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StreetAccount Summary - Europe Pre-Open: FTSE (0.1%), DAX (0.2%), CAC flat, MIB flat, IBEX (0.3%)

Sep 30 ,2024

  • Synopsis

    • European equity markets set to open flat to lower after last week's rally, which was on back of fresh round of China stimulus. Iron ore and base metal prices higher this morning. China has followed through on last week's real estate support announcements with PBOC telling banks to cut rates on existing mortgages and reduce downpayment requirements. Follows flurry of stimulus measures last week ranging from rate and RRR cuts to boost in sovereign bond issuance aimed at supporting consumption. Greater China markets outperforming today with mainland stocks up big (Shanghai Composite up over 7%) and property developers leading in Hong Kong.

    • Meanwhile, Japan stocks down heavily following Shigeru Ishiba's victory in LDP leadership race. Nikkei down (5%). Ishiba's win viewed as a surprise outcome after markets seen to have priced in a Sanae Takaichi victory. Outcome drew attention to Ishiba's previous comments on fiscal consolidation and he noted Friday he would not push back on BOJ's gradual normalization path. On Sunday Ishiba also left open possibility of snap election at end of October.

    • In Austria, the far-right Freedom Party (FPÖ) has opened the door to a new era, its leader Herbert Kickl has told supporters, as they celebrated an unprecedented election victory. Kickl's party won 29.2% of the vote according to official provisional results - almost three points ahead of the conservative People's Party (ÖVP) on 26.5%, but far short of a majority. Kickl's victory is only the latest in a string of far-right election successes in Europe. (BBC). The FPÖ has promised to "remigrate" large numbers of migrants, turn the country into "Fortress Austria" and restore ties with Russia. (Times )

    • VW (VOW.GR) and Stellantis (STLAM.IM) latest auto makers to issue profit warning. Late Friday, VW said that in light of a challenging market environment and developments that have fallen short of original expectations, particularly at the brands Volkswagen Passenger Cars, Volkswagen Commercial Vehicles and Tech. Components, Volkswagen AG is updated its forecast for the 2024 financial year; now expects deliveries around 9M vehicles (2023: 9.24M vehicles; previous forecast: increase of up to 3%); Group sales revenue to be around €320B (2023: €322.3B; previous forecast: increase of up to 5%) vs FactSet €324.2B and now sees operating result around €18B (corresponding to an operating return on sales of around 5.6%; previously: operating return on sales of 6.5 to 7.0%).vs FactSet €20.9B. Stellantis N.V. today revised its 2024 financial guidance, reflecting decisions to significantly enlarge remediation actions on North American performance issues, as well as deterioration in global industry dynamics. Adjusted operating income margin: Expected to be between 5.5 - 7.0% for the FY 2024 period down from prior "double digit". Industrial free cash flow: Expected to range from (€5B) to (€10B) from prior "Positive".

    • Macro data releases out today include Germany Sep preliminary CPI, UK Q2 final GDP, Aug mortgage approvals, M4 money supply, Italy Sep preliminary CPI, Sweden Aug retail sales, Switzerland Sep leading indicators - KOF, Denmark Q2 final GDP, Aug unemployment rate, Ireland Sep preliminary HICP, Aug retail sales, Austria Aug PPI, Portugal Sep preliminary CPI, Greece Aug PPI, Jul retail sales, Belgium Aug PPI

    • In central banks, ECB's Lagarde at hearing at 15:00CET before the Committee on Economic and Monetary Affairs (ECON) of the EP. BOE's Greene panellist at 21:10BST at National Assn. for Business Economics Annual Meeting. Elsewhere, EU's Vestager participates in an online conference hosted by the French Competition Authority (Autorité de la Concurrence). Also of note, it's London Metal Exchange Week.

  • Politics/Macro/World News

    • EU ministers scramble to find a response to Middle East carnage (FT )

    • Tories Turn on Each Other in Race to Succeed Low-Key Sunak (Bloomberg )

  • Top company news

    • Earnings/updates

      • VOW3.GR (Volkswagen) -- updates FY2024 forecast; now expects deliveries around 9M vehicles (2023: 9.24M vehicles; previous forecast: increase of up to 3%); Group sales revenue to be around €320B (2023: €322.3B; previous forecast: increase of up to 5%) vs FactSet €324.2B and now sees operating result around €18B (corresponding to an operating return on sales of around 5.6%; previously: operating return on sales of 6.5 to 7.0%).vs FactSet €20.9B.

