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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.31%, DAX +0.38%, CAC40 +0.43%

Jun 18 ,2024

  • Synopsis

    • European equity markets are set to open higher amidst Asian equities advancing Tuesday. Broad based strength on regional benchmarks with Japan, Korea, Australia and Taiwan leading gainers. Hang Seng the sole decliner, weighed down by property developers. BOJ Governor Ueda reiterated possibility of rate hike in July, while RBA left cash rate unchanged as expected, noting rate path is uncertain and that it won't rule anything in or out. S&P 500 futures flat afterhours.

    • EU-China trade tensions notched higher after China launched anti-dumping probe into EU pork imports following latter's move to hike tariffs on China EV imports. However, takeaways downplayed significance with pork making up fraction of China's overall imports from EU. Move fits with expectations China's retaliation would be targeted to avoid economic blowback and risk igniting tit-for-tat.

    • On today's agenda, Nick Robinson interviews the leader of the UK Green Party, Adrian Ramsay on the BBC at 22:55BST. Chancellor Scholz news conf. after talks with eastern German regional premiers. EU's transport ministers meeting cover maritime safety, road safety as well as greening freight transport. Elsewhere, the Battery Show Europe takes place whilst 1Spatial (SPA.LN) CEO will be presenting at the Shares/AJ Bell investor evening.

    • In central banks, ECB's Cipollone chairs panel at 14:00CET at EU/ECB conf, other speakers include EU's McGuinness at 9:15, ECB's de Guindos at 15:30. Bank of Netherlands Knot speaks at 17:00CET in Dutch parliament. Bank of France's Villeroy speech at 18:00CET at Toulouse school of economics. Croatia Central Bank's Vujcic speech in Moneterra. Hungary Central Bank Inflation Report. Estonia Central Bank's Müller meets with representatives of Swedbank and separately with the Ambassador of France.

    • Macroeconomic data releases due today include: Eurozone/Austria May CPI, Germany Jun ZEW Economic Sentiment, and Kantar latest grocery market share figures and update on inflation for the 12 weeks ending 9-Jun-24 will be released.

    • In Corporate news, Novonesis (NSIS.B.DC) issued an updated outlook ahead of its Capital Markets Day today indicating to a pro forma organic sales growth for 2024 now expected at the upper end of the 5-7% range. In Switzerland, Komax (KOMN.SW) reported a trading update updating its FY24 outlook and now expects the EBIT to be modestly positive. UK companies out with earnings/updates include Whitbread (WTB.LN) and Ashtead (AHT.LN)

    • In M&A, Reuters reported that Lufthansa (LHA.GR) offered additional concessions to soothe EU competition concerns over long-haul flights in bid for ITA stake. In Italy, KKR, TPG submitted preliminary proposals to acquire part or all of CVC's controlling stake in Recordati (REC.IM), reports Bloomberg. People familiar with the matter say that Angelini Pharma and at least one Abu Dhabi sovereign wealth fund have also indicated an interest in a stake, with some suitors only keen on a minority stake.

  • Politics/Macro/World News

    • French businesses court Marine Le Pen after taking fright at left's policies - FT

    • France's Left Bloc Starts Campaign With Rally Calling for Unity - Bloomberg

    • EU to delay Basel bank trading reforms as US revisits plans - FT

    • Labour risks higher mortgage bills and worse unemployment, says HSBC - The Telegraph

    • EU Leaders Delay Top-Jobs Deal Before Summit Next Week - Bloomberg

    • UK Investment Rate Worst in G-7 With £1.9 Trillion Gap, IPPR Says - Bloomberg

  • Top company news

    • Earnings/updates

      • NSIS.B.DC (Novonesis) -- issues updated outlook ahead of Capital Markets Day

      • ADP.FP (Aeroport de Paris) -- reports May Paris Aeroport traffic 9.1M, +2.5% y/y

      • BIOPOR.DC (BioPorto) -- initiates private placement of 50.0M new shares at market price for expected total gross proceeds of DKK 81.4M (~$11.7M)

      • KOMN.SW (Komax Holding) -- trading update; expects EBIT to be modestly positive for FY24

      • ALVU.FP (Vente-Unique.com) -- reports H1 net income €4.8M vs year-ago €2.2M

      • Also reporting today

        • Earnings:

          • Nordics: Roblon (RBLN.B.DC), Biovica International (BIOVIC.B.SS)

          • Southern Europe: Admie Holdings (IPTO) (ADMIE.GA)

          • UK: Ashtead Group (AHT.LN), Telecom Plus (TEP.LN), Tatton Asset Management (TAM.LN), De La Rue (DLAR.LN), Oxford BioDynamics (OBD.LN)

        • Trading Update: Whitbread (WTB.LN), SThree (STEM.LN)

