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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.10%), DAX +0.04%, CAC40 +0.21%

Jul 30 ,2024

  • Synopsis

    • European equity markets are set to open mixed whilst Asian equities trading lower Tuesday. Markets in China, Japan, Korea, Australia, and Taiwan all seeing declines as S&P 500 futures ease afterhours. Bonds mixed with front-end Treasury yields up 1-2 bp while JGB and Aussie yields a touch lower.

    • On today's agenda, Germany, Federal Constitutional Court due to rule on electoral reform of the traffic light coalition. Last day of business for UK Parliament as goes into recess. House will next sit on 2-Sep. MPs hold second reading of the Budget Responsibility Bill which imposes duties on the Treasury and the OBR in respect of the announcement of fiscally significant measures.

    • European Macro data releases out today include Germany Q2 preliminary GDP, Jul preliminary CPI, France Q2 preliminary GDP, Jun household consumption, Italy Q2 preliminary GDP, Spain Q2 preliminary GDP, Jul preliminary CPI, Eurozone Q2 preliminary GDP, Jul business/consumer confidence, Switzerland Jul leading indicators - KOF, Portugal Q2 preliminary GDP, Greece Jun PPI, Belgium Jul CPI, Ireland Jul preliminary HICP, Austria Q2 preliminary GDP, Jun PPI

    • On a busy earning calendar, DAHCs names kicked off the session with Covestro (1COV.GR), Avolta (AVOL.SW), Heidelberg Materials (HEI.GR), Sika Group (SIKA.SW) and Fresenius Medical Care (FME.GR) reporting H1/Q2 earnings. In France, SCOR SE (SCR.FP) reported Q2 earnings and Rexel (RXL.FP) issued H1 earnings with the latter indicating that it expects FY in the lower end of guidance range.

    • Elsewhere, Gestamp Automoción (GEST.SM), Accion (ANA.SM) and DSM-Firmenich (DSFIR.NA) are among other in their region to update investors with their latest numbers. In the UK, Standard Chartered (STAN.LN) reported Q2 earnings and announced a $1.5B buyback starting imminently. The company also upgraded FY24 income guidance while all other key points of guidance remain unchanged. Other Notable earnings due today frrom Airbus (AIR.FP), L'Oreal (OR.FP), Casino, Guichard-Perrachon (CO.FP), Bollore (BOL.FP), Intesa Sanpaolo (ISP.IM), Davide Campari-Milano (CPR.IM), Leonardo (LDO.IM), EDP-Energias de Portugal (EDP.PL), bp (BP.LN), Diageo (DGE.LN), Rio Tinto (RIO.LN), Greggs (GRG.LN) and Glencore (GLEN.LN).

    • In M&A, Lundin Mining, BHP (BHP.LN) to jointly acquire Filo for total consideration of ~C$4.1B, or C$33.00/share.

  • Macro/Politics/World news

    • Poor weather and cost of living crisis drive UK summer spending down - The Guardian

    • OBR to investigate Hunt's Treasury spending forecasts over £22bn black hole - The Telegraph

    • France's Economic Growth Beats Forecasts in Boost for Euro Area - Bloomberg

    • BOE's Asset Sales Are Set to Become Bigger Headache for Treasury - Bloomberg

    • UK Housing Market Signaling Revival as Deals Jump, Zoopla Says - Bloomberg

    • Russia also wants to bring Malaysia into the BRICS economic alliance - Handelsblatt

  • Top company news

    • Earnings/updates

      • DACHS

        • SIKA.SW (Sika Group) -- reports H1 EPS CHF3.59 vs year-ago CHF2.59

        • 1COV.GR (Covestro) -- reports Q2 EBITDA €320M vs consensus €311M and guidance €270M-€370M; FY24 EBITDA guidance narrowed

        • AVOL.SW (Avolta) -- reports H1 CORE net income CHF253.2M vs consensus CHF21.6M

        • KARN.SW (Kardex Holding) -- reports H1 net income €38.3M vs FactSet €30M [1 est]

        • AEVS.SW (AEVIS VICTORIA) -- reports prelimiary H1 revenue of more than CHF450M vs year-ago CHF428M

        • CLN.SW (Clariant) -- reports Q2 adjusted EBITDA CHF166M vs StreetAccount CHF172.9M

        • RDC.GR (Redcare Pharmacy) -- reports Q2 net sales €561M vs preliminary €560M and FactSet €559.2M [5 est, €555.8-560.2M]

        • FPE3.GR (FUCHS SE) -- reports H1 EPS €1.17 vs year-ago €1.03

        • HEI.GR (Heidelberg Materials) -- reports Q2 RCOBD €1.29B vs consensus €1.29B; outlook for 2024 confirmed

        • FME.GR (Fresenius Medical Care) -- reports Q2 EPS (reported) €0.64 vs consensus €0.60; confirms FY guidance

