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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.11%, DAX30 +0.19%, CAC40 +0.23%

Sep 27 ,2024

  • Synopsis

    • European indices are set to open higher as Greater China extends sharp gains amid the ongoing stream of policy support headlines. PBOC cut seven-day reverse repo rate to 1.5% from 1.7% and RRR by 50 bp from 27-Sep. Premium of 14D reverse repo rate to the seven-day rate, currently at 15 bp, remains unchanged, which leaves that rate to 1.65% from 1.85%.

    • Reuters, citing two sources, reported China plans to issue special sovereign bonds totaling about CNY2T ($284B) this year as part of fresh stimulus measures.

    • US futures softer following moderate gains overnight.

    • Friday sees ECB's Cipollone speech at 11:40CET on final day of Central Bank of Austria's Economics of Payments XIII conf .

    • Economics due today: Germany Sep unemployment change, France Sep preliminary CPI, Aug PPI, consumer spending, Spain Q2 final GDP, Sep preliminary CPI, Eurozone Sep economic sentiment, Italy Aug PPI, Belgium Sep CPI, Norway Aug retail sales, Denmark Aug retail sales, Ireland Aug PPI, UK Sep distributive trades - CBI

    • In corporate news: Renault Group sold to Nissan ~195.5M Nissan shares for €494M; to result in capital loss on disposal of ~€1.10B which will impact the net income

  • Politics/Macro/World News

    • UK chancellor ready to water down planned tax raid on 'non-doms' (FT )

    • Putin draws a nuclear red line for the West (Reuters )

  • Top company news

    • Earnings/updates

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

      • DGE.LN (Diageo) -- PLC expectations are unchanged from when reported FY24 preliminary results on 30-Jul -- CEO ahead of AGM 2024

      • HM.B.SS (H&M Hennes & Mauritz) -- reports Q3 EPS SEK1.44 vs StreetAccount SEK2.02

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

      • KNEBV.FH (Kone) -- update ahead of CMD on 27-Sep; targets to lift adjusted EBIT margin to 13-14% by the end of 2027

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

      • MOWI.NO (Mowi) -- Follow-up: Mowi reaffirms 2024 harvest volume guidance - CMD presentation

      • BAVA.DC (Bavarian Nordic A/S) -- Bavarian Nordic raises FY Revenue guidance to between DKK 5.40-5.80B vs prior DKK5.3B and FactSet DKK5.50B

      • CBK.GR (Commerzbank) -- Commerzbank's supervisory board and executive board confirm strategy; publishes strategy update presentation

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

      • HLMA.LN (Halma) -- H1 Trading Update: expected to deliver good H1 organic constant currency revenue growth, unchanged guidance for the full year

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

      • SGRO.LN (Segro) -- trading update: £58M of new headline rent signed so far in 2024, ahead of equivalent period last year and positioning for another year of strong rent roll growth

      • PNN.LN (Pennon Group) -- H1 Trading Update: Operating costs in the second half of the year are expected to be lower

      • BELA.GA (Jumbo) -- reports H1 net income attributable €121.7M, +14% vs year-ago €106.5M; reaffirms FY guidance (~3:27ET)

      • CVSG.LN (CVS Group) -- reports FY EPS 86.6p vs FactSet 90.1p [9 est, 87.4-92.7p]

      • FUTR.LN (Future Plc) -- Future Pre-close FY Trading Update: The group confirms that FY24 performance is expected to be in line with market expectations

      • HLE.GR (HELLA GmbH & Co. KGaA) -- HELLA GmbH & Co. lowers FY Currency and portfolio-adjusted sales guidance to between €7.9-8.1B vs prior in the lower half of range €8.1-8.6B and FactSet €8.38B

      • VTSC.GR (Vitesco Technologies Group) -- and Continental reach a settlement on the group separation agreement between the two Groups; Vitesco adjusts FY FCF guidance

      • TRI.FP (Trigano) -- reports preliminary FY revenue €3.93B vs FactSet €3.90B [8 est, €3.77-3.97B]

