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StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.88%), DAX30 (1.13%), CAC40 (0.43%)

Sep 04 ,2024

  • Synopsis

    • European equity markets are set for a negative open amidst lower trading in Asia Wednesday. Tech-driven declines in Taiwan, Korea and Japan with semis under notable pressure. Selling picking up in Australia. Greater China markets seeing milder decline. US contracts extending losses afterhours.

    • Bruegel Annual Meetings will center around the launch of the Bruegel Memos to the new EU leadership (through Thu), speakers/panellists include Bank of France's Villeroy (13:00CET), Eurogroup's Donohoe (18:30). UK's PM Starmer PMQs at 12noon BST follows questions on MPs questions on Scotland, then the Budget Responsibility Bill continues its progress. Tory MPs will vote in a series of ballots (through 11-Sep) to narrow field - Kemi Badenoch, James Cleverly, Robert Jenrick, Dame Priti Patel, Mel Stride and Tom Tugendhat - down to four candidates, to become Party leader who will make their case to party members at the Conservative Party conf. Germany's Green Party parliamentary group executive committee retreat (through Thu); statements by Federal foreign minister Baerbock and Federal minister of economics Robert Habeck, others.

    • In central banks, ECB SSM/EBA conf sees speech at 9:00CET by ECB's Elderson, Bank of Spain's de Cos, and Bundesbank's Mauderer, Riksbank's Breman are panellists at 9:30, Bank of Spain's Delgado speech at 11:00. Bank of Spain's Gavilán speech at 12noon CET at the XXI Iberian conf. Riksbank's Jansson shares his views on the economic situation and current monetary policy at 8:15CET at UBS' annual Nordic Financial Service Conf. Poland Central Bank interest rate decision. Latvia Central Bank's Kazāk's interview for LTV "Morning Panorama".

    • Elsewhere, Handelblatt Banking Summit (through Thu) and Deutsche Börse regular review the composition of its DAX indices.

    • On the macro front, Italy, Spain, Sweden Aug services PMIs as well as final reads for Eurozone, France, Germany and UK, Eurozone Jul PPI, Ireland Aug unemployment rate and Austria Q2 final GDP

    • In corporate news, Rolls-Royce Holdings (RR.LN) confirmed press reports that the Cathay Pacific flight CX383 was powered by its Trent XWB-97 engine and that an investigation by relevant authorities in Hong Kong is underway under ICAO Annex 13. Telia Co. (TELIA.SS) announced a change program targeting annual savings of at least SEK 2.6B.

    • On the M&A front, Segro (SGRO.LN) announced a recommended all share offer for Tritax EuroBox (EBOX.LN) valuing Tritax EuroBox at ~£552M

    • Press reported on a few placings including EQT, Adia and Auba placing ~$1.2B worth of Galderma Group (GALD.SW), Moonpig Group (MOON.LN) group of shareholders offers 20M shares and Deliveroo (ROO.LN) holder offering up to 28.5M shares.

  • Top company news

    • Earnings/updates

      • Nordics:

        • TELIA.SS (Telia Co.) -- announces change program targeting annual savings of at least SEK 2.6B

        • ELO.NO (Elopak) -- announces new mid-term targets including adjusted EBITDA margin of 15-17% - CMD

        • CLAS.B.SS (Clas Ohlson) -- reports Q1 EPS SEK2.30 vs FactSet SEK2.17 [3 est, SEK2.10-2.24]

        • METSO.FH (Metso Corp.) -- books €255M one time expense as it terminates its waste-to-energy business

      • Southern Europe:

        • OPAP.GA (Greek Organisation of Football Prognostics) -- reports Q2 adjusted net income €106.4M vs FactSet €102.5M; On track to deliver 2024 outlook

    • M&A

      • FFARM.NA (ForFarmers) -- and team agrar to combine their operations in the feed business in Germany

      • EBOX.LN (Tritax EuroBox) -- Segro announces recommended all share offer for Tritax EuroBox; Transaction values Tritax EuroBox at 68.4p/share

      • RI.FP (Pernod Ricard) -- preparing to sell Imperial Blue brand in India - Mint

      • SRS.IM (Saras) -- Varas announces the final results of the reopening of the terms for Saras

      • SMR.AU (Stanmore Resources) -- completes designated area agreement with Moranbah South JV for upfront consideration of $15M (~A$22.3M)

