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StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.23%), DAX30 (0.08%), CAC40 +0.18%

Sep 11 ,2024

  • Synopsis

    • European equity markets are set for a lower-to-mixed open amidst mostly lower Asian equities Wednesday. Hang Seng underperforming with major banks under pressure. Nikkei pulling lower amid yen strength. Shares in Korea, Australia picking up losses while Taiwan little changed. S&P 500 futures retreating afterhours.

    • Chancellor Scholz speaks at 9:00CET in general debate on the budget 2025. In UK, after MPs questions on Wales, there's the weekly PMQs at 12noon BST, followed by a general debate on building safety and resilience. EU's Schmit attends the G7 Meeting on Labour and Employment (through Fri).

    • In central banks, ECB's McCaul panellist at 11:25CET at the EUROFI Financial Forum (through Fri). Bundesbank's Mauderer panellist at 16:45CET at event hosted by Free Democrats parliamentary group in the German Bundestag. Bafin conf. 10-year anniversary of the Single Supervisory Mechanism (SSM), ECB's Buch panellist at 16:00.

    • Macro data due include UK Jul manufacturing/industrial production, trade balance, construction output, Aug monthly GDP tracker - NIESR, Netherlands Jul trade balance and Portugal Aug final CPI.

    • A light earnings front sees Verbio (VBK.GR) guiding FY24/25 adjusted EBITDA €120M-160M vs FactSet €162.9M and Husqvarna (HUSQ.B.SS) said that challenging market conditions continue to impact financial performance in Q3.

    • Also due to report today are Inditex (ITX.SM), Dunelm (DNLM.LN), Redrow (RDW.LN), Energean (ENOG.LN), Trustpilot Group (TRST.LN) and ChemoMetec (CHEMM.DC).

    • In M&A news, German government sold around 4.5% stake in Commerzbank (CBK.GR) to Unicredit (UCG.IM) for €13.20 per share whilst REA Group (REA.AU) confirmed a non-binding indicative proposal for Rightmove (RMV.LN) at implied 705p/share. Reuters reported Goldman Sachs (GS) is in final negotiations to transfer GM card business to Barclays (BARC.LN).

    • Companies due to host CMDs/investor events, discoverIE Group (DSCV.LN) and Marimekko (MEKKO.FH).

  • Macro

    • Mel Stride out as four left in Tory leadership contest - BBC

    • French central bank sees Q3 Olympic growth boost - Reuters

    • Britons have £430bn of excess cash savings, research finds - FT

    • Landlords warn they may raise rents in response to Labour's renters' rights bill - Guardian

  • Top company news

    • Earnings/updates

      • DACHs:

        • VBK.GR (Verbio) -- guides FY24/25 adjusted EBITDA €120M-160M vs FactSet €162.9M [5 est, €147.2-174.1M]

      • France:

        • PIG.FP (Haulotte Group) -- reports H1 net income €15M vs year-ago €1M

      • Nordics:

        • HUSQ.B.SS (Husqvarna) -- announces that challenging market conditions continue to impact financial performance in Q3

    • M&A

      • AEDAS.SM (Aedas Homes) --Castlelake to sell its stake in Aedas Homes - Cinco Dias

      • HOCN.SW (HOCHDORF) -- board received unexpected non-binding proposal from Newlat Group S.A. to acquire HOCHDORF Swiss Nutrition Ltd; board has decided not to act this proposal

      • CBK.GR (Commerzbank) -- German government sells around 4.5% stake in Commerzbank to Unicredit for €13.20 per share

      • RMV.LN (Rightmove) -- REA Group confirms non-binding indicative proposal for Rightmove at implied 705p/share

      • GGP.LN (Greatland Gold) -- enters agreement with Newmont Corporation to acquire interest in Havieron gold-copper project, Telfer gold-copper mine, and other related interests in assets in the Paterson region for a total of $475M

      • +STADA.GR (Stada Arzneimittel) -- GTCR reportedly in advanced talks to acquire Stada Arzneimittel -- Bloomberg

