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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.25%, DAX30 +0.13%, CAC40 +0.27%

Jul 17 ,2024

  • Synopsis

    • The European equity markets are set for a higher open amidst mixed Asian equities Wednesday. Markets in Japan and China little changed. Taiex underperforming after Trump voiced skepticism about defending island. ASX hitting fresh record highs. S&P 500 futures touch lower afterhours.

    • Today's King's Speech in the UK ~11:30BST will set out the government's legislative agenda for current parliamentary session and reveal extent of its ambition to change the country (BBC). There are expected to be ~35 draft laws ministers intend to introduce in the coming months with measures aimed at boosting growth (FT), including planning reform, a sovereign wealth fund, state-owned GB energy and new powers for fiscal watchdog OBR. Government will reintroduce mandatory housebuilding targets and want local authorities to identify regional infrastructure needs to stop individual authorities blocking plans (Guardian). Members of both Houses debate the content of the speech over several days commencing on Thu.

    • In Germany, there's a press conf in the afternoon on the government's draft for the federal budget for 2025 and financial plan until 2028 with finance minister Lindner, among others. French President Macron seen keeping the current government in place temporarily, likely declaring it a caretaker government. Fitch Ratings event at 10:30BST title French Parliamentary Election: Key Cross-Sector Credit Implications

    • On the macro front, UK Jun CPI/RPI/PPI input/output, Eurozone Jun final CPI, Portugal Jun PPI

    • A busy morning for earnings see from the DACHs region, Adidas (ADS.GR) reporting preliminary Q2 operating income €346M incl. item and unclear of comparable to FactSet €251.2M and raises FY operating income guidance whilst Daimler Truck Holding (DTG.GR) reported preliminary Q2 adjusted EBIT €1.17B vs consensus €1.26B and put full-year guidance under review. In France,

    • Michelin (ML.FP) released global tire market data for June and VINCI (DG.FP) reported Airports Jun airport passenger traffic +7.9%. In the Nordics, Demant (DEMANT.DC) reported preliminary H1 EBIT DKK2.1M and provided revised FY guidance whilst Svenska Handelsbanken (SHB.A.SS) reported Q2 EPS SEK3.43 vs FactSet SEK3.13 and Tele2 (TEL2.B.SS) is out with Q2 net income continuing ops SEK946M vs consensus SEK884M whilst confirming FY and mid-term outlook. Elsewhere, ASML Holding (ASML.NA) reported Q2 EPS €4.01 vs consensus €3.73, guides Q3 and keeps FY24 outlook unchanged

    • Companies hosting CMDs/events include Cohort (CHRT.LN) and hVIVO (HVO.LN).

  • Politics/Macro/World News

    • King to outline government's plans in State Opening of Parliament - BBC, Bloomberg

    • IMF upgrades UK growth forecast in another boost to new Labour government - CNBC

    • UK and EU consider first summit to improve post-Brexit relationship - FT

Top company news

  • Earnings/updates

    • Benelux:

      • ASML.NA (ASML Holding) -- reports Q2 EPS €4.01 vs consensus €3.73; guides Q3 and keeps FY24 outlook unchanged

      • FLOW.NA (Flow Traders) -- Jun ETP market statistics

      • NSI.NA (NSI) -- reports H1 EPRA EPS €0.91 vs year-ago €1.02

      • BAR.BB (Barco) -- reports H1 EPS €0.10 vs FactSet €0.21 [1 est]

    • DACHs:

      • ADS.GR (Adidas) -- reports preliminary Q2 operating income €346M incl. item and unclear of comparable to FactSet €251.2M [14 est, €58-414.6M]; raises FY operating income guidance

      • DTG.GR (Daimler Truck Holding) -- Daimler Truck reports preliminary Q2 adjusted EBIT €1.17B vs consensus €1.26B; full-year guidance under review

      • TKA.AV (Telekom Austria) -- reports Q2 net income €146M, (12%) vs year-ago €166M

      • ACLN.SW (Accelleron Industries) -- reports preliminary H1 revenue $505M vs FactSet $480.9M [1 est]

      • HYQ.GR (Hypoport) -- reports Q2 total mortgage finance transaction volume on Europace €16.09B vs year-ago €12.55B

    • France:

