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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.4%), DAX flat, CAC40 (0.1%), IBEX flat, MIB (0.1%)

Sep 10 ,2024

  • Synopsis

    • European equity markets set to open flat to lower. Asian equities mixed Tuesday. Mainland China equities swinging lower with Hang Seng erasing gains following trade data. Nikkei also off highs with Korea and Taiwan flat. ASX outperforming.

    • Broader market rebound following post-payrolls selloff fits with thought US jobs data not weak enough to threaten soft landing narrative. AI momentum has come under increased scrutiny in recent weeks, though secular growth theme still considered mostly intact.

    • On today's agenda in Europe, EU Commission latest economic forecast and OPEC monthly report. First reading of the draft budget for 2025 in Bundestag, related debates follow during the rest of the week. Another ballot will take place in the Conservative Party leadership contest, eliminating a further contestant, bringing the number down to 4; results ~15:30BST. Also in UK, there's a debate in House of Commons on a motion relating to the Social Fund Winter Fuel Payment Regulations as well as on an Opposition day motion (topic tba). Also on Tue is German Private Equity Day, speakers include federal ministers of economics Habeck and finance Lindner whilst EU's von der Leyen hosts Finland's PM Orpo.

    • European macro data releases out today include UK Aug claimant count change, Jul unemployment rate, Germany Aug final CPI, Norway Aug CPI, PPI, Italy Jul industrial production, Spain Jul industrial production, Denmark Aug CPI, Netherlands Aug final CPI, Jul manufacturing production, Finland Jul industrial production, Greece Aug CPI, Jul industrial production.

    • In a light corporate newsflow, DOF Group (DOFG.NO) issued a presentation for its Capital Markets Day guiding H2 2024 EBITDA of $265-285M and announced the introduction of quarterly dividends in Q2 2025. In France, Interparfums (ITP.FP) and Abivax (ABVX.FP) reported H1 earnings, whilst Euronext (ENX.FP) issued August trading activity. In Belgium, D'Ieteren Group reported H1 earnings and announced family shareholding reorganisation, the envisaged reorganisation will concentrate family ownership in one single family branch.

  • Politics/Macro/World News

    • Europe's first collateralised loan ETF listing sidesteps concerns - FT

    • England spent £40bn less on health assets than peer nations, report to say - FT

    • UK Can Tax Wealthy to Close £20 Billion Fiscal Gap, Report Says - Bloomberg

    • FDP parliamentary group considers need for action on budget to be manageable - Handelsblatt

    • Finland Jul Industrial Production +6.4% y/y vs consensus +0.3% and prior +3.1%

  • Top company news

    • Earnings/updates

      • France

        • ENX.FP (Euronext) -- August trading activity

        • ABVX.FP (Abivax) -- reports H1 net income (€81.6M) vs FactSet (€90.3M) [3 est, (€93.3)-(85.8M)]

        • ITP.FP (Interparfums) -- reports H1 net income €69.6M, (10%) vs year-ago €77.6M

      • Benelux

        • DIE.BB (D'Ieteren Group) -- reports H1 adjusted net income €424.5M, +11% vs year-ago €381.4M

        • ONWD.BB (Onward Medical) -- reports H1 net income (€18.3M) vs year-ago (€19.3M)

      • Nordics

        • DOFG.NO (DOF Group) -- guides H2 2024 EBITDA of $265-285M and will introduce quarterly dividends in Q2 2025 -- CMD

        • PLSV.NO (Paratus Energy) -- Services reports Q2 EPS NOK0.22 vs year-ago (NOK0.01); announces $0.22/sh divi and $100M buyback

      • DACHs

        • MCHN.SW (MCH Group) -- reports H1 net income CHF3.6M vs year-ago CHF4.7M

      • Also due to report today includes:

        • Earnings:

          • France: Sidetrade (ALBFR.FP), Groupe Partouche (PARP.FP), Fleury Michon (ALFLE.FP), Haulotte Group (PIG.FP)

          • Southern Europe: GVS (GVS.IM), The Italian Sea Group (TISG.IM), TXT e-solutions (TXT.IM), B&C Speakers (BEC.IM), Fourlis (FOYRK.GA)