      • RKH.LN (Rockhopper Exploration) -- reports H1 EPS $2.53 vs year-ago ($0.44)

      • MAB.LN (Mitchells & Butlers) -- Trading Update: reports Q4 like-for-like sales growth +2.5%, remain confident in delivering full year result at upper end of consensus expectations

      • ACSO.LN (accesso Technology Group) -- reports H1 adj. EPS $0.09 vs year-ago $0.08

      • OSE.FP (OSE Immunotherapeutics) -- reports H1 net income €57.2M vs year-ago (€11.9M)

      • VBK.GR (Verbio) -- reports Q4 adjusted EBITDA €39.5M vs FactSet €39.1M [3 est, €37.6-42M]

      • RWA.LN (Robert Walters) -- PLC aims to achieve an uplift on pre-pandemic free cash flow per share in excess of 30% -- CMD

      • SNG.LN (Synairgen) -- reports H1 EPS (1.6p) vs year-ago (2.4p)

      • PCO.PW (Pepco Group) -- Pre-Close Trading Update: YTD (51 weeks) reported revenues +10% y/y, LFL (3.1%) y/y

      • KWS.GR (KWS SAAT SE & Co. KGaA) -- 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

      • CGM.FP (Cegedim) -- reports H1 EPS €0.0 vs year-ago (€0.6); confirms FY guidance

      • ALTHX.FP (Theranexus) -- reports H1 net income €0.1M vs year-ago (€3.6M)

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

    • M&A

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

      • IPO.LN (IP Group) -- notes Visa's (V) acquisition of portfolio company Featurespace; expects to receive £134M total cash for its holding in Featurespace

      • NG.LN (National Grid) -- PLC completes sale of final 20% of National Gas

      • AGR (Avangrid) -- shareholders approve merger agreement proposal; Iberdrola to acquire the remaining 18.4% of Avangrid

      • INF.LN (Informa) -- to extend partnership with Monaco

      • CBK.GR (Commerzbank) -- UniCredit, Commerzbank to begin possible tie-up discussion on Friday -- Reuters

      • EQT.SS (EQT AB) -- EU sets a provisional deadline of 30-Oct to rule on Cinven's acquisition of Idealista

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

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

      • AQ.SS (AQ Group) -- acquires TechROi Engineering & TechROi Scandinavia for SEK 1 in cash at closing and a debt takeover of ~SEK 30M

      • GGP.LN (Greatland Gold) -- announces Telfer restarts processing operations

      • ABDP.LN (AB Dynamics) -- FY Trading Update: expects FY revenue to exceed £110M and with robust margin performance through H2, FY adjusted operating profit anticipated ahead of current market expectations

      • 500672.IN (Novartis India) -- Alkem Laboratories in advanced talks to acquire 70.6% stake in Novartis India from Novartis for INR20.00B - CNBC-TV18 tweet

      • 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)

      • V3S.GR (Vectron Systems) -- Shift4 intends to initiate the process for concluding a domination and profit loss transfer agreement between Vectron Systems as a dependent company and its majority shareholder

    • Healthcare

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

      • BAYN.GR (Bayer AG) -- submits application to U.S. FDA for third indication of darolutamide

      • HLUN.B.DC (H. Lundbeck) -- and Iambic Therapeutics enter into a strategic research collaboration

      • STVN (Stevanato Group) -- Stevanato Group, Gerresheimer and SCHOTT Pharma, announce strategic industry "Alliance for RTU"

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

      • ATXS (Astria Therapeutics) -- FDA grants orphan drug designation to navenibart for hereditary angioedema

      • BAVA.DC (Bavarian Nordic A/S) -- Bavarian Nordic announces agreement with UNICEF for the supply of 1M doses of the MVA-BN mpox vaccine for countries in Africa impacted by the mpox outbreak

      • ORNBV.FH (Orion) -- Orion's collaboration partner Bayer submits application to U.S. FDA for third indication of darolutamide which has become the first ever Orion-originated blockbuster

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

      • AB.FP (AB Science) -- updates on the microtubule program AB8939 with new data confirming its ability of generating response on MECOM rearrangement

