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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.49%), DAX (0.43%), CAC +0.11%

May 30 ,2024

  • Synopsis

    • European equity markets are set to open mixed amid Asian equities weaker Thursday as yield back contributes to risk aversion. Developers weighing on Hang Seng with Nikkei, Kospi and ASX all notably lower. Mainland China indexes little changed. SE Asian benchmarks also under pressure. S&P futures extending losses afterhours. Australia and JGB rate backup continue with Treasury yields up slightly. Yen off lows against majors, dollar steady elsewhere. Base metals tracking equity market declines. Gold and crude little changed. Bitcoin pushing up from lows.

    • On today's agenda, there's an informal meeting of NATO Foreign Ministers (thru Fri). Meeting of EU's Foreign Affairs Council, in its Trade configuration, and EU's Energy ministers also meet. NIESR hosts 2024 UK General Election: The Economy and Living Standards at 11:00BST. Chancellor Scholz Q+A with readers of Thüringer Allgemeine in Erfurt in the evening. UK Apr car production numbers released by SMMT

    • In central banks, SNB's Jordan speech at 2:00CET, panellist at 2:30 at Bank of Korea International Conf., other panellists include Bank of Slovakia's Kažimír, Poland Central Bank's Glapiński 8:00. Norges Bank's Bech-Moen speech at 10:45CET to Entreprenørforeningen. Riksbank's Breman speech at 13:00CET at Lund Univ. Bank of Greece's Stournaras, EU's McGuinness speak at conf organised by EIB and the Bank of Greece. Ireland Central Bank's meeting of the Climate Risk and Sustainable Finance Forum.

    • Macroeconomic releases due today include: Sweden Q1 final GDP, Switzerland Q1 GDP, Apr trade balance (and monthly watch data), May KOF leading indicator, Spain May preliminary CPI, Italy Apr unemployment rate, PPI, Eurozone May business and consumer survey, Apr unemployment rate, Greece Apr unemployment rate, PPI, Belgium May CPI, Ireland May preliminary HICP, Denmark Apr unemployment rate

    • In corporate news, Helvetia Holding (HELN.SW) reports FY number of active insured persons +8.5% y/y. Hunter Group (HUNT.NO) reports Q1 net income NOK5.7M vs year-ago (NOK2.2M). eDreams ODIGEO (EDR.SM) is also out with FY numbers. Other companies in the region expected to update the market with their respective earnings/trading updates include: Oncopeptides (ONCO.SS), SAS (SAS.SS), Auto Trader Group (AUTO.LN) and Dr. Martens (DOCS.LN).

    • On M&A front, Brookfield consortium enters into exclusive negotiations to acquire a majority stake in Neoen and launch a €39.85/share mandatory tender offer.

  • Macro/Politics/World

    • Back me for low interest rates, Rishi Sunak tells voters - Times

    • Labour and Tories promise not to raise VAT after election - BBC

    • Why Nato is divided over the future of military aid to Ukraine - FT

    • Weaker Franc Is Key Risk to Swiss Inflation, SNB's Jordan Says - Bloomberg

  • Top company news

    • Earnings/updates

      • TIT.IM (Telecom Italia) -- reports Q1 EBITDA €1.50B vs FactSet €1.50B [1 est]

      • DG.FP (VINCI SA) -- reports Q1 net income €16.1M vs year-ago €23.8M

      • OPAP.GA (Greek Organisation of Football Prognostics) -- reports Q1 net income €115.5M ex-items vs FactSet €109.3M [1 est]; On track to deliver 2024 outlook

      • TENERGY.GA (Terna Energy) -- reports Q1 adjusted net income €27.0M vs year-ago €17.5M

      • ICEAIR.IR (Icelandair Group) -- withdraws FY guidance; cites the external environment

      • INTEG.B.SS (Integrum) -- reports Q4 EPS SEK0.12 vs year-ago (SEK0.33)

      • HELN.SW (Helvetia Holding) -- reports FY number of active insured persons +8.5% y/y

      • HUNT.NO (Hunter Group) -- reports Q1 net income NOK5.7M vs year-ago (NOK2.2M)

    • M&A

      • NEOEN.FP (Neoen) -- Brookfield nearing acquisition of 53% stake in Neoen in a deal valuing the company at ~€6.1B - Bloomberg

      • AAL.LN (Anglo American) -- BHP Group walks away from talks with Anglo American

      • DG.FP (VINCI SA) -- VINCI announces the acquisition of Helios Nordic Energy in Sweden

      • MMT.FP (M6-Metropole) -- subsidiary Gulli to acquire La Boite Aux Enfants

      • MGN.NO (Magnora) -- Helios owners sell all shares to French infrastructure group Vinci for an upfront payment of €73M

      • APGN.SW (APG SGA) -- NZZ to acquire 25% stake in APG SGA for CHF220/share from JCDecaux SE and Pargesa Asset Management

      • VBX.GR (Voltabox) -- discloses advanced talks on the sale of the majority stake in GreenCluster GmbH

      • NEOEN.FP (Neoen) -- Brookfield consortium enters into exclusive negotiations to acquire a majority stake in Neoen and launch a €39.85/share mandatory tender offer

    • Healthcare

      • NOVN.SW (Novartis) -- FDA approves first three generics of Entresto; litigation (appeal) still pending

      • VIJ.GR (Viemed Healthcare) -- amend and extend credit agreement - 8-K

      • AB.FP (AB Science) -- announces CHMP of EMA adopted a trending toward a negative opinion on the application for conditional marketing authorisation of masitinib in the treatment of amyotrophic lateral sclerosis (ALS)

    • Other

      • SAF.FP (Safran) -- announces early redemption of outstanding convertible bonds

      • RI.FP (Pernod Ricard) -- enters five-year global licensing agreement with ecoSPIRITS for circular packaging technology

      • SUBC.NO (Subsea 7) -- awarded contract by Petrobras for the development of the Búzios 9 field in Brazil

      • TRN.IM (TERNA Rete Elettrica Nazionale) -- TERNA sign an ESG-linked Revolving Credit Facility agreement for a total amount of €250M

      • SCHA.NO (Schibsted) -- approves first tranche of the previously disclosed special cash dividend; dividend of NOK 77.10 per class A and B share

      • PIRC.IM (Pirelli & C.) -- China's Silk Road to sell ~9% stake of Pirelli for ~$553M - Bloomberg

      • ACX.SM (Acerinox) -- ceases production at Bahru Stainless facility and changes operations at Europa facility

  • Key rating changes

    • Upgrades

      • YIT.FH (Yit) -- to buy from sell at Danske Bank

      • CURY.LN (Currys) -- to buy from hold at Berenberg

      • SOP.FP (Sopra Steria Group) -- to outperform from neutral at BNP Paribas Exane

      • MAERSK.B.DC (Maersk) -- to buy from hold at Nordea

    • Downgrades

      • EQNR.NO (Equinor) -- to neutral from buy at Sparebank 1 Markets

      • AAL.LN (Anglo American) -- to hold from buy at Jefferies

      • MNDI.LN (Mondi) -- Mondi resumed neutral at JPMorgan; prior rating was overweight

    • Initiations

      • HMS.SS (HMS Networks) -- hold at SEB

      • ENTRA.NO (Entra Eiendom) -- buy at Nordea

    • Other Actions

      • TKA.AV (Telekom Austria) -- reinstated neutral at JPMorgan; prior rating was neutral

  • Data

    • Nikkei (1.53%) to 37968.11

    • Hang Seng (1.40%) to 18219.18

    • Shanghai Composite (0.56%) to 3093.65

    • S&P futures (31.0) vs prior close of 5284.0

    • €-$ (0.0011) or (0.10%) to 1.0792

    • $-¥ (0.62) or (0.39%) to 157.02

    • €-¥ (0.87) or (0.51%) to 169.43

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.
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