      • STLAM.IM Stellantis adjusts FY24 financial guidance downward; cites North American performance issues as well as deterioration in global industry dynamics

      • PAH3.GR (Porsche Automobil Holding SE) -- guides FY net income €2.4-4.4B vs prior guidance €3.5-5.5B and FactSet €4.69B [7 est, €4.16-5.13B]

      • APAM.NA (Aperam) -- issues update on Q3; sees higher H2 adj EBITDA versus H1

      • MBTN.SW (Meyer Burger Technology) -- reports preliminary H1 revenue CHF48.7M vs FactSet CHF189M [1 est]

      • ADXN.SW (Addex Therapeutics) -- reports Q2 net income from cont. ops. (CHF1.5M)

      • MUL.LN (Mulberry Group) -- reports FY net income (£34.1M) vs year-ago £13.2M; announces 10M share subscription by Challice to raise gross proceeds of £10M

      • Also reporting Today

        • Earnings:

          • Benelux: Hyloris Pharmaceuticals (HYL.BB)

          • DACHs: Katek (KTEK.GR), Varta (VAR1.GR), Leclanche (LECN.SW), Addex Therapeutics (ADXN.SW)

          • France: Kaufman & Broad (KOF.FP), Waga Energy (WAGA.FP), Afyren (ALAFY.FP), McPhy Energy (ALMCP.FP), AB Science (AB.FP)

          • Southern Europe: Solaria Energia (SLR.SM), GPI (GPI.IM)

          • UK: Playtech (PTEC.LN), Alliance Pharma (APH.LN), Avacta Group (AVCT.LN), Bango (BGO.LN), Flowtech Fluidpower (FLO.LN), Frenkel Topping (FEN.LN), Likewise Group (LIKE.LN)

        • Trading Update: KION GROUP (KGX.GR)

        • CMD/events: Roche's (ROG.SW) Pharma Day, Vivoryon Therapeutics (VVY.NA) Virtual Kidney Disease KOL

    • M&A

      • DSV.DC (DSV A/S) -- EVG to oppose Deutsche Bahn's sale of Schenker to DSV - Frankfurter Allgemeine Zeitung

      • BOO.LN (boohoo Group) -- boohoo considering breaking itself up - London Times

      • ALVIO.FP (Valerio Therapeutics) -- acquires Emglev Therapeutics

      • Amber Energy selected by Special Master to acquire CITGO

    • Healthcare

      • JNJ (Johnson & Johnson) -- announces results from Phase 3 CEPHEUS study of DARZALEX FASPRO-based quadruplet regimen

      • JNJ (Johnson & Johnson) -- announces data from three studies highlighting clinical efficacy of DARZALEX and DARZALEX FASPRO

      • BMY (Bristol Myers Squibb) -- FDA approves Bristol Myers Squibb's COBENFY to treat schizophrenia in adults

      • PSTX (Poseida Therapeutics) -- reports interim Phase 1 results for Allogeneic CAR-T Therapy P-BCMA-ALLO1 in heavily pretreated relapsed/refractory multiple myeloma patients

      • NYXH.BB (Nyxoah) -- announces DREAM pivotal study data presented at ISSS 2024 Educational Update

      • FYB.GR (Formycon) -- announces FDA grants approval for Stelara biosimilar FYB202/OtulfiTM (ustekinumab-aauz)

      • IRLAB.A.SS (IRLAB Therapeutics) -- announces that last patient has been enrolled in ongoing Phase IIb study of pirepemat

    • Other

      • UBSG.SW (UBS Group) -- UBS chairman unhappy with Switzerland plan to raise capital requirements - SonntagsBlick

      • LLOY.LN (Lloyds Banking Group) -- files amended contingent convertible securities offering through Barclays, BofA, Goldman Sachs, Lloyds, Morgan Stanley, Santanderm and TD Securities - 424B2

      • SEB.A.SS (Skandinaviska Enskilda Banken) -- appoints Christoffer Malmer as CFO; assumes his new positions on 1-Oct (

      • BT.A.LN (BT Group) -- BT receives £105M as upfront prepayment for surplus copper cables - Guardian

      • TKA.GR (ThyssenKrupp) -- prepares steelworkers for restructuring - Westdeutsche Allgemeine Zeitung

      • ATO.FP (ATOS SE) -- Atos' shareholders and financial creditors approve proposed draft accelerated safeguard plan

      • PFC.LN (Petrofac) -- has reached in-principle agreement with certain key stakeholders on the framework for a comprehensive financial restructure

      • ARBN.SW (Arbonia) -- appoints Uwe Schiller as its new CFO to succeed Daniel Wüest who will leave on 30-Sep

      • Estimated weekend box office revenues in US, Canada $90.7M, +5.8% y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • HAG.GR (HENSOLDT) -- to buy from hold at Kepler Cheuvreux, to buy from hold at Deutsche Bank

    • Downgrades

      • SGSN.SW (SGS) -- to neutral from outperform at BNP Paribas Exane (

      • HLE.GR (HELLA GmbH & Co. KGaA) -- to reduce from hold at HSBC, we're told (timing uncertain)

      • GREEN.BB (Greenyard) -- to hold from buy at Berenberg

      • PAH3.GR (Porsche Automobil Holding SE) -- to hold from buy at Stifel

    • Initiations

      • PUIG.SM (Puig Brands) -- buy at Jefferies

    • Other Actions

      • FEVR.LN (Fevertree Drinks) -- transferred sector perform at RBC Capital Markets; prior rating was sector perform

  • Data

    • Nikkei (5.03%) to 37827.10

    • Hang Seng +3.83% to 21421.86

    • Shanghai Composite +7.45% to 3317.69

    • S&P futures (1.8) vs prior close of 5791.3

    • €-$ +0.0006 or +0.05% to 1.1168

    • $-¥ (0.57) or (0.40%) to 141.71

    • €-¥ (0.51) or (0.32%) to 158.24

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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