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StreetAccount Summary - Europe Pre-Open: FTSE +0.37%, DAX30 +0.34%, CAC40 +0.18%

Jun 14 ,2024

  • Synopsis

    • European indices are set to open higher as Asian equities trade mixed.

    • Japan equities have swung higher, JGB yields have extended move lower and yen coming under pressure after BOJ confirmed intent to taper bond purchases

    • US equities finished mixed in Thursday trading, ending not far from best levels after some midday weakness. Breadth was again fairly narrow. Big tech was mixed, though TSLA and NVDA were notable gainers

    • Among central banks updates: Bank of Slovenia's Vasle speech at 9:35CET at conf. hosted by Slovenian Bankers Assn. Croatia Central Bank's Vuj�?ić speech at 9:00CET, chairs panel at 11:00 at Dubrovnik Economic Conf, ECB's Lane panellist at 11:00, ECB's Lagarde speech at 19:00. Croatia Central Bank's deputy governor Švaljek chairs panel at 9:00 on Sat. Turkish President Erdogan will attend the Group of Seven (G7) summit.

    • Recent statements from ECB policymakers have maintained the cautious, data-dependent approach to future rate cuts suggested by President Lagarde in the June policy decision

    • In Macro: Finland May CPI +1.5% y/y vs consensus +2.6% and prior +1.9%

    • Other Macroeconomic releases due today include: France May final CPI, Italy Apr trade balance, Sweden May CPI, Eurozone Apr trade balance, Portugal May final CPI

    • In corporate news: LVMH announced strategic investment in Accor's Orient Express brand; will continue to search third partner for venture. Kesko reports May sales €1.11B, (2.7%) in comparable terms

    • Tesco (TSCO.LN) will post a Trading update pre market open.

  • Politics/Macro/World News

    • Farage's Reform Overtakes Sunak's Tories in 'Crossover' UK Poll (Bloomberg)

    • Ukraine to sign security agreements with Japan and US at G7 (Reuters)

  • Top company news

    • Earnings/updates

      • KESKOB.FH (Kesko) -- reports May sales €1.11B, (2.7%) in comparable terms

    • M&A

      • CRST.LN (Crest Nicholson Holdings) -- Bellway makes non-binding all-share offer to Crest Nicholson Holdings

      • UBSG.SW (UBS Group) -- in final negotiations to sell stake in Credit Suisse's Chinese JV to Beijing city government - Bloomberg

      • TTE.FP (TotalEnergies) -- to sell subsidiary EP (Brunei) to Hibiscus Petroleum Berhad for $259M

      • CDA.FP (Compagnie des Alpes) -- completes the acquisition of 86.5% in Urban Group

      • RVRC.SS (RVRC Holding) -- ABG Sundal Collier AB and Carnegie Investment Bank AB engaged by Altor Fund IV AB and Altor Fund IV AB to sell ~7.8M shares in RVRC Holding AB to Swedish and international institutional investors through an accelerated book-building procedure

      • V3S.GR (Vectron Systems) -- business combination with Shift4 becomes binding; de-listing to follow

      • Flix ??exploring alternatives to planned IPO; in negotiations with EQT about taking 30% stake - Handelsblatt (13-Jun, 13:03 CET)

    • Healthcare

      • MOLN.SW (Molecular Partners) -- presents positive preclinical data for first switch-darpin candidate MP0621 at EHA 2024

      • SFZN.SW (Siegfried Holding) -- notes EGS Beteiligungen exercises Dec-20 convertible bonds of CHF 40M nominal value

    • Other

      • LOGN.SW (Logitech International) -- appoints Meeta Sunderwala to interim CFO, effective immediately - 8-K

      • BNP.FP (BNP Paribas) -- BNP Paribas, BPCE to create strategic partnership in the field of payments

      • DSFIR.NA (DSM-Firmenich) -- DSM updates on voluntarily transfer of shares to dsm-firmenich

      • GTT.FP (Gaztransport & Technigaz) -- discloses terms and conditions of the share buy-back program

      • EMMN.SW (Emmi) -- announces departure of CFO Sacha D. Gerber; Oliver Wasem will be appointed as new CFO on 1-Jul-24

  • Key rating changes

    • Upgrades

      • CRST.LN (Crest Nicholson Holdings) -- to buy from hold at Investec (earlier, timing uncertain)

      • LXS.GR (Lanxess) -- upgraded to buy from hold

    • Downgrades:

      • KEMIRA.FH (Kemira) -- downgraded to hold from buy

    • Initiations

      • GEN.LN (Genuit Group) -- sector perform at RBC Capital Markets

  • Data

    • Nikkei +0.37% to 38863.40

    • Hang Seng (0.63%) to 17998.73

    • Shanghai Composite (0.13%) to 3024.96

    • S&P futures +2.8 vs prior close of 5438.5

    • €-$ (0.0005) or (0.05%) to 1.0734

    • $-¥ +0.96 or +0.61% to 157.98

    • €-¥ +0.96 or +0.57% to 169.55

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