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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