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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.56%), DAX30 (0.27%), CAC40 (0.21%)

May 21 ,2024

  • Synopsis

    • European equity markets are set for a negative open amidst mild declines in Australia, Korea and Taiwan while Nikkei little changed after erasing earlier gain. S&P 500 futures flat afterhours. Treasuries and JGBs little changed as Australian yields remain higher. Yen back to pre-US CPI lows as Aussie dips following RBA minutes.

    • On today's agenda, there's the 8th EU-Republic of Moldova Association Council, EU's Borrell co-chairs, an EU telecommunication minsters meeting, whilst EU's Simson participates in the 9th Annual Global Conf. on Energy Efficiency by the IEA and EU's Hoekstra speech/discussion on climate action, democracy and geopolitics at the Maastricht Univ. Norway's energy minister Aasland has a meeting at 11:00CET with Federation of Norwegian Industries, topics offshore wind and carbon capture and storage, and meets with Zephyr, a Norwegian renewable company, at 12:30 on the topic of land-based wind power. In Greece, a nationwide 24-hour strike planned by federation of public sector employees, ADEDY, with a rally in Athens from 10:00CET. Reportedly, Ireland, Spain other EU member states may announce recognise Palestine. Ireland's foreign minster Martin on Fri (17th) reportedly stated that recognition would be by end of May, if not on 21-May as first thought. Also, groundbreaking ceremony for the first direct electricity connection between Germany and UK with Germany's economics minister Habeck. There's London Blockchain conf (through Thu).

    • In central banks, BOE's Kroszner at 9:20BST, Mills at 13:10 speak, Cleland panellist at 12:25 at London City Week (topics include AI and digital assets). Riksbank's Bunge speech at 12:30CET at a seminar organized by ODIN Fonder. BOE's Bailey speech at 18:00BST at London Business School. Switzerland's finance minister Keller-Sutter at 13:45CET and EFG International's CEO at 16:00 speak at the Finance Forum in Liechtenstein. The UK is hosting a summit on artificial intelligence in South Korea, attendees include UK PM Sunak, Germany's Chancellor Scholz, Korean President Yeol and UN's Guterres. In UK, House of Lords questions on plan for Thames Water and other water companies if they fail. Committee topics include pre-appointment hearing for Liz Oakes regards the BOE's Financial Policy Committee.

    • European macro data releases out today include: Denmark Q1 preliminary GDP, Eurozone Mar trade balance, construction output, UK May industrial trends orders - CBI

    • In corporate news, In Potugal Mota-Engil SGPS (EGL.PL) issued a Q1 trading update with a revenue of €1.35B vs FactSet €1.30B and reaffirmed its FY guidance. In Greece, Public Power Corp (PPC.GA) and Optima Bank (OPTIMA.GA) reported Q1 earnings. In Italy, Assicurazioni Generali (G.IM) updated investors with its Q1 numbers and confirmed that it's on track to meet its FY numbers.

  • Politics/Macro/World News

  • Top company news

    • Earnings/updates

      • IDIA.SW (Idorsia) -- reports Q4 non-GAAP net income (CHF121M) vs year-ago (CHF186M) and FactSet (CHF135M) [1 est]

      • ALFEN.NA (Alfen) -- reports Q1 Adjusted EBITDA €9.6M vs FactSet €15.2M [5 est, €11.3-17.6M]

      • BYG.LN (Big Yellow Group) -- reports FY EPS 55.9p ex-items vs FactSet 56.3p [10 est, 55.0-57.3p]

      • CANTA.SS (Cantargia) -- reports Q1 EPS (SEK0.20) vs year-ago (SEK0.45)

      • PPC.GA (Public Power Corp.) -- reports Q1 net income €86M vs FactSet €103.9M [1 est]

      • OPTIMA.GA (Optima Bank) -- reports Q1 adjusted net income €32.7M ex-items vs year-ago €18.0M; reaffirms FY guidance

      • SHLF.NO (Shelf Drilling) -- Transcript Intelligence: Shelf Drilling Q1 Earnings

      • EGL.PL (Mota-Engil SGPS) -- reports Q1 Trading Update: EBITDA €196M vs FactSet €175.0M [1 est]; reaffirms FY guidance

      • PLNW.FP (Planisware) -- reports Q1 revenue €40.9M, +19% vs year-ago €34.5M

      • G.IM (Assicurazioni Generali) -- reports Q1 net income €1.26B vs consensus €1.04B

    • M&A

      • IP (International Paper) -- Suzano (SUZ) reportedly in talks to raise prior offer for International Paper - Reuters

      • EMBRAC.B.SS (Embracer Group) -- Nintendo acquires Shiver Entertainment from Embracer Group; terms undisclosed

