Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.19%, DAX30 +0.12%, CAC40 +0.13%

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

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".

DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE