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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.03%, DAX +0.04%, CAC40 +0.18%

Jun 11 ,2024

  • Synopsis

    • European equity markets are set to open flat to higher, whilst Asia equities leaning softer Tuesday. Japan and South Korea tracking moderate gains, off best levels. Other benchmarks softer, led by Hong Kong, Australia and Shanghai. US futures settled into mild losses following broad gains overnight.

    • No major catalysts overnight as markets look ahead to Wednesday's US CPI and FOMC meeting. Recall that markets pared Fed rate cut projections again on the back of stronger than expected nonfarm payrolls, and now imply 50% probability of a September move. Consensus forecasts indicated some division over the dot plot would indicate one or two cuts on the horizon. Tech in focus with Apple (AAPL) unveiling its AI strategy at the WWDC, though no major surprises. European equities logged moderate declines and euro lagged among major currencies amid European Parliament election results though with no meaningful spillover into US markets.

    • In the UK, the Conservative Party will publish its election manifesto later today. The BBC reported that the Tories would pledge a further 2p National Insurance cut, and the Telegraph reported that Rishi Sunak would offer tax breaks to landlords in the manifesto. The Labour manifesto is expected to be out on Thursday.

    • On today's agenda, OPEC monthly report and EIA short-term energy outlook. Amongst events are Handelsblatt CFO-Summit (through Wed), Company CFO's speaking include from Covestro (COV.GR), Evonik Industries (EVK.GR), Rheinmetall (RHM.GR), DHL Group (DHL.GR), RWE (RWE.GR), Siemens Healthineers (SHL.GR), SMA Solar Technology (S92.GR). Wirtschaftstag 2024, Economy Council of the CDU (through Wed) and European Sustainable Energy Week 2024 (through Thu). International Conf. on the Reconstruction of Ukraine, speakers include Chancellor Scholz, EU's von der Leyen, Sinkevi�?ius, also EU's Dombrovskis, Šef�?ovi�? participate. Press conf. is planned for 12noon CET. EU's Šef�?ovi�? participates in the Hydrogen Council event on 'Growing the hydrogen ecosystem for a secure and sustainable energy future'. EU's Simson attends the European Sustainable Energy Week 2024 (EUSEW). Norway's defence minister Gram participates in parliament's consideration of the long-term plan for the defense sector at 10:00CET. Pricing expected to be announced for Raspberry PI (RPI.LN) IPO

    • In central banks, Bank of Finland's Rehn press conf at 9:00CET on the outlook for the Finnish economy Bank of France's Villeroy speech at 9:10CET at Paris Finance Forum. The European Single Supervisory Mechanism at 10: Lessons learnt and challenges ahead" hosted by ECB (through Wed), ECB's Buch speech at 9:30CET, Elderson at 18:45. Bank of Austria's Holzmann moderates panel at 10:45CET, moderates discussion with Bank of France's Villeroy 13:00, at OeNB, SUERF Annual Economic Conf. ECB's Lane fireside chat at 12noon BST at the Banking and Payments Federation Ireland National Conf, other speakers include finance minister McGrath at 9:05. Bank of Spain releases quarterly report on the Spanish economy and macroeconomic projections.

    • Macro data out today include UK May claimant count change and Netherlands May CPI +2.7% y/y vs preliminary +2.7%.

    • In Corporate news, Euronext (ENX.FP) reported May trading activity, and GENFIT (GNFT.FP) issued comments on FDA approval of Ipsen's Iqirvo, indicating that it is eligible to receive a €48.7M milestone payment from Ipsen upon the first commercial sale of Iqirvo in the U.S., as well as tiered double-digit royalties of up to 20%. In M&A, Atos (ATO.FP) confirmed it would work with the Onepoint consortium to reach a definitive financial restructuring agreement to be subsequently implemented by a dedicated accelerated procedure by July 2024.

    • In other corporate developments, Cellnex Telecom (CLNX.SM) holder CriteriaCaixa places 18.6M shares at €32.91/share through JPMorgan.

  • Politics/Macro/World News

    • Tories to pledge further 2p National Insurance cut in manifesto - BBC

    • Rishi Sunak offers tax breaks to landlords in Tory manifesto - The Telegraph

    • Rightwing Tories plan 'rebel manifesto' if Sunak's policy launch falls flat - The Guardian

    • Labour sparks concern over potential capital gains tax increase - FT

    • Majority of German companies in favour of punitive tariffs against China - Handelsblatt

    • Infighting over budget imperils Germany's defence upgrade - Reuters

    • UN Security Council backs Israel-Hamas ceasefire plan - Reuters

  • Top company news

    • Earnings/updates

      • GNFT.FP (GENFIT) -- Follow-up: GENFIT comments on FDA approval of Ipsen's Iqirvo

      • ENX.FP (Euronext) -- May trading activity

      • GPI.IM (GPI SpA) -- confirms targets in Strategic Business Plan 2022-24 - June company presentation

      • SCANFL.FH (Scanfil) -- lowers FY guidance

      • HDD.GR (Heidelberger Druckmaschinen) -- reports FY EPS €0.13 vs FactSet €0.15 [3 est, €0.13-0.18]; expects sales and EBITDA margin for financial year 2024/2025 to match previous year's level

    • M&A

      • 8058.JP (Mitsubishi) -- Rio Tinto to acquire Mitsubishi's 11.65% stake in Boyne Smelters, terms undisclosed

      • GLE.FP (Societe Generale) -- reportedly sees difficulties with sale of custody business due to valuation disagreements -- Reuters

      • ATO.FP (ATOS SE) -- picks OnePoint's restructuring offer - Le Figaro

      • NTGY.SM (Naturgy Energy Group) -- Criteria Caixa and TAQA end discussions related to a possible cooperation agreement related to Naturgy (post EU close 10-Jun)

      • MITRA.BB (Mithra Pharmaceuticals) -- Mithra files for bankruptcy and continues negotiations with Gedeon Richter for the sale of Neuralis and Estetra

      • MF.FP (Wendel) -- acquires minority stake in YesWeHack through equity investment of €14.5M

    • Healthcare

      • GSK.LN (GSK Plc) -- GSK notes plaintiff's voluntary dismissal of next Zantac case in Illinois

      • MOR.GR (Morphosys) -- SEC filing: SC 13D/A (Filed by NOVARTIS AG)

      • IPN.FP (Ipsen) -- receives US FDA accelerated approval as first-in-class PPAR treatment for primary biliary cholangitis

      • INDV.LN (Indivior) -- announces dosing of first subject with INDV-2000 in a Phase 2 study assessing the safety and efficacy of INDV-2000 in individuals with opioid use disorder

      • MOLN.SW (Molecular Partners) -- Molecular Partners, Orano Med announce positive preclinical data of their DLL3-targeting Radio-DARPin Therapy (RDT) candidate MP0712 at SNMMI 2024

      • MED.SW (Medartis Holding) -- CEO Christoph Brönnimann to resign to pursue other opportunities

      • CLNX.SM (Cellnex Telecom) -- holder CriteriaCaixa places 18.6M shares at €32.91/share through JPMorgan

    • Other

      • UBI.FP (Ubisoft Entertainment) -- featured in AAPL WWDC Keynote Address

      • BMW.GR (Bayerische Motoren Werke) -- BMW under expanded review from Senate for use of banned electrical components - Reuters

      • TEF.SM (Telefonica) -- CaixaBank exits its entire stake of 2.546% in Telefonica via settlement by delivery of shares from swap contracts and market sale

      • CLNX.SM (Cellnex Telecom) -- holder CriteriaCaixa placing up to 18.6M shares via accelerated book-building through JPMorgan

      • DG.FP (VINCI SA) -- Qatar Holding LLC steps down from VINCI's board; resignation will come into effect on 10-Jun-24

      • AVOL.SW (Avolta) -- HMSHost awarded new 15-year contract at Sacramento International Airport

      • PGHN.SW (Partners Group Holding) -- Partners Group closes its fifth direct private equity program with total commitments above its target of $15B

      • ATO.FP (ATOS SE) -- Follow-up: Atos confirms it will work with the Onepoint consortium to reach definitive financial restructuring agreement to be subsequently implemented by a dedicated accelerated procedure by July 2024

      • SAS.SS (SAS) -- AB announces plan of reorganization in ongoing proceeding

      • Calix and Heidelberg Materials form JV for Leilac-2 demonstration plant in Germany, commissioning expected in mid-2026

      • GSK notes plaintiff's voluntary dismissal of next Zantac case in Illinois

      • Labor contract negotiations breakdown ahead of new 'peak season' import volumes

  • Key rating changes

    • Upgrades

      • AAL.LN (Anglo American) -- to outperform at Bernstein

      • UCB.BB (UCB) -- to neutral from underweight at JPMorgan

    • Downgrades

      • DEC.FP (JCDecaux) -- to hold from buy at Deutsche Bank

      • BAMI.IM (Banco BPM) -- to equal-weight from overweight at Morgan Stanley

    • Initiations

      • AAK.SS (AarhusKarlshamn) -- buy at UBS

      • AZE.BB (Azelis Group) -- hold at Deutsche Bank

      • ACLN.SW (Accelleron Industries) -- hold at Berenberg

      • PST.IM (Poste Italiane) -- outperform at BNP Paribas Exane

    • Others

      • AAL.LN (Anglo American) -- resumed equal-weight at Morgan Stanley; prior rating was overweight

  • Data

    • Nikkei +0.30% to 39155.61

    • Hang Seng (1.45%) to 18101.02

    • Shanghai Composite (0.93%) to 3022.97

    • S&P futures (4.0) vs prior close of 5371.3

    • €-$ (0.0000) or (0.00%) to 1.0765

    • $-¥ +0.20 or +0.13% to 157.24

    • €-¥ +0.15 or +0.09% to 169.27

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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