May 13 ,2024
Synopsis
European equity markets are set for a mixed open amidst mostly lower Asia equities Monday. US futures edging higher following narrowly mixed price action on Friday.
In Spain, the Socialist Party won the biggest share of votes in Sunday's regional election in Catalonia, in a result that boosted the Spanish prime minister and dealt a blow to the separatist movement.
Elsehwere today, there's a Eurogroup meeting, ECB's Cipollone participates. ECB's Buch statement at 15:00CET at the Eurogroup hearing. Also, Fitch Ratings holds webinar at 15:00BST following the recent sovereign review for Italy. There's the World Hydrogen Summit (through Wed), Spring 2024 Frankfurt Macro Seminar and European Environment Bureau Annual Conf. Political headline may emanate from Turkey's President Erdoğan hosts Greece's PM Mitsotakis, PMs of Lithuania, Latvia and Estonia meet in Vilnius to discuss security and defense, support for Ukraine, preparations for the NATO summit as well as Swedish PM Kristersson hosts a summit with the heads of government from the Nordic countries and Germany's Chancellor Scholz. Chancellor will hold bilateral talks with Swedish PM in Tue morning. Also, German finance minister Lindner speaks 11:00CET at the German Tax Consultants Congress. EU's Vestager speech at 8:30CET at the Policy Forum of AmCham Denmark
On the macro front, Switzerland Q2 consumer climate - SECO and Portugal Apr final CPI are set to be released.
In earnings, DACHs region companies kicked off the session with Salzgitter (SZG.GR) confirming prelim Q1 EBITDA of €126.4M and FY24 outlook as per 7-May update whilst adesso (ADN1.GR) reported Q1 net income attributable (€3.2M) vs year-ago €1.8M. All for One Group (A1OS.GR) reported H1 EPS €1.98 vs year-ago €1.91 and K+S (SDF.GR) Q1 confirms prelim Q1 EBITDA €200M as per 30-Apr update; FY24 outlook confirmed. CECONOMY (CEC.GR) guided FY adjusted EBIT €290-310M vs FactSet €273.7M whilst in Spain, Almirall (ALM:SM) reported Q1 adjusted net income €7.5M vs FactSet €2.8M and said it is on target to meet 2024 guidance
Royal Unibrew (RBREW.DC), Redes Energeticas Nacionais (RENE.PL), Odfjell (ODF.NO) and Kongsberg Automotive (KOA.NO) host CMDs/investor events.
Macro
Top company news
Earnings/updates
DACHs:
SZG.GR (Salzgitter) -- confirms prelim Q1 EBITDA of €126.4M and FY24 outlook as per 7-May update
ADN1.GR (adesso) -- reports Q1 net income attributable (€3.2M) vs year-ago €1.8M; Reaffirms FY guidance
A1OS.GR (All for One Group) -- reports H1 EPS €1.98 vs year-ago €1.91; 2023/24 outlook confirmed
SDF.GR (K+S) -- reports Q1 confirms prelim Q1 EBITDA €200M as per 30-Apr update; FY24 outlook confirmed
PCZ.GR (ProCredit Holding) -- reports Q1 net income attributable €33.5M vs year-ago restated €29.5M; reaffirms FY guidance
CEC.GR (CECONOMY) -- guides FY adjusted EBIT €290-310M vs FactSet €273.7M [5 est, €270-285M]
EKT.GR (EnergieKontor) -- reports Q1 commissioned two wind parks with a total generation capacity of ~29 MW
Southern Europe:
ALM.SM (Almirall) -- reports Q1 adjusted net income €7.5M vs FactSet €2.8M; On target to meet 2024 guidance
M&A
EBAY (eBay) -- discloses amendments to previously announced Adevinta transaction - 8-K
RI.FP (Pernod Ricard) -- in talks to sell Australian portfolio to Accolade Wines - media reports
AAL.LN (Anglo American) -- Anglo American, BHP CEOs to meet 14-May - Daily Mail
Holders pushing Anglo American to release its turnaround plan - Bloomberg
MYTE (Mytheresa) -- said to be exploring transactions including take-private deal, acquisition of Net-a-Porter -- WWD (earlier)
PGHN.SW (Partners Group Holding) -- to relaunch sales process for Australian-based Guardian Childcare - Australian Financial Review
IDS.LN (International Distributions Services) -- Daniel Kretinsky in talks to increase offer for International Distributions Services - FT, citing people familiar with the matter
WG.LN (John Wood Group) -- Sidara preparing to raise its offer for Wood Group - Sunday Times
VMUK.LN (Virgin Money UK) -- Australian holders could prevent Virgin Money's sale to Nationwide - Mail on Sunday
Sales process for stake in Queensland Airports Limited (QAL) expected to launch in late May - Australian Financial Review
Healthcare
ABBV (AbbVie) -- FDA updates Imbruvica (BTK inhibitor) label for drug-induced liver injury (DILI)
REGN (Regeneron) -- FDA accepts sBLA for Regeneron's Dupixent for CRSwNP for priority review
4523.JP (Eisai) -- Eisai's Fycompa receives approval for the additional indication in China
VLA.FP (Valneva) -- reports further positive pivotal Phase 3 data in adolescents for its single-shot chikungunya virus (CHIKV) vaccine candidate VLA1553
NWRN.SW (Newron Pharmaceuticals) -- presents additional results from Phase II/III study 008A of evenamide
PHO.NO (PhotoCure) -- partner Asieris announces NDA acceptance for regulatory review of Cevira in China
Other
CRH.LN (CRH plc) -- files automatic mixed shelf of indeterminate amount - S-3ASR
ENT.LN (Entain) -- Former Rank Group CEO Henry Birch being considered for Entain CEO role - Sky News
HLN.LN (Haleon) -- Marshall Wace has amassed £150M bet against Haleon - London Times, citing filings
NHY.NO (Norsk Hydro) -- interim CFO Trond Olaf Christophersen appointed CFO
FDJ.FP (La Francaise des Jeux) -- announces cancellation of 3% of its share Capital following the Court of Cassation ruling in favour of the FDJ Group in its dispute with Soficoma
VOLCAR.B.SS (Volvo Car) -- has completed the distribution of 62.7% of its Polestar shareholding to its shareholders
AF.FP (Air France-KLM) -- repais remaining €48M of OCEANE maturing in 2026
Estimated weekend box office revenues in US, Canada $93.0M, (7.7%) y/y - Box Office Mojo
Regional Gaming Revenues - New York Sports Betting April 2024
Key rating changes
Upgrades
JSG.LN (Johnson Service Group) -- buy from hold at HSBC
Bernstein upgrades PHG, PHIA.NA
AKZA.NA (Akzo Nobel) -- to buy at UBS
Downgrades
PRS.NO (Prosafe) -- hold from buy at ABG Sundal Collier
EQNR.NO (Equinor) -- underperform from neutral at Santander
YAR.NO (Yara International) -- underweight from neutral at JPMorgan
BEIJ.B.SS (Beijer Ref) -- to hold from buy at Berenberg
EDP.PL (EDP-Energias de Portugal) -- to neutral from buy at Goldman Sachs
BOL.SS (Boliden) -- to sell from neutral at UBS
COP.GR (CompuGroup Medical) -- to hold from buy at Deutsche Bank
Data
Nikkei (0.19%) to 38155.67
Hang Seng +0.61% to 19080.27
Shanghai Composite (0.04%) to 3153.21
S&P futures +5.8 vs prior close of 5246.3
€-$ +0.0003 or +0.03% to 1.0774
$-¥ +0.15 or +0.10% to 155.85
€-¥ (0.26) or (0.15%) to 167.90
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