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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.33%, DAX +0.44%, CAC40 +0.26%

Jul 29 ,2024

  • Synopsis

    • European equity markets are set to open higher after last week saw mixed performances across the region. Notable outperformance for the FTSE 100 +1.6% and Germany's DAX +1.4%, while Italy's MIB (1.3%) and France CAC 40 (0.2%) underperformed. The broader STOXX Europe 600 closed up +0.55% for the week. HealthCare sector performed strongly last week with major pharmaceutical companies leading the upside amid solid set of earnings, while conversely Autos & Parts were the biggest sector decliners last week due to a series of disappointing quarterly results.

    • This week, macro sentiment likely to be driven by BOE, Federal Reserve, and BoJ interest rate decisions. The Fed is widely expected to signal this week its plans to cut interest rates in September, while the BoE decision is seen on a knife-edge (widely expected to make a quarter percentage point rate cut this week but with a very tight 5-4 vote). Focus this week also on Q2 preliminary GDPs, Jul preliminary CPIs and Jul manufacturing PMIs from across the region. The thick of earnings season continues this week with a slew of reports including from Airbus (AIR.FP), Anheuser-Busch InBev (ABI.BB), BMW (BMW.GR), HSBC Holdings (HSBA.LN), Intesa Sanpaolo (ISP.IM), Shell (SHEL.LN), Telecom Italia (TIT.IM) and Telefonica (TEF.SM).

    • European Macro data releases out today include Germany Jun retail sales (release date tbc, up to Wed), UK Jun mortgage approvals, M4 money supply, Jul distributive trades survey - CBI, Sweden Q2 preliminary GDP, Jun retail sales, Switzerland Jun retail sales, Belgium Q2 preliminary GDP, Ireland Jun retail sales, Portugal Jun retail sales

    • Today sees earnings on the tape from Philips (PHIA.NA), which reports better than expected Q2 results and reiterates FY outlook. Merck KGaA (MRK.GR) reports better than expected earnings, and raised guidance citing a very strong operating performance of Healthcare and Electronics as the main drivers. Heineken (HEIA.NA) reports mixed H1 results with China impairment and updates FY outlook (range narrowed down).

    • Also on today's agenda, in central banks there's ECB Supervisory Board meeting and first of the ECB economic bulletin pre-releases at 10:00CET. Also, in UK, Chancellor Reeves due to make a statement on public finances (~15:30BST); the chancellor will unveil plans to cut costs and balance the books, accusing the Conservatives of economic mismanagement. She is expected to pause work on a string of infrastructure projects, including Boris Johnson's flagship plan to build 40 new hospitals and the proposed two-mile road tunnel bypassing Stonehenge. Reeves will unveil a "Office of Value for Money", an arm's-length body that will use civil service resources to immediately start identifying and recommending savings for the current financial year. Reeves will reveal the date of this year's budget, with speculation Labour are considering raising taxes in that fiscal event. (Times, Guardian, Sky News). MPs hold second reading of the Passenger Railway Services (Public Ownership) Bill, this legislation makes provision for passenger railway services to be provided by public sector companies instead of by means of franchises, whilst nominations close for the first round of Conservative Party leadership race. There's an informal meeting of EU defence ministers (thru Tue). Thyssenkrupp (TKA.GR) Steel board expected to discuss business plan. ECJ ruling at 9:30CET on Austria's Corona aid in favor of Austrian Airlines (LHA.GR)

  • Macro/politics

    • Bank of England May Kick Off Slow Cycle of Interest Rate Cuts - Bloomberg

    • Reeves to axe projects to plug budget black hole - BBC

    • EU prepares two-step trade plan to tackle Donald Trump - FT

  • Top company news

    • Earnings/updates

      • PHIA.NA (Koninklijke Philips) -- reports Q2 adj EPS €0.30 vs consensus €0.27; Comparable Sales Growth +2% vs consensus +0.7%; FY24 outlook unchanged

      • MRK.GR (Merck KGaA) -- reports preliminary Q2 EPS €2.20 ex-items vs FactSet €1.96 [7 est, €1.63-2.04]

      • HEIA.NA (Heineken) -- reports H1 EPS (beia) €2.15 vs consensus €2.13; Revenue (beia) €17.81B vs consensus €15.19B Organic Growth +5.9% vs consensus +7.7; Updates FY Outlook: Operating profit (beia) to grow organically in the range of 4% to 8% vs prior "to grow organically low- to high-single-digit"

      • EMEIS.FP (Emeis SA) -- reports H1 revenue €2.77B, +9% vs year-ago €2.54B

      • BCP.PL (Banco Comercial Portugues) -- informs about Bank Millennium (Poland) H1 results

      • MDM.FP (Maisons du Monde) -- reports Q2 net income (€24.3M) vs year-ago €1M

      • STM.GR (Stabilus) -- reports Q3 net income €24.3M vs year-ago €21.7M

      • CNV.FP (Cnova) -- reports H1 net income from continuing operations (€52.4M) vs year-ago (€65.4M)

      • NCH2.GR (thyssenkrupp nucera) -- reports preliminary Q3 EBIT €1M vs FactSet (€14.1M) [2 est, (€14.1)-(14M)]

