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StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.41%, DAX30 +0.24%, CAC40 +0.24%

May 15 ,2024

  • Synopsis

    • European equity markets are set positive open amidst Asia equities trading mostly higher Wednesday. Japan, Australia and Taiwan benchmarks tracking gains, while mainland China lagging. South Korea and Hong Kong markets closed for Buddha's Birthday. US futures gaining momentum following broad gains overnight.

    • In the Netherlands, Dutch nationalist Geert Wilders said on Wed he was very close to an agreement with his prospective right-wing government partners, almost six months after his election victory.

    • Due for release is IEA monthly oil market report at 10:00CET. In Germany, finance minister Lindner presents new forecasts for state tax income & new tax revenue estimates, also Energy Days 2024, speakers include minister of economics Habeck. Chancellor Scholz delivers a speech and holds Q+A at German Chamber of Commerce and Industry (IHK) Day, also hosts President of Switzerland, Viola Amherd later in the day.

    • In central banks, Riksbank latest MPC minutes published at 9:30CET. Estonia central bank press conf. at 10:00CET on financial stability review. BOE's Mutton panellist at 10:00BST at event organised by OMFIF (through Wed). Slovenian central bank and the IMF conf (through Sun), participants include Latvia central bank's Kaz�?k. Portugal central bank releases its latest official bulletin.

    • On the macro front, France Apr final CPI, Sweden Apr CPI, Norway Apr trade balance, Finland Q1 preliminary GDP, Netherlands Q1 preliminary GDP, Eurozone Q1 GDP (2nd estimate), Mar industrial production

    • In earnings, DACHs region companies kicked off the session with Merck (MRK.GR) reporting Q1 EPS €2.06 ex-items vs consensus €1.93; reaffirms FY qualitative guidance, specifies expected ranges whilst ThyssenKrupp (TKA.GR) releasing Q2 adj EBIT €184M vs consensus €144M and confirming FY forecast for adj EBIT and FCF before M&A confirmed. Allianz (ALV.GR) reports Q1 core net income €2.51B vs consensus €2.42B and confirmed FY24 outlook as E.ON (EOAN.GR) reports Q1 adjusted net income €1.05B vs consensus €986.4M and Commerzbank (CBK.GR) reports Q1 net income €747M vs consensus €652M and said it now targets FY net interest income around €8.1B vs prior guidance €7.9B. In France, Euronext (ENX.FP) reports Q1 Adj. EPS €1.58 vs consensus €1.47 and Eutelsat Communications (ETL.FP) reports Q3 revenue €300.8M vs consensus €304.0M. From the Nordics, Neste (NESTE.FH) guides 2024 comparable sales margin guidance for Renewable Products to $480-650/ton vs prior guidance $600-800/ton whilst Getinge (GETI.B.SS) updates its financial target for adjusted EPS growth 2024-2028 to be above 12% on average and H. Lundbeck (HLUN.B.DC) reports Q1 EPS DKK1.38 ex-items vs consensus DKK1.17. Elsehwere, ABN AMRO Bank (ABN.NA) reports Q1 EPS €0.76 vs consensus €0.71. Yesterday after market close, Grifols (GRF.SM) reported Q1 net income €21M vs FactSet €31.3M [6 est, €10-74.4M] and said it is on track to meet FY24 guidance.

  • Politics/Macro/World News

    • Dutch nationalist Wilders says deal on right-wing government is very close - Guardian

    • Brexit border IT outages delay import of perishable items to UK by up to 20 hours - Guardian

    • MPs and peers urge Sunak to U-turn on oil and gas extraction plans - Guardian

    • Finland Q1 Preliminary GDP (0.4%) y/y vs consensus (1.0%) and prior (1.8%)

  • Top company news

    • Earnings/updates

      • Benelux:

        • ABN.NA (ABN AMRO Bank) -- reports Q1 EPS €0.76 vs consensus €0.71

        • NYXH.BB (Nyxoah) -- reports Q1 EPS (€0.42) vs FactSet (€0.42) [7 est, (€0.51)-(0.36)]