        • SIGN.SW (SIG Combibloc Group) -- reports Q2 adjusted net income €80.5M vs FactSet €91.8M; Adjusts FY guidance, reaffirms mid-term guidance

        • RBI.AV (Raiffeisen Bank International) -- reports Q2 consolidated profit €661M vs consensus €523M; ROE guidance for 2024 confirmed at 10%, excluding Russia and Belarus

      • Benelux

        • DSFIR.NA (DSM-Firmenich) -- reports Q2 adjusted EBITDA €513M vs consensus €498M; raises FY Adjusted EBITDA guidance to €2.0B vs prior guidance of at least €1.9B

      • France

        • RXL.FP (Rexel) -- reports H1 recurring net income €340.8M; expects FY in the lower end of guidance range

        • NK.FP (Imerys) -- reports Q2 net income €73M vs year-ago €44M; guides FY24

        • THEP.FP (Thermador Groupe) -- reports H1 net income €25.3M vs FactSet €26.8M [1 est]

        • PLNW.FP (Planisware) -- reports H1 net income €16.0M vs year-ago €18.7M

        • TRACT.FP (Teract ) --reports preliminary FY revenue €911.5M, in line with guidance €900-950M, vs year-ago €902.1M

        • SCR.FP (SCOR SE) -- reports Q2 net income (€308M) vs year-ago €192M

      • Southern Europe

        • BCP.PL (Banco Comercial Portugues) -- Banco Comercial Português informs about Millennium bim (Mozambique) H1 results

        • OHLA.SM (Obrascon Huarte Lain) -- reports H1 net income attributable (€34.2M) vs year-ago €0.6M

        • EXAE.GA (Hellenic Exchanges-Athens Stock Exchange) -- reports H1 net income €9.4M vs FactSet €8.6M [1 est]

        • GEST.SM (Gestamp Automoción) -- reports H1 net income €106M vs FactSet €137M [1 est]

        • IDR.SM (Indra Sistemas) -- reports Q2 net income €53M vs consensus €60.1M; adjusts FY24 targets upward

        • UNI.SM (Unicaja Banco) -- reports Q2 net income €184M vs FactSet €187.3M [9 est, €176-197M]

        • ANA.SM (Accion) -- reports H1 net income attributable €116M vs FactSet €43M [2 est, €35-51M]

      • Nordics

        • IPCO.SS (International Petroleum Corp) -- reports Q2 net income $45.2M vs FactSet $41.4M [5 est, $31-47.5M]

        • MUSTI.FH (Musti Group) -- reports Q3 EPS (€0.01) vs year-ago €0.22

      • UK

        • STAN.LN (Standard Chartered) -- reports Q2 underlying EPS $0.44 vs FactSet $0.45 [3 est, $0.43-0.46]; announces $1.5B buyback

      • Also due to report today include:

        • Earnings

          • Benelux: Allfunds Group (ALLFG.NA),

          • DACHs: Biotest (BIO.GR),

          • France: Airbus (AIR.FP), L'Oreal (OR.FP), Casino, Guichard-Perrachon (CO.FP), Bollore (BOL.FP), Manitou BF (MTU.FP), Tikehau Capital (TKO.FP), NRJ Group (NRJ.FP), Altarea (ALRA.FP), EUROAPI (EAPI.FP), Deezer (DEEZR.FP), Teleperformance (TEP.FP), Viridien (VIRI.FP)

          • Italy: Intesa Sanpaolo (ISP.IM), Davide Campari-Milano (CPR.IM), Leonardo (LDO.IM), Recordati (REC.IM), A2A (A2A.IM), FinecoBank (FBK.IM), Poste Italiane (PST.IM), Fincantieri (FCT.IM), Ascopiave (ASC.IM), Biesse (BSS.IM), Elica (ELC.IM), Banco di Desio e della Brianza (BDB.IM), Industrie De Nora (DNR.IM), Brembo (BRE.IM), Amplifon (AMP.IM)

          • Nordics: Securitas (SECU.B.SS), Storytel (STORY.B.SS)

          • Portugal: EDP-Energias de Portugal (EDP.PL), Sonae (SON.PL)

          • Spain: Prosegur (PSG.SM), Applus Services (APPS.SM), Ferrovial (FER.SM), Laboratorio Reig Jofre (RJF.SM), Viscofan (VIS.SM), Grifols (GRF.SM), ACS Actividades de Construccion y Servicios (ACS.SM), Fomento de Construcciones y Contratas (FCC.SM), ENCE Energia y Celulosa (ENC.SM)

