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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.22%, DAX30 +0.04%, CAC 40 (0.09%)

Jul 12 ,2024

  • Synopsis

    • European indices are set to open mostly higher as Q2 season kicks off with a number of Nordic companies reporting, including (ERIC.B.SS) Telefonaktiebolaget LM Ericsson reporting Q2 EPS (SEK 3.34) vs year-ago (SEK0.21) and FactSet SEK0.40

    • Asian equities are mixed today. Big losses in semis/tech weighing on Korea and Taiwan indexes. Hang Seng outperforming amid rally in property developers.

    • US equities finished mixed in Thursday afternoon trading. Small-cap Russell 2000 and equal weight S&P were the standouts amid a rotation out of growth/momentum. Resulted in big-tech selloff (notably TSLA, NVDA) weighed on S&P and Nasdaq index performance, though breadth was notably positive.

    • In central banks, Italy's central bank releases its latest economic bulletin and survey on inflation and growth expectations. Elsewhere, Chancellor Scholz hosts Japanese PM Kishida in the afternoon, Bavarian Economic Day, speakers include ifo President Fuest. Deadline for Global Yatırım Holding to announce if making a firm offer for Global Ports Holding (GPH.LN).

    • in Macro data: Sweden, France and Spain will report June CPI data.

    • In earnings, most releases came from the Nordics with Q2 numbers from ARJO.B.SS, ADDT.B.SS, BRAV.SS, FNOX.SS, LIME.SS, NELLY.SS, NAS.NO amongst many others.

  • Politics/Macro/World News

    • Macron tries to reassure NATO allies despite French political limbo (Reuters)

    • UK Mortgage Holders Helped Labour to Landslide Win, Study Shows (Bloomberg)

    • ECB to Go Slow on Rate Cuts as Elections Feed Risks, Poll Shows (Bloomberg)

  • Top company news

    • Earnings/updates

      • RHM.GR (Rheinmetall) -- CEO surprised by the extent of the company's growth, as he expects sales growth to continue to be above 20% - FAZ

      • PGHN.SW (Partners Group Holding) -- reports solid AuM development in H1 and reconfirms full-year fundraising guidance

      • BC.IM (Brunello Cucinelli) -- reports preliminary Q2 revenue €312M vs FactSet €312.1M [5 est, €309-316.7M]

      • BC.IM (Brunello Cucinelli) -- Follow-up: Brunello Cucinelli confirms FY24 projected sales growth of ~ 10%; guides 2025 sales growth of ~10%

      • AKRBP.NO (Aker BP) -- reports Q2 EPS $0.89 vs FactSet $0.87 [15 est, $0.79-1.00]

      • NAS.NO (Norwegian Air Shuttle) -- reports Q2 net income NOK477.1M vs FactSet NOK256.7M [4 est, NOK157.5-310M]

      • EMSN.SW (EMS-Chemie Holding) -- reports H1 net operating income CHF291M, +4% vs year-ago CHF280M

      • BFF.IM (Banca Farmafactoring) -- BFF Bank's directors approve submission of its response to the Bank of Italy inspection; reaffirms 2026 targets (11:50ET)

      • ARJO.B.SS (Arjo) -- reports Q2 EPS SEK0.44 vs FactSet SEK0.50 [6 est, SEK0.44-0.56]

      • NSKOG.NO (Norske Skog) -- reports Q2 EPS NOK2.89 including positive item and unclear if comparable to FactSet NOK0.22 [2 est, (NOK0.65)-1.10]

      • KOF.FP (Kaufman & Broad) -- reports Q2 net income attributable €10M vs FactSet €7.2M [1 est]

      • PROT.NO (Protector Forsikring) -- reports Q2 EPS NOK3.10 vs FactSet NOK5.31 [3 est, NOK4.90-5.95]

      • AFKS.RU (Sistema) -- reports Q1 net income RUB1.5B

      • ALTHX.FP (Theranexus) -- announces available cash of €1.8M as of 30-Jun-24 vs €3.1M as of 31-Mar-24

