Sep 05 ,2024
Synopsis
European equity markets are set to open in negative territory amid Asian equities mixed Thursday. Markets steadying following Wednesday's tech-led selloff. Taiwan outperforming with TSCM leading semi recovery. Nikkei clawed part of its initial decline. Hang Seng lagging mainland China indexes with tech stocks weaker. S&P 500 futures touch lower afterhours. JGB yields remain lower following BOJ Takata's remarks while Australian rates off lows following Governor Bullock's speech. Treasuries flat. Yen unchanged after erasing earlier advance. Crude and gold little changed. Bitcoin reversing lower.
On today's agenda, EU's Vestager participates in the International Bar Association 28th Annual Competition Conf. In UK, Great British Energy Bill having its second reading, speakers include Labour's Ed Miliband. Informal meeting of ministers responsible for cohesion policy (through Fri).
In central banks, Bruegel Annual Meetings sees Bank of Spain's de Cos, Denmark Central Bank's Krogstrup and BOE's Pill panellists at 12:15CET. ECB's Tuominen fireside chat at 10:35CET at Handelblatt Banking Summit. Bank of Austria's Holzmann speaks at 16:00CET.
Macroeconomic updates include: Germany Jul factory orders, Aug construction PMI, Switzerland Aug unemployment rate, UK Aug construction PMI, Eurozone Jul retail sales, Ireland Q2 final GDP. Also out, Germany and UK Aug new car registrations.
In corporate news, bioMerieux (BIM.FP) reports H1 net income €215M vs year-ago €162M with FY24 guidance revised upward. Also in France, Voltalia (VLTSA.FP) reports H1 net income (€15.7M) vs year-ago (€19.4M) and confirms 2027 operational and financial targets. Chargeurs (CRI.FP) is also out with H1 earnings. From the DACH region, SFS Group (SFSN.SW) releases presentation material in connection with its CMD and reaffirms FY guidance. Helvetia Holding (HRLN.SW) reports H1 underlying earnings CHF285.2M vs year-ago CHF289.7M. Out of the Nordics, Tomra Systems (TOM.NO) reaffirms its strategy launched in 2022 in connection with today's CMD; sets new target of achieving >18% ROCE by 2030.
Macro/Politics World News
European Parliament's scheduling fiasco risks delaying commissioner hearings - Politico
Gold steady in Asia as market looks ahead to US payrolls data - Bloomberg
Ukraine's wartime cabinet shakeup leaves Western allies guessing - Bloomberg
Germany faces jobs crisis 'of a thousand cuts' - FT
Are transaction costs holding back UK equity markets? - FT
Top company news
Earnings/updates
BIM.FP (bioMerieux) -- reports H1 net income €215M vs year-ago €162M; FY24 guidance revised upward
SCHP.FP (Seche Environnement) -- reports H1 net income €8.0M vs year-ago €23.0M
SFSN.SW (SFS Group) -- releases presentation material in connection with its CMD
TOM.NO (Tomra Systems) -- reaffirms its strategy launched in 2022 in connection with today's CMD; sets new target of achieving >18% ROCE by 2030
VLTSA.FP (Voltalia) -- reports H1 net income (€15.7M) vs year-ago (€19.4M)
ZAG.AV (Zumtobel Group) -- reports Q1 net income €12.8M vs year-ago €9.8M
HELN.SW (Helvetia Holding) -- reports H1 underlying earnings CHF285.2M, (2%) vs year-ago CHF289.7M
KENDR.NA (Kendrion) -- sets new targets for 2025-27, raises dividend pay-out from 2025 - CMD
M&A
ALK.IM (Alkemy) -- holders including chairman representing in aggregate 10.26% of the share capital, 14.98% of the votes agree not to accept €12/share offer from Retex S.p.A.
KNEBV.FH (Kone) -- acquires Sacramento-based Capitol Elevator; terms not disclosed
GIMB.BB (Gimv) -- agrees to sell stake in Mega International to Bizzdesign
Healthcare
MEDCL.FP (Medincell) -- Partner Teva Provides New Update on Pivotal Clinical Phase 3 of Investigational Olanzapine Long-Acting Injectable (LAI)
Other
LOGN.SW (Logitech International) -- increases annual dividend by 9.4% to CHF1.16 from CHF1.06
HSBA.LN (HSBC Holdings) -- intends to issue $1.35B of perpetual subordinated contingent convertible securities, priced at 6.875%
ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for July
DTG.GR (Daimler Truck Holding) -- Daimler Truck announces Karin Rådström to succeed Martin Daum as CEO
TEL2.B.SS (Tele2) -- CEO Kjell Johnsen to step down and remain with the company until a successor has been appointed
IDR.SM (Indra Sistemas) -- Indra closes ground radar contract with the Polish Ministry of Defence
SCYR.SM (Sacyr Vallehermoso) -- announces execution of scrip dividend by means of a capital increase
VOLCAR.B.SS (Volvo Car) -- announces all future electric Volvo cars will originate from one single technology stack
Key rating changes
Upgrades
EDEN.FP (Edenred) -- to overweight from equal-weight at Morgan Stanley
LI.FP (Klepierre) -- to neutral from underweight JPMorgan
Downgrades
SSPG.LN (SSP Group) -- to equal-weight from overweight at Morgan Stanley
DBT.GR (Bertrandt) -- to hold from buy at Kepler Cheuvreux
BEAN.SW (BELIMO Holding) -- to hold from buy at Kepler Cheuvreux
Initiations
OIZ.ID (Origin Enterprises) -- initiated buy at Berenberg
Other
COL.SM (Inmobiliaria Colonial SOCIMI) - reinstated neutral at JPMorgan
Data
Nikkei (1.11%) to 36638.00
Hang Seng (0.43%) to 17381.84
Shanghai Composite (0.12%) to 2781.07
S&P futures (1.3) vs prior close of 5530.0
€-$ (0.0005) or (0.05%) to 1.1078
$-¥ (0.29) or (0.20%) to 143.45
€-¥ (0.34) or (0.21%) to 158.94
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