May 17 ,2024
Synopsis
European indices are set to open lower as Asian equities trade mixed and US futures trade up slightly. Greater China markets flat after Hang Seng erased opening gain amid pullback in property developers.
US equities ended lower in Thursday trading, near session lows. Comes after Wednesday's rally that saw the S&P and Nasdaq hit fresh record highs.
Among central banks updates: Riksbank's Thedéen speech at 9:00CET at the Legal, Financial and Administrative Services Agency's CMD, ECB's de Guindos speech at 9:20CET at Banking Sector Industry Meeting organised by IESE Business School and BOE's Mann speech at 9:00BST at ESCoE Conf (Wed-Fri). In Germany, IHK publishes its latest economic report at 10:30CET. In UK, Rt Hon David Lammy MP will set out how a foreign policy lens of 'progressive realism' might affect the practice of diplomacy, should Labour win the election, at 10:30BST at event hosted by Institute for Government.
Macroeconomic releases due today include: Economic: France Q1 unemployment rate, Austria Apr final CPI, Eurozone Apr final CPI
In corporate news: (ENGIE.FP) ENGIE reports Q1 EBIT (ex-nuclear) €3.71B vs StreetAccount €3.82B; 2024 guidance confirmed. (SCR.FP) SCOR SE reports Q1 adjusted net income €176M vs consensus €188M, (cfr.sw) Richemont reports FY net income from cont ops €3.82B vs consensus €3.54B, (ROS.AV) Rosenbauer International reports Q1 EPS (€1.40) vs year-ago (€1.60). (SIGF.NA) Sif Holding Trading Update: Q1 Adjusted EBITDA €8.0M vs year-ago €10.8M; on track for FY adjusted EBITDA of €35M. (TOKMAN.FH) Tokmanni Group reports Q1 EPS (€0.20) vs FactSet (€0.16) [7 est, (€0.19)-(0.14)]
Politics/Macro/World News
Putin to push growing Moscow-Beijing trade in China's northeast (Reuters)
Hot Commodity Silver Sets Pace as Demand, Deficit Spur Rally (Bloomberg)
Hunt Vows Conservatives Will Cut Taxes If They Win UK Election (Bloomberg)
ECB hawk Schnabel open to June rate cut, urges 'cautious' approach after that (NikkeiAsia)
Top company news
Earnings/updates
DG.FP (VINCI SA) -- Vinci reports Apr Traffic for VINCI Autoroutes (1.5%). VINCI Airports +6.3%
FER.SM (Ferrovial) -- expects 2024-26 dividends from infrastructure assets in existing portfolio excluding Heathrow €2.2B - slides
MOLN.SW (Molecular Partners) -- reports Q3 update
ADP.FP (Aeroport de Paris) -- reports April Paris Aeroport traffic 8.8M, +7.2% y/y
EUROB.GA (Eurobank Ergasias Services & Holdings) -- reports Q1 EPS €0.08 vs FactSet €0.09 [3 est, €0.08-0.09]
COL.SM (Inmobiliaria Colonial SOCIMI) -- Criteria Caixa, S.A.U. agrees to subscribe for €622M of new shares of Inmobiliaria Colonial SOCIMI
POXEL.FP (Poxel) -- reports Q1 revenue €0.4M vs year-ago €0.4M
EVS.BB (EVS Broadcast Equipment) -- provides Q1 2024 business update; discloses updated FY24 guidance
NVG.PL (The Navigator Co.) -- reports Q1 net income €64.1M vs FactSet €70M [1 est]
BETCO.SS (Better Collective) -- acquires AceOdds for a total purchase price of €42M; upgrades FY24 guidance
C3RY.GR (Cherry) -- SE postpones 2023 annual financial statements to new target date of 31-May-24
EXM.BB (Exmar NV) -- reports Q1 net income $22.0M vs year-ago $19.2M
M&A
