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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.86%), DAX30 (0.52%), CAC40 (0.56%)

May 24 ,2024

  • Synopsis

    • European indices are set to open lower with Asian equities lower in quiet Friday trade. S&P 500 futures nudging higher afterhours.

    • Shares in Hong Kong, Japan, Australia and Korea underperforming as mainland China and Taiwan recoup initial declines.

    • US equities ended down Thursday, near session lows. Breadth was notably negative though NVDA buoyed the S&P and Nasdaq. Big tech was lower. US flash manufacturing PMI beat, rising to third-highest in past 20 months, while flash services PMI also well ahead of estimates, highest in 12 months

    • In central banks, ECB's Schnabel speech at 9:00CET at Second Bonn-Frankfurt-Mannheim PhD Conf. SNB's Jordan speech at 9:45CET at the Swiss Media Forum (Thu/Fri). Bank of Lithuania board will participate in a kick-off meeting with the IMF mission to Lithuania. Bank of Spain's de Cos speech at 13:15CET at the Cercle d'Economia conf. Other speakers include Spain's PM Sánchez at 14:15CET. Germany's finance ministry releases its latest monthly report

    • In Macro Economic: Germany Q1 final GDP, France May business confidence, Sweden Apr PPI, UK Apr retail sales, May consumer confidence - GfK, Finland Apr PPI

    • In corporate news: Earnings: (BWO.NO) BW Offshore reports Q1 net income $36.8M vs FactSet $18M. (ANA.SM) Acciona Q1 Trading Statement: Lowers FY EBITDA growth forecast (post EU close 23-May). Laurent-Perrier reports FY EPS €10.74 vs FactSet €9.85 [2 est, €9.84-9.86]. UNIQA Insurance Group reports Q1 net income €107M, +6% vs year-ago €101M.

    • Other earnings expected: BKS Bank (BKS.AV), Semapa (SEM.PL), EXEL Industries (EXE.FP), Anoto Group (ANOT.SS)

    • Trading Update: Intertek Group (ITRK.LN), BW Energy (BWE.NO)

  • Politics/Macro/World News

    • City of London Is Relaxed About the Prospect of a Labour Election Win (BBG)

  • Top company news

    • Earnings/updates

      • ANA.SM (Acciona) -- Q1 Trading Statement: Lowers FY EBITDA growth forecast (post EU close 23-May)

      • ALTR.PL (Altri SGPS) -- reports Q1 net income attributable €21.6M vs FactSet €25.4M [2 est, €22-28.8M]

      • GRE.SM (Grenergy Renovables) -- reports Q1 net income €6.2M vs FactSet €4.8M

    • M&A

      • HL.LN (Hargreaves Lansdown) -- Hargreaves Lansdown's largest shareholder Peter Hargreaves open to taking the company private - Reuters

      • EQT.SS (EQT AB) -- EQT exploring minority stake sale in Reworld that could value the company at more than $8B - Bloomberg, citing people with knowledge of the matter

      • SIE.GR (Siemens AG) -- Siemens has plenty of scope for M&A, but rules out expensive acquisitions - FAZ

      • AAL.LN (Anglo American) -- Some are confident that BHP will succeed in bid for Anglo American - Australian Financial Review

      • TKA.GR (ThyssenKrupp) -- supervisory board approves participation of EP Corporate Group in its steel business

      • EUROB.GA (Eurobank Ergasias Services & Holdings) -- denies media reports that it's interested in acquiring Bulgarian bank First Investment Bank

      • APPS.SM (Applus Services) -- Applus Services' board publishes report on the previously disclosed modifications to the voluntary tender offer commenced by Amber EquityCo

      • GCC.NO (Gram Car Carriers) -- MSC Mediterranean Shipping Company's offer document in connection with bid for Gram Car Carriers approved by Oslo Børs

      • SG.IM (SAES Getters) -- SAES Getters' board considered fair and correct, from a financial point of view, the €26.30/share (ex-dividend 2023) offer by S.G.G. Holding S.p.A.

      • SG.IM (SAES Getters) -- S.G.G. Holding S.p.A.'s publishes offer document in connection with proposed acquisition of SAES Getters (post EU close 23-May)

    • Healthcare

      • GSK.LN (GSK Plc) -- GSK and Boehringer reportedly win first trial regarding Zantac cancer claims -- Reuters

      • GSK.LN (GSK Plc) -- releases statement on jury verdict in first Zantac trial

      • GSK.LN (GSK Plc) -- to present findings from across its oncology portfolio at the 2024 ASCO Annual Meeting

      • GMAB.DC (Genmab) -- to showcase data in various patient populations to be presented at the ASCO Annual Meeting

      • MRK.GR (Merck KGaA) -- to showcase advances in the science of cancer with new data presented at ASCO 2024

      • IDYA (IDEAYA Biosciences) -- issues correction to prior release regarding abstract summary results of ASCO 2024 oral presentation for Phase II investigator sponsored study of darovasertib in neoadjuvant uveal melanoma

      • IDYA (IDEAYA Biosciences) -- announces abstract summary results of ASCO 2024 oral presentation for Phase II investigator sponsored study of darovasertib in neoadjuvant uveal melanoma

      • ZEAL.DC (Zealand Pharma) -- announces topline results from the mechanistic investigator-led DREAM trial with low doses of GLP-1/GLP-2 receptor dual agonist dapiglutide

      • BINV.SS (BioInvent International) -- presents Phase I data for BI-1206 in combination with KEYTRUDA (pembrolizumab) in patients with solid tumors at ASCO 2024

      • CANTA.SS (Cantargia) -- presents new positive clinical data on nadunolimab counteracting chemotherapy induced neuropathy

      • ATORX.SS (Alligator Bioscience) -- to present positive phase 2 Mitazalimab data in pancreatic cancer at 2024 ASCO annual meeting

    • Other

      • TIGO.SS (Millicom International Cellular) -- SEC filing: SC 13D/A (Filed by Atlas Investissement)

      • SCYR.SM (Sacyr Vallehermoso) -- to issue up to 66.7M new shares via accelerated bookbuild through JPMorgan and Société Générale (11:36ET)

      • GSK and Boehringer reportedly win first trial regarding Zantac cancer claims -- Reuters

      • GSK Plc releases statement on jury verdict in first Zantac trial

      • Shopping Centers underperformed after Ahold Delhaize Strategy Day closure comments

  • Key rating changes

    • Upgrades

      • Barclays upgrades DNB.NO; downgrades SEB.A.SS, SHB.A.SS, SWED.A.SS

    • Downgrades

      • RYA.ID (Ryanair Holdings) -- to hold from buy at Deutsche Numis

      • AV.LN (Aviva) -- to hold from buy at HSBC

      • AJB.LN (AJ Bell) -- to hold from buy at Panmure Gordon (earlier, timing uncertain)

    • Initiations

      • WAF.GR (Siltronic) -- buy at mwb research (earlier, timing uncertain)

      • TWEKA.NA (TKH Group) -- buy at Jefferies

  • Data

    • Nikkei (0.99%) to 38714.48

    • Hang Seng (1.25%) to 18633.78

    • Shanghai Composite (0.29%) to 3107.34

    • S&P futures +7.8 vs prior close of 5285.3

    • €-$ (0.0005) or (0.05%) to 1.0812

    • $-¥ +0.09 or +0.06% to 157.05

    • €-¥ +0.07 or +0.04% to 169.79

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