Oct 01 ,2024
Synopsis
European indices are set to open in positive territory as Asian equities trade mixed Tuesday. Japan equities rebounding from a Monday selloff that followed Shigeru Ishiba's election as LDP leader. ASX making fresh session lows. Greater China and Korean markets closed for public holidays. S&P 500 futures a touch lower afterhours
In a Statement Israeli military announced it conducted precise strikes on weapons manufacturing sites and infrastructure belonging to Hezbollah in Dahiyeh (Beyrouth suburb) on Monday
US equities were higher in Monday trading, ending just off best levels after erasing afternoon declines. S&P 500 capped off another record close, added to last week's gains that saw S&P and Nasdaq up for third-straight week.
In central banks, Bundesbank's Nagel speech at 9:00CET at event hosted by the central bank and Bank of Finland's Rehn press briefing at 10:00CET on the euro area's economic outlook and monetary policy, whilst BOE's Pill speech at 15:00BST at Q3 CBI Economic Growth Board. SNB's Schlegel officially takes over from previous governor Jordan. BoC-ECB-NY Fed Conf (through Wed), welcome speech at 9:00CET ECB's de Guindos and Schnabel chairs panel at 17:30. Riksbank minutes from last MPC meeting released at 9:30CET. Elsewhere, France's National Assembly reconvenes; draft of the country's budget for 2025 is due to be presented to Parliament; French PM Barnier presents policy agenda. Ireland presents Budget 2025. EU's Schmit participates in the event 'Berlin Global Dialogue: Building Common Ground'. Also there's Made in Italy Summit 2024 organised by FT/24 Ore (through Thu). France, Italy, Spain Sep new car registrations released.
Economic data due today: Italy, Norway, Spain, Sweden, Switzerland Sep manufacturing PMI as well as final reads for Eurozone, France, German and UK, Eurozone Sep preliminary CPI, Switzerland Aug retail sales, Netherlands Sep preliminary CPI, Austria Sep preliminary CPI, Greece Aug unemployment rate
Data published so far. Netherlands Sep preliminary CPI +3.5% vs consensus +3.1% and prior +3.6%
Earnings: SkiStar (SKIS.B.SS) SkiStar reports Q4 EPS (SEK3.49) vs FactSet (SEK2.81) [3 est, (SEK2.98)-(2.70)], raises dividend +7.7% y/y; guides 2024/25 winter season to date
Earnings in the UK excepted today: TheWorks.co.uk (WRKS.LN). Trading Update: Greggs (GRG.LN)
CMD/events: Traton (8TRA.GR), GEA (G1A.GR) day 1 of 2, PensionBee Group (PBEE.LN), Cargotec (CGCBV.FH) business update call, Barclays (BARC.LN) investment banking deep dive
Politics/Macro/World News
Top company news
Earnings/updates
DUE.GR (Duerr) -- provides Q3 aide-memoire; sets out public information previously provided by the Dürr Group or otherwise available in the market
OXUR.BB (Oxurion) -- reports H1 net income €0M vs year-ago (€0.0M)
MTRO.LN (Metro Bank Holdings) -- completes sale of £2.5B residential mortgage portfolio to NatWest Group
AB.FP (AB Science) -- announces a slight delay in the publication of its H1'24 report
ALBPS.FP (Biophytis) -- reports H1 net income (€5.8M) vs year-ago (€7.8M)
WIHN.SW (WISeKey International Holding) -- reports H1 net income ($15.5M) vs FactSet ($7.5M) [1 est]
KOF.FP (Kaufman & Broad) -- reports Q3 net income attributable €10.0M vs FactSet €4.7M [1 est]; reaffirms FY guidance
ALVIO.FP (Valerio Therapeutics) -- reports H1 net income (€11.0M) vs year-ago (€11.6M)
SEQUA.BB (Sequana Medical) -- reports H1 net income (€11.1M) vs year-ago (€16.5M)
M&A
1COV.GR (Covestro) -- near agreement to be acquired by Adnoc in ~$13B transaction -- media report
PGHN.SW (Partners Group Holding) -- TPG close to agreement to acquire Techem from Partners Group for as much as €7B -- FT
ALERS.FP (Eurobio-Scientific) -- publishes response to the draft public purchase offer initiated by the company EB Development
MC.FP (LVMH Moet Hennessy Louis Vuitton) -- LVMH sells Off-White to Bluestar Alliance; terms undisclosed
MCRB (Seres Therapeutics) -- completes VOWST asset sale to Nestlé Health Science
FRE.GR (Fresenius) -- completes divestment of Vamed's rehabilitation business to PE firm PAI Partners
DSFIR.NA (DSM-Firmenich) -- completes sale of its MEG-3 fish oil business to KD Pharma Group SA
