Oct 02 ,2024
Synopsis
European equity markets are set for a positive open amidst mixed Asian equities Wednesday. Hang Seng rally continues with property developers again driving gains. Mainland China markets remain shut for Golden Week holiday. Nikkei pulling back with Kospi also weaker after resuming trade. S&P 500 futures flat afterhours.
Chancellor Scholz speech at 13:00CET at event organised by Federal Association of Wholesale, Foreign Trade and Services (BAG) followed by economy minister Habeck. Scholz hosts France's President Macron, the Chancellor also holding the latest meeting in the INTERVIEW series in Schwerin. EU's von der Leyen hosts UK PM Starmer, with UK looking to 'reset' post-Brexit relationship. EU's McGuinness participates in Politico's Competitive Europe Week Summit (through Fri). Norway's energy Minister Aasland participates in several ministerial meetings in the G20 working group for energy transition, Mission Innovation and Clean Energy Ministerial (through Fri). Bruegel event at 12:00CET title The Power of Perspective: long-term strategies for a resilient Europe.
In central banks, BOE's Mills speech at 9:25BST at Digital Assets Week, BoC-ECB-NY Fed Conf, ECB's Lane chairs panel at 11:30CET, Austria Central Bank's Global Economy Lecture 2024, introduction governor Holzmann, speaker WTO's chief economist Ossa and Bundesbank's Balz panellist at 13:45CET at event organised by International Currency Assn (Mon-Thu). Also, Latvia central bank's annual international economic conf "Financing a Better Future: The Vital Role of Finance in Achieving Sustainable Growth", speakers include EU's Dombrovskis at 9:00CET, ECB's de Guindos at 9:15, with de Guindos also a panellist at 9:30, Buch panellist at 11:45, ECB's Elderson and Ireland central bank's Connery participate in webinar at 12:00BST organised by the Institute of International & European Affairs and ECB's Schnabel delivers the Walter Eucken Lecture at 18:45CET at Univ. of Freiburg. There's the release of BOE FPC meeting minutes at 10:30BST and SNB Quarterly Bulletin at 15:00CET.
In macro, Italy and Eurozone Aug unemployment rate, Spain Sep unemployment change, Ireland and Austria Sep unemployment rate as well as UK Sep house price index - Nationwide are due to be released
On a light earnings front, GRENKE (GLJ.GR) reported Q3 leasing new business €738.5M vs year-ago €591.1M whilst GEA Group (G1A.GR) unveiled its Mission 30 strategy in connection with its CMD saying it plans to grow org. revenue by average of more than 5% annually up to 2030 and EBITDA margin is expected to reach 17-19%.
Also due to release updates/results today are JD Sports Fashion (JD.LN) and Topps Tiles (TPT.LN)
Companies hosting CMD/events Totalenergies (TTE.FP) 2024 Strategy & Outlook and Ferronordic (FNM.SS).
Politics/Macro/World News
Iran begins missile launches against Israel - wires citing IDF
What we know about Iran's missile attack on Israel - BBC
Israel readying "significant" response to Iran missile barrage, could involve targeting oil facilities - Axios
General election will be held in Ireland in due course says Taoiseach Harris - RTE
EU pushes Keir Starmer to open door to youth mobility scheme as PM heads to Brussels - Guardian, Reuters
British government split over new-look Brexit deal - politico
UK pay awards hold at 2-year low, IDR survey shows - Reuters
France's Barnier announces targeted tax hikes to plug budget deficit - Reuters
SNB Can Cut Rates Again, Intervene in FX Markets, Schlegel Says - Bloomberg
ECB's Kazaks Leans Toward October Cut But Warns Markets - Bloomberg
Top company news
Earnings/updates
DACHs:
G1A.GR (GEA Group) -- unveils Mission 30 strategy; plans to grow org. revenue by average of more than 5% annually up to 2030; EBITDA margin is expected to reach 17-19% -- CMD
PUM.GR (Puma) -- issues Q3 2024 Aide Memoire ahead of results on 6-Nov
GLJ.GR (GRENKE) -- reports Q3 leasing new business €738.5M vs year-ago €591.1M
France:
ALCRB.FP (Carbios) -- reports H1 net income (€18.1M) vs year-ago (€13.7M)
Nordics:
SALME.NO (Salmon Evolution) -- issues Q3 operational update; harvest volume 680 tonnes HOG; reaffirms FY harvest guidance
M&A
ENX.FP (Euronext) -- acquires substantially all the business of Acupay Group got an undisclosed sum
EL.FP (EssilorLuxottica) --
completes acquisition of majority stake in Heidelberg Engineering
completes acquisition of Supreme from VF Corporation
ENR.GR (Siemens Energy) -- TPG, JSW Energy and Inox Wind in running to acquire Siemens Gamesa Renewable Power's
India unit - Economic Times (pre-market)
PGHN.SW (Partners Group Holding) -- Ares Management Corp. looking to acquire Form Technologies - Bloomberg
PIRC.IM (Pirelli & C.) -- Brembo N.V. launches placement of its entire stake of 55.8M ordinary shares in Pirelli & C. S.p.A.
