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

May 23 ,2024

  • Synopsis

    • European equity markets are set to open flat amid Asian equities mixed Thursday. Greater China markets lagging with tech stocks weighing on Hang Seng. ASX and Kospi also recording declines. Semis among leading gainers in Japan and Taiwan. Korean stocks rebounding after government announced semi support package. US contracts higher afterhours on NVDA's post-earnings rally. JGB yields higher after BOJ kept purchases unchanged. Kiwi extending gains, dollar steady elsewhere. Crude, base and precious metals all lower.

    • In political developments, Rishi Sunak announcing general election dominates British press.

    • On today's agenda, EBU's Eurovision debate for lead candidates in the running for EU Commission President in upcoming EU parliamentary elections begins at 15.00CET. The debate, in English, will be moderated by Martin Řezní�?ek (Czech TV) and Annelies Beck (VRT, Belgium). Spain's finance minister Montero speech at Cercle d'Economia conf (Wed-Fri). EU's McGuinness speaks at the Irish Funds Annual Global Funds Conf. and a Royal Irish Academy Discourse Series: 'The future of the EU: Bigger and Better?' Festival of Economics - Trento (thru Sun) gets underway, participants/speakers include ECB's Cipollone (9:30CET on 26th) and EU's Gentiloni. There's the 14th edition of The State of the Union (through Fri)

    • In central banks, Riksbank's Bunge speech at 9:05CET at event organised by Fastighetsvärlden. BOE chief economist Pill participates in panel discussion at 12:30BST. There's G7 meeting of finance ministers and central bank governors (through Sat), ECB's Lagarde and Cipollone also participate.

    • Macroeconomic updates include: Eurozone, France, Germany, UK May preliminary manufacturing/services PMIs, Eurozone May flash consumer confidence

    • In corporate news, CTS Eventim (EVD.GR) reports Q1 adj EBITDA €92.2M vs FactSet €88.0M. Also in the DACH region, Julius Baer Group (BAER.SW) trading update for first four months of 2024: AuM CHF 471B vs consensus CHF462.50B. From the Benelux, Greenyard (GREEN.BB) reports FY EPS €0.28 vs FactSet €0.36 and reaffirms FY26 outlook.

    • Out of the Nordics, NRC Group (NRC.NO) launches its new strategy and ambitions for the next four years. Embracer Group (EMBRAC.B.SS) reports Q4 earnings including EPS SEK1.50 ex-items vs FactSet SEK0.55 EMBRAC.B.SS. Company also announced the appointment of Müge Bouillon as CFO effective as of 1-Sep

    • Further in management changes, Telenor Group (TEL.NO) President & CEO Sigve Brekke to step down on 1-Dec; appoints Benedicte Schilbred Fasmer as new President and CEO

  • Politics/Macro/World News

    • EU seeks to stop Russia's imports of western luxury cars via Belarus - FT

    • The frontrunners for the next European Commission - Politico

    • UK general election called for 4-July - Sky

    • Copper extends decline as record prices deter buyers in China - Bloomberg

  • Top company news

    • Earnings/updates

      • BAER.SW (Julius Baer Group) -- trading update for first four months of 2024: AuM CHF 471B vs consensus CHF462.50B

      • SOI.FP (SOITEC) -- reports Q4 revenue €337M vs FactSet €348.2M [4 est, €333.9-374M]

      • GALE.SW (Galenica) -- trading update, reports sales CHF1.26B in the first four months of 2024, +4.8% pcp

      • SBO.AV (Schoeller-Bleckmann Oilfield Equipment) -- reports Q1 EPS €0.95 vs year-ago €1.35

      • GIMB.BB (Gimv) -- reports FY EPS €7.80 vs year-ago (€2.20)

      • IBAB.BB (Ion Beam Applications) -- Q1 business update: backlog remains at a high of €1.4B, net cash €30.1M

      • EMBRAC.B.SS (Embracer Group) -- reports Q4 EPS SEK1.50 ex-items vs FactSet SEK0.55 [6 est, SEK0.36-0.90]

      • GREEN.BB (Greenyard) -- reports FY EPS €0.28 vs FactSet €0.36 [4 est, €0.21-0.54]

