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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.37%), DAX (0.26%), CAC (0.11%)

Jun 13 ,2024

  • Synopsis

    • European equity markets are set to open lower amid Asian equities mixed Thursday. Tech/semis driving outperformance of Korean and Taiwan markets. Hang Seng leading China market gains with mainland indexes turning negative. Shares in Australia and India gaining while Nikkei a touch lower. S&P 500 futures adding to gains afterhours. Treasuries extending post-CPI rally as regional bond yields fall alongside. Dollar strongest against yen and Aussie, steady elsewhere. Crude, metals and cryptos all pulling back from earlier highs.

    • In central banks, Bank of Lithuania's Kuniyoshi to participate in the Economic and Financial Committee meeting (through Fri) and Šau�?iūnienė participates in the annual meeting of the Bank of Lithuania and the Central Bank of Portugal on managing foreign reserves. Bank of Italy's Angelini speech at 9:00CET at conf. hosted by Bank of Italy/IMF. Czech National Bank Michl speech at 9:45BST at Central Banking's Summer Meetings, event also covers sustainability. Denmark Central Bank's governor Christian Kettel Thomsen speaks at 13:00CET at Folkemødet.

    • Further on today's agenda, in Switzerland, SECO presents its latest economic forecast. Also. G7 Summit (through Sat) and NATO-Ukraine Council meeting at the level of Defence Ministers. In UK, there's a multi-party general election tv debate (leaders or senior representatives from the Conservative Party, Labour Party, Liberal Democrats, SNP, Reform UK, Green Party and Plaid Cymru) on ITV at 20:30BST. Finland's PM Orpo hosts Netherlands PM Rutte, Rutte will also participate in Kultaranta Talks, as does EU's Urpilainen. Finnish Energy Day organised by Montel, speakers include minister of climate and the environment Mykkänen, execs from Metsä Group, Alpiq. Handelsblatt conf. on Gas stations, Convenience shops, e-Food emerging into a new era. Paris Air Forum 2024, EU's Breton speaks at 9:50CET.

    • Macroeconomic releases due today include: Spain May final CPI, Switzerland May PPI, Eurozone Apr industrial production, UK May house price balance (RICS), Ireland May CPI.

    • In corporate news, OVS (OVS.IM) reported Q1 earnings yesterday after the close including Q1 pretax income €10.1M vs year-ago €7.7M. Fraport (FRA.GR) released this morning May Frankfurt Airport traffic statistics: passengers 5.5M, +6.9%y/y. Rusta (RUSTA.SS) is out with Q4 numbers. In the UK, companies expected to update the market with their respective earnings/trading updates include Halma (HLMA.LN), PayPoint (PAY.LN), Virgin Money UK (VMUK.LN) and Wise (WISE.LN).

    • Stellantis (STLAM.IM), OMV (OMV.AV), Europa Oil & Gas (EOG.LN) are due to host CMD/events.

  • Politics/Macro/World News

    • EU to impose tariffs of up to 48% on imports of some Chinese EVs - Bloomberg

    • Six lame ducks and Giorgia Meloni: Meet the G7 class of 2024 - Politico

    • Fed leaves rates unchanged, sees only one 2024 cut despite inflation progress - Reuters

    • How Macron got ensnared by the chaos of his own election gambit - FT

    • French conservative party ousts leader over alliance with far right - Politico

    • Rishi Sunak pledges up to £250m to keep lights on in Ukraine - The Times

    • German government plans supplementary budget for 2024 - Bild

  • Top company news

    • Earnings/updates

      • FRA.GR (Fraport) -- reports May Frankfurt Airport traffic statistics: passengers 5.5M, +6.9%y/y

      • FHZN.SW (Flughafen Zuerich) -- reports May traffic statistics

      • OVS.IM (OVS) -- reports Q1 pretax income €10.1M vs year-ago €7.7M

      • RUSTA.SS (Rusta) -- reports Q4 EPS (SEK0.60) vs FactSet (SEK0.34) [2 est, (SEK0.67)-0.00]

    • M&A

      • NHOA.FP (NHOA SA) -- TCC Group Holdings to launch offer for remaining 11.13% of NHOA S.A at €1.1/sh cash

      • SHEL.LN (Shell Plc) -- reportedly the frontrunner in bidding for Pavilion Energy LNG assets - Bloomberg

      • LGEN.LN (Legal & General Group) -- Patron Capital Partners among bidders for Legal & General's Cala - Sky News

      • DOCS.LN (Dr. Martens) -- PLC notes technical change in Permira ownership structure

      • PLX.FP (Pluxee) -- to acquire Spanish digital player Cobee; terms undisclosed

      • VIRI.FP (Viridien) -- sells Sercel Marlin vessel monitoring and alert system to ExxonMobil Guyana Ltd

    • Healthcare

      • AZN.LN (AstraZeneca) -- AstraZeneca's Farxiga approved in the US for the treatment of paediatric type-2 diabetes

      • UCB.BB (UCB) -- to present new data to support value of CIMZIA for women living with chronic rheumatic diseases throughout pregnancy and post-partum, and for people living with RA and high rheumatoid factor levels

      • ALCLS.FP (Cellectis SA) -- Cellectis unveils a non-viral Gene therapy approach for sickle cell disease in Nature Communications magazine

      • FYB.GR (Formycon) -- starts clinical development program for FYB206 with the inclusion of the first patient

    • Other

      • BMW.GR (Bayerische Motoren Werke) -- BMW releases sustainability overview FY23

      • TE.FP (Technip Energies) -- JV awarded a major EPC contract by ADNOC of the lower-carbon Ruwais LNG project, in Abu Dhabi

      • AZE.BB (Azelis Group) -- Index changes: Euronext announces results of Jun-24 quarterly review for BEL 20; Azelis to be added effective from Monday 24-Jun

  • Key rating changes

    • Upgrades

      • FDEV.LN (Frontier Developments) -- to hold from sell at Deutsche Bank

      • GPE.LN (Great Portland Estates) -- to hold from sell at Jefferies

      • SAND.SS (Sandvik) -- to buy from hold at DnB Markets

    • Downgrades

      • TEF.SM (Telefonica) -- to sell at Deutsche Bank

      • SWON.SW (SoftwareONE Holding) -- to Add from Buy at Baader Helvea

      • SFSN.SW (SFS Group) -- to Add from Buy at Baader Helvea

    • Initiations

      • NHY.NO (Norsk Hydro) -- buy at Goldman Sachs

      • ETL.FP (Eutelsat Communications) -- market perform at Bernstein

      • GTT.FP (Gaztransport & Technigaz) -- outperform at Bernstein

      • TKA.AV (Telekom Austria) -- outperform at Bernstein

  • Data

    • Nikkei (0.14%) to 38823.32

    • Hang Seng +0.36% to 18002.51

    • Shanghai Composite (0.12%) to 3033.85

    • S&P futures +10.0 vs prior close of 5427.5

    • €-$ (0.0008) or (0.07%) to 1.0804

    • $-¥ +0.45 or +0.29% to 157.16

    • €-¥ +0.36 or +0.21% to 169.79

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