          • UK: bp (BP.LN), Diageo (DGE.LN), Rio Tinto (RIO.LN), Greggs (GRG.LN), The Weir Group (WEIR.LN), Games Workshop Group (GAW.LN), Filtronic (FTC.LN), Bodycote (BOY.LN), SDI Group (SDI.LN), NWF Group (NWF.LN), St. James's Place (STJ.LN), Inchcape (INCH.LN), Foxtons Group (FOXT.LN), Croda International (CRDA.LN), Convatec Group (CTEC.LN), Essentra (ESNT.LN), Spectris (SXS.LN), Sabre Insurance Group (SBRE.LN), Staffline Group (STAF.LN), Pod Point Group Holdings (PODP.LN)

        • Trading Update:

          • France: McPhy Energy (MCPHY.FP)

          • UK: Glencore (GLEN.LN), Paragon Banking Group (PAG.LN), The Sage Group (SGE.LN)

    • M&A

      • AIR.FP (Airbus SE) -- reportedly working on cash savings plan for its Defense and Space divisions and restructuring for its Space Systems business - Reuters

      • EMEIS.FP (Emeis SA) -- to acquire 8 clinics as part of a commitment to buy real estate assets made by the company during 2021 for a transaction valued ta €185M

      • FIL.CN (Filo Corp.) -- Lundin Mining, BHP to jointly acquire Filo for total consideration of ~C$4.1B, or C$33.00/share

      • LLQ.SW (Lalique Group) -- applies for delisting of shares

      • 2INV.GR (2invest) -- to sell 1.4M shares of 4basebio (4BB.LN)

      • Silver Lake Management reportedly joining IFM Investors Pty and DigitalBridge Group in bidding for Airtrunk, a data center operator - Bloomberg

    • Healthcare

      • NOVN.SW (Novartis) -- announces Scemblix granted FDA Priority Review for the treatment of adults with newly diagnosed CML

      • ROG.SW (Roche Holding) -- EC approves Roche's Vabysmo to treat RVO

      • ALCLS.FP (Cellectis SA) -- FDA grants orphan drug designation to Cellectis' alemtuzumab for the treatment of acute lymphoblastic leukemia

      • EFYA.GR (PharmaCyte Biotech) -- SEC filing: NT 10-K

      • FYB.GR (Formycon) -- starts clinical phase III trial for Keytruda biosimilar candidate FYB206

    • Other

      • WPP.LN (WPP Group) -- WPP set to appoint former BT CEO Philip Jansen as chair to succeed Roberto Quarta; announcement could be made as soon as Tuesday 30-Jul - FT

      • VWS.DC (Vestas Wind Systems) -- receives 795 MW order for OranjeWind offshore wind farm; terms undisclosed

      • VIV.FP (Vivendi) -- provides update on Canal+ listing on LSE

      • OCDO.LN (Ocado Group) -- launches offering of approximately £250M of guaranteed senior unsecured convertible bonds due 2029

      • NWG.LN (NatWest Group) -- UK government abandons previous government's plan to sell NatWest shares to general public (29-Jul, timing uncertain)

      • HLN.LN (Haleon) -- SEC filing: SC 13D/A (Filed by PFIZER INC)

      • EDPR.PL (EDP Renovaveis) -- EDP Renewables, Salt River Project, and Meta unveil Brittlebush solar park in Arizona

      • A2A.IM (A2A) -- notes outcome of auction launched by Terna

      • INTRUM.SS (Intrum) -- Some Intrum bondholders preparing to attempt to block debt restructure amid threat of writedown on their holdings - FT

      • COK.GR (CANCOM) -- SE completes voluntary public share buyback offer 2024 successfully

  • Key rating changes

    • Upgrades

      • ENI.IM (Eni) -- to buy from hold at HSBC

      • SMCP.FP (SMCP) -- to outperform from neutral at Oddo

      • ASML.NA (ASML Holding) -- to overweight from equal weight at Barclays

      • SALM.NO (Salmar) -- upgraded to buy from hold at SEB

      • ATEA.NO (Atea) -- to buy from hold at Arctic Securities

      • BESI.NA BE (Semiconductor Industries) -- to hold from reduce at Degroof

    • Downgrades

      • INGA.NA (ING Groep) -- to market perform from outperform at Keefe, Bruyette & Woods

      • BFIT.NA (Basic-Fit) -- Basic-Fit transferred hold at Berenberg; prior rating was buy

      • EMG.LN (Man Group) -- to hold from buy at Deutsche Bank

      • HWDN.LN (Howden Joinery Group) -- to sector perform from outperform at RBC Capital Markets

      • XSPRAY.SS (Xspray Pharma) -- to hold from buy at Pareto

    • Initiations

      • VU.FP (VusionGroup) -- outperform at BNP Paribas Exane

  • Data

    • Nikkei (0.15%) to 38409.51

    • Hang Seng (1.13%) to 17043.23

    • Shanghai Composite (0.55%) to 2876.06

    • S&P futures (2.3) vs prior close of 5503.0

    • €-$ (0.0003) or (0.03%) to 1.0819

    • $-¥ +0.74 or +0.48% to 154.73

    • €-¥ +0.71 or +0.43% to 167.40

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