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StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.50%), DAX30 (0.41%), CAC40 (0.06%)

May 29 ,2024

  • Synopsis

    • European equity markets are set to open in negative territory amidst Asian equities mostly lower Wednesday. Hang Seng weighed down by tech and property shares as mainland indexes manage mild gains. ASX making new lows following hawkish CPI print. Semis weighing on Taiex. Nikkei and Kospi also lower. S&P 500 futures weakening afterhours.

    • In central banks, Riksbank's latest Financial Stability Report published at 9:30CET, press conf 11:00. Bank of Portugal's Centeno panellist at 9:30BST, EU's Michel speaks at 10:30, UK's Theresa May, Spain's minister of environment and energy Carvalho panellists at 11:30, Portugal's minster for the economy Reis speech 13:00 at the Concordia Summit. Bank of France's Villeroy speech at 9:00CET at presentation ACPR's annual report. US Federal Reserve issues the Beige Book after the EU market close.

    • Other events include, EU's McGuinness speech at 8:15CET at event organised by the Hellenic Capital Market Commission, other speakers include Greece's PM Mitsotakis at 9:05, Bank of Greece's Stournaras 16:20 and a number of Greek company CEOs through the day including CEOs of Pireaus Bank (TPEIR.GA) and Alpha Bank (ALPHA.GA). EU's Šef�?ovi�? speech at EU Green Week 2024 Brussels conf. In Germany, Petersberg Regulatory Conf, speakers include presidents of the Federal Cartel Office Mundt, and of Federal Network Agency Müller. The Economist hosts event at 17:00BST, title A year of change: Britain's election, economic and tax policies, speakers include YouGov's Head of European political and social research, Anthony Wells

    • On the macro front, Germany May preliminary CPI, Jun consumer confidence - GfK, France May consumer confidence, Italy May business/consumer confidence, Spain, Portugal and Sweden Apr retail sales, Switzerland May ZEW expectations, Eurozone Apr M3 money supply, Austria Apr PPI and Portugal Apr unemployment rate are due to be released

    • In earnings, Aroundtown (AT1.GR) reports Q1 FFO €0.07 vs FactSet €0.07 and reaffirmed FY guidance whilst STRABAG SE (STR.AV) released its Q1 trading statement: output volume +2%; order backlog stable at €24.6B. In the Nordics, Adevinta (ADE.NO) reports Q1 EBITDA €165M, +14% vs year-ago €145M. Also due to report today are Vienna Insurance Group (VIG.AV), Telecom Italia (TIT.IM), Pets At Home Group (PETS.LN) and Impax Asset Management Group (IPX.LN).

    • CMD/events taking place today include, Koenig & Bauer (SKB.GR), Eezy (EEZY.FH), Harvia (HARVIA.FH), Trifork Group (TRIFOR.DC).

  • Macro:

  • Top company news

    • Earnings/updates

      • DACHs:

        • AT1.GR (Aroundtown) -- reports Q1 FFO €0.07 vs FactSet €0.07; reaffirms FY guidance

        • STR.AV (STRABAG SE) -- Q1 trading statement: output volume +2%; order backlog stable at €24.6B

        • TPG.GR (The Platform Group) -- reports Q1 adjusted EBITDA cont ops €8.5M vs year-ago €6.8M

        • EVN.AV (EVN) -- reports H1 EPS €1.12 vs year-ago €1.22

        • DOU.GR (Douglas) -- reports Q2 net income (€41.3M) vs year-ago (€42.2M)

      • France:

        • ALCLS.FP (Cellectis SA) -- reports Q1 EPS ($0.58) vs FactSet ($0.33) [5 est, ($0.50)-(0.23)]

      • Nordics:

        • ADE.NO (Adevinta) -- reports Q1 EBITDA €165M, +14% vs year-ago €145M

        • BGBIO.NO (BerGenBio) -- reports Q1 EPS (NOK0.01) vs FactSet (NOK0.02) [1 est]

        • DDRIL.NO (Dolphin Drilling) -- reports Q1 EPS ($0.08) vs FactSet ($0.04) [3 est, ($0.12)-0.02]

    • M&A

      • CALTX.SS (Calliditas Therapeutic) --Kepler Cheuvreux recommends Calliditas Therapeutics holders accept offer; prior rating was buy

      • EN.FP (Bouygues) -- updates on the acquisition of La Poste Telecom

      • NDAQ (Nasdaq) -- EU's preliminary deadline to rule on European Energy Exchange's acquisition of Nasdaq's European power trading and clearing business extended to 26-Jun

      • AAL.LN (Anglo American) -- BHP, Anglo American fail to make progress on negotiations amid fundamental disagreement on deal structure; Anglo unlikely to grant extended deadline unless possible way forward emerges - FT

      • IDS.LN (International Distribution Services) -- set to recommend firm offer from EP Group - Reuters

      • CO.FP (Casino Guichard-Perrachon) -- completes sale of GreenYellow stake

      • TRIFOR.DC (Trifork Holding) -- Trifork acquires Spantree Technology Group

      • GCC.NO (Gram Car Carriers) -- associates of primary insiders accept cash offer by SAS Shipping Agencies Services Sàrl

      • LOUP.FP (LDC) -- has entered into exclusive negotiations with Pierre MARTINET Group, "Le Traiteur Intraitable", for the acquisition of 100% of its share capital

      • Achmea not planning to sell life insurance business to NN Group or ASR Nederland; instead looking at partnership with Athora or Lifetri - FD

    • Healthcare

      • ROG.SW (Roche Holding) -- FDA grants Priority Review to Roche's inavolisib for advanced hormone receptor-positive, HER2-negative breast cancer with a PIK3CA mutation

      • MOR.GR (Morphosys) -- SEC filing: SC 13D/A (Filed by NOVARTIS AG)

      • BIM.FP (bioMerieux) -- bioMérieux receives FDA 510(k) clearance of VIDAS TBI (GFAP, UCH-L1)

      • 4578.JP (Otsuka Holdings) -- and Lundbeck present results from three clinical trials of Brexpiprazole in combination with Sertraline at ASCP annual meeting

      • NANO.FP (Nanobiotix) -- announces presentation of new data from phase 1 immunotherapy program at ASCO 2024

    • Other

      • EXA.FP (Exail Technologies) -- enters partnership with Safran for new on-board communication equipment; to generate annual revenue of several million euros in the long term

      • CRNA.NO (Circio Holding) -- launches NOK52M rights issue priced at NOK2.5/share

      • REP.SM (Repsol) -- launches return service for Amazon customers in Spain

      • ENR.GR (Siemens Energy) -- planning to cut 4,100 jobs at Siemens Gamesa - Reuters

      • BCP.PL (Banco Comercial Portugues) -- announces gross dividend of €0.0170/sh for 2023 financial year

      • SCYR.SM (Sacyr Vallehermoso) -- enters into a forward contract with a credit institution on 10M ordinary shares of Sacyr

      • Index changes: FTSE Russell provides indicative changes to FTSE 100

  • Key rating changes

    • Upgrades

      • SREN.SW (Swiss Re) -- buy from hold at HSBC

      • OTB.LN (On The Beach Group) -- buy from hold at Berenberg

      • RNO.FP (Renault) -- to buy from neutral at Goldman Sachs

      • ROCK.B.DC (Rockwool) -- Rockwool assumed equal-weight at Morgan Stanley; prior rating was underweight

    • Downgrades:

      • MCG.LN (Mobico Group) -- hold from buy at Berenberg

    • Initiations

      • SMHN.GR (SÜSS MicroTec) -- buy at Berenberg

      • CADLR.NO (Cadeler) -- buy at Nordea

      • EGLA.IM (EuroGroup Laminations) -- neutral at Medioban

      • SYENS.BB (Syensqo) -- buy at UBS

    • Other Actions

      • AGS.BB (Ageas) -- reinstated neutral at Goldman Sachs - 8-K

      • SU.FP (Schneider Electric) -- resumed equal-weight at Morgan Stanley

  • Data

    • Nikkei (0.75%) to 38562.80

    • Hang Seng (1.84%) to 18474.14

    • Shanghai Composite (0.05%) to 3108.02

    • S&P futures (20.3) vs prior close of 5324.8

    • €-$ (0.0013) or (0.12%) to 1.0844

    • $-¥ +0.12 or +0.07% to 157.23

    • €-¥ (0.15) or (0.09%) to 170.50

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