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:
The 'boomer election': Britain's Conservatives make a play for older voters - politicojavascript:void(0);/*1716962122748*/
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
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".
DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE