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StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.55%, DAX30 +0.69%, CAC40 (0.12%)

Sep 26 ,2024

  • Synopsis

    • European equity markets are set for a mostly higher open amidst broadly positive Asia equities Thursday. Sharp gains in Japan's boards stemming from Micron's guidance overnight and a weaker yen. Australia set to close with solid gains. Hang Seng again leading the region higher with more sharp gains in mainland markets. Seoul pulled higher on SK Hynix news, Taipei also higher. India opened with a new record high. Southeast Asia more mixed with losses in several boards. US futures higher afterhours.

    • SNB interest rate decision at 9:30CET with a 25 bps cut in the benchmark interest rate to 1.00% generally expected. Other central bank events include, BOE's Khan speech at 9:30BST at BofA Financials CEO conf and ECB latest Economic Bulletin at 10:00CET. ECB's Elderson opening remarks at 11:00CET at stakeholder meeting about the ECB Guide on Governance & Risk Culture, with McCaul a panellist at 11:15 whilst ECB's Lagarde address at 15:30CET at ESRB conf (through Fri), Buch speech at 15:45, de Guindos panellist 16:15. ECB's Schnabel makes remarks at 18:00CET at Wirtschaftsrat der CDU.

    • Elsewhere, Italian President Mattarella visits Germany (through Sun), meets with Chancellor Scholz on Fri. EU's McGuinness meets with UK Chancellor Reeves and delivers lecture at Univ. of Cambridge. EU internal market and industry ministers meeting. FT hosts its Mining Summit (through Fri). Handelsblatt hosts ESG reporting and management 2024 (through Fri).

    • In macro, Germany Oct consumer confidence- GfK, Italy Sep business/consumer confidence, Spain Aug retail sales, Norway Aug unemployment rate, Sweden Aug trade balance and Eurozone Aug M3 money supply are due to be released. SMMT reported UK Aug car manufacturing (8.4%) y/y to 41,271 units.

    • On the corporate front, BASF (BAS.GR) released its CMD update saying it plans dividends and share buybacks of at least €12B between 2025 and 2028 and will divest its decorative paints business in Brazil. Other companies hosting CMDs and releasing updates include Telia Company (TELIA.SS) presenting financial ambitions for the 2025-27 period and FY25 outlook and confirming FY24 outlook remains unchanged as well as Mowi (MOWI.NO) targeting harvest of 600K tonnes in 2029 and reaffirming 2024 harvest volume guidance.

    • In earnings, Ubisoft Entertainment (UBI.FP) released financial targets for FY2024-25 and Aide Memoire reported Sanofi (SAN.FP) prelim estimate for ccy impact on Q3 sales is between (3%)-(4%) and between (5.5%) -(6.5%) on Q3 business EPS. Danieli & C. Officine Meccaniche (DAN.IM) reported FY net income €240.8M vs FactSet €237.1M

  • Macro

    • Keir Starmer to promise 'global leadership' in UN General Assembly speech - The Standard

    • UK consumer sentiment sinks on fiscal worries, trade body says - Reuters

    • UK Aug car manufacturing (8.4%) y/y to 41,271 units -- SMMT

  • Top company news

    • Earnings/updates

      • DACHs:

        • BAS.GR (BASF) -- plans dividends and share buybacks of at least €12B between 2025 and 2028; to divest its decorative paints business in Brazil -- CMD

        • PSG.GR (PharmaSGP Holding) -- reports H1 revenue €58.4M, +18% vs year-ago €49.7M

        • SHLTN.SW (SHL Telemedicine) -- reports H1 net income ($3.9M) vs year-ago ($2.1M)

        • KWS.GR (KWS SAAT SE & Co.) -- reports final FY earnings: EPS from cont. ops. €5.58 vs FactSet €6.44 [3 est, €4.15-9.60], raises dividend +11% y/y, reaffirms FY25 guidance, CFO to leave

      • France:

        • UBI.FP (Ubisoft Entertainment) -- updates financial targets for FY2024-25

        • SAN.FP (Sanofi) -- prelim estimate for ccy impact on Q3 sales is between (3%)-(4%) and between (5.5%) -(6.5%) on Q3 business EPS -- Aide Memoire

        • ALICA.FP (ICAPE Holding) -- reports H1 net income €1.0M vs year-ago €1.9M

        • IVA.FP (Inventiva) -- reports H1 net income (€49.0M) vs year-ago (€55.3M)

        • PHXM.FP (Phaxiam Therapeutics) -- reports H1 net income (€10.6M) vs year-ago (€12.2M)

        • GBT.FP (Guerbet) -- reports H1 net income €10.0M vs year-ago €1.3M

        • BEN.FP (Beneteau) -- reports H1 net income €47.5M vs year-ago €117.1M

        • S30.FP (Solutions 30) -- Solutions30 outlines its 2026 roadmap

      • Nordics

        • TELIA.SS (Telia Company) -- presents financial ambitions for the 2025-27 period and FY25 outlook; FY24 outlook remains unchanged -- CMD

        • MOWI.NO (Mowi) -- holds capital markets day; targeting harvest of 600K tonnes in 2029; reaffirms 2024 harvest volume guidance

        • NOD.NO (Nordic Semiconductor) -- releases presentation material in connection with CMD

