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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.22%), DAX30 (0.19%)

Sep 06 ,2024

  • Synopsis

    • European indices are set to open lower with US equities finishing mostly lower in Thursday trading, but ended a bit off worst levels.

    • Asian equities mixed in lackluster Friday trade. Shares in mainland China, Japan and Korea weaker while sems seeing broad gains in Taiwan. Hang Seng trade delayed due to typhoon. Nasdaq futures weakerafterhours

    • in France, the appointment of Michel Barnier as France's new prime minister marks significant shift in French politics and reflects challenges facing President Macron. Barnier, a 73-year-old conservative and former EU Brexit negotiator, chosen after two-month political deadlock following inconclusive snap elections.

    • ECB's Elderson speech at 9:00CET at ESCB Legal Conf whilsst Bundesbank's Balz speech at 19:30CET at Schaumburg Citizens' Foundation

    • Economic data today include: Germany Jul trade balance, industrial production, France Jul industrial production, trade balance, Switzerland Aug consumer confidence - SECO, Italy Jul retail sales, Eurozone Q2 final GDP, Denmark Jul manufacturing production, Norway Jul manufacturing production, UK Aug house price index - Halifax, Austria Aug PPI, Greece Q2 GDP, Jul trade balance

    • Earnings:

      • Benelux: InPost (INPT.NA), EXMAR (EXM.BB) InPost reports Q2 net income attributable PLN336.4M vs FactSet PLN302.8M

      • France: Viel & Cie (VIL.FP) Viel & Cie reports H1 net income €65.4M, +28% vs year-ago €50.9M

    • Trading Update to be publisehd today : SAS (SAS.SS), Finnair (FIA1S.FH)

  • Politics/Macro/World News

    • Michel Barnier lands to fix 'ungovernable' France (FT)

    • US Jobs Report May Show Hiring Bounce, Decide Size of Fed Cut (BBG)

  • Top company news

    • Earnings/updates

      • INPST.NA (InPost) -- reports Q2 net income attributable PLN336.4M vs FactSet PLN302.8M [3 est, PLN290.6-325.0M]

      • RUI.FP (Rubis) -- reports H1 net income €130M, (24%) vs year-ago €171M

      • ANIM.IM (Anima Holding SpA) -- reports Aug net inflows (excl. Class I insurance) €20M (5-Sep)

      • SOF.BB (Sofina) -- reports H1 EPS €16.59 vs year-ago €0.42

      • HAUTO.NO (Höegh Autoliners) -- Aug trading update; transported 1.2M CBM of cargo on prorated basis

    • M&A

      • VSTS (Vestis) -- Elis SA makes offer to acquire Vestis - Reuters, citing sources

      • DOV.IM (doValue) -- signs letter of commitment with banks for the financing of the acquisition of Italtel (5-Sep)

      • AGR (Avangrid) -- receives FERC approval of Iberdrola's acquisition of the remaining 18.4% of AGR

      • SAB.SM (Banco de Sabadell) -- BBVA gets decision of non-opposition from the ECB to it's taking control of Banco Sabadell (post EU close 5-Sep)

      • TLGO.SM (Talgo) -- CNMV informs that it agrees with decision of Ganz-Mavag Europe Zrt. to withdraw takeover bid for Talgo

    • Healthcare

      • UCB.BB (UCB) -- presents new data across expansive epilepsies portfolio at 15th European Epilepsy Congress (EEC)

      • IDIA.SW (Idorsia) -- announces new data on aprocitentan to be presented at the AHA Hypertension Scientific Sessions 2024

    • Other

      • BA.LN (BAE Systems) -- awarded $121.4M US Army contract modification

      • RBI.AV (Raiffeisen Bank International) -- AO Raiffeisenbank (Russia) shares are subject to a transfer ban imposed by a Russian court decision

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- commences acquisition of a 2D seismic survey in the Sumatra basin, Indonesia

  • Key rating changes

    • Upgrades

      • Jefferies initiates CAST.SS, FABG.SS; upgrades COL.SM

      • Van Lanschot Kempen upgrades ATRLJ.B.SS, ENTRA.NO

      • HMSO.LN (Hammerson) -- to hold from reduce at HSBC

      • SY1.GR (Symrise) -- to neutral from sell at Goldman Sachs

    • Initiations

      • ASSA.B.SS (Assa Abloy) -- underweight at Barclays

      • RXL.FP (Rexel) -- overweight at Barclays

      • MRO.LN (Melrose Industries) -- equal-weight at Morgan Stanley

  • Data

    • Nikkei (0.72%) to 36391.88

    • Hang Seng +0.00% to 17444.30

    • Shanghai Composite (0.34%) to 2778.76

    • S&P futures (10.8) vs prior close of 5512.3

    • €-$ +0.0006 or +0.05% to 1.1118

    • $-¥ (0.98) or (0.69%) to 142.46

    • €-¥ (1.03) or (0.65%) to 158.36

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