1COV.GR (Covestro) -- Follow-up: Adnoc near agreement to acquire Covestro for more than $13B (€11.67B) - Reuters
DEC.FP (JCDecaux) -- Top Media SA acquires from its founders 70% of IMC, an OOH company in Central America
URW.FP (Unibail-Rodamco-Westfield) -- announces sale of Gaîté-Montparnasse Office for €172.5M
IDR.SM (Indra Sistemas) -- initiates a formal process in order to examine the various options related to Minsait Payments (post EU close 30-Sep)
MTRO.LN (Metro Bank Holdings) -- completes sale of £2.5B residential mortgage portfolio to NatWest Group
ONTEX.BB (Ontex Group) -- enters binding agreement to sell Brazilian business to Softys for enterprise value of BRL 671M (~€110M)
SCATC.NO (Scatec) -- closes first phase of Kalkbult, Linde, and Dreunberg transaction in South Africa
SFSN.SW (SFS Group) -- acquires EPRO D.O.O.; terms undisclosed
+EXY.GR (Exyte GmbH) -- EU clears Exyte's acquisition of Kinetics Holding
ALVU.FP (Vente-Unique.com) -- confirms that it will be able to meet annual outlook
OPTrust and Partners Group seeking to sell 240MW Ararat wind farm - Australian Financial Review
Healthcare
PRTA (Prothena Corp.) -- Analysts brush off CMO/CDO succession, but recent Science article weighs on PRTA
RENX.LN (Renalytix) -- announces placing of £10M of new shares at 9p per share through Oberon Capital; appoints Julian Baines as Executive Chairman
RENX.LN (Renalytix) -- SEC filing: 10-K
SANN.SW (Santhera Pharmaceuticals Holding) -- announces positive outcome of LIONHEART study, confirming vamorolone's distinctive action also as mineralocorticoid receptor antagonist, setting it apart from other corticosteroids
VICO.SS (Vicore Pharma Holding) -- Vicore Pharma announces $10M investment from Sanofi
EGTX.SS (Egetis Therapeutics) -- intends to carry out directed share issuances of ~SEK300M via an accelerated bookbuilding through Bryan, Garnier & Co
EGTX.SS (Egetis Therapeutics) -- announces 66.7M shares issued at SEK 4.50 per share through Bryan, Garnier & Co and Handelsbanken
VVY.NA (Vivoryon Therapeutics) -- announced key takeaways from its virtual Kidney Disease Key Opinion Leader (KOL) event held 30-Sep
Other
VWS.DC (Vestas Wind Systems) -- signs conditional agreement for a 1.1 GW offshore wind project in Scotland
HLN.LN (Haleon) -- holder Pfizer placing ~540M shares via an accelerated bookbuilding through BofA and Goldman; also agrees to buyback shares from Pfizer
HLN.LN (Haleon) -- confirms agrees to buyback shares from Pfizer
ENR.GR (Siemens Energy) -- pleads guilty to stealing confidential competitor information; to pay $104M to resolve US DOJ investigation (Timing uncertain)
ACA.FP (Credit Agricole) -- launches share buyback program for up to ~ 15.1M ordinary shares of the company
SEB.A.SS (Skandinaviska Enskilda Banken) -- provides update on Swedish FSA's annual decision on Pillar 2 requirements and Pillar 2 guidance
TE.FP (Technip Energies) -- announces end of share buyback program announce in Feb-24
BEZ.LN (Beazley) -- completes share repurchase program
SYENS.BB (Syensqo) -- shares to resume trading on Euronext Brussels tomorrow, 1-Oct
CO.FP (Casino Guichard-Perrachon) -- Casino Group announces agreements have been signed with the trade unions in the 7 Group host companies concerned by the employment protection plan
NEL.NO (NEL ASA) -- reports Hy Stor Energy has terminated capacity reservation agreement for Mississippi Clean Hydrogen Hub
FTK.GR (flatexDEGIRO) -- flatexDEGIRO's board resolves to implement share buyback program of up to €50M
ECMPA.NA (Eurocommercial Properties) -- completes buyback program
Key rating changes
Upgrades
NTGY.SM (Naturgy Energy Group) -- to equal weight from underweight at Barclays, we're told (timing uncertain)
Downgrades
ANA.SM (Acciona) -- to underweight from equal weight at Barclays
Initiations
GET.FP (Getlink) -- buy at Stifel
(TECN.SW) Tecan Group initiated outperform at Oddo
Data
Nikkei +1.93% to 38650.33
Hang Seng +0.00% to 21133.68
Shanghai Composite +0.00% to 3336.50
S&P futures (3.8) vs prior close of 5814.3
€-$ +0.0007 or +0.06% to 1.114
$-¥ +0.73 or +0.51% to 144.37
€-¥ +0.92 or +0.58% to 160.86
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