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StreetAccount Summary - Europe Pre-Open: FTSE +0.57%, DAX +0.50%, CAC +0.34%

Jun 05 ,2024

  • Synopsis

    • European equity markets set to open broadly higher. Note that Denmark is closed for Constitution Day.

    • Focus on UK politics after current PM/Conservative leader Rishi Sunak and Labour's Sir Keir Starmer had their first head-to-head TV debate of the election campaign last night. Sunak and Starmer traded blows on the economy, the NHS and immigration. A poll by YouGov suggests the narrowest of victories for Rishi Sunak, by 51% to 49% (BBC, Sky News, ITV)

    • Asian equities mixed Wednesday. Indian stocks open higher after experiencing worst session since Mar-2020 on Tuesday. Fallout from Indian PM Modi's narrower-than-expected election win continues as BJP seeks to short up coalition after losing majority. Lot of discussion in press about diminished potential for Modi to usher in contentious economic reforms, while some doubts have been raised over fiscal restraint amid potential for more populist budgets. In economic developments, Australian Q1 GDP growth missed consensus, though details not as bad with consumption growth picking up. China Caixin services PMI expanded by more than expected, fastest since Jul-2023 and driven by pickup in new business. South Korea Q1 GDP revised up in-line with forecasts. RBA Governor Bullock said won't hesitate to hike again if inflation doesn't come down quickly. Later tonight, BOC expected to cut rates by 25 bp.]

    • Back in Europe, macro data releases include Italy, Spain, Sweden May services PMIs as well as final reads for Eurozone, France, Germany, UK, France Apr industrial production, Eurozone Apr PPI

    • Earnings/updates eyed from the likes of Inditex, Clas Ohlson, Elekta Voestalpine and B&M European Value Retail

    • Also on today's agenda: in central banks, Bank of Spain's Delgado gives a speech at 8:45CET at Goldman Sachs' annual European financials conf and af Jochnick fireside chat at 10:20. Croatia Central Bank's deputy governor Švaljek speech at 10:30CET at Financial and investment forum organized by Lider media. ECB's McCaul panellist at 22:30CET at the 23rd annual IMF-FED-WB international conf. Iceland Central Bank's statement of the Financial Stability Committee. Also on Wed are German construction industry event (TBI24), speakers include Chancellor Scholz, minister of economics Habeck and minister of finance Lindner. Federal Assn of German Volksbanks and Raiffeisenbanks (BVR) conf. speakers include Chancellor Scholz. The Chancellor also opens the International Aerospace Exhibition. BDEW Congress, speakers include EU's Šef�?ovi�? at 14:00CET. Berlin International Air Show (through Sun), St. Petersburg International Economic Forum (through Fri) and Germany

  • Macro/politics

    • ECB rate cut to breathe fresh life into Eurozone economy - FT

    • UK: General election TV debate: Pollsters give Sunak narrow win over Starmer after testy first clash - Independent

    • UK new car sales grew in May, preliminary industry data shows - Reuters

    • Chinese carmakers brace for EU tariffs on electric vehicles from July 4 - SCMP

  • Top company news

    • Earnings/updates

      • ITX.SM (Inditex) -- reports Q1 net income attributable €1.29B vs StreetAccount €1.29B; Revenue €8.15B vs StreetAccount €8.17B; Q2 current trading; Between 1-May and 3-Jun, store and online sales in constant FX +12% y/y

      • CLAS.B.SS (Clas Ohlson) -- reports Q4 EPS SEK0.64 vs FactSet SEK0.28 [2 est, SEK0.28-0.28]

      • VOE.AV (Voestalpine) -- reports FY EPS €0.64 vs FactSet €1.67 [11 est, €0.57-2.71]

      • EKTA.B.SS (Elekta) -- reports Q4 EPS SEK1.15 vs consensus SEK1.51, Orders SEK6.44B vs consensus SEK6.66B

      • Also reporting today

      • Earnings:

        • DACHs: Fabasoft (FAA.GR)

        • Nordics: Sectra (SECT.B.SS)

        • UK: B&M European Value Retail SA (BME.LN), Paragon Banking Group (PAG.LN), Ninety One (N91.LN), Workspace Group (WKP.LN), discoverIE Group (DSCV.LN), Vp (VP.LN), Ramsdens Holdings (RFX.LN)

