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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.6%), DAX (0.8%), CAC40 (0.8%)

Oct 08 ,2024

  • Synopsis

    • European equity markets set to open lower whilst Asian equities mixed Tuesday. Mainland China stocks off best levels as profit-taking weighs on Hang Seng. China bonds under pressure amid pickup in risk appetite. Shares in Japan, Korea, Australia and Taiwan have also veered lower. S&P 500 futures steady afterhours.

    • China's NDRC held press briefing to discuss policies to support economic growth. However, did not announce any new large fiscal stimulus with officials only repeating vow to reach 2024 growth targets and support economy (economists thought China could unveil fiscal package of up to CNY1.5-3.0T). NDRC noted only China will continue to issue ultra-long bonds and accelerate CNY100B investment in strategic areas earmarked for 2025.

    • On today's agenda, German Chancellor Scholz attends the annual conf. of the Council for Sustainable Development and then hosts the heads of the five major international economic and financial organizations (IMF, WTO, others) for a discussion. In France, PM Barnier faces his first no-confidence motion in parliament from the New Popular Front. In UK, MPs questions focus on Energy Security and Net Zero followed by debate on a motion (topic tbc) in the name of the official opposition, whilst at 15:00BST, committee topic is government's debt target (speakers from Institute for Government, Institute for Fiscal Studies). EU's von der Leyen participates in the EP plenary debate in preparation of the European Council meeting of 17/18-Oct.

    • Elsewhere, in Germany, German Transport Forum parliamentary evening on air transport "Germany needs air transport - staying on course for innovation, competitiveness and climate protection" and EIA short-term energy outlook. Elsewhere, hy-fcell trade fair (through Wed), SAP (SAP.GR) TechEd, Di's Tech Strategy Summit and BNP Paribas (BNP.FP) shareholders' meeting in Lille with Thierry Laborde, COO.

    • In central banks, ECB conf on Monetary Policy, ECB's Schnabel speech at 9:00CET, Riksbank's Bunge speech ay 9:30CET at an event organised by Swedbank Uppsala, ECB's McCaul speech at 12:15CET at the S&P Global Ratings European Financial Institutions Conf , BOE's Benford fireside chat at 13:45BST at the EDM Council DataVision and Bundesbank reception, speech Nagel at 19:00CET, and Balz, Mauderer, participate. Also, Portugal central bank publishes latest economic bulletin and Bank of Italy's releases latest survey on inflation and growth expectations. ECOFIN meeting participants include ECB's de Guindos.

    • European macro data releases out today include Germany Aug industrial production, France Aug trade balance, Sweden Sep CPI, Netherlands Sep final CPI,

    • In corporate news, VAT Group (VACN.SW) indicated that it expects its Q3 revenue to be below the companies targeted guidance due to technical issues from the new ERP solution implementation in Switzerland that started in August. In France, Euronext (ENX.FP) released its September trading activity. In M&A, DS Smith (SMDS.LN) shareholders approve acquisition by International Paper and confirm previously published timetable for completion from scheme document. On today's UK agenda are trading updates from Imperial Brands (IMB.LN) and UNITE (UTG.LN). Also Kantar releases latest UK grocery market share figures for 12 weeks ending 29-Sep.

  • Politics/Macro/World News

    • Economists Urge UK 'Exit Tax' to Prevent Departures of Wealthy - Bloomberg

    • Bank of Italy Signals Concern Over Government Growth Targets - Bloomberg

    • EU Lending Arm Proposes IPO Investments to Foster Markets Union - Bloomberg

    • UK business groups says tax clarity needed at budget to support investment - Reuters

    • Rise in UK borrowing costs narrows headroom for Reeves's spending plan - FT

    • Bundesbank chief Nagel talks about further ECB interest rate move - Handelsblatt

    • Netherlands Sep CPI +3.5% y/y vs preliminary +3.5%

    • UK Sep retail sales monitor +1.7% y/y vs consensus +1.1% and prior +0.8% - BRC

  • Top company news

    • Earnings/updates

      • DACHs

        • DHER.GR (Delivery Hero) -- releases Talabat Capital Markets Event material

        • VACN.SW (VAT Group) -- expects Q3 revenue to fall below guidance of CHF235-255M; FactSet is CHF258M (1 estimate)

        • OMV.AV (OMV) -- Q3 trading update: total hydrocarbon production of 332 kboe/d vs year-ago 364 kboe/d

