Jun 21 ,2024
Synopsis
European indices are set to open slightly higher as Asian equities trade mostly lower Friday. Hang Seng leading China market declines with tech/internet platforms under pressure. Korea and Taiwan other notable decliners amid pullback in tech/semis. Nikkei peeling lower while Australian and Indian equities logging mild gain and Indonesia leading SE Asia
US equities ended mostly lower Thursday, a bit off worst levels. Momentum and growth lagged value for a change. Big tech was a notable drag with NVDA and AAPL the laggards following recent run up
On today's agenda: Eurozone/Germany/UK/France Flash Jun Manufacturing and Services PMIs, UK CBI Industrial Trends Orders and May Retail Sales, Switzerland May M3 Money Supply, France Jun Business Survey
Among central banks updates, Friday sees ECOFIN meetings, participants include ECB's de Guindos. Lithuania Central Bank's Krėpšta will participate in the meeting of the heads of supervisory authorities of the Baltic central banks.
In corporate news: Geberit AG (GEBN.SW) concludes its 2022-2024 share buyback; launches already communicated new programme in Q3. Fincantieri (FCT.IM) sets price of €2.62/share for rights issue.
Politics/Macro/World News
Top company news
Earnings/updates
RECSI.NO (REC Silicon) -- provides Moses Lake operations update; pushes first delivery timeline to mid-September
VAR1.GR (VARTA) -- guides FY24 revenue €820-870M vs prior guidance at least €900M and FactSet €869.1M [3 est, €824.9-897.1M]
CTM.SS (Catena Media) -- expects Q2 revenue €12.5-13.5M vs FactSet €15.6M [1 est]; reiterates forecast of return to revenue growth in H2
M&A
SPR (Spirit AeroSystems) -- Boeing talks to acquire Spirit AeroSystems progressing - Reuters
4911.JP (Shiseido) -- announces transfer of ownership in FineToday
IPS.FP (Ipsos) -- acquires UK-based Datasmoothie Ltd.; terms undisclosed
ALBFR.FP (Sidetrade) -- secures majority control of SHS Viveon AG
SG.IM (SAES Getters) -- S.G.G. Holding S.p.A. extends acceptance period in connection with offer for SAES Getters to 28-Jun (post EU close 20-Jun)
Healthcare
SAN.FP (Sanofi) -- will present new data from its hemophilia portfolio at the 32nd Congress of the International Society on Thrombosis and Haemostasis (ISTH)
SRPT (Sarepta Therapeutics) -- announces expanded US FDA approval of ELEVIDYS to Duchenne muscular dystrophy patients ages 4 and above
ZEAL.DC (Zealand Pharma) -- announces positive topline results from the Phase 1B 16-week multiple ascending dose clinical trial with long-acting amylin analog petrelintide
Other
ABI.BB (Anheuser-Busch InBev) -- SEC filing: SC 13D/A (Filed by BRC S.a.R.L.)
BMW.GR (Bayerische Motoren Werke) -- BMW cancels a €2B order with Northvolt for EV battery cells
ALO.FP (Alstom) -- announces new €400M contract
URW.FP (Unibail-Rodamco-Westfield) -- provides update on Westfield Hamburg-Überseequartier opening date
ATO.FP (ATOS SE) -- provides update on the targeted €800M short-term interim financing
UN0.GR (Uniper) -- recommissions Happurg pumped-storage plant for around €250M
Data Link Solutions LLC awarded $998.8M US Navy contract
Key rating changes
Upgrades
BNP Paribas Exane upgrades AAL.LN, VALE
Downgrades
ABBN.SW (ABB Limited) -- to sell at Deutsche Bank
YOU.LN (YouGov) -- to reduce from buy at HSBC
Initiations
GMAB.DC (Genmab) -- buy at SEB
HTO.GA (Hellenic Telecommunications Organization) -- buy at Deutsche Bank
Stifel initiates BDEV.LN, BKG.LN, BWY.LN, GLE.LN, PSN.LN, others
Data
Nikkei (0.04%) to 38619.13
Hang Seng (1.42%) to 18075.53
Shanghai Composite (0.08%) to 3003.10
S&P futures +5.0 vs prior close of 5544.5
€-$ +0.0015 or +0.14% to 1.0716
$-¥ +0.02 or +0.01% to 158.94
€-¥ +0.23 or +0.14% to 170.31
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