Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.16%), DAX30 +0.13%, CAC40 +0.05%

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

    • Rishi Sunak to promise 'bold ideas' in pre-election pitch - BBC

    • Spain Socialists win Catalan vote as separatists lose ground - BBC; politico

    • France gets $16 billion of foreign investments as part of 'Choose France' event - Reuters

  • 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

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