      • BONEX.SS (BONESUPPORT HOLDING) -- announces SOLARIO study meets its primary endpoints

    • Other

      • TKWY.NA (Just Eat Takeaway.com) -- partners with Lovehoney Group as it launches first move into new self-care category

      • HM.B.SS (H&M Hennes & Mauritz) -- Quick take -- H&M Hennes & Mauritz falls post Q3 miss; September trading beats

      • AI.FP (Air Liquide) -- to Invest €60M to Support the Development of Wanhua Chemical Group in China

      • TTE.FP (TotalEnergies) -- and its partners, Equinor and Shell, announce that Northern Lights facilities on Norway completed and ready to store CO2

      • UHR.SW (Swatch Group) -- CEO Nick Hayek says considering withdrawing company from the stock market -- Bilanz

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- SA to issue of €1.50B CoCos

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

      • LLOY.LN (Lloyds Banking Group) -- files amended 424B in respect of contingent convertible securities

      • CON.GR (Continental) -- confirms agreement with Vitesco Technologies Group on allocation of investigation costs

      • PUM.GR (Puma) -- appoints Markus Neubrand as new CFO; contract of current CFO Hubert Hinterseher ends by mutual agreement on 31-Dec-24

      • SW.FP (Sodexo) -- Street Takeaways - Report of potential Sodexo-ARMK tie-up

      • RWE.GR (RWE) -- UBS comments on Peakload report RWE is understood to have drawn renewed interest from an activist investor

      • VALMT.FH (Valmet) -- to pay second dividend instalment of €0.67 relating to FY23 on 10-Oct-24

      • TELIA.SS (Telia Co.) -- Quick Take - Telia Co. releases new financial targets for 2025-2027 period ahead of CMD event today

      • SDR.LN (Schroders) -- announces appointment of Meagen Burnett as CFO

      • SSAB.A.SS (SSAB) -- SSAB: and Alstom in partnership for supply of fossil emission-free steel

      • HOLM.B.SS (Holmen) -- announces Stefan Loréhn to take over as new CFO in spring of 2025

      • ^EUPMREADS (European PM Reads) -- StreetAccount European Reads

      • UBI.FP (Ubisoft Entertainment) -- Quick Take - Magnitude of Ubisoft profit warning surprises; analysts see need for drastic change in business model and cost base

      • CMBT.BB (Euronav) -- sells two Suezmax vessels, generating a capital gain of $61.38M

      • TKA.GR (ThyssenKrupp) -- announces appointment of new management at Steel Europe

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

      • 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)

      • Adani Green Energy completes 1150 MW JV with TotalEnergies; deal announced 2-Sep

      • Czarnikow plans to meet with potential investors as considers IPO on London Stock Exchange - Sky News (6:39ET)

      • Darling Ingredients-Valero JV to supply SAF to DHL in Florida

      • Flutter Entertainment outlined path to medium-term targets during Investor Day

      • Renault Group to sell to Nissan up to 195.5M Nissan shares representing ~5.0% of Nissan capital

      • Stevanato Group, Gerresheimer and SCHOTT Pharma, announce strategic industry "Alliance for RTU"

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

      • Veolia and Waga Energy commission 6th Renewable Natural Gas production unit

      • Zentree and Packer lodge review application relating to Energy Resources of Australia entitlement offer

  • Key rating changes

    • Upgrades

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

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

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

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

    • Downgrades

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

      • UBI.FP (Ubisoft Entertainment) -- to accumulate from buy at Gilbert Dupont (pre-open)

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

      • TELIA.SS (Telia Co.) -- to neutral from buy at New Street Research

      • KRKG.SV (KRKA d.d.) -- to accumulate from buy at Erste Group

    • Initiations

      • HTWS.LN (Helios Towers) -- buy at New Street Research

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

      • AYV.FP (Ayvens) -- buy at Kepler Cheuvreux

    • Other Actions

      • SCMN.SW (Swisscom) -- resumed hold at Deutsche Bank; prior rating was sell

  • Data

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.
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