        • INPST.NA (InPost) -- reports Q1 EPS PLN0.51 vs FactSet PLN0.49 [3 est, PLN0.41-0.56]

      • DACHs:

        • MRK.GR (Merck KGaA) -- reports Q1 EPS €2.06 ex-items vs consensus €1.93; reaffirms FY qualitative guidance, specifies expected ranges

        • TKA.GR (ThyssenKrupp) -- reports Q2 adj EBIT €184M vs consensus €144M; FY forecast for adj EBIT and FCF before M&A confirmed

        • ALV.GR (Allianz) -- reports Q1 core net income €2.51B vs consensus €2.42B; affirms FY24 outlook

        • EOAN.GR (E.ON SE) -- reports Q1 adjusted net income €1.05B vs consensus €986.4M; confirms FY guidance

        • RWE.GR (RWE) -- reports Q1 adj net income €801M vs consensus €646M; FY24 EBITDA to close at lower end of forecast €5.2B-€5.8B range

        • CBK.GR (Commerzbank) -- reports Q1 net income €747M vs consensus €652M; now targets FY net interest income around €8.1B vs prior guidance €7.9B

        • CWC.GR (CEWE Stiftung & Co) -- reports Q1 EBIT €8.9M ex-items vs FactSet €7.0M [1 est]; reaffirms FY guidance

        • HLAG.GR (Hapag-Lloyd) -- reports Q1 net income €299M vs FactSet €77.8M [2 est, €75.7-79.8M]

        • NCH2.GR (thyssenkrupp nucera) -- reports Q2 EPS (€0.06) vs FactSet (€0.02) [5 est, (€0.05)-0.00]; FY24 sales and earnings forecast is confirmed

        • LMN.SW (lastminute.com) -- reports Q1 net income €2.6M vs year-ago €2.2M; lower revenues reflection of Ryanair's restrictions on OTAs

        • LEG.GR (LEG Immobilien) -- reports Q1 AFFO per share €0.66 vs year-ago €0.74

        • SWON.SW (SoftwareONE Holding) -- reports Q1 adjusted EBITDA CHF45.4M vs FactSet CHF48.2M [1 est]; reaffirms FY guidance

        • GLJ.GR (GRENKE) -- reports Q1 EPS €0.22 vs year-ago €0.19

        • FRA.GR (Fraport) -- reports April Frankfurt Airport traffic statistics: passengers 5.1M, 5.6% y/y

        • FHZN.SW (Flughafen Zuerich) -- reports April traffic statistics

        • ECV.GR (Encavis AG) -- reports Q1 operating EBIT €18.2M vs year-ago €35.3M

        • CEC.GR (CECONOMY) -- reports Q2 EPS ex-items €0.19 vs FactSet €0.02 [1 est]

        • DEQ.GR (Deutsche EuroShop) -- reports Q1 FFO €0.55 vs year-ago €0.62

        • TLX.GR (Talanx) -- confirms Q1 net income €572M as per 25-Apr update

        • HHFA.GR (Hamburger Hafen und Logistik) -- reports Q1 net income (€1.1M) vs year-ago €2.8M; reaffirms FY guidance

      • France:

        • GNFT.FP (GENFIT) -- reports Q1 revenue €1.1M vs year-ago €5.0M

        • ENX.FP (Euronext) -- reports Q1 Adj. EPS €1.58 vs consensus €1.47

        • ETL.FP (Eutelsat Communications) -- reports Q3 revenue €300.8M vs consensus €304.0M

        • CGG.FP (CGG) -- reports Q1 net income from cont ops ($2.6M) vs year-ago ($15.7M)

        • ORP.FP (emeis) -- reports Q1 revenue €1.37B, +11% vs year-ago €1.23B

        • TRI.FP (Trigano) -- reports H1 net income €180.5M, +48% vs year-ago €121.7M

        • TNG.FP (Transgene) -- reports Q1 revenue €1.7M vs year-ago €1.6M

        • ADOC.FP (Adocia) -- reports Q1 revenue €0.0M vs year-ago €0.8M

      • Nordic

        • NESTE.FH (Neste) -- guides 2024 comparable sales margin guidance for Renewable Products to $480-650/ton vs prior guidance $600-800/ton