      • OMASP.FH (Oma Savings Bank) -- reports Q2 EPS €0.10 vs FactSet €0.60 [1 est]; confirms FY outlook

      • Also reporting today

        • Earnings:

          • DACHs: Energiedienst Holding (NEAG.SW)

          • France: Imerys (NK.FP), Thermador Groupe (THEP.FP), Ekinops (EKI.FP)

          • Italy: Iren (IRE.IM), Piaggio & C (PIA.IM), Cementir Holding (CEM.IM), DiaSorin (DIA.IM), Acinque (AC5.IM), CIR (CIR.IM), Fiera Milano (FM.IT), Lottomatica Group (LTMC.IM)

          • Southern Europe (other): Hellenic Exchanges-Athens Stock Exchange (EXAE.GA), Corticeira Amorim (COR.PL)

          • Spain: Acciona (ANA.SM), Acciona Energias Renovables (ANE.SM), Ebro Foods (EBRO.SM), Gestamp Automoción (GEST.SM), Lar Espa a Real Estate SOCIMI (LRE.SM)

          • UK: Pearson (PSON.LN), Trifast (TRI.LN), Quartix Technologies (QTX.LN)

        • Trading Update: Cranswick (CWK.LN)

    • M&A

      • TECK.B.CN (Teck Resources) -- reportedly sees takeover interest from miners interested in its copper assets -- Bloomberg

      • GALP.PL (Galp), PBR (Petrobras) -- reportedly makes non-binding offer to acquire major stake in Galp Energia - Reuters, citing sources

      • MIRM (Mirum Pharmaceuticals) -- trading higher following StreetInsider report indicating the company had been approached by Swedish Orphan Biovitrum (SOBI.SS)

      • OCDO.LN (Ocado Group) -- Ocado CEO has no intention of selling out of JV with Marks & Spencer - FT

      • PGHN.SW (Partners Group Holding) -- Pacific Equity Partners among first round bidders for Partners Group's Guardian Childcare and Education - Australian Financial Review

      • ENX.FP (Euronext) -- on the lookout for more acquisitions; believes combining with any large exchange in Europe could create a lot of synergies - FT, citing CEO

      • IDS.LN (International Distribution Services) -- Holders of more than 20% of International Distribution Services to oppose Daniel Kretinsky's 370p/share offer - Mail on Sunday

      • JUP.LN (Jupiter Fund Management) -- Jupiter Asset Management has built up war chest and is preparing to make acquisitions to broaden product range and customer base - FT, citing CEO

      • ALV.GR (Allianz) -- interested in Royal Automobile Club of Queensland insurance business - The Australian

      • RetireAustralia canvassing potential buyers for sale - The Australian

    • Healthcare

      • ROG.SW (Roche Holding) -- Roche planning to fast-track anti-obesity drugs to challenge competitors; first drugs will come to market significantly faster than expected, potentially by 2028 - FT, citing CEO

    • Other

      • NESN.SW (Nestle) -- FDA approves peanut allergy treatment Palforzia for children 1-3 years old

      • HSBA.LN (HSBC Holdings) -- concludes $3B share buyback - 6-K

      • SAAB.B.SS (Saab) -- says Europe needs to increase financial support for defence industry to €100B rather than €1.5B currently envisaged in order to remain competitive - FT, citing CEO

      • TE.FP (Technip Energies) -- awarded an Engineering and Procurement contract by Chevron Phillips Chemical

      • Estimated weekend box office revenues in US, Canada $277.4M, +29.8% y/y - Box Office Mojo

      • FactSet Podcast - Weekly Market Recap

  • Key rating changes

    • Upgrades

      • AIXA.GR (Aixtron) -- to neutral from underperform at BNP Paribas Exane

      • ARGX.BB (argenx) -- to buy from hold at Kepler Cheuvreux

      • FHZN.SW (Flughafen Zuerich) -- to buy from hold at Stifel

      • ENI.IM (Eni) -- to outperform from sector perform at RBC Capital Markets

    • Downgrades

      • BOSS.GR (Hugo Boss) -- to hold from buy at Stifel

      • DRX.LN (Drax Group) -- to equal-weight from overweight at Morgan Stanley

      • STLAM.IM Stellantis downgraded to hold from buy at Deutsche Bank

    • Initiations

      • SDZ.SW (Sandoz Group) -- overweight at Barclays

      • SCYR.SM (Sacyr Vallehermoso) -- neutral at BNP Paribas Exane

    • Other Actions

      • AKZA.NA (Akzo Nobel) -- transferred buy at Deutsche Bank; prior rating was buy

  • Data

    • Nikkei +2.64% to 38663.16

    • Hang Seng +1.91% to 17346.44

    • Shanghai Composite +0.12% to 2894.26

    • S&P futures +24.3 vs prior close of 5499.0

    • €-$ (0.0002) or (0.02%) to 1.0860

    • $-¥ (0.37) or (0.24%) to 153.39

    • €-¥ (0.39) or (0.23%) to 166.57

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".

DEPOSITARY RECEIPTS:
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