      • VOD.SJ (Vodacom Group) -- and Orange (ORA.FP) reportedly exploring potential partnerships on African infrastructure deals -- Bloomberg (earlier)

      • TAP CEO calls on Portuguese government to maintain stake in airline after sell-off; seeks non-aviation investors to ease antitrust concerns - FT

    • Healthcare

      • BIIB (Biogen) -- NICE recommends Biogen's Tysabri (or biosimilar) to treat RES-RRMS in adults

      • REGN (Regeneron) -- Dupixent (dupilumab) late-breaking data from NOTUS confirmatory Phase 3 COPD trial presented at ATS and published in The New England Journal of Medicine

      • SAN.FP (Sanofi) -- NICE recommends Genzyme's Lemtrada to treat highly-active relapsing-remitting MS

      • ROG.SW (Roche Holding) -- FDA grants Breakthrough Therapy Designation to Roche's inavolisib for advanced hormone receptor-positive, HER2-negative breast cancer with a PIK3CA mutation

      • MRK.GR (Merck KGaA) -- NICE recommends Merck Serono's Mavenclad to treat relapsing-remitting MS in adults

      • IDIA.SW (Idorsia) -- CEO Jean-Paul Clozel to retire and stand for election as chairman at AGM on 13-Jun

      • IPH.FP (Innate Pharma) -- issues clarification regarding SAR443579 designation

      • VLA.FP (Valneva) -- appoints Hanneke Schuitemaker as Chief Scientific Officer

      • 7370.GR (NexImmune, Inc.) -- SEC filing: 10-Q

    • Other

      • DBK.GR (Deutsche Bank) -- Deutsche Bank, European Investment Bank launch climate-friendly housing mortgage program (17-May)

      • RKT.LN (Reckitt Benckiser) -- Activist investor Eminence Capital builds at least 0.5% stake in Reckitt Benckiser following baby formula verdict - FT

      • TEF.SM (Telefonica) -- holder Spanish Government through SEPI raises stake to 10% as at 20-May

      • HEN3.GR (Henkel) -- releases 2023 sustainability report

      • AVOL.SW (Avolta) -- announces 15-year contracts at John Wayne Airport

      • RUI.FP (Rubis) -- supports the appointment of holder Ronald Sämann to the board, opposes all resolutions proposed by holder Compagnie Nationale de Navigation

      • KTN.GR (Kontron) -- wins major order for smart wallboxes; Series production will begin in Jul-24

      • Rio Tinto declares force majeure on alumina cargoes from Queensland refineries - Bloomberg

  • Key rating changes

    • Upgrades

      • WISE.LN (Wise Plc) -- Wise Plc transferred overweight at Barclays; prior rating was equal weight

      • CLNX.SM (Cellnex Telecom) -- to buy from hold at Berenberg

      • ATEA.NO (Atea) -- to buy from hold at ABG Sundal Collier

      • SWEC.B.SS (Sweco) -- to buy from hold at Kepler Cheuvreux

      • SDR.LN (Schroders) -- to buy from neutral at UBS

    • Downgrades

      • STG.DC (Scandinavian Tobacco Group) -- Scandinavian Tobacco Group transferred hold at Deutsche Bank; prior rating was buy

      • SOON.SW (Sonova Holding) -- to hold from buy at Jefferies

      • SHB.A.SS (Svenska Handelsbanken) -- to hold from buy at ABG Sundal Collier

      • AXFO.SS (Axfood) -- to neutral from outperform at BNP Paribas Exane

    • Initiations

      • ZEAL.DC (Zealand Pharma) -- overweight at Cantor Fitzgerald

      • SEB.A.SS (Skandinaviska Enskilda Banken) -- equal-weight at Morgan Stanley

      • RDC.GR (Redcare Pharmacy) -- sell at UBS

      • AZT.NO (ArcticZymes Technologies0 -- buy at Nordea

      • IVSO.SS (INVISIO) -- hold at Pareto

    • Others

      • ASCL.LN (Ascential) -- re-initiated buy at Berenberg

      • BEIJ.B.SS (Beijer Ref) -- short-term recommendation transferred buy at Handelsbanken; prior rating was hold

  • Data

    • Nikkei (0.14%) to 39013.10

    • Hang Seng (1.82%) to 19278.30

    • Shanghai Composite (0.28%) to 3162.17

    • S&P futures +1.5 vs prior close of 5331.8

    • €-$ +0.0002 or +0.02% to 1.0861

    • $-¥ +0.07 or +0.05% to 156.34

    • €-¥ +0.13 or +0.08% to 169.78

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".

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