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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.04%, DAX30 +0.11%

Oct 04 ,2024

  • Synopsis

    • European indices are set to open marginally higher as Asian equities trade mostly higher Friday. Hang Seng rally back on amid rebound in tech and property developers. Japan and Korean equities seeing more modest gains while Taiwan flat after resuming trade following typhoon. ASX lagging. S&P 500 futures flat afterhours. Mainland China remains closed for Golden Week holiday

    • US equities closed lower in Thursday trading, ending off worst levels. S&P and Nasdaq on pace to end lower for the week after three straight weekly gains.

    • Latest oil price spike came after President Biden on Thursday revealed US discussing supporting Israeli strike on Iranian crude facilities

    • In central banks, Bank of France's Villeroy speech at 8:30CET at event in Paris, Lithuanian central bank hosts International Financial Markets Conf ; speakers include ECB's Buch at 8:15CET, who is also a panellist at 8:35 along with Bank of Lithuania's Šimkus, Estonia central bank's Müller and Latvia central bank's Kazāks and Bank of Portugal's Centeno speech at 9:00CET at Foro La Toja Conf (Thu-Sat). Francophonie Summit (through Sat). Also see release of Germany and UK Sep new car registrations. Springer Nature (SPG.GR) makes its stock market debut.

    • Macroeconomic releases due today include: Economic: France Aug industrial production, Switzerland Sep unemployment rate, Italy Aug retail sales, Spain Aug industrial production, Germany Sep construction PMI, UK Sep construction PMI

    • Corporate News this morning: Alstom (ALO.FP) presented a preview to its Q2 and H1 2024/25 results. Yesterday after the close

    • DSV.DC (DSV A/S) in its Q3 Trading Update narrowed the full-year EBIT guidance for 2024

    • Earnings due today: JD Wetherspoon (JDW.LN), Bonduelle (BON.FP)

    • Traffic: Norwegian Air Shuttle (NAS.NO)

  • Politics/Macro/World News

    • Oil surges after Joe Biden's comments on Israeli retaliation (FT)

    • Italy seeks to raise more windfall taxes from companies (FT )

    • Dollar near six-week high ahead of US jobs report; yen wobbles (Reuters)

    • EU governments face pivotal vote on Chinese EV tariffs (Reuters )

  • Top company news

    • Earnings/updates

      • DSV.DC (DSV A/S) -- Trading Update Q3: narrowing the full-year EBIT guidance for 2024

      • RDC.GR (Redcare Pharmacy) -- provides update on Rx sales and updated FY24 guidance

      • EMEIS.FP (Emeis SA) -- reports H1 net income (€257M) vs year-ago (€371M)

      • POXEL.FP (Poxel) -- reports FY net income (€35.1M) vs year-ago (€31.4M)

    • M&A

      • RIO.AU (Rio Tinto) -- Speculation Rio Tinto could look at sizable acquisition in the lithium space - The Australian

      • BAYN.GR (Bayer AG) -- Bayer CropScience announces acquisition of a canola treating and packaging facility

      • UNF (UniFirst) -- rejects nonbinding offer from Elis; terms unreported - Bloomberg

      • RNO.FP (Renault) -- SUEZ acquires 20% stake in The Future Is NEUTRAL to team up with Renault Group

      • BZU.IM (Buzzi SpA) -- completes acquisition of 50% stake in NCPAR from Grupo Ricardo Brennand

      • FDJ.FP (La Francaise des Jeux) -- La Française des Jeux (FDJ) (Paris:FDJ) announces the success of its tender offer for Kindred Group

      • SHLF.NO (Shelf Drilling) -- Shelf Drilling, Ltd. - Shelf Drilling\, Ltd. and (North Sea)\, Ltd. - Key dates for Completion of Merger

      • PARP.FP (Groupe Partouche) -- begins process of selling real estate asset in Cannes

    • Healthcare

      • ABVX.FP (Abivax) -- announces first patient enrolled in ENHANCE-CD, the Phase 2B trial of Obefazimod in Crohn's disease

    • Other

      • STLAM.IM (Stellantis) -- completes third and last tranche of 2024 share buyback program

      • AKZA.NA (Akzo Nobel) -- l to begin portfolio review with initial focus on Deco South Asia

      • HLN.LN (Haleon) -- SEC filing: SC 13D/A (Filed by PFIZER INC)

      • DSV.DC (DSV A/S) -- to raise DKK37.3B (~€5B) via underwritten directed issue and private placement

      • DSV.DC (DSV A/S) -- 26.4M-share equity offering and directed issue priced at DKK1,410.50/share

      • ADP.FP (Aeroport de Paris) -- announces targets for decarbonization have been validated by SBTi

      • TRMD.A.DC (TORM Plc) -- SEC filing: SC 13D/A (Filed by Oaktree Capital Group Holdings GP, LLC)

  • Key rating changes

    • Upgrades

      • Barclays upgrades COV.FP, WIHL.SS; downgrades HMSO.LN, SAFE.LN

      • SCR.FP (SCOR SE) upgraded to buy from hold at Berenberg

    • Downgrades

      • STLAM.IM (Stellantis) -- to sector perform from outperform at RBC Capital Markets

      • 1COV.GR (Covestro) -- to neutral from buy at Citi

      • SSE.LN (Scottish and Southern Energy) -- to hold from buy at Jefferies

    • Initiations

      • NG.LN (National Grid) -- buy at Deutsche Bank, we're told (timing uncertain)

  • Data

    • Nikkei +0.29% to 38663.82

    • Hang Seng +2.07% to 22572.18

    • Shanghai Composite +0.00% to 3336.50

    • S&P futures +5.3 vs prior close of 5749.5

    • €-$ (0.0004) or (0.04%) to 1.1030

    • $-¥ (0.86) or (0.59%) to 146.08

    • €-¥ (0.98) or (0.60%) to 161.12

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