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for June

      • DG.FP (VINCI SA) -- VINCI Airports Jun airport passenger traffic +7.9%

      • ADP.FP (Aeroport de Paris) -- reports Total Paris Aeroport June traffic 33.33M, +7.8% y/y

      • VIRP.FP (Virbac) -- reports preliminary Q2 revenue €357.4M vs FactSet €335.3M [1 est]

      • ALESK.FP (Esker) -- reports preliminary Q2 revenue €51.5M vs FactSet €50.5M [2 est, €49.6-51.4M]

      • FNAC.FP (Fnac Darty) -- reports preliminary H1 revenue €3.39B, +1.4% y/y; reaffirms FY guidance; announces intention to acquire Unieuro

      • GDS.FP (Ramsay Générale de Santé) -- reports 9M EPS (€0.19) vs year-ago €0.36 (earlier, post-EU close)

    • Nordics:

      • DEMANT.DC (Demant) -- reports preliminary H1 EBIT DKK2.1M; provides revised FY guidance

      • SHB.A.SS (Svenska Handelsbanken) -- reports Q2 EPS SEK3.43 vs FactSet SEK3.13 [12 est, SEK2.93-3.24]

      • TEL2.B.SS (Tele2) -- reports Q2 net income continuing ops SEK946M vs consensus SEK884M; Confirms FY and mid-term outlook

      • NEL.NO (NEL ASA) -- reports Q2 net income (NOK118M) vs FactSet (NOK112.5M) [11 est, (NOK166)-(19.1M)]

      • BWLPG.NO (BW LPG) -- reports Q2 product services segment performance

      • BRG.NO (Borregaard) -- reports Q2 EPS NOK2.45 vs FactSet NOK2.56 [5 est, NOK2.41-2.77]

      • AKER.NO (Aker ASA) -- reports Q2 NAVPS NOK860 vs quarter-ago NOK813

      • PIHLIS.FH (Pihlajalinna) -- reports preliminary Q2 adjusted EBITA €11.4M vs FactSet €10.0M; updates FY outlook

      • SCST.SS (Scandi Standard) -- reports Q2 EPS SEK1.09 vs FactSet SEK1.20 [1 est]

      • SHOT.SS (Scandic Hotels Group) -- reports Q2 EPS (excluding IFRS 16) SEK2.00 vs FactSet SEK2.17 [2 est, SEK2.11-2.22]

      • MTRS.SS (Munters Group) -- reports Q2 EPS SEK1.81 vs FactSet SEK1.80 [3 est, SEK1.45-2.12]

      • KEMIRA.FH (Kemira) -- reports Q2 EPS €0.40 vs FactSet €0.45 [6 est, €0.38-0.49]; reiterates outlook

      • BOAT.SS (Nimbus Group) -- reports Q2 EPS SEK1.43 vs year-ago SEK2.87

      • THULE.SS (Thule Group) -- reports Q2 net income SEK559M vs FactSet SEK583.5M

    • UK:

      • BHP.LN (BHP Group) -- BHP Group reports Q4 production; Iron ore production (Mt) 69.2 vs StreetAccount 67.7

      • CRTA.LN (Cirata) -- Q2 Trading Update and Outlook: Bookings for Q2 2024 of $1.7M, representing 143% growth sequentially over Q1 FY24 and YoY growth also of 143%.

  • M&A

    • SPIE.FP (SPIE) -- agrees to acquire ~87% of Otto Life Science Engineering GmbH

    • ALV.GR (Allianz) -- to acquire 51% of shares in Income Insurance for SG$40.58/share or SG$2.2B (€1.5B) in total

    • TLGO.SM (Talgo) -- shareholders fear a low-ball offer from Skoda if the government rejects the takeover bid from Ganz-Mavag - El Confidencial, citing sources

    • UNIR.IM (UniEuro) -- Fnac Darty and Ruby Equity Investment announce intention to acquire Unieuro for €12/share in cash and shares

    • RI.FP (Pernod Ricard) --

      • Accolade Wines to acquire Pernod Ricard's businesses in Australia, New Zealand and Spain - Australian Financial Review, citing sources

      • confirms sale of strategic wine brands to Accolade Wines; terms undisclosed

    • FR.FP (Valeo SE) -- Valeo seeking buyers for two car parts plants and R&D center in France - Bloomberg