      • GS (Goldman Sachs) -- in final negotiations to transfer GM card business to Barclays - Reuters

      • SAF.FP (Safran) -- to acquire Component Repair Technologies; terms not disclosed

      • ASSA.B.SS (Assa Abloy) -- acquires Level Lock, a technology solutions business based in Redwood City, California

      • SGO.FP (Compagnie de Saint-Gobain) -- in talks to divest PAM Building

      • TOP.DC (Topdanmark) -- Sampo announces preliminary result of exchange offer to shareholders of Topdanmark

      • QIC and HMC Capital are leading contenders to acquire Amber Infrastructure's iseek - Australian Financial Review

    • Healthcare

      • REGN (Regeneron) -- ADEPT trial of Regeneron's Dupixent meets all primary, key secondary endpoints

      • TEVA (Teva Pharmaceuticals) -- set to be fined by EU antitrust regulators for disparaging rival multiple sclerosis medicines -- Reuters, citing a source

      • NOVO.B.DC (Novo Nordisk) -- to present amycretin, an oral amylin and GLP-1 co-agonist, at EASD on Wednesday

      • ROG.SW (Roche Holding) -- NICE recommends Genentech's Vabysmo to treat visual impairment caused by macular oedema after retinal vein occlusion

      • IBAB.BB (Ion Beam Applications) -- IBA's JV PanTera secures €93M in oversubscribed Series A round to accelerate global actinium-225 production

    • Other

      • EQT.SS (EQT) -- Life Sciences leads €93M oversubscribed Series A round in Pantera (

      • BWB.GR (Baader Bank) -- renews existing cooperation agreement with Smartbroker+

      • NHY.NO (Norsk Hydro) -- announces initiation of share buyback program for up to 100M shares

      • CBK.GR (Commerzbank) -- CEO Manfred Knof will not to seek extension of contract

      • INPST.NA (InPost) -- holder Advent to sell 20M shares through Barclays, Goldman and Jefferies

      • NEOEN.FP (Neoen) -- wins 170 MWp of solar projects in the Republic of Ireland's RESS 4 auction

      • VIT.B.SS (Vitec Software Group) -- launches accelerated book building to issue up to ~2.25M shares, through Nordea Bank and Skandinaviska Enskilda Banken

      • VIT.B.SS (Vitec Software Group) -- 2.25M-share secondary priced at SEK500/share through Nordea Bank and SEB

      • August Dodge Momentum Index +2.9% m/m vs July +7.9% m/m, June +10.4% m/m, and May +2.7% m/m

      • FactSet Podcast - Evening Market Recap, 10-Sep

  • Key rating changes

    • Upgrades

      • ROR.LN (Rotork) -- overweight from neutral at JPMorgan

      • LR.FP (Legrand) -- overweight from neutral at JPMorgan

      • KGX.GR (Kion Group) -- overweight from neutral at JPMorgan

      • BNP Paribas Exane upgrades ESSITY.B.SS, JDEP.NA; downgrades LOR.BU (timing uncertain)

      • SBS.GR (Stratec) -- to buy from hold at Berenberg

    • Downgrades

      • UBI.FP (Ubisoft Entertainment) -- neutral from outperform at BNP Paribas Exane

      • PLX.FP (Pluxee) -- neutral from overweight at JPMorgan

      • URW.FP (Unibail-Rodamco-Westfield) -- neutral from outperform at BNP Paribas Exane

      • SDZ.SW (Sandoz Group) -- to hold from buy at Berenberg

  • Data

    • Nikkei (1.90%) to 35472.51

    • Hang Seng (1.45%) to 16983.57

    • Shanghai Composite (1.02%) to 2716.15

    • S&P futures (28.5) vs prior close of 5504.0

    • €-$ +0.0024 or +0.22% to 1.1045

    • $-¥ (1.28) or (0.90%) to 141.17

    • €-¥ (1.08) or (0.69%) to 155.91

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