Sep 24 ,2024
Synopsis
European equity markets indicate a higher open amidst positive session in Asia and mostly higher close on Wall Street overnight. S&P 500 futures flat afterhours. Greater China markets leading with property developers underpinning Hang Seng's outperformance following rate cut announcement. China stepped up policy support with PBOC Governor Pan announcing 50 bp RRR cut (unleashing CNY1T in liquidity), 20 bp cut to 7D reverse repo rate. RBA left cash rate unchanged at 4.35% as expected. Crude building on last week's rally, copper leading base metals higher and iron ore futures rallying. Bitcoin steady near one-month high.
On the agenda for today, Estonia central bank publishes its latest economic forecast; press conf 10:00 CET. Hungary Central Bank interest rate decision and Inflation Report at 14:00CET. IATA's World Sustainability Symposium (through 25-Sep). Bank of Spain's Escrivá speech ay 13:00CET as takes up position as Governor. Other events for today see Bundesbank's Balz speech at 14:00CET at conf jointly organised by Bundesbank and Austria Central Bank and Bundesbank's Nagel speech at 18:00CET at event hosed by The Family Entrepreneurs Association.
Light on the macro front today with Germany Jul Retail sales due at 7:00 BST followed by German Sep IFO Business Climate at 9:30 BST. German Minister of Economics Robert Habeck did not announce any concrete measures such as purchase premiums after a video conference with high-ranking car industry representatives. The corporate calendar is also limited; of note, TUI (TU1.GR) hosts a booking update, DHL Group (DHL.GR) to present 2030 strategy; Legrand (LR.FP), Schweiter Technologies (SWTQ.SW), Epiroc (EPI.A.SS), Enento Group (ENENTO.FH) also host CMD/ investor events.
Politics/Macro/World News
ECB and Fed chiefs talk, but don't coordinate, Lagarde says (Bloomberg)
UK:
Starmer appeals to Britons to stick with his plans (Reuters )
Reeves stands by winter fuel cuts (The Telegraph )
France:
Finland:
Aug PPI (2.3%) y/y vs consensus (1.5%) and prior +0.2%
Aug Unemployment Rate 7.5% vs consensus 7.6% and prior 7.9%
Top company news
Earnings/updates
ALATI.FP (Actia Group) -- H1 net profit attributable (cont ops) €12.2M vs year-ago €1.9M
QDT.FP (Quadient) -- H1 EPS €0.71 vs year-ago €1.05
SIGHT.FP (GenSight Biologics) -- H1 EPS (€0.07) vs year-ago (€0.26)
GVOLT.PL (Greenvolt Energias Renováveis) -- H1 net income attributable from cont. ops. (€16.8M) vs year-ago restated (€4.9M)
M&A
CBK.GR (Commerzbank) -- German Chancellor Olaf Scholz sees UniCredit's (UCG.IM) move on Commerzbank as "hostile" -- Reuters
SAN.FP (Sanofi) -- CEO says no decision yet on its Opella consumer healthcare unit; wants to keep stake in business - Reuters
BN.FP (Danone S.A.) -- Lifeway Foods (LWAY) holder Danone S.A. sends letter proposing to to acquire all outstanding shares for $25.00/sh - 13D/A
RMV.LN (Rightmove) -- Speculation REA Group (REA.AU) could be willing to again increase bid for Rightmove in order to get deal over the line - The Australian
LDO.IM (Leonardo) -- finalizes acquisition of control in GEM Elettronica for €16M
ACA.FP (Credit Agricole) -- in talks to acquire 50% stake in Guangzhou Automobile Group's (2238.HK) leasing unit - Bloomberg
S30.FP (Solutions 30) -- announces acquisition of Xperal, a company specialized in end-to-end B2B solar projects in the Netherlands and Germany; terms undisclosed
HOME.SM (Neinor Homes) -- releases presentation in connection with the acquisition of 10% of Promociones Habitat (post EU close 23-Sep)