    • AED.BB (Aedifica) -- divests a portfolio of 3 care residences in the Netherlands for €31.5M

    • CRTA.LN (Cirata) -- announces offer for subscription of new ordinary shares of 10 pence each in the capital of the company via PrimaryBid at an issue price of 55 pence per new Ordinary Share

    • MTRS.SS (Munters Group) -- Munters to acquire Geoclima to broaden offering for data center cooling solutions; terms undisclosed

    • ACKB.BB (Ackermans & Van Haaren) -- portfolio company Delen Private Bank agrees to acquire Dierickx Leys Private Bank foe an undisclosed sum

  • Healthcare

    • BAYN.GR (Bayer) -- Orion and Bayer announce phase III ARANOTE trial of darolutamide in combination with androgen deprivation therapy in men with metastatic hormone-sensitive prostate cancer meets primary endpoint

    • ROG.SW (Roche Holding) -- Roche announces positive Phase I results for CT-996 for people with obesity, without type 2 diabetes

    • RLAY (Relay Therapeutics) -- discloses Genentech/Roche's termination of RLY-1971 collaboration agreement - 8-K

    • ORIC (Oric Pharmaceuticals) -- announces clinical collaborations with Bayer/JNJ to support ongoing trial evaluating ORIC-944 in combination with AR inhibitors for the treatment of prostate cancer

    • ORX.SS (Orexo) -- Orexo: has received a complete response letter (CRL) from the FDA regarding the New Drug Application (NDA) for OX124 submitted to the FDA on 18-Sep-23

  • Other

    • NESN.SW (Nestle) -- FDA grants orphan drug designation to Aimmune Nestlé drug for GLUT1DS

    • DBK.GR (Deutsche Bank) -- to aggressively expand investments in Asia - Nikkei

    • HSBA.LN (HSBC Holdings) -- appoints Georges Elhedery as group CEO, effective 2-Sep

    • BA.LN (BAE Systems) -- selects Parsons Corporation for modernization project at Radford Army Ammunition Plant under $15.4M contract

    • SHB.A.SS (Svenska Handelsbanken) -- appoints Anton Romare Keller as Chief Information Officer as of 1-Aug

    • TGS.NO (TGS-NOPEC Geophysical Co.) -- announces Shell Information Technology International B.V has signed a global four-year agreement to license the TGS Imaging AnyWare software suite

    • CRTA.LN (Cirata) -- is undertaking an equity fundraise to raise gross proceeds of ~$7M at a price of 55 pence per share through Panmure

    • European Commission signals lower tariffs for China-made EVs from Volkswagen and BMW - Reuters

Key rating changes

  • Upgrades

    • ALO.FP (Alstom) -- buy from neutral at CIC Market Solutions

    • SPX.LN (Spirax Group) -- hold from reduce at HSBC

    • SCR.FP (SCOR) -- outperform from neutral at Mediobanca

    • Jefferies reinstates FER, FER.SM; upgrades FRA.GR

  • Downgrades

    • SCR.FP (SCOR) -- equal-weight from overweight at Morgan Stanley

    • KCR.FH (Konecranes) -- hold from buy at Kepler Cheuvreux

    • Goldman Sachs downgrades NKT.DC; reinstates PRY.IM

    • SOBI.SS (Swedish Orphan Biovitrum) -- to sell from hold at Deutsche Bank

    • LGEN.LN (Legal & General Group) -- to sector perform from outperform at RBC Capital Markets

    • BALD.B.SS (Fastighets Balder) --

      • to hold from buy at Pareto

      • to hold from buy at Danske Bank

  • Initiations

    • KENDR.NA (Kendrion) -- outperform at Oddo

    • CVC.NA (CVC Capital Partners) -- neutral at Autonomous Research

    • SFZN.SW (Siegfried Holding) -- outperform at Oddo

Data

  • Nikkei (0.31%) to 41149.08

  • Hang Seng +0.33% to 17786.53

  • Shanghai Composite (0.36%) to 2965.49

  • S&P futures (11.3) vs prior close of 5717.3

  • €-$ +0.0006 or +0.06% to 1.0905

  • $-¥ (0.48) or (0.30%) to 157.90

  • €-¥ (0.49) or (0.28%) to 172.19

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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