May 10 ,2024
Synopsis
European indices are set to open higher as Asian indices trade in positive territory and US futures point marginally higher.
Hong Kong up sharply, followed by moderate gains in Japan, South Korea and Australia. Mainland China swung to losses after a positive open.
US equities ended higher Thursday, extending week's upside, with S&P 500 and Nasdaq both on pace for third-straight weekly gains after three-straight weekly declines. S&P also within 1% of March record high.
In central banks, ECB's Cipollone speech at 9:00CET at CXVI Meeting of Central Bank Governors of the Center for Latin American Monetary Studies and Elderson participates in roundtable at 10:45CET ASVIS/ECCO Symposium. ECB minutes published at 13:30CET for 10/11-Apr meeting. BOE's Dhingra closing speech at 12:45BST at Econdat Conf (Thu/Fri). Croatian Central Bank chief economist speech at 14:00 on topic of Effects of the Republic of Croatia's entry into the Eurozone at event organised by Financial Club/EDC On today's agenda.
In Economic data today: UK Q1 preliminary GDP, Mar trade balance, industrial/manufacturing production, construction output, Apr GDP tracker - NIESR, Italy Mar industrial production, Norway Apr CPI, PPI, Sweden Mar industrial production, Denmark Apr CPI, Greece Mar trade balance, industrial production.
In earnings yesterday after the close: ENEL.IM (Enel) reported Q1 net income €1.93B vs StreetAccount €1.75B, SFER.IM (Salvatore Ferragamo) reported Q1 revenue €227.0M vs consensus €229.0M. EDP.PL (EDP-Energias de Portugal) reported Q1 net income attributable €354M vs StreetAccount €319.3M.
Morning earnings included US.IM, MB.IM, UNI.IM, GSC1.GR, IVG.IM, VIL.FP, RECSI.NO.
In M&A: (SAB.SM) Banco de Sabadell has informed the CNMV that the documentation provided by BBVA violate the tender offers rules and introduce incomplete information that may affect the market (post-EU close 9-May)
Politics/Macro/World News
Top company news
Earnings/updates
ENEL.IM (Enel) -- reports Q1 net income €1.93B vs StreetAccount €1.75B
SFER.IM (Salvatore Ferragamo) -- reports Q1 revenue €227.0M vs consensus €229.0M
EDP.PL (EDP-Energias de Portugal) -- reports Q1 net income attributable €354M vs StreetAccount €319.3M
PIRC.IM (Pirelli & C.) -- reports Q1 net income €100.4M vs consensus €109.7M
RECSI.NO (REC Silicon) -- reports Q1 EPS ($0.10) vs FactSet ($0.12) [1 est]
MEL.SM (Melia Hotels International) -- reports Q1 net income attributable €7.5M vs FactSet €4.7M [3 est, €1-10M]
RENE.PL (Redes Energeticas Nacionais SGPS) -- reports Q1 net income €3.7M vs FactSet €4M [2 est, €4-4M]
MOL.HB (MOL Hungarian Oil & Gas) -- reports Q1 net income Ft101.52B, (37%) vs year-ago Ft160.60B
UNI.IM (Unipol Gruppo) -- reports Q1 net income €242M, +7% vs year-ago €226M
M&A
SAB.SM (Banco de Sabadell) -- has informed the CNMV that the documentation provided by BBVA (BBVA.SM) violate the tender offers rules and introduce incomplete information that may affect the market (post-EU close 9-May)
FCT.IM (Fincantieri) -- confirms agrees to acquire Leonardo's underwater armaments systems business; transaction to be funded by capital increase
VOD.LN (Vodafone Group) -- UK government makes final order to conditionally approve proposed merger between Vodafone UK and Three UK
ANAB (AnaptysBio) -- Anaptys to receive $50M in capped non-recourse monetization from amended agreement with Sagard in exchange for additional Jemperli royalties
AAL.LN (Anglo American) -- Anglo American's South African shareholders, collectively holding more than 15% stake, open to improved takeover from BHP despite government concerns - FT
AGAS.NO (Avance Gas Holding) -- Ltd (AGAS) completes sale of sixth dual fuel VLGC newbuilding for $120M
Other
BP.LN (BP) -- unveils plans of spending ~$1B by 2030 to install over 3K charging stations; looks to buy Tesla charging sites - Bloomberg
LDO.IM (Leonardo) -- announces disposal of underwater business "Underwater Armaments Systems" to Fincantieri
MOL.HB (MOL Hungarian Oil & Gas) -- approved to pay a dividend of HUF 197.96B in respect of the 2023 financial year
Key rating changes
Upgraded:
ZAL.GR Zalando upgraded to buy from hold at Berenberg
Downgraded:
SY1.GR Symrise downgraded to hold from buy at Berenberg
ACR.NO Axactor downgraded to hold from buy at Arctic Securities
BFF.IM Banca Farmafactoring downgraded to neutral from outperform at BNP Paribas Exane
CAST.SS Castellum AB downgraded to underweight from overweight at Barclays
Data
Nikkei +0.16% to 38135.62
Hang Seng +2.34% to 18972.09
Shanghai Composite +0.16% to 3159.34
S&P futures +5.3 vs prior close of 5239.0
€-$ (0.0006) or (0.06%) to 1.0776
$-¥ +0.18 or +0.11% to 155.68
€-¥ +0.17 or +0.10% to 167.77
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