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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.58%), DAX30 (0.50%), CAC40 +0.08%

Sep 20 ,2024

  • Synopsis

    • European indices are set to open lower as Asian equities trade mostly higher Friday. Strength led by sharp gains in Japan and Hong Kong while South Korea, Australia and Taiwan tracking moderately positive. Mainland China the notable laggard from the open. BOJ left the uncollateralized overnight call rate unchanged at 0.25% as widely expected. Policy statement was brief with no explicit forward guidance.

    • US equities finished higher in Thursday trading, ending not far from best levels. S&P 500 set a fresh record close while Nasdaq still ~3.5% below its July ATH.

    • In Central Banks, BOE Bailey speech at 9:30BST at event hosted by Building Societies Assn. whilst BOE Mann speech at 10:30 BST at Bank of Lithuania conf. Bank of Italy's Signorini attends the ANIA Insurance High Level conf. ECB's Lagarde lecture and conversation from 17:00CET at event organised by IMF. Presentation of Norges Bank's Sep Monetary Policy Report ay 10:00CET on Teams, hosted by Bech-Moen. Norges Bank's Longva and Børsum speeches at 10:00CET at Bergen chamber of commerce.

    • Macroeconomic releases due today include:Germany Aug PPI, France Sep business confidence, Spain Jul trade balance, Eurozone Sep preliminary consumer confidence, UK Aug retail sales, public sector net borrowing, Sep consumer confidence - GfK

    • In corporate news: Yesterday after the close Mercedes-Benz MBG.GR) Group expects 2024 EBIT to be significantly below prior-year level vs prior expectations for slightly below prior-year level.

    • CMD/events: HUBER+SUHNER (HUBN.SW) hosts CMD today: expectations for the course of business in the current year unchanged

  • Politics/Macro/World News

    • UK consumer confidence tumbles in anticipation of 'painful' Budget (FT )

    • Two-year UK mortgage rates fall faster than longer-term deals (FT )

    • German Economy Only Expected to Resume Growth at End of Year (BBG )

    • BOJ keeps interest rate steady, upgrades view on consumption (Reuters )

  • Top company news

    • Earnings/updates

      • MBG.GR (Mercedes-Benz Group) -- expects 2024 EBIT to be significantly below prior-year level vs prior expectations for slightly below prior-year level

      • GNFT.FP (GENFIT) -- reports H1 net income €30.3M vs year-ago (€20.9M)

      • ATE.FP (Alten) -- reports H1 net income €118.2M vs FactSet €119M [1 est]

      • ALESK.FP (Esker) -- reports H1 net income €9.3M vs FactSet €7.4M [1 est]; confirms FY guidance

      • OVS.IM (OVS) -- reports H1 adjusted net income €34.6M, +3% vs year-ago €33.7M

      • ADOC.FP (Adocia) -- reports H1 net income (€8.9M) vs year-ago (€9.4M)

      • BOI.FP (Boiron) -- reports H1 net income €3.3M vs year-ago €15.5M

    • M&A

      • PUB.FP (Publicis Groupe) -- acquires Mars United Commerce; terms not disclosed

      • EQT.SS (EQT AB) -- EQT to acquire Indostar Home Finance for $210M

      • ALESK.FP (Esker) -- and Bridgepoint announce proposed cash tender offer by Bridgepoint at €262 per share

      • VIS.SM (Viscofan) -- acquires 60% of Brasfibra and Master Couros for BRL$88M

      • NHH.SM (Minor Hotels Europe & Americas) -- reports the acquisition from its majority shareholder of the entire hotel business in Brazil

      • GIMB.BB (Gimv) -- sells half of participation in Infravest to WorxInvest

      • ALICA.FP (ICAPE Holding) -- The ICAPE group announces closing of the acquisition of the NTW group

    • Healthcare

      • JNJ (Johnson & Johnson) -- FDA approves Rybrevant for 2L NSCLC with EGFR exon 19 deletions or exon 21 L858R mutation

      • NOVO.B.DC (Novo Nordisk) -- Wegovy recommended by the European regulatory authorities for label update to reflect reduced heart failure symptoms and improved physical function

    • Other

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for August

      • TIGO.SS (Millicom International Cellular) -- Mauricio Ramos to step down as Chair of the board effective 30-Sep-24

      • ATO.FP (ATOS SE) -- announces extension of accelerated safeguard proceedings period

      • UN0.GR (Uniper) -- and ConocoPhillips extend long-term gas supply partnership in Northwest Europe (timing uncertain)

      • Excelerate Energy to purchase reliquefaction system from Wärtsilä

  • Key rating changes

    • Upgrades

      • BNP Paribas Exane upgrades KRX.ID; downgrades HOLN.SW, SIKA.SW

      • CARD.LN (Card Factory) -- to buy from neutral at UBS

      • SKF.B.SS (SKF) -- to hold from sell at Deutsche Bank, we're told (earlier, timing uncertain)

    • Downgrades

      • ESSITY.B.SS (Essity) -- to sell from hold at Deutsche Bank

      • IHP.LN (Integrafin Holdings) -- to add from buy at Peel Hunt

      • Morgan Stanley downgrades ASML.NA, VACN.SW

    • Initiations

      • MOON.LN (Moonpig Group) -- buy at UBS

      • AOF.GR (ATOSS Software) -- buy at Deutsche Bank

  • Data

    • Nikkei +1.69% to 37783.89

    • Hang Seng +1.03% to 18199.03

    • Shanghai Composite (0.41%) to 2724.84

    • S&P futures (10.5) vs prior close of 5778.0

    • €-$ +0.0003 or +0.03% to 1.1165

    • $-¥ (0.48) or (0.33%) to 142.15

    • €-¥ (0.48) or (0.30%) to 158.72

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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