SAN.FP (Sanofi) -- reportedly to ask bidders to revise offers for its consumer division in coming days - Bloomberg
IP (International Paper) -- discloses complaints filed alleging proxy statement related to DS Smith acquisition omitted material information; to voluntarily supplement proxy without admitting wrongdoing - 8-K
PETR4.BZ (Petrobras) -- to acquire stake in Deep Western Orange Basin block
DSFIR.NA (DSM-Firmenich) -- completes sale of yeast extract business to Lesaffre
SAB.SM (Banco de Sabadell) -- BBVA announces adjustments to offer consideration for Banco de Sabadell following dividend payments
RF.FP (Eurazeo) -- announces sale of 22 hotels by Grape Hospitality
HTRO.SS (Hexatronic Group) -- completes acquisition of Icelandic Endor
COR.PL (Corticeira Amorim SGPS) -- Corticeira Amorim's 50% owned SACI agrees to acquire Intercap S.r.l. for €10M
Healthcare
HPHA.GR (Heidelberg Pharma) -- notes new clinical data on lead ADC Candidate HDP-101 presented at IMS 2024 demonstrating complete remission in one patient
Other
NDX1.GR (Nordex) -- receives order for 66 MW from the UK
SKA.B.SS (Skanska) -- builds data center in Arizona, USA for $241M( ~SEK 2.5B)
SVIK.SS (Studsvik) -- comments on a Swedish TV-feature
NG.LN (National Grid) -- announces 2024 rate case order
HLN.LN (Haleon) -- SEC filing: SC 13D/A (Filed by PFIZER INC)
TE.FP (Technip Energies) -- announces end of share buy-back program
SOP.FP (Sopra Steria Group) -- launches a €150M share buyback programme
SAGA.LN (Saga Plc) -- Saga in exclusive talks with Ageas about partnership - Sky News
Italy Sep new passenger car registrations 121,666 units, (10.7%) y/y -- UNRAE
Key rating changes
Upgrades
RIO.LN Rio Tinto upgraded to buy from hold at Berenberg
BNP Paribas Exane upgrades NDA.SE.SS; downgrades SEB.A.SS
HSBC upgrades RDC.GR; downgrades DOCM.SW
AED.BB (Aedifica) -- to outperform from neutral at Oddo (earlier, timing uncertain)
Downgrades
MT.NA (ArcelorMittal) -- neutral from outperform at Oddo
TIETO.FH (Tietoevry) -- hold from buy at SEB
AML.LN (Aston Martin Lagonda Global Holdings) --neutral from outperform at Mediobanca
1COV.GR (Covestro) --
to hold from buy at Kepler Cheuvreux
to hold from buy at Jefferies
BVI.FP (Bureau Veritas) -- to neutral from overweight at JPMorgan
ORNBV.FH (Orion) -- to hold from buy at SEB
MERY.FP (Mercialys) -- to hold from buy at Jefferies
Initiations
COFA.FP (Coface) -- neutral at CIC Market Solutions
ENGI.FP (ENGIE) -- outperform at Bernstein
Berenberg initiates BYIT.LN, CCC.LN, SCT.LN
ZEAL.DC (Zealand Pharma) -- hold at Deutsche Bank
BZU.IM (Buzzi SpA) -- buy at Deutsche Bank
Other Actions
KAR.SS (Karnov Group) -- resumed buy at Carnegie Securities
Data
Nikkei (2.34%) to 37746.34
Hang Seng +5.18% to 22227.87
Shanghai Composite closed
S&P futures (13.5) vs prior close of 5759.8
€-$ (0.0007) or (0.06%) to 1.1064
$-¥ +0.09 or +0.06% to 143.66
€-¥ +0.00 or +0.00% to 158.90
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