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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.59%), DAX30 (0.57%), CAC40 (0.05%)

Sep 25 ,2024

  • Synopsis

    • European equity markets are set for a weaker open amidst Asian equities strengthening Wednesday. Rally continues across Greater China markets with property developers and banks the notable gainers. Equities in Japan, Korea and Australia flat. S&P 500 futures touch lower afterhours.

    • G20 foreign ministers meeting takes place in New York with Ukrainian President Zelenskiy calling for a broad alliance of nations to "force Russia into peace" in a speech to the UN security council overnight. UK PM Starmer to give speech on international issues as team hopes to set up talks with both presidential candidates.

    • Riksbank interest rate decision at 9:30CET, a 25bps cut in the benchmark interest rate is generally expected. Other central bank events include ECB continuing to publish Economic Bulletin pre-releases ahead of its issuance tomorrow at 10:00CET, ECB's McCaul participates in roundtable at European Banking Chief Compliance Officer Network at 14:30CET. Czech National Bank meeting on monetary policy with interest rate decision announced at 14:30CET as well as BOE's Greene speech at 9:00BST at event hosted by the Chambers of Commerce, Newcastle and BOE's Benford speech at 13:15BST at the Central Bank AI inaugural Conf. Central Bank of Austria hosts the Economics of Payments XIII conf (through 27th).

    • The OECD releases interim economic outlook report. Other events today, FT hosts event FT sessions @Climate Week NYC. Climate Week NYC.

    • On the macro front, France Sep consumer confidence, Spain Aug PPI, Sweden Aug PPI and Switzerland Sep ZEW expectations are due to be released.

    • In earnings, Medacta Group (MOVE.SW) reported H1 net income €38.0M vs year-ago €29.1M and confirmed FY guidance, whilst in France, Transgene (TNG.FP) reported H1 net income (€16.5M) vs year-ago (€15.3M) and confirmed financial visibility until Q4 2025.

    • Other corporate news include Sky News reporting overnight that London Stock Exchange Group (LSEG.LN) is considering the sale of its 4.9% stake in Euroclear for £500M. Bloomberg reported Sanofi (SAN.FP) has received binding offers for its consumer unit from CD&R and PAI. Commerzbank (CBK.GR) appointed CFO Bettina Orlopp as next CEO.

  • Macro

    • Keir Starmer heads to US for summit at UN as aides seek meetings with Harris and Trump - Guardian

    • Zelenskyy appeals to global south to help 'force Russia into peace' - Guardian

    • Austria's polarising far-right leader bids to become chancellor - Reuters

    • ECB's Knot Sees Gradual Rate Cuts Through First Half of 2025 - Bloomberg; NOS

    • IAEA chief sees willingness from Iran to re-engage on nuclear file - Reuters

    • EY publishes its latest economic forecast for Ireland - release

  • Top company news

    • Earnings/updates

      • Benelux:

        • SOLB.BB (Solvay) -- opens consultation to cease production at Salindres site; will record provisions of ~€50M in Q3

        • EXO.NA (EXOR) -- reports H1 net income €14.70B vs year-ago €2.16B

      • DACHs:

        • HBH.GR (Hornbach Holding) -- reports Q2 Adjusted EBIT €119.0M vs FactSet €101.6M [1 est]

        • MOVE.SW (Medacta Group) -- reports H1 net income €38.0M vs year-ago €29.1M; confirms FY guidance

      • France:

        • TNG.FP (Transgene) -- reports H1 net income (€16.5M) vs year-ago (€15.3M); financial visibility confirmed until Q4 2025; post-closing financing event

    • M&A

      • LSEG.LN (London Stock Exchange Group) -- considering the sale of its 4.9% stake in Euroclear - Sky News (post EU close 24-Sep)

      • NN.NA (NN Group) -- agrees to sell its Turkish operations to Zurich Türkiye for an undisclosed sum

      • SAN.FP (Sanofi) -- reportedly receives binding offers for its consumer unit from CD&R and PAI -- Bloomberg

      • KITW.LN (Kitwave Group) -- to acquire the entire issued share capital of Creed Catering Supplies Limited for £60M; capital Raising of up to £31.5M

      • LECN.SW (Leclanché) -- and Pinnacle provide update; Financial, technical, and legal evaluations are progressing efficiently

      • Banpu Public, CapitaLand Investment and Just Climate are short-listed to acquire Radiance Renewables - Mint (pre-market)

    • Healthcare

      • AMGN (Amgen) -- announces TEPEZZA receives approval in Japan for the treatment of active thyroid eye disease

      • UCB.BB (UCB) -- announces new 4-year data for BIMZELX(bimekizumab) in moderate to severe plaque psoriasis at EADV 2024

      • BAVA.DC (Bavarian Nordic A/S) -- awarded $63M from US Government for production and supply of additional smallpox/monkeypox vaccines

      • GALD.SW (Galderma Group) -- New Galderma Data Demonstrating Nemolizumab's Long-term Efficacy and Safety in Atopic Dermatitis and Durability in Prurigo Nodularis to Be Shared During Three Oral Presentations

      • CANTA.SS (Cantargia) -- presents new results at EADV 2024 highlighting the potential of CAN10 treatment in dermatology

    • Other

      • ORA.FP (Orange) -- intends to voluntarily delist from the NYSE, deregister with the SEC

      • SAP.GR (SAP) -- US investigating SAP and Carahsoft Technology in regards to price fixing - Bloomberg

      • VALMT.FH (Valmet) -- Arauco selects Valmet to deliver complete pulp mill, valued over €1B

      • CBK.GR (Commerzbank) -- provides update on leadership transition; appoints CFO Bettina Orlopp as next CEO

      • TE.FP (Technip Energies) -- and JGC Corp. awarded FEED contract by ExxonMobil for the Rovuma LNG project in Mozambique

      • QDT.FP (Quadient) -- announces new €6.5M deal with global insurer

      • FLOW.NA (Flow Traders) -- reports August 2024 market statistics

      • SEC announced charges against additional twelve firms over records compliance; to pay combined penalties of $88M

      • Takeovers Panel declines to conduct proceedings in relation to application from Zentree and Packer

  • Key rating changes

    • Upgrades

      • OKEA.NO (Okea) -- buy from hold at ABG Sundal Collier

      • AF.FP (Air France-KLM) -- to overweight from underweight at JPMorgan

      • HUH1V.FH (Huhtamaki) -- to buy from hold at Danske Bank

      • ORNBV.FH (Orion) -- to buy from hold at Jefferies

    • Downgrades

      • ALIF.B.SS (AddLife) -- long-term recommendation downgraded to market perform from outperform at Handelsbanken

      • HPOL.B.SS (HEXPOL) -- hold from buy at Nordea

      • IBE.SM (Iberdrola) -- to neutral from outperform at Oddo

    • Initiations

      • HEXA.B.SS (Hexagon) -- buy at Stifel (timing uncertain)

    • Other Actions

      • ADYEN.NA (Adyen) -- transferred overweight at Barclays; prior rating was overweight

  • Data

    • Nikkei +0.33% to 38065.58

    • Hang Seng +1.35% to 19256.48

    • Shanghai Composite +1.28% to 2899.70

    • S&P futures (14.0) vs prior close of 5792.0

    • €-$ +0.0017 or +0.15% to 1.1198

    • $-¥ +0.03 or +0.02% to 143.25

    • €-¥ +0.27 or +0.17% to 160.39

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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