          • UK: Gamma Communications (GAMA.LN), Serica Energy (SQZ.LN), Chesnara (CSN.LN), Central Asia Metals (CAML.LN), IQE (IQE.LN), Luceco (LUCE.LN), hVIVO (HVO.LN), Eleco (ELCO.LN), Futura Medical (FUM.LN), Mpac (MPAC.LN), Flowtech Fluidpower (FLO.LN), Lords Group Trading (LORD.LN), Nexteq (NXQ.LN), Inspecs Group (SPEC.LN), Tissue Regenix (TRX.LN)

        • Trading Update: Associated British Foods (ABF.LN)

        • CMD/events: JOST Werke (JST.GR), RENK Group (R3NK.GR)

    • M&A

      • SHUR.BB (Shurgard Self Storage) -- acquires Prime Self-Storage for €100.0M

      • UBSG.SW (UBS Group) -- exploring partnership options for its Indian wealth-management operation - Bloomberg

      • VIR (Vir Biotechnology) -- announces closing of exclusive worldwide license agreement with Sanofi

    • Healthcare

      • AZN.LN (AstraZeneca) -- and Daiichi Sankyo notes detailed results from TROPION-Lung01 Phase III trial of datopotamab deruxtecan

      • REGN (Regeneron) -- announces Libtayo (cemiplimab) demonstrates durable survival benefit at five years in advanced non-small cell lung cancer

      • BAYN.GR (Bayer AG) -- Bayer notes presentation of Phase I/II SOHO-01 study results at WCLC

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

      • SANN.SW (Santhera Pharmaceuticals Holding) -- Santhera Enters into an Exclusive Distribution agreement with GENESIS Pharma for AGAMREE (Vamorolone) in Central and Eastern Europe

    • Other

      • TIGO.SS (Millicom International Cellular) -- holder Atlas enters blind mandate purchase plan for up to 7.0M SDRs - 13D/A

      • DIE.BB (D'Ieteren Group) -- announces family shareholding reorganisation

      • SRP.LN (Serco Group) -- awarded $11.1M US Army contract

      • COK.GR (CANCOM) -- Primepulse Se now holds 10.15% of voting rights attached to shares of CANCOM vs prior 5.03% - filing

      • ECV.GR (Encavis AG) -- ENCAVIS closes project financing in the amount of ~€61M for its German solar park in Borrentin (114 megawatts)

  • Key rating changes

    • Upgrades

      • AT1.GR (Aroundtown) -- to buy from neutral at Goldman Sachs

      • KOJAMO.FH (Kojamo) -- to neutral from sell at Goldman Sachs

      • AKRBP.NO (Aker BP) -- to buy from hold at DnB Markets

      • SHA.GR (Schaeffler) -- to neutral from sell at UBS

      • VCT.FP (Vicat) -- to buy from hold at HSBC

      • MONC.IM (Moncler) -- to buy from hold at HSBC

      • ABI.BB (Anheuser-Busch InBev) -- to outperform from neutral at BNP Paribas Exane

      • CPR.IM (Davide Campari-Milano) -- to outperform from neutral at BNP Paribas Exane

    • Downgrades

      • BYG.LN (Big Yellow Group) -- to neutral from buy at Goldman Sachs

      • DTE.GR (Deutsche Telekom) -- to neutral from buy at UBS

      • ASC.LN (Asos) -- downgraded to underweight from equal weight at Barclays

      • HEI.GR (Heidelberg Materials) -- to hold from buy at HSBC

      • CCEP.NA (Coca-Cola Europacific Partners) -- to neutral from outperform at BNP Paribas Exane

      • RCO.FP (Remy Cointreau) -- to neutral from outperform at BNP Paribas Exane

    • Others

      • IDL.FP (ID Logistics Group) -- resumed outperform at Oddo; prior rating was neutral

  • Data

    • Nikkei +0.21% to 36290.00

    • Hang Seng +0.25% to 17239.99

    • Shanghai Composite (0.44%) to 2724.33

    • S&P futures (7.3) vs prior close of 5479.5

    • €-$ (0.0001) or (0.01%) to 1.1041

    • $-¥ (0.01) or (0.00%) to 143.17

    • €-¥ +0.06 or +0.04% to 158.06

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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