      • France

        • ENX.FP (Euronext) -- reports September trading activity

      • Nordics

        • TGS.NO (TGS-NOPEC Geophysical Co.) -- TGS expects Q3 multi-client investment to be ~$132M

        • CTY1S.FH (Citycon) -- guides FY24 adj. EPRA EPS €0.45-0.49 vs prior €0.46-0.52 and FactSet €0.55

        • HAUTO.NO Höegh Autoliners Sept trading update: transported 1.1M cbm of cargo on prorated basis

        • KID.NO (Kid ASA) -- reports prelim Q3 revenue NOK886.9M vs FactSet NOK890.6M

      • Also reporting today

        • Trading Update: The UNITE Group (UTG.LN), Imperial Brands (IMB.LN), Kid (KID.NO)

        • Traffic: Finnair (FIA1S.FH)

        • CMD/events: Deutz (DEZ.GR), Kerry Group (KRZ.ID)

        • Other: Kantar latest UK grocery market share figures for 12 weeks ending 29-Sep

    • M&A

      • SMDS.LN (DS Smith) -- shareholders approve acquisition by International Paper; timetable for completion unchanged from scheme document (post EU close 7-Oct)

      • UNIR.IM (UniEuro) -- Fnac Darty lowers minimum threshold condition to 66.67% from 90% in connection with offer for UniEuro

      • HOLN.SW (Holcim) -- to acquire OX Engineered Products, U.S. provider of advanced insulation systems for residential and commercial applications; terms undisclosed

      • DG.FP (VINCI SA) -- announces two acquisitions in the Netherlands

      • 500820.IN (Asian Paints) -- interested in buying parts of Akzo Nobel if assets become available - CNBC-TV18, citing CEO

      • 500425.IN (Ambuja Cements) -- comments on speculation that it is in discussions to acquire Heidelberg's India cement business

    • Healthcare

      • INDV.LN (Indivior) -- Indivior's SUBLOCADE Prior Approval Supplement injection granted Priority Review designation by the FDA

      • CYAD.BB (Celyad Oncology) -- to present two posters at the 2024 SITC Annual Meeting

      • NYXH.BB (Nyxoah) -- sells 3.0M share under ATM offering, raising $27.0M through Cantor Fitzgerald & Co

      • VICO.SS (Vicore Pharma Holding) -- Vicore Pharma carries out directed share issue of ~SEK 100M

      • VICO.SS (Vicore Pharma Holding) -- raises ~ SEK 782M through an oversubscribed rights issue

      • RLF.SW (RELIEF THERAPEUTICS Holding) -- announces promising preliminary results of RLF-TD011 clinical trial in epidermolysis bullosa

    • Other

      • SINCH.SS (Sinch) -- announces CFO Roshan Saldanha to depart

      • ETE.GA (National Bank of Greece) -- holder Hellenic Financial Stability Fund completes the sale of 10% stake

      • BA.LN (BAE Systems) -- named principal contractor for $680M sale to Government of Italy

      • FER.SM (Ferrovial) -- to cancel 10M treasury shares (post EU close 7-Oct)

  • Key rating changes

    • Downgrades

      • NOKIA.FH (Nokia) -- to neutral from outperform at Santander (earlier, timing uncertain)

      • MBG.GR (Mercedes-Benz Group) -- to underperform from outperform at Santander (earlier, timing uncertain)

      • COLO.B.DC (Coloplast) -- to underweight from equal-weight at Morgan Stanley

    • Initiations

      • BARC.LN (Barclays) -- buy at Goldman Sachs

      • FNTL.LN (Fintel) -- buy at Peel Hunt

      • NTI.NO (Norsk Titanium) -- buy at Arctic Securities

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- outperform at Autonomous Research

      • BPE.IM (BPER Banca) -- outperform at Autonomous Research

      • BAMI.IM (Banco BPM) -- neutral at Autonomous Research

  • Data

    • Nikkei (1.21%) to 38856.54

    • Hang Seng (6.71%) to 21549.57

    • Shanghai Composite +3.63% to 3457.67

    • S&P futures (2.5) vs prior close of 5744.8

    • €-$ +0.0006 or +0.05% to 1.0983

    • $-¥ (0.21) or (0.14%) to 147.98

    • €-¥ (0.17) or (0.10%) to 162.50

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.
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