      • Southern Europe:

        • GRF.SM (Grifols) -- informs it has received notification from the CNMV that its Executive Committee to initiate administrative disciplinary proceeding; says sanction will not have impact on financial statements

        • DAN.IM (Danieli & C. Officine Meccaniche) -- reports FY net income €240.8M vs FactSet €237.1M [3 est, €232-246.3M]

        • UNIR.IM (UniEuro) -- reports preliminary H1 revenue €1.15B vs year-ago €1.20B; raises FY Adjusted EBIT guidance

    • M&A

      • ARMK (Aramark) -- Sodexo considering a possible acquisition of Aramark - Bloomberg, citing people familiar with the matter

      • O5G.GR (CPI PROPERTY GROUP) -- IMMOFINANZ enters into share purchase agreements to acquire total of 28.2M shares in S IMMO AG from CPI Property Group

      • METSO.FH (Metso Corp.) -- acquires Diamond Z and Screen Machine Industries from Crane Group

      • PLX.FP (Pluxee) -- completes Cobee acquisition

      • BOSN.SW (Bossard Holding) -- completes previously announced acquisition of Aero Negoce International

      • TXP.CN (Touchstone Exploration) -- confirms offer for Trinity Exploration & Production (TRIN.LN) has lapsed

      • DORO.SS (Doro) -- AB and Fonua mutually agree not to finalise transaction for divestment of Doro's German subsidiary IVS

      • ATTICA.GA (Attica Holdings) -- completes the acquisition of the Ro-Pax highspeed vessel 'Thunder' from Fast Ferries, for €17.75M in cash (post EU close 25-Sep)

      • ITAB.SS (ITAB Shop Concept) -- to acquire HMY for a cash consideration of ~ SEK 3.61B (€320M); intends to partly finance transaction through new share issue of ~ SEK 850M

      • KKR and Skip Capital win auction to acquire majority stake of Queensland Airports Limited - Australian Financial Review

    • Healthcare

      • EVT.GR (Evotec) -- and Novo Nordisk enter into technology development partnership to support next-generation cell therapies

      • ROG.SW (Roche Holding) -- Positive Phase III Results for Genentech's Gazyva Show Superiority to Standard Therapy Alone in People With Lupus Nephritis

      • ABVX.FP (Abivax) -- provides program updates

      • PHARM.NA (Pharming Group) -- announces marketing authorization in the U.K. for Joenja (leniolisib)

    • Other

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- to pay a €0.29/share (gross) interim dividend

      • NDX1.GR (Nordex Group) -- receives first order in Latvia; Sia Laflora Energy orders 16 N175/6.X turbines

      • DBK.GR (Deutsche Bank) -- strengthens ocean protection policies

      • BA.LN (BAE Systems) -- awarded $91.8M US Navy contract

      • NEXI.IM (Nexi SpA) -- EIB provides €220M in financing to Nexi to back digital payment innovation in Europe

      • DEC.FP (JCDecaux) -- awarded Greater Stockholm Public Transport Authority (SL) advertising concessions for both the bus shelters and the largest central subway stations

      • SOLB.BB (Solvay) -- CGT labor union reportedly declares strike at Salindres facility following previously announced closure - Reuters

      • S92.GR (SMA Solar Technology) -- AG announces restructuring and transformation program

      • DIA.SM (Distribuidora Internacional De Alimentacion) -- seeks to cut a maximum of 65 jobs at the Group's central offices in Spain (25-Sep)

      • BFF.IM (Banca Farmafactoring) -- BFF receives its updated MREL requirements that are substantially in line with the previous ones (post EU close 25-Sep)

  • Key rating changes

    • Upgrades

      • G1A.GR (GEA Group) -- overweight from equal-weight at Morgan Stanley

      • UBI.FP (Ubisoft Entertainment) -- hold from buy at Deutsche Bank

      • THULE.SS (Thule Group) -- hold from sell at ABG Sundal Collier

      • FACC.AV (FACC) -- buy from hold at Kepler Cheuvreux

      • Kepler Cheuvreux upgrades CEC.GR, FNAC.FP, ALLDL.FP

      • WOSG.LN (Watches of Switzerland Group) -- buy from hold at Deutsche Numis

      • AZA.SS (Avanza Bank Holding) -- to buy from hold at DnB Markets

    • Downgrades

      • SHELL.NA (Shell) -- neutral from outperform at Oddo

    • Initiations

      • TNIE.GR (tonies) -- outperform at Oddo

      • Autonomous Research initiates DWS.GR, SDR.LN; downgrades AMUN.FP

      • BERG.B.SS (Bergman & Beving) -- buy at Nordea

      • OPM.FP (OPmobility) -- overweight at Morgan Stanley

    • Other Actions

      • EXPN.LN (Experian) -- transferred sector perform at RBC Capital Markets; prior rating was underperform

  • Data

    • Nikkei +2.44% to 38795.38

    • Hang Seng +2.91% to 19686.46

    • Shanghai Composite +2.00% to 2954.21

    • S&P futures +34.3 vs prior close of 5779.0

    • €-$ +0.0020 or +0.18% to 1.1153

    • $-¥ (0.04) or (0.03%) to 144.72

    • €-¥ +0.23 or +0.14% to 161.38

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