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StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.80%, DAX30 +0.87%, CAC40 +0.44%

Jun 03 ,2024

  • Synopsis

    • European equity markets are set for a positive open amidst higher Asian equities Monday. Regional benchmarks notably higher with semis/tech contributing to Kospi and Taiex outperformance. Hang Seng leading China markets with techandproperty stocks rallying.Mainlandstocks weaker. Indian stocks staging post-election rally. S&P 500 futures edging higher.

    • Over the weekend, Icelandic presidential election saw Halla Tomasdottir, an entrepreneur, winning the election with 34% of the votes to beat former PM Katrin Jakobsdottir with 25%. Tomasdottir will be sworn in on 1-Aug. On Sun (2nd), OPEC+ ministerial meeting agreed to extend deep production cuts into next year.

    • In the UK, BBC announced its line-up of televised general election debates starting on Friday 7-Jun and likely concluding with a final head-to-head clash between Rishi Sunak and Sir Keir Starmer before polling day. Chancellor Scholz delivers a speech at 17:00CET at German School of Journalism whilst France, Italy, Spain May new car registrations are due to be released

    • In central banks, BBC has announced televised general election debates starting next Friday 7th June and likely ending with head-to-head clash between Rishi Sunak and Keir Starmer before polling day. Croatia Central Bank's Vuj�?ić speech at 2:15CET at Croatian-Korean business forum in South Korea. Lithuanian central bank's Simkus speech at 9:00CET in connection with the Financial Stability Review. Bank of Portugal's Centeno speech at 14:30BST at conf on Financial Intermediation co-hosted with CEPR. Latvia Central Bank's Kaz�?ks speech at the EBIT conf. Italy's Central bank jointly hosts event on Digital Policy and Data Governance in the Age of AI, speakers include Senior Deputy Governor Signorini.

    • On the macro front, Germany May unemployment change, Spain May unemployment change, Switzerland May CPI, Eurozone Apr consumer inflation expectations and UK May retail sales monitor - BRC are due to be released.

    • A light earnings front sees, DSM-Firmenich (DSFIR.NA) guiding mid-term organic sales growth of 5-7% and adj EBITDA margin of 22-23% in connection with its CMD whilst Cosmo Pharmaceuticals (COPN.SW) reports FY net income (€4.7M) vs year-ago €17.5M and ATOS SE (ATO.FP) releasing a market update saying they have received two revised financial restructuring proposals as part of conciliation process

    • ALK-Abello (ALK.B.DC), ITV (ITV.LN) and Kongsberg Gruppen (KOG.NO) are due to to host CMDs/investor events.

  • Politics/Macro/World News

    • Opec+ agrees to extend deep production cuts into next year - FT

    • BBC announces dates for election TV debates - BBC

    • Iceland elects businesswoman Halla Tomasdottir as new president, beating former PM - Reuters

    • Netherlands Apr Retail Sales +2.3% y/y vs consensus +4.9% and prior revised +4.3% from +4.8% (00:30ET)

  • Top company news

    • Earnings/updates

      • Benelux:

        • DSFIR.NA (DSM-Firmenich) -- sees mid-term organic sales growth of 5-7% and adj EBITDA margin of 22-23% -- CMD

      • DACHs:

        • COPN.SW (Cosmo Pharmaceuticals) -- reports FY net income (€4.7M) vs year-ago €17.5M

      • France:

        • ATO.FP (ATOS SE) -- market update: received two revised financial restructuring proposals as part of conciliation process

    • M&A

      • AIR.FP (Airbus)-- A consortium of Japanese businesses led by NTT DOCOMO commit to invest $100M in AALTO HAPS Limited

      • TWEKA.NA (TKH Group) -- completes divestment of HE System Electronic to Magna International, deal announced 15-May

      • GVOLT.PL (Gamma Lux Holdco S.à.r.l. (KKR)) -- has control over 78.9% of Greenvolt Energias Renováveis shares; announce mandatory tender offer

