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

May 27 ,2024

  • Synopsis

    • European equity markets are set to open flat amid Asian equities gaining Monday. Hang Seng slightly higher with mainland stocks mixed. S&P 500 futures flat (US closed Monday for Memorial Day). Australian yield curve bull flattening while JGBs little changed. Yen firming against other currencies, dollar flat elsewhere. Gold and copper fluctuating near recent lows. Crude inching higher. Bitcoin price action muted.

    • UK markets closed today for bank holiday.

    • On today's agenda, EU's Agriculture and Fisheries Council meets as does Foreign Affairs Council (through Tue), the latter chaired by EU's Borrell. EU's von der Leyen participates in the 26th International WDR Europaraforum. EU's Simson speech at the "Investing and Rebuilding in Ukraine's Future" conf.

    • In central banks, BOJ-IMES conf speakers include Central Bank of Slovenia's Kažimír at 2:20CET, Bank of Finland's Rehn, Bank of Slovenia's Vasle panellists at 8:55. Croatia Central Bank's Vuj�?ić panellist at 5:40CET at symposium organized by the Reinventing Bretton Woods Committee. ECB's Lane speech at 13:00BST at the Institute of International and European Affairs. Bundesbank's Mauderer panellist at 15:30 CET at re:publica24. Bank of Portugal publishes Financial Stability Report.

    • Economic data due today include: Germany May Ifo business expectations and Norway Apr unemployment rate.

    • Fairly quiet in terms of corporate news. International Distributions Services (IDS.LN) released FY earnings on Friday after the close including FY adjusted EPS (14.6p) vs consensus (7.0p) and proposed a final dividend payment of 2p/sh. Retail Estates (RET.BB) posted today Q3 earnings with Q3 EPRA EPS €4.68 vs year-ago €4.49. In other corporate developments, Handelsblatt reported that EnB (EBK.GR) CEO Georg Stamatelopoulos urges Germany to be more pragmatic as he warns of rising electricity prices. Elsewhere, UBS rules out appointing outsider to succeed CEO Sergio Ermotti when he steps down in three years; plans to create shortlist of three internal candidates as soon as next year, according to the FT.

  • Politics/Macro/World News

    • ECB chief economist Lane gives another signal for a June rate cut - FT

    • Europe is watching UK's election battle over deporting migrants to Rwanda - Politico

    • G7 reaffirms warning against excess currency volatility in nod to Japan - Reuters

  • Top company news

    • Earnings/updates

      • IDS.LN (International Distribution Services) -- International Distributions Services reports FY adjusted EPS (14.6p) vs consensus (7.0p)

      • NOS.PL (NOS SGPS) -- reports Q1 net income attributable €67.8M vs FactSet €62.7M [5 est, €42.2-68M]

    • M&A

      • AAL.LN (Anglo American) -- Investors urge Anglo American to continue negotiations with BHP - FT

      • HLN.LN (Haleon) -- Dr. Reddy's close to acquiring Nicotinell, others from Haleon - Sky News

      • LGEN.LN (Legal & General Group) -- Persimmon looking at submitting £1B bid for Cala Group - Sky News

      • SBB.B.SS (Samhällsbyggnadsbolaget i Norden) -- establishes a new joint venture with Castlelake

      • EFGN.SW (EFG International) -- Julius Baer Group reportedly considering acquiring EFG International AG - Bloomberg

      • SIE.GR (Siemens AG) -- Siemens likely to transfer remaining 17.1% stake in Siemens Energy to pension fund to avoid diluting value of shares via placement - Reuters (24-May, 16:48 CET)

      • SAB.SM (Banco de Sabadell) -- Banco Bilbao Vizcaya Argentaria seeks authorisation from CNMV to launch its offer to acquire Banco de Sabadell

      • EFGN.SW (EFG International) -- EFG International, Julius Baer halt takeover talks - Reuters

      • XLS.SW (Xlife Sciences) -- announces strategic merger between palleos healthcare GmbH and OCT clinical GmbH

      • ALFLE.FP (Fleury Michon) -- enters into exclusive negotiations for sale of Platos Tradicionales

      • SG.IM (SAES Getters) -- comments on article published today in Repubblica regarding the SGG Holding tender offer

    • Healthcare

      • NOVN.SW (Novartis) -- presents latest Phase III Fabhalta (iptacopan) data in C3 glomerulopathy (C3G) showing clinically meaningful and statistically significant 35.1% proteinuria reduction vs. placebo

      • SAN.FP (Sanofi) -- Sarclisa accepted for FDA priority review for the treatment of transplant-ineligible newly diagnosed multiple myeloma

      • NOVO.B.DC (Novo Nordisk) -- FDA panel votes that the benefits of insulin icodec for T1D do not outweigh the risks

      • SOBI.SS (Swedish Orphan Biovitrum) -- FDA grants Fast Track Designation for emapalumab in Macrophage Activation Syndrome

      • CHEMM.DC (ChemoMetec) -- CFO Niels Høy Nielsen to resign; Kim Nicolajsen appointed as new CFO with effect from 1-Jul-24

    • Other

      • UBSG.SW (UBS Group) -- UBS rules out appointing outsider to succeed CEO Sergio Ermotti when he steps down in three years; plans to create shortlist of three internal candidates as soon as next year - FT

      • ULVR.LN (Unilever) -- experiencing surge in demand for high-end cosmetic brands despite cost of living crisis; says beauty is recession proof - FT, citing Prestige CEO

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- cancels 74.7M own shares held by the company as treasury shares

      • NWG.LN (NatWest Group) -- UK Labour Party pledges to review plans to cut government stake in NatWest Group if it wins upcoming general election - Bloomberg

      • LDO.IM (Leonardo) -- announces agreement with PHI Group for 12 AW189 helicopters

        • announces contract with Hellenic Ministry for Climate Crisis and Civil Protection for 3 AW139 helicopters

      • ALO.FP (Alstom) -- launches preferential subscription rights issue for an amount of approximately €1BL Subscription ratio: 1 new share for 5 existing shares

      • BAKKA.NO (Bakkafrost) -- confirms the presence of the ISA virus in two pens at farming site A-19 Vágur

  • Key rating changes

    • Upgrades

      • CEC.GR (CECONOMY) -- to Add from Reduce at Baader Helvea

      • LSG.NO (Lerøy Seafood Group) -- to buy from hold at Arctic Securities

  • Data

    • Nikkei +0.49% to 38835.52

    • Hang Seng +0.87% to 18771.17

    • Shanghai Composite +0.56% to 3106.06

    • S&P futures (2.3) vs prior close of 5321.5

    • €-$ +0.0006 or +0.06% to 1.0850

    • $-¥ (0.24) or (0.15%) to 156.74

    • €-¥ (0.19) or (0.11%) to 170.05

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