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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.56%, DAX +0.34%, CAC +0.53%

Sep 17 ,2024

  • Synopsis

    • European equity markets are set to open in positive territory amidst Asian equities mixed in quiet Tuesday trade. Nikkei underperforming as Japan resumes trade following Monday public holiday. Hang Seng and ASX trading higher. Markets in mainland China, Korea and Taiwan closed for holidays. S&P 500 futures a touch lower afterhours. Bond market activity lackluster with JGBs and Treasuries little changed. FX markets steady after yen recouped earlier decline. Crude adding to overnight gains while gold flat and base metals firming. Bitcoin off lows.

    • On today's agenda, EU's von der Leyen due to unveil her choice for next team of EU Commissioners at 9:00CET, though this maybe delayed again as awaits Slovenian parliament's EU affairs committee formal opinion on the government's commissioner candidate, Marta Kos. NATO and Norwegian Land Power in a New Security Environment - Army Summit 2024. Netherlands King's speech presenting government plans.

    • In central banks, BOE's Cleland speech at 13:30BST at event hosted by UK Finance and Latvia central bank's Vilerta participates in program on news website DELFI. ECB's Buch remarks at 9:30CET, panellist ay 11:00, ECB's Elderson panellist 15:00 at conf. organised by ECB Banking Supervision. Bank of Spain scheduled to release latest quarterly report on the Spanish Economy and macroeconomic projections. In other events, British trade assn. for the offshore energy industry conf. Startup Germany Summit 2024, speakers include Chancellor Scholz, minister of economics Habeck and minister of finance Lindner. NIESR press conf at 11:00BST on new findings and policy recommendations on how to reduce regional inequalities in UK.

    • Macroeconomic updates: Germany Sep ZEW survey.

    • In corporate news, RUBIS (RUI.FP) sees FY27 consolidated EBITDA of €50-55M of which ~10% from farm-down initiatives. Out of the Nordics, Skandinaviska Enskilda Banken (SEB.A.SS) implements new organisational structure ahead of upcoming three-year business plan for 2025-2027. In the UK, Kingfisher (KGF.LN), JTC (JTC.LN) and Learning Technologies Group (LTG.LN) are among other companies in the region expected to update the market with their latest numbers.

    • In M&As, Clariant (CLN.SW) to divest its real estate property "Industrial Park Fechenheim", Frankfurt am Main, Germany to the Lugman Group for €95M in cash. On the speculation front, THG Plc (THG.LN) considering Ingenuity spin-off, according to Sky News. UniCredit (UCG.IM) to ask ECB to raise its stake in Commerzbank (DBK.GR) to 30%, Il Messaggero reported.

    • CMD/events: Universal Music Group (UMG.NA), MilDef Group (MILDEF.SS), Evonik (EVK.GR) research.

  • Macro/Politics/World News

    • Ursula von der Leyen tightens grip before unveiling her team - Politico

    • The backroom deal to parachute Macron loyalist into Brussels - FT

    • Brexit is 'stifling' exports and imports, report finds - FT

    • Iraq PM says cost dispute delays restart of key oil pipeline - Bloomberg

  • Top company news

    • Earnings/updates

      • ADP.FP (Aeroport de Paris) -- reports Total Paris Aeroport Aug traffic 36.1M, +6.4% y/y

      • RUI.FP (Rubis) -- sees FY27 consolidated EBITDA of €50-55M of which ~10% from farm-down initiatives -- CMD

    • M&A

      • CLN.SW (Clariant) -- to divest its real estate property "Industrial Park Fechenheim", Frankfurt am Main, Germany to the Lugman Group for €95M in cash

      • CBK.GR (Commerzbank) -- UniCredit to ask ECB to raise its stake in Commerzbank to 30% -- Il Messaggero

      • THG.LN (THG Plc) -- considering Ingenuity spin-off - Sky News

    • Healthcare

      • GLPG.NA (Galapagos) -- holder EcorRq Capital increases stake above 10%

      • CYAD.BB (Celyad Oncology) -- appoints Matt Kane as CEO, effective as of 1-Oct 24

      • OXUR.BB (Oxurion) -- holder Atlas Special Opportunities reduces stake below 10%

      • FYB.GR (Formycon) -- to present clinical data on ustekinumab biosimilar candidate FYB202 at EADV Congress and UEG Week

    • Other

      • BP.LN (BP) -- to sell onshore wind business and focus on Lightsource BP, its solar unit

      • AIR.FP (Airbus SE) -- Airbus selected by MDA Space to deliver over 200 Sparkwing solar arrays

      • SAF.FP (Safran) -- awarded $275.0M US Army contract

      • ENX.FP (Euronext) -- announces completion of expansion of Clearing activities to all financial derivatives markets; on track to reach its target of €115M run-rate annual EBITDA synergies by the end of 2024

      • HELN.SW (Helvetia Holding) -- redeems CHF225M hybrid bond

      • THG.LN (THG Plc) -- considering Ingenuity spin-off - Sky News

      • EL.FP (EssilorLuxottica) -- extends its partnership with Meta Platforms by entering into new long term agreement

  • Key rating changes

    • Upgrades

      • BARN.SW (Barry Callebaut) -- to overweight from underweight at Barclays

      • LISN.SW (Chocoladefabriken Lindt & Spruengli) upgraded to overweight from equal weight at Barclays

      • ATG.LN (Auction Technology Group) -- to overweight from neutral at JPMorgan

      • BAER.SW (Julius Baer Group) -- to outperform from market perform at Keefe, Bruyette & Woods

      • TELIA.SS (Telia Co.) -- to outperform from neutral at BNP Paribas Exane

    • Downgrades

      • TEL2.B.SS (Tele2) -- to hold from buy at DnB Markets

      • DIE.BB (D'Ieteren Group) -- to hold from buy at Jefferies

      • AKRBP.NO (Aker BP) -- to underperform from sector perform at RBC Capital Markets

      • CPG.LN (Compass Group) -- to sector perform from outperform at RBC Capital Markets

    • Initiations

      • SMHN.GR (SÜSS MicroTec) -- buy at Jefferies

    • Other Actions

      • TIT.IM (Telecom Italia) -- reinstated neutral at JPMorgan; prior rating was neutral

      • NTGY.SM (Naturgy Energy Group) -- resumed market perform at Bernstein; prior rating was underperform

  • Data

    • Nikkei (1.56%) to 36012.57

    • Hang Seng +1.59% to 17699.96

    • Shanghai Composite +0.00% to 2704.09

    • S&P futures (0.3) vs prior close of 5699.3

    • €-$ (0.0007) or (0.06%) to 1.1128

    • $-¥ (0.05) or (0.03%) to 140.57

    • €-¥ (0.15) or (0.10%) to 156.39

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".

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