May 22 ,2024
Synopsis
European equity markets are set to open in positive territory amidst Asian equities mixed in quiet Wednesday trade. Nikkei trading lower while markets in Greater China, Korea and Australian markets little changed. Taiex outperforming. S&P 500 futures flat ahead NVDA's earnings and FOMC minutes.
In central banks, Governing Council of the ECB informal meeting hosted by the Central Bank of Ireland. ECB's Lagarde video message at 10:05CET at an ESMA event focused on the launch of its position paper on the effectiveness of capital markets in the EU. Bundesbank monthly report released at 12noon CET. BOE's Breeden panellist at 13:45BST at an EU Commission technical workshop on macroprudential policies for non-bank financial intermediation; EU's McGuinness also a speaker. Riksbank's Thedéen speech at 19:30CET at the OSC Dialogue 2024 conf., organized by the Ontario Securities Commission. FOMC meeting minutes released after the EU close
European Automobile Manufacturers' Association (ACEA) Apr new passenger car registrations for the EU + EFTA + UK data released.
In UK, weekly PMQs at 12noon BST whilst committee topics include scrutiny of the draft Rail Reform Bill (9:00), energy bills for domestic customers (14:00 CEO of Ofgem), strengthening Northern Ireland's voice in the context of the Windsor Framework (15:00). Northern group (Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, the Netherlands, Norway, Poland, Great Britain, Sweden and Germany) defence ministers meeting. German Foreign Minister Baerbock hosts a meeting at 14:45CET of her French and Polish counterparts, Stéphane Séjourné and Radosław Sikorski.
Macro releases due today include UK Apr CPI/RPI/PPI output/input, public sector borrowing, Sweden Apr unemployment rate, Finland Apr unemployment rate, Ireland Apr PPI
In earnings, Evotec (EVT.GR) reported Q1 Operating income €12.5M vs FactSet (€9.1M) whilst Swiss Life Holding (SLHN.SW) is out with Q1 Gross Written Premiums & fees CHF7.52B vs consensus CHF7.70B and Hornbach Holding (HBH.GR) reported FY EPS €7.83 vs FactSet €8.33. Also of note, Ypsomed Holding (YPSN.SW) released FY net income CHF78.4M vs FactSet CHF86.7M and plans to have two independent business areas whilst Elia Group (ELI.BB) issued Q1 interim declaration and reaffirmed FY net income attributable €335-385M vs FactSet €362.8M
Also due to report are Benchmark Holdings (BMK.LN), The British Land Co. (BLND.LN), C&C Group (CCR.LN), Integrafin Holdings (IHP.LN), Marks & Spencer Group (MKS.LN), RS Group (RS1.LN), SSE (SSE.LN), Severn Trent (SVT.LN)
Roche Holding (ROG.SW) diagnostics day, JM (JM.SS), Koninklijke Heijmans (HEIJM.NA), NoHo Partners (NOHO.FH), Solid State (SOLI.LN) host CMDs/investor events.