      • THEP.FP (Thermador Groupe) -- reports preliminary Q2 revenue €130.3M vs year-ago €153.2M

    • M&A

      • BG (Bunge Global) -- Bunge's merger with Viterra reportedly at risk of potentially seeing delays -- Bloomberg

      • LDO.IM (Leonardo) -- Seri Industrial finalises the acquisition of 98% of Industria Italiana Autobus S.p.A. (post EU close 11-Jul)

      • LRE.SM (Lar España Real Estate) -- Helios RE, S.A. (controlled by Hines and Grupo Lar Inversiones Inmobiliarias, S.A.) offers to acquire Lar España Real Estate for €8.10/share in cash

      • SHF.GR (SNP Schneider-Neureither & Partner) -- exploring potential sale after receiving initial takeover interest - Bloomberg

      • BG (Bunge Global) -- Follow-up: Bunge's merger with Viterra reportedly at risk of potentially seeing delays -- Bloomberg

      • TECK.B.CN (Teck Resources) -- completes sale of remaining 77% interest in steelmaking coal business to Glencore

      • MYTIL.GA (Metlen Energy & Metals) -- Metlen launches auction for Australian renewable energy generation and storage business - Australian Financial Review

      • ZEHN.SW (Zehnder Group) -- completes acquisition of Siber; deal was announced 3-Jul

      • KKR and Axel Springer management discussing breaking up media conglomerate -- FT

    • Healthcare

      • ELOX (Eloxx Pharmaceuticals, Inc.) -- Eloxx Pharmaceuticals provides pipeline and financing updates

    • Other

      • VIV.FP (Vivendi) -- Follow-up: Vivendi's Canal+ exploring potential listing on the London Stock Exchange - Bloomberg

      • CABK.SM (CaixaBank) -- announces approval of share buy-back program

      • GNC.LN (Greencore Group) -- Activist fund Oasis Management increases stake in Greencore to 10.0% from 5.2% - TR-1 filing (11-Jul, 15:00 BST)

      • CCR.LN (C&C Group) -- appoints CFO Andrew Andrea to the newly established role of Chief Financial and Transformation Officer with immediate effect

      • SCATC.NO (Scatec) -- Scatec's Egypt Green Hydrogen Project signed 20-year offtake agreement with Fertiglobe

      • CATL holds talks with sovereign wealth funds, family offices and automakers including Mercedes-Benz about raising $1.5B (CNY10.9B) to build out global supply chain - FT

      • FactSet Podcast - Evening Market Recap, 11-Jul

  • Key rating changes

    • Upgrades

      • ENEL.IM (Enel) -- to buy from hold at Jefferies

      • ENG.SM (Enagas) -- to buy from hold at Mirabaud (17:02 CET)

      • INTRUM.SS (Intrum) -- to hold from sell at ABG Sundal Collier

      • ADP.FP (Aeroport de Paris) -- upgraded to buy at Redburn Atlantic

      • DECB.BB (Deceuninck) -- upgraded to buy from hold at Kepler Cheuvreux

    • Downgrades

      • JM.SS (JM) -- JM short-term recommendation downgraded to hold from buy at Handelsbanken

      • EPR.NO (Europris) -- to hold from buy at DnB Markets

      • JM.SS (JM) downgraded to reduce from hold at Kepler Cheuvreux

    • Initiations

      • FDR.SM (Fluidra) -- buy at UBS

    • Other Actions

      • ITV.LN (ITV) -- assumed equal-weight at Morgan Stanley; prior rating was equal-weight

  • Data

    • Nikkei (2.36%) to 41226.66

    • Hang Seng +2.18% to 18220.87

    • Shanghai Composite (0.02%) to 2969.94

    • S&P futures +1.3 vs prior close of 5639.8

    • €-$ +0.0001 or +0.01% to 1.0871

    • $-¥ +0.19 or +0.12% to 159.02

    • €-¥ +0.21 or +0.12% to 172.84

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