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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.3%, DAX (0.1%), CAC +0.0%

May 16 ,2024

  • Synopsis

    • European equity markets are set to open flat amid Asian equities strengthening Thursday. Broad-based gains on major indexes with Hang Seng leading China markets amid rally in property developers. ASX also up big as soft jobs data pushed up RBA rate cut odds. Nikkei off best levels following Japan GDP miss. Double digit falls in Australian yields following soft jobs data. Yen seeing widespread gains, highest against dollar in over a week. Crude and copper extending rebound from overnight lows. Gold steady. Bitcoin flat.

    • On today's agenda, there are meetings of the EU-UK Joint Committee and the EU-UK Partnership Council, with EU's Šef�?ovi�? and UK's Cameron attending. EU's Gentiloni participates in the Brussels Economic Forum debate: The green transition in election times: fair policies for people and the climate. EU's McGuinness speech at Mason Hayes and Curran Annual Conf on Property, Infrastructure and Investment. EU's Dombrovskis panellist at Annual meeting of the European Bank for Reconstruction and Development. Other confs. and events include POLITICO Energy and Climate UK Summit, DI's Defence Industry Seminar, FT's US Pharma and Biotech Summit as well as Handelsblatt Summit AI x Green Transition 2024 held as part of the Greentech Festival. Also, as part of the Belgian EU presidency, the Flemish government is organising a Smart Shipping Conf.

    • In central banks, ECB Financial Stability Review at 10:00CET. Lithuania central bank's Šimkus speech at 8:40CET at AML Conf. IIF's European Summit, Bundesbank's Mauderer speech at 9:00CET and Bundesbank's Nagel at 13:30CET, Bank of France's Villeroy at 14:15. Riksbank's Flodén speech at 9:00CET at "DI Bank 2024" organised by Dagens Industri. Norges Bank's expectations survey 2024 Q2 released at 10:00CET. Bank of Italy's Panetta speech at 11:00CET at event hosted by LUISS. BOE's Greene speech at 12noon BST at Make UK 'The current state of Britain's labour market'. Bundesbank's Nagel speech at 13:30CET at 55th Konstanz Seminar. Bank of Portugal publishes its annual report.

    • Macroeconomic updates include: Norway Q1 GDP, Italy Apr final CPI, Mar trade balance, Netherlands Apr unemployment rate

    • In corporate news, Siemens (SIE.GR) reported Q2 earnings and confirms FY guidance. Deutsche Telekom (DTE.GR) posted Q1 adj EPS €0.45 vs consensus €0.39 and raised adj EBITDA and Core EBITDA outlook for T-Mobile US. Swiss Re (SREN.SW) Q1 net income $1.09B vs StreetAccount $961M

    • In France, Vallourec (VK.FP) released Q1 net income €105M vs year-ago €156M and provides guidance for Q2 and FY24. From the Benelux, KBC Group (KBC.BB) reported Q1 net result €506M vs consensus €443.6M, FY24 and medium to long-term guidance unchanged. Aegon (AGN.NA) Q1 Trading Update: On track to achieve guidance of around €1.1B for 2024.

    • In the UK, The Sage Group (SGE.LN), BT Group (BT.A.LN), United Utilities Group (UU.LN), easyJet (EZJ.LN) are expected to update investors today.

    • On M&A front, KPS Capital Partners, LP signs definitive agreement to acquire Innomotics GmbH from Siemens AG for enterprise value of €3.5B.

  • Politics/Macro/World News

    • Gold drifts higher as rising Fed rate cut expectations boost appeal - Reuters

    • China Recovery Likely Picked Up With Outlook Buoyed by Stimulus - Bloomberg

    • How EU countries are pushing for further migration outsourcing - FT

    • Why growing China-Russia military ties worry the west - FT

    • Netherlands Apr Unemployment Rate 3.7% vs consensus 3.6% and prior 3.6%

  • Top company news

    • Earnings/updates

      • DACHs

        • SIE.GR (Siemens AG) -- reports Q2 EPS pre-PPA €2.73 vs consensus €2.31; confirms FY guidance

        • ZURN.SW (Zurich Insurance Group) -- reports Q1 P&C gross premiums written $12.62B vs year-ago $11.97B

        • FNTN.GR (Freenet) -- reports Q1 EBITDA €124.2M vs consensus €124.8M

        • WIHN.SW (WISeKey International Holding) -- reports FY23 net income ($15.4M) vs year-ago ($29.3M)

        • AOX.GR (Alstria) -- reports Q1 FFO €20.20M vs year-ago €25.40M

      • France

        • UBI.FP (Ubisoft Entertainment) -- reports FY EPS €1.79 ex-items vs FactSet €1.52 [18 est, €0.92-1.93]

        • PHXM.FP (Phaxiam Therapeutics) -- Q1 Trading Update: Cash and cash equivalents of €5.8M, as of 31-Mar-24

        • RF.FP (Eurazeo) -- reports Q1 AuM €34.81B year-ago €32.35B; confirms positive outlook for the year