      • SAN.FP (Sanofi) -- proceeding with dual track sale process and potential spin-off of consumer division; expected to value business at ~€20B - FT

      • HO.FP (Thales) -- completes the sale of its Ground Transportation Systems business to Hitachi Rail for €1.66B (enterprise value)

      • CO.FP (Casino Guichard-Perrachon) -- completes the sale of 90 stores to Groupement Les Mousquetaires and Auchan Retail France

      • HLN.LN (Haleon) -- completes disposal of ChapStick brand to Suave Brands Company

      • ATO.FP (ATOS SE) -- market update: received two revised financial restructuring proposals as part of conciliation process

      • NEOEN.FP (Neoen) -- ACCC approval of Brookfield's potential acquisition of Neoen not a sure thing - Australian Financial Review

      • ONTEX.BB (Ontex Group) -- Ontex finalizes divestment of its business in Pakistan

      • CLA.B.SS (Cloetta) -- to divest Nutisal brand

      • SONG.LN (Hipgnosis Songs Fund) -- Blackstone set to sweeten offer for Hipgnosis Songs Fund; planning to change it to scheme of arrangement - FT

      • 003490.KS (KOREAN AIR LINES Co.) -- Korean Air planning to order up to 30 new jets from Boeing as soon as next month - Bloomberg

      • ATRLJ.B.SS (Atrium Ljungberg) -- sells two properties in Sundbyberg

      • ODHN.SW (Orascom Development Holding) -- enters sale agreement for RAK Tourism Investment FZC; enterprise value $40M

      • TFF.FP (TFF Group) -- acquires 51% stake in the PETITRENAUD group; terms undisclosed

      • V3S.GR (Vectron Systems) -- enters into business combination agreement with the Shift4 group

    • Healthcare

      • TNG.FP (Transgene) -- enrolls first patient in Phase II part of randomized Phase I/II trial evaluating lead cancer vaccine TG4050 in head and neck cancer

      • ALK.B.DC (ALK-Abello) -- presents positive phase 3 paediatric trial data at EAACI

      • JNJ (Johnson & Johnson) -- announces new data from the Phase 3 MARIPOSA study demonstrating treatment with RYBREVANT in combination with lazertinib in patients with high-risk disease

      • AZN.LN (AstraZeneca) --

        • announces ENHERTU (fam-trastuzumab deruxtecan-nxki) demonstrated a median progression-free survival of 13.2 months in HR-positive, HER2-low and HER2-ultralow metastatic breast cancer following one or more lines of endocrine therapy

        • AstraZeneca's IMFINZI (durvalumab) is the first and only immunotherapy to show survival benefit in limited-stage small cell lung cancer in global Phase III trial, reducing the risk of death by 27% vs. placebo

        • announces TAGRISSO (osimertinib) reduced the risk of disease progression or death by 84% in patients with unresectable, stage III EGFR-mutated lung cancer vs. placebo in LAURA Phase III trial

        • AstraZeneca's Truqap (capivasertib) plus fulvestrant now available in Canada

      • GSK.LN (GSK Plc) --

        • announces belantamab mafodotin combination reduced the risk of disease progression or death by nearly 50% versus standard of care combination in relapsed/refractory multiple myeloma

        • issues statement regarding Zantac (ranitidine) litigation; to appeal ruling by Delaware State Court

      • 4502.JP (Takeda Pharmaceutical) -- Takeda and Pfizer announce four-year results from positive Phase 3 HD21 trial of additional ADCETRIS (brentuximab vedotin) combination in frontline hodgkin lymphoma

      • BNTX (BioNTech) -- announces initial data from ongoing Phase 2 trial evaluating acasunlimab which in combination with Pembrolizumab demonstrates meaningful clinical activity in phase 2 trial in patients with previously treated mNSCLC

      • GMAB.DC (Genmab) -- reports new efficacy and safety data from two ongoing Phase 1/2 clinical trials evaluating epcoritamab