Politics/Macro/World News
Bank of England governor predicts 'quite a drop' in UK inflation in April figure -- FT
Top company news
Earnings/updates
Benelux:
ELI.BB (Elia Group) -- issues Q1 interim declaration; reaffirms FY net income attributable €335-385M vs FactSet €362.8M [5 est, €340-373.0M]
AALB.NA (Aalberts N.V.) -- 4M trading update: (2.6%) organic revenue growth y/y
CFEB.BB (Cie d'Entreprises CFE) -- reports Q1 revenue €290M, (4%) vs year-ago €303.2M
DACHs:
EVT.GR (Evotec) -- reports Q1 Operating income €12.5M vs FactSet (€9.1M) [3 est, (€10.5)-(7.9M)]
SLHN.SW (Swiss Life Holding) -- reports Q1 Gross Written Premiums & fees CHF7.52B vs consensus CHF7.70B
CAI.AV (CA Immobilien Anlagen) -- reports Q1 FFO 1 €26.7M vs year-ago €23.9M
HBH.GR Hornbach Holding reports FY EPS €7.83 vs FactSet €8.33 [4 est, €7.48-9.56]
YPSN.SW Ypsomed Holding reports FY net income CHF78.4M vs FactSet CHF86.7M [4 est, CHF74-118.5M]; plans to have two independent business areas
MARI.AV (Marinomed Biotech) -- reports Q1 net income (€2.1M) vs year-ago (€2.1M)
V6C.GR (Viscom) -- reports Q1 EBIT (€2.4M) vs year-ago €0.2M; reaffirms FY guidance
France:
IVA.FP (Inventiva) -- reports Q1 revenue €0.0M vs FactSet €1.4M [1 est]
Nordics:
CLCO.NO (Cool Co.) -- reports Q1 net income $36.8M vs FactSet $26.7M [6 est, $22-30M]
BETCO.SS (Better Collective) -- reports Q1 EPS €0.12 vs FactSet €0.19 [2 est, €0.18-0.20]
Southern Europe:
SON.PL (Sonae SGPS) -- reports Q1 net income attributable €25M vs FactSet €10.5M [1 est] (post EU close 21-May)
M&A
UCG.IM (UniCredit) -- supports French President Macron's call for consolidation in Europe's banking sector; says the interest is there under the right conditions - FT, citing CEO
ATO.FP (ATOS SE) -- Kretinsky reportedly exploring potential changes to bid for Atos in order to win over company's creditors -- Reuters (earlier)
FII.FP (Lisi) -- reinforces partnership with Watch Out; takes a minority stake in its holding company through a capital increase
SG.IM (SAES Getters) -- S.G.G. Holding S.p.A.'s offer document in connection with proposed acquisition of SAES Getters approved by Consob (post EU close 21-May)
Healthcare
ROG.SW (Roche Holding) -- Roche granted FDA Breakthrough Device Designation for blood test measuring Lp(a)
ALCLS.FP (Cellectis SA) -- SEC filing: SC 13D/A (Filed by Bpifrance Participations SA)
SDZ.SW (Sandoz Group) -- receives EU Commission approval for Wyost and Jubbonti; follows CHMP adopting positive opinions in Mar
NANO.FP (Nanobiotix) -- announces progress in global NBTXR3 development collaboration
Other
ADP.FP (Aeroport de Paris) -- announces appointment of interim Chairman and CEO
A5G.ID (AIB Group) -- holder Irish government lowers stake to 31.98% as at 17-May - Filing
POM.FP (Plastic Omnium) -- changes name to OPmobility
Macy's monetization encouraging as headlines highlight Malls' multifamily push
mobilezone holding and Swisscom win tender to supply Energie Wasser Bern employees until 2030
Key rating changes
Upgrades
TRYG.DC (Tryg) - outperform from underperform at Keefe, Bruyette & Woods
Morgan Stanley upgrades DSFIR.NA; downgrades IFF (earlier, timing uncertain)
CAST.SS (Castellum AB) -- Castellum AB short-term recommendation upgraded to buy from hold at Handelsbanken
SAVE.SS (Nordnet) -- to neutral from underweight at JPMorgan
Downgrades
MTRS.SS (Munters Group) - to hold from buy at Kepler Cheuvreux
AGR.LN (Assura) -- to hold from buy at Jefferies
Initiations
YACHT.IM (Ferretti) - outperform at Mediobanca
COLR.BB (Colruyt Group) -- buy at UBS
Other Actions
SCT.LN (Softcat) -- reinstated overweight at Barclays
Data
Nikkei (0.73%) to 38663.81
Hang Seng +0.11% to 19242.12
Shanghai Composite (0.04%) to 3156.73
S&P futures +1.0 vs prior close of 5345.3
€-$ +0.0004 or +0.03% to 1.0859
$-¥ +0.14 or +0.09% to 156.29
€-¥ +0.13 or +0.08% to 169.66
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