      • Private equity backed TIH has reportedly started the process of selling its retail broker arm McGriff for ~$7B+ - Insurance Insider US

    • Healthcare

      • NOVN.SW (Novartis) -- NICE recommends Novartis's Fabhalta to treat PNH

      • ROG.SW (Roche Holding) -- FDA approves FoundationOneCDx and FoundationOneLiquid CDx as companion diagnostics for Lynparza + Abiraterone in BRCA-mutated mCRPC

      • ALCLS.FP (Cellectis SA) -- Cellectis presents pre-clinical evidence of MUC1 Car T-cells reducing triple-negative breast cancer while preserving safety

      • CALTX.SS (Calliditas Therapeutics) -- SEC filing: SC 13D/A (Filed by Asahi Kasei Corp)

      • SFZN.SW (Siegfried Holding) -- EGS Beteiligungen exercises right to convert bond issued in Dec-20, increasing holding in Siegfried Holding to 7.2% from 6.2%

      • OXUR.BB (Oxurion) -- announces the opening of a private judicial reorganization procedure (GRP), approved by the Leuven court on 22-Aug-24

      • MEDCL.FP (MedinCell) -- announces progress in the development of its products portfolio and R&D pipeline

    • Other

      • ACE.SS (Ascelia Pharma) -- announces preliminary outcome of rights issue of units; Rights issue was subscribed to 100%

      • LHYFE.FP (Lhyfe) -- signs a five-year offtake agreement with H2 MOBILITY Deutschland for the supply of green hydrogen for four fuel stations in Germany

      • GALD.SW (Galderma) -- Holders EQT, Adia and Auba to place ~$1.2B worth of Galderma Group shares -- Bloomberg

      • MOON.LN (Moonpig Group) -- group of shareholders offers 20M shares -- Bloomberg, citing terms

      • ROO.LN (Deliveroo) -- holder offers up to 28.5M shares -- Bloomberg, citing terms

      • RR.LN (Rolls-Royce Holdings) -- issues statement confirming earlier report he Cathay Pacific flight CX383 was powered by its Trent XWB-97 engine and discloses an investigation by relevant authorities in Hong Kong under ICAO Annex 13

      • TKA.GR (ThyssenKrupp) -- and NVL announce JV to build frigates for German Navy

      • CBK.GR (Commerzbank) -- German government to take first step towards selling stake in Commerzbank

      • BORR.NO (Borr Drilling) -- to hold special general meeting of holders to approve delisting of shares from Oslo Stock Exchange on 1-Oct

      • DOKA.SW (dormakaba Holding) -- publishes Sustainability Report 2023/2024

      • HBR.LN (Harbour Energy) -- warns that UK's move to increase windfall taxes on oil and gas producers will raise the hurdle to attract investment in the UK - FT, citing CEO

      • INTRUM.SS (Intrum) -- announces Johan Åkerblom assumes the role as CFO

      • Investment AB Latour (publ) has decided to exercise the authorization to repurchase own class B shares

      • Speculation around further delays at Papua LNG project - The Australian

  • Key rating changes

    • Upgrades

      • Barclays transfers DB1.GR, ENX.FP

      • BNP Paribas Exane upgrades CPG.LN; downgrades SW.FP

      • JPMorgan upgrades MTN.SJ; downgrades AAF.LN, VOD.SJ

    • Downgrades

      • SMDS.LN (DS Smith) -- hold from buy at Stifel

      • CNA.LN (Centrica) -- to hold from buy at HSBC

    • Initiations

      • JST.GR (JOST Werke) -- buy at Berenberg

      • ABBN.SW (ABB Limited) -- underweight at Barclays

    • Other Actions

      • LIFCO.B.SS (Lifco) -- reinitiated hold at Kepler Cheuvreux

      • SDZ.SW (Sandoz Group) -- transferred buy at Stifel; prior rating was buy

  • Data

    • Nikkei (4.40%) to 36985.62

    • Hang Seng (1.17%) to 17444.61

    • Shanghai Composite (0.59%) to 2786.43

    • S&P futures (31.3) vs prior close of 5541.8

    • €-$ +0.0013 or +0.12% to 1.1059

    • $-¥ (0.26) or (0.18%) to 145.22

    • €-¥ (0.11) or (0.07%) to 160.55

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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