE.IM) reported yesterday after the close Q1 net income attributable €457.3M vs FactSet €419.1M and reaffirmed FY recurring guidance. Also in Italy, Prysmian (PRY.IM) posted this morning Q1 net income attributable €185M vs StreetAccount €164.3M and said FY results expected at upper of of guidance range. Nexi SpA (NEXI.IM) Q1 EBITDA €361.7M vs FactSet €353.0M, reaffirms FY guidance and launches share buyback.

    • In Spain, Telefonica (TEF.SM) reported Q1 OIBDA €3.21B vs consensus €3.17B and said it is on track to meet 2024 financial guidance. In Portugal, EDP Renovaveis (EDPR.PL) released Q1 net income attributable €68M vs StreetAccount €61.0M.

    • Other companies expected to update the market with their respective earnings/trading updates include: Enel (ENEL.IM), EDP-Energias de Portugal (EDP.PL) and Ferrovial (FER.SM).

    • On M&A front, BBVA (BBVA.SM) decides to launch previously disclosed offer to acquire Banco de Sabadell (SAB.SM). BBVA hosting analyst presentation today at 9:30CET in connection with offer to acquire Banco de Sabadell.

  • Macro

    • Europe must close productivity gap with US to lift growth, says Riksbank chief - FT

    • Bank of England weighs when to cut UK interest rates - Bloomberg

    • UK property surveyors see pick-up in house sales later in 2024 - Reuters

    • Trump's political fate likely won't be decided by the courts after all - Politico

    • Catalan regional election poll: Carles Puigdemont and Salvador Illa in the final stretch - diariandorra.ad

  • Top company news

    • Earnings/updates

      • MDG1.GR (Medigene) -- issue 4.9M new shares in capital raising; Gross proceeds ~€5.9M

      • BPE.IM (BPER Banca) -- reports Q1 net income attributable €457.3M vs FactSet €419.1M [8 est, €227.5-471M]; Reaffirms FY recurring guidance

      • BCART.BB (Biocartis Group) -- NV postpones publication of its 2023 Annual Report

      • CTPNV.NA (CTP NV) -- reports Q1 adjusted EPRA EPS €0.20 vs year-ago €0.18

      • TITC.BB (Titan Cement International) -- reports Q1 net income attributable €52.4M, +18% vs year-ago €44.3M

      • EMGS.NO (Electromagnetic Geoservices) -- reports Q1 EPS ($0.03) vs year-ago $0.00

      • TEF.SM (Telefonica) -- reports Q1 OIBDA €3.21B vs consensus €3.17B; on track to meet 2024 guidance

      • PRY.IM (Prysmian) -- reports Q1 net income attributable €185M vs StreetAccount €164.3M; FY results expected at upper of of guidance range

      • NEXI.IM (Nexi SpA) -- reports Q1 EBITDA €361.7M vs FactSet €353.0M [3 est, €349-357M]; reaffirms FY guidance, launches share buyback

    • M&A

      • SAB.SM (Sabadell) -- BBVA decides to launch previously disclosed offer to acquire Banco de Sabadell

      • ABBN.SW (ABB Limited) -- and Niedax Group to create JV to meet growing demand for cable tray systems in North America

      • NHOA.FP (NHOA SA) -- NHOA SA's Atlante closes acquisition of remaining 40% stake of KLC

      • E2N.GR (Endor AG) -- CORSAIR enters exclusive negotiations to acquire Endor

    • Other

      • MBG.GR (Mercedes-Benz Group) -- announces Martin Brudermüller succeeds Bernd Pischetsrieder as chairman

      • TTE.FP (TotalEnergies) -- Oil production deal in Guyana reportedly in the works between QatarEnergy, TotalEnergies, and Petronas -- Reuters

      • TEMN.SW (Temenos) -- announces the results of its 2024 AGM

      • STAN.LN (Standard Chartered) -- enhances net zero roadmap with commitment to deliver methane emissions reduction target

      • QDT.FP (Quadient) -- secures contracts in Q1 for its intelligent communication automation software solutions in the U.S. healthcare sector; contracts collectively valued at nearly €4.5M

  • Key rating changes

    • Upgrades

      • MRL.SM (MERLIN Properties SOCIMI) -- to buy from neutral at JB Capital Markets

      • BARC.LN (Barclays) -- to outperform from neutral at Autonomous Research

    • Downgrades

      • ENR.GR (Siemens Energy) -- to equal weight from overweight at Barclays

    • Initiations

      • MT.NA (ArcelorMittal) -- initiated neutral at Goldman Sachs

  • Data

    • Nikkei +0.02% to 38211.42

    • Hang Seng +1.08% to 18511.74

    • Shanghai Composite +0.74% to 3151.70

    • S&P futures (7.0) vs prior close of 5212.8

    • €-$ (0.0041) or (0.38%) to 1.0707

    • $-¥ +1.45 or +0.93% to 156.97

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.
Please refer to "Terms Of Use".

DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE