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Back to Daily DR Market Summary

StreetAccount Summary - EU Pre-Open Indications: Futures FTSE (0.01%), DAX30 (0.15%), CAC40 +0.10%

May 31 ,2024

  • Synopsis

    • European indices are set to open mixed and close to unchanged as investors await the Eurozone's May flash consumer price data on to gauge ECB's interest rate path ahead of next week's meeting.

    • Asian equities gaining Friday. Hang Seng leading China markets higher with property and tech rebounding. Shares trading higher in Japan, Australia and Korea. US contracts extending losses afterhours following reports about US AI chip export curbs to Middle East

    • US equities finished mostly lower in Thursday trading, though off worst levels. Nasdaq and S&P on track for weekly declines following five straight weeks of gains. Big tech was largely lower; NVDA hit by afternoon headlines about US delaying AI chip sales to the Middle East.

    • In central banks, Croatia Central Bank's Vuj�?ić panellist at 9:30CET at roundtable organized by Sungshin Univ. In Sweden, meeting at 10:00CET of the retail payments council and the cash handling advisory board. Herman Van Rompuy speech at 11:00BST on current global developments and how these relate to the European challenges of our time at IIEA

    • CPI data published so far: Netherlands May preliminary CPI +2.7% y/y vs consensus +2.7% and prior +2.7%

    • A busy macro front today including Germany Apr retail sales and France/Austria/Belgium/Portugal/Italy Q1 final GDP, France/Italy/Eurozone/Portugal/Austria May preliminary CPI, France Apr PPI, consumer spending, Switzerland Apr retail sales, UK Apr mortgage approvals, M4 money supply, May house price index - Nationwide, Greece Mar retail sales, Austria unemployment rate

    • Q1 reports so far today: Jinhui Shipping & Transportation (JIN.NO), Integrated Wind Solutions (IWS.NO), SynAct Pharma (SYNACT.SS) and Q-linea (QLINEA.SS)

  • Politics/Macro/World News

    • ECB Seen Making Fewer Rate Cuts in Fight to Curb Inflation Risks (BBG)

    • The European elections will be a rough ride for the political mainstream (FT)

  • Top company news

    • Earnings/updates

      • QLINEA.SS (Q-linea) -- reports Q1 EPS (SEK0.50) vs year-ago (SEK2.10)

      • SYNACT.SS (SynAct Pharma) -- reports Q1 EPS (SEK0.70) vs year-ago (SEK1.59

      • IWS.NO (Integrated Wind Solutions) -- reports Q1 net income (NOK2.6M) vs year-ago (NOK0.7M)

      • PHARM.NA (Pharming Group) -- provides update on ongoing regulatory review of leniolisib for the treatment of APDS in the European Union; reaffirms 2024 revenue guidance

      • IG.IM (Italgas) -- guides FY24 adj. EBITDA in range of €1.32-1.35B vs FactSet €1.31B

      • BPE.IM (BPER Banca) -- to close the 2022-25 Group Business Plan early; cites the earlier-than-planned achievement of the main economic and financial targets

      • ROSN.RU (Rosneft Oil) -- reports Q1 net income RUB399B vs year-ago RUB191B

      • IRE.IM (Iren) -- confirms the current organizational configuration and declares itself as an offended party in the ongoing criminal proceedings (post EU close 30-May)

      • SON.PL (Sonae SGPS) -- Transcript Intelligence: Sonae SGPS Q1 Earnings

    • M&A

      • ARVN (Arvinas) -- and Novartis (NOVN.SW) announce FTC antitrust approval for global license agreement and asset agreement - 8-K

      • TIT.IM (Telecom Italia) -- notes closing of NetCo sale to KKR expected to be completed on schedule following European Commission approval

      • ALFA.LN (Alfa Financial Software Holdings) -- holder CHP Software and Consulting Holdings Limited to sell 14.5M ordinary shares in the company, representing ~4.9% of the company's share capital at a price of 173p per share

      • LLQ.SW (Lalique Group) -- receives CHF40/sh cash tender offer by Silvio Denz; intends to delist

      • BVHN.SW (SKAN Group) -- acquires further 5% stake in Aseptic Technologies from Wallonie Entreprendre; terms undisclosed

    • Healthcare

      • NOVN.SW (Novartis) -- new data confirms long-term efficacy and safety of remibrutinib in chronic spontaneous urticaria, data to be presented at EAACI Congress

      • SAN.FP (Sanofi) -- notes the FDA has extended by three months the target action date of its priority review of the sBLA for Dupixent as an add-on maintenance treatment in certain adult patients with uncontrolled COPD

      • BPMC (Blueprint Medicines) -- to present multiple datasets at EAACI and EHA

      • ADAP (Adaptimmune Therapeutics) -- and Galapagos sign clinical collaboration agreement with an option to exclusively license Adaptimmune's TCR T-cell therapy candidate, uza-cel, in head & neck cancer

      • UCB.BB (UCB) -- announces positive CHMP opinion for two 320 mg device presentations of BIMZELX (bimekizumab)

      • IDIA.SW (Idorsia) -- to present data from PRECISION study at the European Society of Hypertension Annual Meeting 2024

      • NYXH.BB (Nyxoah) -- SEC filing: SC 13D/A (Filed by Cochlear Ltd)

    • Other

      • RNO.FP (Renault) -- and Geely establish HORSE Powertrain joint venture

      • DG.FP (VINCI SA) -- wins a contract to extend a drinking water production plant in Phnom Penh in Cambodia

      • MOWI.NO (Mowi) -- releases the 2024 version of the Salmon Farming Industry Handbook

      • SRG.IM (Snam) -- appoints CFO Luca Passa to the role of Financial Reporting Officer; succeeds Luca Oglialoro

      • TRMD.A.DC (TORM Plc) -- announces 6.9M share offering for holder Oaktree through Citi

      • MBTN.SW (Meyer Burger Technology) -- board proposes reverse share split in the ratio 750:1 at upcoming AGM to be held 25-Jun

      • OPM.FP (OPmobility) -- announces contract with CRRC for hydrogen storage systems

      • Archer-Daniels-Midland trading lower; circulation of comments from Hunterbrook cited

      • Rio Tinto secure long-term future for Tiwai Point aluminum smelter with new power deals

  • Key rating changes

    • Upgrades

      • BHG.SS (BHG Group) -- upgraded to buy from hold at Carnegie Securities

      • SAB.SM (Banco de Sabadell) -- upgraded to neutral from underperform at Autonomous Research

      • DB1.GR (Deutsche Börse) -- upgraded to neutral from underperform at Autonomous Research

      • AZE.BB (Azelis Group) -- to neutral from sell at UBS

      • CLNX.SM (Cellnex Telecom) -- to buy from hold at Deutsche Bank

      • CNA.LN (Centrica) -- to outperform from sector perform at RBC Capital Markets

      • BWLPG.NO (BW LPG) -- upgraded to buy from hold at Fearnley

    • Downgrades

      • CAP.FP (Capgemini) -- to hold from buy at Jefferies

      • FDR.SM (Fluidra) -- to hold from buy at Bestinver Securities

      • AWE.LN (Alphawave IP Group) -- to hold from buy at Jefferies

      • MTG.BSS (Modern Times Group MTG) -- downgraded to hold from buy at ABG Sundal Collier

  • Data

    • Nikkei +1.08% to 38464.41

    • Hang Seng +0.77% to 18370.21

    • Shanghai Composite +0.19% to 3097.68

    • S&P futures (9.0) vs prior close of 5253.0

    • €-$ (0.0013) or (0.12%) to 1.0821

    • $-¥ (0.01) or (0.00%) to 156.82

    • €-¥ (0.15) or (0.09%) to 169.71

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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