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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.10%, DAX30 +0.10%, CAC40 +0.14%

May 28 ,2024

  • Synopsis

    • European equity markets are set to open higher whilst Asian equities mixed in lackluster Tuesday trade. UK indices come back online after a bank holiday on Monday. Hang Seng leading China markets. Japan, Korea, Taiwan, and Australia benchmarksnarrowly mixed. S&P 500 futures nudging higher.

    • On today's agenda, There's Franco-German Council of Ministers. A joint press by Chancellor Scolz and President Macron is planned for the afternoon. French President Macron to be awarded the International Peace of Westphalia Prize 2024 for his special commitment to peace in Europe; EU's von der Leyen due to speak at the event. EU's Schinas panellist at 10:15BST and Ferreira at 11:40 at the Concordia Summit. EU's Simson speaks at the Ukraine Security Forum and at the smartEN event. EU's Foreign Affairs Council (Defence) meets, includes informally exchange of views with NATO's Stoltenberg, and the minister of defence of Ukraine Umerov. There's also European Economic Area Council meeting, includes EU's Šef�?ovi�?, and the third annual general conf, organized by the EDA, on Circular Economy in European Defence. Norway's minister of energy Aasland participates in the opening conf for Eliaden trade fair and will participate in the Norwegian Offshore Energy Day. Jordanes (JOR.NO) due to make its stock market debut on the Oslo Stock Exchange.

    • In central banks, SNB's Jordan, ECB's Schnabel panellists at 6:55CET at the BOJ-IMES conf. Netherlands Central Bank's Knot speech at 14:15BST at a conf hosted by Barclays and Europe's Centre for Economic Policy Research (CEPR) (Mon-Wed). Bundesbank's Balz speech at 15:30CET at re:publica24. Bank of Spain publishes the Financial Stability Review (Spring 2024). ECB release the results of its latest consumer expectations survey.

    • Macro releases due today include Sweden Apr trade balance, Norway, Ireland and Denmark Apr retail sales, UK May distributive trades survey - CBI, Ireland Apr retail sales

    • In corporate news, in the DACHs region, LEM Holding (LEHN.SW) and Dottikon ES Holding (DESN.SW) reported FY earnings this morning. In France, yesterday after the close Quadient (QDT.FP) issued Q1 revenue and confirmed its FY24 guidance. In Nordics, MPC Container Ships (MPCC.NO) reported Q1 earnings and Trifork Holding (TRIFOR.DC) lowered its guidance for 2024. Also due to update investros today include, Cie Generale des Etablissements Michelin (ML.FP), Cadeler (CADLR.NO), Per Aarsleff Holding (PAAL.B.DC), Intermediate Capital Group (ICG.LN) and Victorian Plumbing Group (VIC.LN).

  • Politics/Macro/World News

    • State pension will never be taxed, vows Sunak - The Telegraph

    • Labour secures the backing of 120 business executives - FT

    • France's Macron Renews Calls to 'Buy European' on Germany Visit - Bloomberg

    • Israeli Airstrike, Egyptian Guard's Death Ratchet Up Tensions - Bloomberg

  • Top company news

    • Earnings/updates

      • DAHCs

        • LEHN.SW (LEM Holding) -- reports FY net income CHF65.3M vs FactSet CHF71.0M [5 est, CHF68-77M]

        • DESN.SW (Dottikon ES Holding) -- reports FY net income CHF80.6M, (8%) vs year-ago CHF87.7M

        • EFGN.SW (EFG International) -- 4M trading update: net profit of more than CHF 110M

        • IIA.AV (Immofinanz) -- reports Q1 FFO (after tax) €69.70 vs year-ago €56.40

        • ADJ.GR (ADLER Group) -- reports Q1 revenue €51M, (4%) vs year-ago €53M

        • PSG.GR (PharmaSGP Holding) -- reports Q1 revenue €30.2M vs preliminary €30.1M

        • BNN.GR (BRAIN Biotech) -- reports H1 Adjusted EBITDA (€0.5M) vs year-ago (€0.9M); on-track to meet fiscal year end targets

      • France

        • QDT.FP (Quadient) -- reports Q1 revenue €261M vs FactSet €256.8M [1 est]

      • Southern Europe

        • DLG.IM (De'Longhi) -- provides Capital Market Day update

      • Nordics

        • CGCBV.FH (Cargotec) -- posts new long term financial targets for Hiab business

        • TRIFOR.DC (Trifork Holding) -- guides FY EBIT €17-21M vs prior guidance €21.5-25.5M and FactSet €22.0M

        • MPCC.NO (MPC Container Ships) -- reports Q1 adj EPS $0.17 vs FactSet $0.15

      • Others

        • PHOR.RU (PhosAgro) -- reports Q1 adjusted net income RUB21.49B ex-items, (37%) vs year-ago RUB33.90B

        • TCELL.E.TI (Turkcell) -- reports Q1 EBITDA TRY12.75B vs FactSet TRY13.36B [2 est, TRY12.83-13.90B] (12:05 ET)

      • Also due to report today

        • Earnings

          • DACHs: IVU Traffic Technologies (IVU.GR), DEMIRE Deutsche Mittelstand Real Estate (DMRE.GR),

          • Nordics: Cadeler (CADLR.NO), Per Aarsleff Holding (PAAL.B.DC), Matas (MATAS.DC), Maha Energy (MAHA.A.SS), Q-linea (QLINEA.SS)

          • UK: Intermediate Capital Group (ICG.LN), Victorian Plumbing Group (VIC.LN)

        • CMD/events: Cie Generale des Etablissements Michelin (ML.FP), Matas (MATAS.DC)

    • M&A

      • 8058.JP (Mitsubishi) -- Newlat Food intends to acquire Princes from Mitsubishi Corporation in agreement valued at £700M (€823.2M/¥140.29B) (2:10 ET)

      • 656.HK (Fosun International) -- ABN AMRO Bank to acquire German private bank Hauck Aufhäuser Lampe from Fosun International for €672M

      • RI.FP (Pernod Ricard) -- Accolade Wines moving closer to a deal with Pernod Ricard Australia - The Australian

      • LI.FP (Klepierre) -- completes acquisition of RomaEst

      • DOV.IM (doValue) -- nearing agreement with lenders for ~€450M in credit facilities - Bloomberg (27-May,17:19 CET)

      • CSR.AU (CSR) -- to pay A$0.12/sh fully franked permitted dividend prior to implementation of Saint-Gobain Scheme

    • Healthcare

      • INSM (Insmed) -- to host investor call tomorrow (28-May) @ 08:00ET to discuss topline results from phase 3 Aspen Study of Brensocatib

      • OPT.AU (Opthea) -- completes enrollment in pivotal phase 3 clinical program with Sozinibercept in wet AMD, topline data expected in mid-CY25

    • Other

      • ISP.IM (Intesa Sanpaolo) -- to launch previously announced €1.7B share buyback programme

      • ABN.NA (ABN AMRO Bank) -- to hold press conference on 28-May regarding Hauck Aufhäuser Lampe transaction

      • Trinidad and Tobago receives bids from BP, Shell and EOG Resources to explore for oil and gas

  • Key rating changes

    • Upgrades

      • RMS.FP (Hermes) -- to outperform from market perform at Bernstein

      • STERV.FH (Stora Enso) -- to buy from hold at Danske Bank

      • SY1.GR (Symrise) -- to buy from hold at Deutsche Bank

    • Downgrades

      • FEVR.LN (Fevertree Drinks) -- to sell from neutral at Goldman Sachs

    • Other Actions

      • DG.FP (VINCI SA) -- transferred buy at Deutsche Bank; prior rating was buy

      • VPLAY.B.SS (Viaplay Group) -- resumed hold at Carnegie Securities

  • Data

    • Nikkei (0.15%) to 38840.25

    • Hang Seng +0.07% to 18840.46

    • Shanghai Composite (0.09%) to 3121.25

    • S&P futures +6.3 vs prior close of 5321.5

    • €-$ +0.0016 or +0.15% to 1.0876

    • $-¥ (0.06) or (0.04%) to 156.83

    • €-¥ +0.18 or +0.11% to 170.54

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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