Sep 13 ,2024
Synopsis
European indices are set to open in positive territory as Asian equities mixed Friday. Hang Seng leading gains with property -developers outperforming following mortgage rate cut reports. Mixed elsewhere with Nikkei pulling back while mainland China, Korea, Australia and Taiwan little changed. S&P 500 futures flat afterhours.
US equities were higher in Thursday trading, ending near best levels. S&P 500 and Nasdaq both up for fourth-straight session as part of strong WTD run, though S&P met resistance at 5600 level. All sectors finished up but big tech again the leader, extending yesterday's upside on latest round of AI optimism.
Today, Eurogroup meeting takes place, ECB's Lagarde among the participants. Informal ECOFIN meeting (through Sat). Bank of Russia will announce its interest rate decision at 13.30 Moscow time, expectations are for a 100bps increase in the benchmark rate to 19.0%. BOE releases at 9:30BST releases its quarterly survey of inflation attitudes. EU's von der Leyen delivers a keynote speech at the DLD Nature Conf and EU's Wojciechowski participates in G20 Agricultural Ministers' meeting. Chancellor Scholz hosts the President of Kenya William Ruto.
Economic data expected today: France Aug final CPI, Finland Aug CPI, Eurozone Jul industrial production
Earnings: Virbac (VIRP.FP), Ibersol (IBS.PL), Italian Wine Brands (IWB.IM)
Notable earnings this mornings: Worldline (WLN.FP) adjusts FY24 guidance downward citing slow trading conditions and specific performance issues in the Pacific business. Worldline CEO Gilles Grapinet to step down; appoints deputy CEO Marc-Henri Desportes as interim CEO. CYAD.BB (Celyad Oncology) -- reports H1 net income (€3.0M) vs year-ago (€3.7M). KESKOB.FH (Kesko) -- reports Aug sales €1.07B, (3.9%) in comparable terms.
Politics/Macro/World News
Top company news
Earnings/updates
TCELL.E.TI (Turkcell) -- reports Q2 EBITDA TRY14.89B vs FactSet TRY15.94B [3 est, TRY14.71-17.57B]
CYAD.BB (Celyad Oncology) -- reports H1 net income (€3.0M) vs year-ago (€3.7M)
KCR.FH (Konecranes) -- upgrades 2024 sales guidance
KESKOB.FH (Kesko) -- reports Aug sales €1.07B, (3.9%) in comparable terms
VETO.FP (Vetoquinol) -- reports H1 net income €23.9M vs year-ago €32.2M
VU.FP (VusionGroup) -- reports H1 adj net income €8.0M vs year-ago €91.5M
RBT.FP (Robertet) -- reports H1 net income €51.7M, +30% vs year-ago €39.9M
AV.IM (Antares Vision) -- reports H1 net income (€22.0M) vs year-ago (€19.2M)
M&A
BOL.FP (Bolloré) -- SE announces intention to launch three buyout offers followed by mandatory squeeze-outs on shares of Compagnie du Cambodge, Financière Moncey, and Société Industrielle et Financière de l'Artois
SCATC.NO (Scatec) -- to sell wind plant in Vietnam to SUSI Asia Energy Transition Fund for upfront consideration of $27M
KUD.SW (Kudelski) -- closes previously announced sale of SKIDATA business to ASSA ABLOY
MDN.GR (Medion) -- Lenovo Germany specifies transfer request and determines cash compensation payable in return for transfer of shares of minority shareholders of MEDION AG
Healthcare
ROG.SW (Roche Holding) -- FDA approves Tecentriq Hybreza (subcutaneous) for all the adult indications of Tecentriq
VLA.FP (Valneva) -- announces launch of ~€60M private placement of ordinary shares
ROVI.SM (Laboratorios Farmaceuticos Rovi, S.A.) -- formally cancels 2.8M treasury shares
Other
BA.LN (BAE Systems) -- awarded $440M to produce additional Bradley Fighting Vehicles for the U.S. Army
AVOL.SW (Avolta) -- Avolta's Hudson Signs Seven-year Contract with Pittsburgh International Airport to Open Six New Retail Stores
AMS.SW (ams-OSRAM) -- ams OSRAM announces private placement of €200M 10.5% senior notes due 2029 replacing short-term financing facilities
Key rating changes
Upgrades
BNP Paribas Exane upgrades XIOR.BB; downgrades AED.BB, AT1.GR, GPE.LN, and URW.FP
Macquarie upgrades BHP.AU, DRR.AU, MIN.AU, others (pre-open)
COL.SM (Inmobiliaria Colonial SOCIMI) -- to outperform from neutral at BNP Paribas Exane
DUE.GR (Duerr) -- to buy from hold at HSBC
HSBC upgrades DEMANT.DC, GN.DC, STMN.SW
Downgrades
AZN.LN (AstraZeneca) -- to sell from hold at Deutsche Numis
ROG.SW (Roche Holding) -- to sell from hold at Deutsche Bank (timing uncertain)
Data
Nikkei (0.78%) to 36546.60
Hang Seng +0.97% to 17407.40
Shanghai Composite (0.09%) to 2714.77
S&P futures +2.8 vs prior close of 5602.3
€-$ +0.0010 or +0.09% to 1.1083
$-¥ (0.65) or (0.46%) to 141.16
€-¥ (0.60) or (0.38%) to 156.46
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