COL.SM (Inmobiliaria Colonial SOCIMI) -- Criteria Caixa, S.A.U. agrees to subscribe for €622M of new shares of Inmobiliaria Colonial SOCIMI
ARBN.SW (Arbonia) -- acquires Spanish based Dimoldura Group as well as Czech company Lignis
LHA.GR (Deutsche Lufthansa) -- Lufthansa's proposed acquisition of ITA stake set to be blocked by EU unless there is substantial improvement to remedies to address antitrust concerns - Reuters
KAR.SS (Karnov Group) -- holder Anabranch Capital to reject Forseti's offer
NVG.PL (The Navigator Co.) -- reports Q1 net income €64.1M vs FactSet €70M [1 est]
BETCO.SS (Better Collective) -- acquires AceOdds for a total purchase price of €42M; upgrades FY24 guidance
Healthcare
AMGN (Amgen) -- FDA approves Amgen's IMDELLTRA (tarlatamab) for treatment of adult patients with advanced SCLC
AMGN (Amgen) -- Amgen's Imdelltra approved by FDA for small-cell lung cancer
BAYN.GR (Bayer AG) -- announces pivotal OASIS I and 2 Phase III demonstrate elinzanetant significantly reduces frequency and severity of moderate to severe hot flashes associated with menopause
DIA.IM (DiaSorin) -- receives FDA 510(k) clearance for the updated syndromic panel NxTAG Respiratory Pathogen Panel v2
CALTX.SS (Calliditas Therapeutics) -- to host R&D day on Thursday, 30-May-24
IVA.FP (Inventiva) -- announces the positive recommendation of the fourth DMC of the NATiV3 Phase III clinical trial with lanifibranor in patients with MASH/NASH
Other
HLN.LN (Haleon) -- GSK intends to sell ~385M ordinary shares in Haleon (equivalent to ~4.2% of Haleon) through BofA Securities and Goldman Sachs
FGR.FP (Eiffage) -- and Entech form joint venture for the construction of major energy storage projects
MRL.SM (MERLIN Properties SOCIMI) -- appoints José Luis de Mora Gil-Gallardo as chairman; succeeds Javier García-Carranza Benjume (post EU close 16-May)
BKW.SW (BKW AG) -- agrees new unsecured, committed revolving credit facility of CHF1B with a maximum term of seven years and increase options
SPM.IM (Saipem) -- awarded new offshore contract by Azule Energy for Ndungu Field Project in Angola for a total contract value of ~$850M
MTG.B.SS (Modern Times Group MTG) -- to launch a new share repurchase program of up to SEK 400M
FCC.SM (Fomento de Construcciones y Contratas) -- proposes to split the Real Estate and Cement businesses into a new listed company (post EU close 16-May)
Key rating changes
Upgrades
SW.FP (Sodexo) -- to overweight from equal-weight at Morgan Stanley
CEC.GR (CECONOMY) upgraded to hold from reduce at HSBC
HDD.GR (Heidelberger Druckmaschinen) upgraded to buy from hold at Stifel
VIB3.GR (Villeroy & Boch) upgraded to hold from reduce at Kepler Cheuvreux
Downgrades
LXS.GR (Lanxess) -- to underperform from hold at Jefferies
LXS.GR (Lanxess) -- downgraded to underperform from neutral at BNP Paribas Exane
FABG.SS (Fabege) -- to hold from buy at Pareto
OMV.AV (OMV) downgraded to hold from buy at Berenberg
(SOLB.BB) Solvay downgraded to underperform from neutral at BNP Paribas Exane
Data
Nikkei (0.57%) to 38698.40 Hang Seng +0.28% to 19430.01 Shanghai Composite +0.04% to 3123.75 S&P futures +0.3 vs prior close of 5320.3 €-$ (0.0006) or (0.06%) to 1.0862 $-¥ +0.36 or +0.23% to 155.76 €-¥ +0.31 or +0.18% to 169.14
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