SHLTN.SW (SHL Telemedicine) -- to acquire remaining stake of Mediton for an undisclosed sum
Healthcare
BSLN.SW (Basilea Pharmaceutica) -- initiates clinical phase 3 study with antifungal fosmanogepix in candidemia and invasive candidiasis
EKTA.B.SS (Elekta Evo) -- submitted to US FDA for premarket approval
NOVO.B.DC (Novo Nordisk) -- FDA grants orphan drug designation to Novo Nordisk for coramitug in treatment of transthyretin amyloidosis
NOVO.B.DC (Novo Nordisk) -- expects Ozempic to be eligible for U.S. government's price negotiations in under a year - Reuters, citing CEO Jorgensen
ROG.SW (Roche Holding) -- launches the first test to use its breakthrough TAGS technology for high throughput, simultaneous detection of 12 respiratory viruses
ROG.SW (Roche) -- Previously announced termination of collaboration between Adaptimmune Therapeutics (ADAP) and Genentech is effectiive as of 23-Sep-24 - 8-K
DBV.FP (DBV Technologies) -- completes screening for the VITESSE Phase 3 clinical trial
SANN.SW (Santhera Pharmaceuticals Holding) -- announces that Swissmedic has accepted for review the marketing authorization application for AGAMREE for the treatment of Duchenne muscular dystrophy
AB.FP (AB Science) -- provides update on development of masitinib in progressive forms of MS
+BOEHRINGER (Boehringer Ingelheim) -- FDA grants orphan drug designation to Boehringer Ingelheim for treatment of Duchenne muscular dystrophy
Other
B4B.GR (METRO) -- CEO Steffen Greubel accelerating its turnaround in the domestic German market; Romanian market serves as a model -- Handelsblatt
STLA.IM (Stellantis) -- begins search for successor to CEO Carlos Tavares as part of regular succession planning - Bloomberg
DHL.GR (DHL Group) -- announces principal decision to modernize structure in context of Strategy 2030
AMS.SW (ams-OSRAM) -- ams OSRAM publishes timetable for 10:1 reverse share split with expected first trading day of new shares on 30-Sep-24
QDT.FP (Quadient) -- launches share buyback program for a total consideration of up to €30M
DNLM.LN (Dunelm Group) -- announces secondary share sale offering of ~10M shares
+APPNUT.LN (Applied Nutrition) -- seeks London Stock Exchange IPO as soon as October - Bloomberg
VOW3.GR (Volkswagen) -- Mahindra & Mahindra (500520.IN), Skoda Auto Volkswagen India may sign MOU for JV in late October or early November - Economic Times, citing people familiar with the matter
Key rating changes
Upgrades
SPM.IM (Saipem) -- to buy from hold at Kepler Cheuvreux
OMV.AV (OMV) -- to overweight from neutral at JPMorgan
AMS.SW (ams-OSRAM) -- to buy from neutral at UBS
Downgrades
AKRBP.NO (Aker BP) -- to reduce from buy at Kepler Cheuvreux
HTG.LN (Hunting) -- to hold from buy at Kepler Cheuvreux
SBO.AV (Schoeller-Bleckmann Oilfield Equipment) -- to hold from buy at Kepler Cheuvreux
VK.FP (Vallourec) -- to hold from buy at Kepler Cheuvreux
TGS.NO (TGS-NOPEC Geophysical Co.) -- to reduce from buy; at Kepler Cheuvreux
REP.SM (Repsol) -- to neutral from overweight at JPMorgan
ENI.IM (Eni) -- to market perform from outperform at Bernstein, we're told (earlier, timing uncertain)
Initiations
HYQ.GR (Hypoport) -- buy at Deutsche Bank
Data:
Nikkei +0.86% to 38049.37
Hang Seng +3.79% to 18939.56
Shanghai Composite +3.80% to 2853.43
S&P futures +1.8 vs prior close of 5776.8
€-$ +0.0006 or +0.05% to 1.1119
$-¥ +0.50 or +0.35% to 144.11
€-¥ +0.64 or +0.40% to 160.20
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