      • Trading Update: Nordnet (SAVE.SS), WH Smith (SMWH.LN)

      • CMD/events: Wallenius Wilhelmsen (WAWI.NO), Computacenter (CCC.LN), lastminute.com (LMN.SW), poLight (PLT.NO)

    • M&A

      • KPN.NA (KPN) -- and ABP sign agreement to create new tower company (TowerCo); impact on KPN's FY24 adj EBITDA AL would be ~€30M

      • AZN.LN (AstraZeneca) -- completes acquisition of Fusion Pharmaceuticals

      • HOLN.SW (Holcim) -- completes acquisition of Land Recovery in the UK

      • SCMN.SW (Swisscom) -- agrees to sell it's 4.5% stake in FiberCop to Optics Bidco S.p.A. (KKR) for €438.7M in cash

      • SAB.SM (Banco de Sabadell) -- BBVA seeks ECB authorization for its hostile bid for Sabadell - Reuters

      • SRS.IM (Saras) -- shares jumped ~ +4% ahead of market close; unconfirmed speculation about renewed activism cited

      • DGV.IM (Digital Value) -- agrees to acquire Infordata S.p.A. for €22M (post EU close 4-Jun)

    • Healthcare

      • BAYN.GR (Bayer AG) -- Judge trims $2.25B verdict against Bayer in Pennsylvania-based Roundup case to $400M - Reuters

      • ALCLS.FP (Cellectis SA) -- receives orphan drug designation for allogeneic CAR T-cell product UCART22

      • RPTX (Repare Therapeutics) -- announces Fast Track designation granted by the FDA for lunresertib in combination with camonsertib for the treatment of platinum-resistant ovarian cancer

      • DIA.IM (DiaSorin) -- receives 510(k) clearance from the FDA for LIAISON PLEX Yeast Blood Culture Assay

    • Other

      • EQNR.NO (Equinor) -- solidifies New York offtake contract for Empire Wind 1

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- to carry out €750M issue of contingently convertible preferred securities

      • ENGI.FP (ENGIE) -- has preordered 5M Tonnes of nature-based carbon removals form Catona from 2030-2039

      • STAN.LN (Standard Chartered) -- responds to media reports regarding US civil litigation

      • EBS.AV (Erste Group Bank) -- board approves share buyback for up to €500M

      • PIRC.IM (Pirelli & C.) -- notes update to shareholders' agreements pertaining to the company (post EU close 4-Jun)

      • GAZP.RU (Gazprom) -- unlikely to recover gas sales lost as a result of Ukraine war for more than a decade - FT, citing company-commissioned report

      • GFG.GR (Global Fashion Group) -- agrees to repurchase €9.8M of its outstanding convertible bonds due 2028 from an institutional investor

      • Avangrid and CPS Energy extend and expand relationship with power purchase agreement for energy from Texas wind farm

  • Key rating changes

    • Upgrades

      • MUV2.GR (Munich Re) -- to outperform from neutral at Mediobanca

      • STERV.FH (Stora Enso) -- to overweight from equal-weight at Morgan Stanley

      • TW.LN (Taylor Wimpey) -- to buy from hold at Berenberg

      • FABG.SS (Fabege) -- Fabege short-term recommendation upgraded to buy from hold at Handelsbanken

      • KOG.NO (Kongsberg Gruppen) -- to buy from hold at SEB

      • SN.LN (Smith & Nephew) -- to buy from neutral at UBS

    • Downgrades

      • FORTUM.FH (Fortum) -- to equal weight from overweight at Barclays

      • FBK.IM (FinecoBank) -- to sell from hold at Deutsche Bank

      • SCR.FP (Scor) -- to neutral from outperform at Mediobanca

      • CATE.SS (Catena) -- Catena short-term recommendation downgraded to hold from buy at Handelsbanken

      • MNDI.LN (Mondi) -- to equal-weight from overweight at Morgan Stanley

  • Data

    • Nikkei (1.05%) to 38428.44

    • Hang Seng +0.29% to 18497.06

    • Shanghai Composite (0.64%) to 3071.27

    • S&P futures +7.3 vs prior close of 5304.0

    • €-$ (0.0001) or (0.01%) to 1.0880

    • $-¥ +0.76 or +0.49% to 155.66

    • €-¥ +0.83 or +0.49% to 169.35

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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