      • EVD.GR (CTS Eventim) -- reports Q1 adj EBITDA €92.2M vs FactSet €88.0M

      • D6H.GR (Datagroup) -- reports Q2 EBIT €20.8M vs FactSet €9.5M [1 est]

    • M&A

      • MRK.GR (Merck KGaA) -- signs definitive agreement to acquire life science company Mirus Bio for $600M (~€550M)

      • ENI.IM (Eni) -- exploring sale of 20% stake in Enilive after receiving expressions of interest - Bloomberg

      • GXI.GR (Gerresheimer) -- to acquire Blitz LuxCo Sarl for enterprise value ~€800M; Moulded Glass business to be strategically reviewed

      • HL.LN (Hargreaves Lansdown) -- Consortium confirms considering possible offer for Hargreaves Lansdown; most recent offer of 985p per HL share was rejected

      • MMB.FP (Lagardere) -- Lagardère SA signs preliminary MoU and continuation of exclusive negotiations with LVMH for the sale of Paris Match

      • GLE.FP (Societe Generale) -- considers cross-border mergers between European banks to be structurally unlikely - Reuters

    • Healthcare

      • SAN.FP (Sanofi) -- announces new results from rilzabrutinib phase 2 study show potential to be first advanced oral treatment for moderate-to-severe asthma (timing uncertain)

      • MRK.GR (Merck KGaA) -- US DoJ declines to prosecute Merck KGaA subsidiary MilliporeSigma

      • UCB.BB (UCB) -- announces publication in The Lancet of phase 3 bimekizumab trials in moderate to severe hidradenitis suppurativa

      • IVA.FP (Inventiva) -- highlights two scientific presentations for lanifibranor at the EASL 2024

      • NYXH.BB (Nyxoah) -- announces common stock offering of indeterminate size through Cantor Fitzgerald

        • announces reduction of maximum amount available under ATM equity offering program

      • EAPI.FP (Euroapi) -- announces €130M-150M supply contract

      • GALD.SW (Galderma Group) -- Galderma Launches Restylane VOLYME in China

    • Other

      • BP.LN (BP) -- puts gas development project discussions with Venezuela on hold following expiration of US license - Reuters

      • VWS.DC (Vestas Wind Systems) -- to pilot Sustainable Aviation Fuel at Baltic Eagle Wind Farm during 2024

      • BNP.FP (BNP Paribas) -- expands financing restrictions on high-carbon assets to include aviation, shipping, commercial real estate

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for Apr

      • NWG.LN (NatWest Group) -- Britain set to abandon NatWest Group share sale amid election announcement - Reuters

      • TEL.NO (Telenor) -- Group President & CEO Sigve Brekke to step down on 1-Dec; appoints Benedicte Schilbred Fasmer as new President and CEO

      • DOKA.SW (dormakaba Holding) -- appoints Carsten Franke as COO, effective 1-Aug

      • ADDT.B.SS (Addtech) -- proposes current board member Malin Nordesjö is elected chairman of the board at AGM in 2024; current chairman Kenth Eriksson has declined re-election

      • DOCM.SW (DocMorris) -- Finance announces the exercise of its option to redeem the 2.75% Convertible Bonds due 31-Mar-25 on 25-Jun-24 at par plus accrued interest.

      • WBD.IM (Webuild) -- Salini offers ~€225M of exchangeable (into Webuild shares) bonds through BofA and Intesa Sanpalolo

  • Key rating changes

    • Upgrades

      • ULVR.LN (Unilever) -- to overweight from underweight at JPMorgan

      • ALLFG.NA (Allfunds Group) -- to neutral from underperform at Autonomous Research

      • MIPS.SS (MIPS) -- upgraded to buy from hold at ABG Sundal Collier

    • Downgrades

      • NESN.SW (Nestle) -- to neutral from overweight at JPMorgan

      • MTRS.SS (Munters Group) -- to hold from buy at Jefferies

    • Initiations

      • BBOX.LN (Tritax Big Box REIT) -- buy at Deutsche Numis

  • Data

    • Nikkei +1.15% to 39061.63

    • Hang Seng (1.65%) to 18877.94

    • Shanghai Composite (1.19%) to 3121.02

    • S&P futures +30.8 vs prior close of 5328.0

    • €-$ (0.0117) or (1.08%) to 1.0707

    • $-¥ +0.17 or +0.11% 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.
Please refer to "Terms Of Use".

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