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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.04%, DAX30 +0.40%

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

    • The big question is what comes next after the Federal Reserve's rate cut (FT)

    • US, UK Discuss Lifting Missile Data Restrictions for Ukraine (BBG)

  • 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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