        • AB.FP (AB Science) -- reports FY23 net income (€9.8M) vs year-ago (€13.4M)

        • VK.FP (Vallourec) -- reports Q1 net income €105M vs year-ago €156M; guides Q2 and FY24

      • Nordics

        • ZEAL.DC (Zealand Pharma) -- reports Q1 EPS (DKK3.71) vs FactSet (DKK4.19) [3 est, (DKK4.62)-(3.89)]; reaffirms FY guidance

        • KESKOB.FH (Kesko) -- reports Apr sales €1.03B, +2.8% in comparable terms

        • CTY1S.FH (Citycon) -- reports Q1 adjusted EPRA EPS €0.125 vs year-ago €0.106

        • OET.NO (Okeanis Eco Tankers) -- reports Q1 adjusted EPS $1.23 vs FactSet $1.20 [6 est, $1.07-1.30]

        • NLFSK.DC (Nilfisk Holding) -- reports Q1 EPS €0.34 vs FactSet €0.40 [1 est]

        • IDEX.NO (IDEX Biometrics) -- completes upsized private placement to raise NOK55M at NOK1.65/share; reports preliminary Q1 revenue $0.4M vs year-ago $1.2M

      • Benelux

        • AGN.NA (Aegon) -- Q1 Trading Update: On track to achieve guidance of around €1.1B for 2024

        • SYENS.BB (Syensqo) -- reports Q1 underlying EPS €1.47 vs FactSet €1.16 [1 est]

        • KBC.BB (KBC Group) --reports Q1 net result €506M vs consensus €443.6M; Fy24 and merdium to long-term guidance unchanged

      • Southern Europe

        • TOD.IM (Tod's) -- reports Q1 revenue €252.3M, (7%) vs year-ago €270.5M

        • BCP.PL (Banco Comercial Portugues) -- reports Q1 net income €234.3M vs FactSet €218.4M [7 est, €207-234M]

        • ELN.IM (El.En.) -- reports Q1 pretax income €14.4M vs year-ago €16.6M; now sees FY revenue and EBIT guidance as a maximum objective

      • UK

        • SOLG.LN (SolGold) -- reports Q3 EPS ($0.01) vs year-ago ($0.01)

    • M&A

      • WG.LN (John Wood Group) -- rejects increased offer from Sidara at 212p/share

      • DIS.IM (D'Amico International Shipping) -- D'AMICO international S.a. has initiated a sale of part of its stake in D'AMICO international shipping S.a.

      • TIT.IM (Telecom Italia) -- KKR likely to offer remedies next week as it seeks to secure EU antitrust approval to acquire Telecom Italia's NetCo - Reuters

      • SRI.IM (Servizi Italia) -- renounces to acquire a business unit from Steris S.p.A.

      • BLC.FP (Bastide Le Confort Medical) -- announces sale of Homecare business in Switzerland in progress

    • Healthcare

      • ROG.SW (Roche Holding) -- Roche reports positive Phase I results for its dual GLP-1/GIP receptor agonist CT-388 in people with obesity

      • GLPG.NA (Galapagos) -- and Blood Centers of America announce strategic collaboration to accelerate Galapagos' decentralized CAR-T manufacturing network in the U.S.

    • Other

      • PUB.FP (Publicis Groupe) -- nomination committee makes appointment recommendations

      • ENI.IM (Eni) -- holder Italian government to offer ~92M shares through UBS, Goldman Sachs, and Jefferies - Bloomberg

      • UMI.BB (Umicore) -- CEO Mathias Miedreich steps down

      • AGN.NA (Aegon) -- CFO, Matt Rider, retires

      • EVK.GR (Evonik Industries) -- holder RAG-Stiftung to offer 23M shares through Morgan Stanley - Bloomberg

      • April Komtrax North America data +7.0% y/y

      • Pfizer to pay up to $250M to settle over 10,000 Zantac lawsuits - FT

  • Key rating changes

    • Upgrades

      • TPK.LN (Travis Perkins) -- to overweight from equal weight at Barclays

    • Downgrades

      • HLUN.B.DC (H. Lundbeck) -- H. Lundbeck long-term recommendation downgraded to market perform from outperform at Handelsbanken

      • NESTE.FH (Neste) -- to hold from buy at SEB

      • NESTE.FH (Neste) -- to hold from buy at Danske Bank

      • BVIC.LN (Britvic) -- to hold from buy at Deutsche Numis

      • IPCO.SS (International Petroleum Corp) -- to hold from buy at Jefferies

    • Initiations

      • DKSH.SW (DKSH Holding) -- outperform at Oddo

      • IPS.FP (Ipsos) -- buy at Berenberg

      • SECT.B.SS (Sectra) -- hold at SEB

  • Data

    • Nikkei +1.17% to 38835.06

    • Hang Seng +1.91% to 19438.60

    • Shanghai Composite +0.50% to 3135.55

    • S&P futures +7.3 vs prior close of 5333.0

    • €-$ (0.0179) or (1.64%) to 1.0707

    • $-¥ +2.09 or +1.35% 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.
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