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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.16%, DAX30 +0.07%, CAC40 +0.06%

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

    • Crisis memory, geopolitics and the risks of financial contagion (FT)

    • U.S. and China hold first informal nuclear talks in 5 years, eyeing Taiwan (BBG)

  • 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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