        • Traffic: VINCI (DG.FP)

    • M&A

      • REC.IM (Recordati) -- KKR, TPG submit preliminary proposals to acquire part or all of CVC's controlling stake in Recordati - Bloomberg (17-Jun, 14:54 ET/20:54 CET)

      • RESURS.SS (Resurs Holding) -- CVC and Waldakt launches public offer for Resurs Holding at SEK23.50/share cash

      • LHA.GR (Deutsche Lufthansa) -- Lufthansa offers additional concessions to soothe EU competition concerns over long-haul flights in bid for ITA stake - Reuters

      • AZE.BB (Azelis Group) -- acquires 100% of the shares of CPS Chemicals (Coatings) Pty Ltd in South Africa; terms undisclosed

      • CSR.AU (CSR) -- Court approves CSR scheme of arrangement, CSE shares to be suspended from quotation from COB tomorrow

      • SCHP.FP (Seche Environnement) -- signs Share Purchase agreement to acquire ECO Industrial Environmental Engineering Pte Ltd in Singapore for ~ SGD605M (~ €417M)

      • NHOA.FP (NHOA SA) -- NHOA announces proposed simplified tender offer by TCC

      • Certain owners of Colonial Pipeline exploring sale of their interests - Reuters

    • Healthcare

      • ROG.SW (Roche Holding) -- Roche receives FDA clearance on its digital pathology solution for diagnostic use

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

      • GNFT.FP (GENFIT) -- announces new EASL-EASD-EASO clinical practice guidelines for MASLD include NIS2+ as key tool for detecting at-risk MASH

      • EAPI.FP (Euroapi) -- and Priothera sign CDMO agreement for an oncology project

    • Other

      • VIV.FP (Vivendi) -- Vivendi's Havas launches AI strategy including €400M investment in AI ahead of potential listing next year; no decision taken yet on which exchange Havas will be floated - FT, citing CEO

      • ALO.FP (Alstom) -- books a new order in Europe of around €670M

      • CA.FP (Carrefour) -- announces continuation of €700M share buyback program

      • TE.FP (Technip Energies) -- and KPSP sign long-term services agreement with KPO for the development of the Karachaganak field in Kazakhstan

      • DEC.FP (JCDecaux) -- wins 13-year contract for Rome Metro, buses and tramways in Italy

      • SCHA.NO (Schibsted) -- initiates organisational changes and cost measures; reduces its workforce by 250 positions and starts extensive review for the remaining marketplaces company

      • FING.B.SS (Fingerprint Cards) -- announces preliminary outcome in rights issue through Pareto Securities

      • ALFEN.NA (Alfen) -- secures double-digit million-euro contract to deliver customised medium voltage walk-in substations for Belgian public transport company TEC

      • VAR.NO (Vår Energi) -- extends sales agreement with VNG for up to five billion cubic meters of natural gas over an additional 12 years

      • Carbios, Tomra Textiles to collaborate to scale circularity of polyester textiles; terms undisclosed

      • Regional Gaming Revenues - Massachusetts May 2024

  • Key rating changes

    • Upgrades

      • FRES.LN (Fresnillo) -- to add from hold at Peel Hunt (earlier, timing uncertain)

      • STMPA.FP (STMicroelectronics) -- to neutral from sell at Goldman Sachs

      • SU.FP (Schneider Electric) -- to buy from hold at Jefferies

      • DWL.LN (Dowlais Group Plc) -- to neutral from underperform at BNP Paribas Exane

    • Downgrades

      • ROVI.SM (Laboratorios Farmaceuticos Rovi, S.A.) -- to neutral from outperform at BNP Paribas Exane

    • Initiations

      • NKT.DC (NKT A/S) -- hold at Berenberg

      • HOLM.B.SS (Holmen) -- underweight at JPMorgan

      • FR.FP (Valeo SE) -- outperform at BNP Paribas Exane

      • FRVIA.FP (Forvia) -- outperform at BNP Paribas Exane

      • CON.GR (Continental ) -- neutral at BNP Paribas Exane

      • OPM.FP (OPmobility) -- outperform at BNP Paribas Exane

      • SHA.GR (Schaeffler) -- outperform at BNP Paribas Exane

    • Others:

      • FACC.AV (FACC) -- resumed buy at Stifel; prior rating was hold

  • Data

    • Nikkei +0.75% to 38388.00

    • Hang Seng (0.10%) to 17917.79

    • Shanghai Composite +0.49% to 3030.81

    • S&P futures +1.0 vs prior close of 5546.3

    • €-$ (0.0015) or (0.14%) to 1.0722

    • $-¥ +0.08 or +0.05% to 157.82

    • €-¥ (0.13) or (0.08%) to 169.18

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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