      • IDIA.SW (Idorsia) -- presents new data with daridorexant at SLEEP 2024

      • MOLN.SW (Molecular Partners) -- presents positive data from completed phase 1 trial of MP0317 (FAP X CD40 DARPin) monotherapy in patients with advanced solid tumors at ASCO 2024

      • NANO.FP (Nanobiotix) -- announces new data showing disease control and tumor response in patients treated with RT-activated NBTXR3 followed by anti-PD-1 for 2l+ R/M HNSCC Naïve or resistant to prior anti-PD-1 therapy

      • TLX.AU (Telix Pharmaceuticals) -- submits BLA to FDA for TLX250-CDx (Zircaix) for characterization of renal masses as clear cell renal cell carcinoma

      • CANTA.SS (Cantargia) -- ASCO presentation highlights positive clinical data on nadunolimab counteracting neuropathy

    • Other

      • AFG.NO (AF Gruppen) -- wins contract with a value that exceeds NOK500M excl VAT

      • EVT.GR (Evotec) -- and QIAGEN enter software collaboration for enhanced multi-omics data insights

      • BWE.NO (BW Energy) -- concludes the drilling and the logging of the DHIBM-7P pilot well; specifies estimated increase in Hibiscus gross recoverable reserves

      • RLF.SW (RELIEF THERAPEUTICS Holding) -- interim CEO Michelle Lock and interim CFO Andrew Einhorn transit out as CEO and CFO respectively

      • AC.FP (Accor) -- shareholders approve buyback program for up to €1.76B

      • LHA.GR (Deutsche Lufthansa) -- Lufthansa seeking to expand into military, weapon-carrying systems - Handelsblatt

      • KPN.NA (Royal KPN) -- completes €200M share buyback

      • SUBC.NO (Subsea 7) -- awarded four PLSV contracts in Brazil

      • BAKKA.NO (Bakkafrost) -- holder Sprucegrove Investment Management increases stake to 5.02%

      • KOG.NO (Kongsberg Gruppen) -- awarded $141.0M USAF contract

      • NAS.NO (Norwegian Air Shuttle) -- and the Norwegian Pilot Union reach agreement through mediation

      • AKAST.NO (Akastor) -- ASA 50% owned affiliate HMH announces its intention to pursue US listing

      • 022.GR (NextTrip) -- SEC filing: NT 10-K

      • Estimated weekend box office revenues in US, Canada $64.0M, (68.8%) y/y - Box Office Mojo

      • France May new passenger car registration (2.9%) y/y to 141,298 vehicles -- PFA (1-Jun)

      • Qatar Airways nears decision on Boeing and Airbus widebody jet order - Bloomberg

  • Key rating changes

    • Upgrades

      • RXL.FP (Rexel) -- buy from hold at Kepler Cheuvreux

      • RCDO.LN (Ricardo) --buy from hold at Berenberg

      • Goldman Sachs upgrades GPE.LN; downgrades LAND.LN

      • JPMorgan upgrades QLT.LN, STJ.LN

      • ANE.SM (Corporación Acciona Energías Renovables) -- to equal-weight from underweight at Morgan Stanley

      • AZA.SS (Avanza Bank Holding) -- to equal weight from underweight at Barclays

      • FGR.FP (Eiffage) -- to buy from neutral at Goldman Sachs

    • Initiations

      • BNP Paribas Exane initiates BYG.LN, SAFE.LN; transfers SHUR.BB

      • SAAB.B.SS (Saab) -- buy at UBS

  • Data

    • Nikkei +1.21% to 38952.90

    • Hang Seng +2.37% to 18508.41

    • Shanghai Composite (0.42%) to 3073.92

    • S&P futures +12.3 vs prior close of 5295.5

    • €-$ +0.0005 or +0.05% to 1.0853

    • $-¥ +0.14 or +0.09% to 157.40

    • €-¥ +0.20 or +0.12% to 170.81

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