        • GETI.B.SS (Getinge) -- updates its financial target for adjusted EPS growth 2024-2028 to be above 12% on average

        • FLS.DC (FLSmidth & Co.) -- reports Q1 net income from cont ops DKK194M vs consensus DKK184M; FY24 guidance is maintained

        • HLUN.B.DC (H. Lundbeck) -- reports Q1 EPS DKK1.38 ex-items vs consensus DKK1.17

        • AFG.NO (AF Gruppen) -- reports Q1 EPS NOK1.30 vs FactSet NOK1.39 [2 est, NOK1.28-1.49]

        • BIOA.B.SS (BioArctic) -- reports SEK28.2M net royalty from Eisai's FY23 regarding Leqembi sales

        • LSG.NO (Lerøy Seafood Group) -- reports Q1 EPS NOK0.81 vs FactSet NOK0.91 [9 est, NOK0.70-1.10]

        • MEKKO.FH (Marimekko) -- reports Q1 comparable EPS €0.10 vs FactSet €0.06 [6 est, €0.05-0.07]

      • Southern Europe:

        • GRF.SM (Grifols) -- reports Q1 net income €21M vs FactSet €31.3M [6 est, €10-74.4M]: on track to meet FY24 guidance

        • DOV.IM (doValue) -- reports Q1 adjusted net income (€2.4M) vs FactSet (€0.0M); reaffirms FY guidance (post EU close 14-May)

        • GEO.IM (Geox) -- reports Q1 revenue €193.6M, (13%) vs year-ago €223.7M

    • M&A

      • RIO.AU (Rio Tinto) -- not scared of M&A but is wary of derailing plans to overhaul its operating performance and culture - Australian Financial Review

      • AAL.LN (Anglo American) -- BHP willing to walk away from bid for Anglo American - The Australian

      • REP.SM (Repsol) -- in talks to sell a minority stake of its renewable business -- Reuters (earlier)

      • MF.FP (Wendel) -- completes the acquisition of a 51% stake in IK Partners

      • BSGR.NA (B&S Group) -- B&S Personal Care to acquire Tastemakers for € 7M

    • Healthcare

      • ROG.SW (Roche Holding) -- Roche Holding's first HPV self-collection solutions in the U.S gets FDA approval

      • GRF.SM (Grifols) -- CFO Alfredo Arroyo Guerra to step down - Chairman Thomas Glanzmann, on earnings call

      • 4523.JP (Eisai) -- initiates rolling BLA to US FDA for LEQEMBI for early Alzheimer's disease under Fast Track Status

      • NANO.FP (Nanobiotix) -- announces US FDA protocol acceptance for new randomized Phase II study evaluating NBTXR3 for patients with stage three lung cancer

      • PHARM.NA (Pharming Group) -- exercises clean-up call option with respect to outstanding €125M 3.00% convertible bonds due 2025

      • H3D.GR (Sonnet Biotherapeutics) -- SEC filing: 10-Q

      • MEDCL.FP (MedinCell) -- announces the Phase 3 trial for F14 (mdc-CWM) being conducted by Arthritis Innovation Corporation (AIC) did not meet its primary endpoint

    • Other

      • LOGN.SW (Logitech International) -- proposes increasing yearly dividend by 9.4% to CHF1.16 from CHF1.06

      • EQNR.NO (Equinor) -- annual general meeting approved dividends

      • ASM.NA (ASM International) -- announces start of previously announced €150M share buyback program

      • SK.FP (SEB) -- proposes share buyback for up to 10% of the company's share capital

      • Follow-up: Waystar reportedly plans to raise up to $1B in upcoming IPO -- Bloomberg

  • Data

    • Nikkei (0.03%) to 38345.80

    • Hang Seng +0.00% to 19073.71

    • Shanghai Composite (0.43%) to 3132.37

    • S&P futures +3.5 vs prior close of 5269.5

    • €-$ +0.0010 or +0.09% to 1.0830

    • $-¥ (0.12) or (0.08%) to 156.29

    • €-¥ +0.03 or +0.02% to 169.22

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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