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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.00%, DAX30 +0.10%, CAC40 +0.22%

Oct 09 ,2024

  • Synopsis

    • European equity markets are set for a firmer open. Asian equities mixed Wednesday. Mainland China markets pulling back sharply as Hang Seng extends Tuesday's heavy selling. NZX outperforming following RBNZ's 50 bp cut while shares in Japan and Taiwan logging milder gains. ASX flat. S&P 500 futures easing afterhours.

    • EU Commission announced it will robustly challenge at WTO level the announced imposition of provisional antidumping measures by China on imports of brandy from the EU. In UK, there's PMQs at 12noon BST, with renters' rights bill continuing its passage towards becoming legislation and there's the first of two more Conservative MPs votes (the second on Thu) where candidates to become Party leader are reduced to two finalists. EU's von der Leyen participates in the EP plenary debate on the presentation of the program of activities of the Hungarian Presidency. Also, German Pharmacists' Day (through Sat), G7 health ministers' meeting (through Fri) and there's an informal meeting of EU employment, social policy and health ministers (through Thu).

    • In central banks, ECB's Elderson panellist at 10:30CET at IUCN Leaders Forum, Slovakia central bank releases autumn update on economic and monetary development and Bank of France research seminar at 17:00CET, governor Villeroy also delivering a speech at 18:00CET in Paris, FOMC meeting minutes from last meeting published after EU close.

    • Macro data due include Germany and Denmark Aug trade balance as well as Ireland Aug industrial production.

    • A light corporate front sees Rio Tinto (RIO.LN) to acquire Arcadium Lithium (LTM.AU) for $5.85/share cash. Electromagnetic Geoservices (EMGS.NO) announced utilization for Q3 was 40% compared with 0% for Q3 2023.

    • Axa (CS.FP) shareholders' meeting in Lille, the company holding a similar meeting in Reims on Thu.

  • Politics/Macro/World News

    • Italy Will Struggle to Meet 2024 Growth Target, Giorgetti Says - Bloomberg

    • ECB's Stournaras sees case for two more cuts in Eurozone this year and further easing in 2025 - FT

    • ECB's Villeroy says October rate cut very probable, won't be the last - wires

    • French central bank nudges up Q3 underlying growth forecast to 0.2 pct - Reuters

    • Commission will robustly challenge at WTO level the announced imposition of provisional antidumping measures by China on imports of brandy from the EU - release

  • Top company news

    • Earnings/updates

      • KRZ.ID (Kerry Group) -- releases presentation material in connection with its US Investor Day

      • EMGS.NO (Electromagnetic Geoservices) -- Q3 trading update: utilization for Q3 was 40% compared with 0% for Q3 2023

      • TSL.IM (Tessellis) -- reports H1 net income (€26.1M) vs year-ago (€26.7M)

    • M&A

      • CMBT.BB (Euronav Luxembourg S.A.) -- announces reopening of the mandatory public takeover bid on CMB.TECH

      • RIO.LN (RIO.LN) -- Rio Tinto to acquire Arcadium Lithium (LTM.AU) for $5.85/share cash

      • FFIE (Faraday Future) -- founder gives company 10% stake in Grow Fandor; value undisclosed

      • TPG (TPG, Inc.) -- Bain, EQT and CVC Capital Partners among bidders for TPG's Novotech - Australian Financial Review

      • AEVS.SW (AEVIS VICTORIA) -- acquires PDS Medical SA; price undisclosed

    • Healthcare

      • SAN.FP (Sanofi) -- announces new Beyfortus data featured at IDWeek reinforce real-world effectiveness against RSV disease and hospitalization in infants

      • GLPG.NA (Galapagos) -- SEC filing: SC 13D/A (Filed by EcoR1 Capital, LLC)

      • ZEAL.DC (Zealand Pharma) -- provides U.S. regulatory update on dasiglucagon in congenital hyperinsulinism

      • MDG1.GR (Medigene) -- secures financing option through equity commitment of up to €15M

    • Other

      • NDX1.GR (Nordex) -- reports 9M order intake at 5.1 GW

      • KER.FP (Kering) -- appoints Stefano Cantino as CEO of Gucci, will succeed Jean-François Palus as of 1-Jan-25

      • AAL.LN (Anglo American) -- Elliott says long-term thesis on Anglo American is "very interesting and very much intact" - FT

      • CAP.FP (Capgemini) -- launches a share buyback to neutralize the shareholder dilution associated with eleventh employee share ownership plan

  • Key rating changes

    • Upgrades

      • RBC Capital Markets upgrades UU.LN; downgrades PNN.LN

      • Kepler Cheuvreux upgrades KLARA.B.SS; downgrades FABG.SS

      • TEMN.SW (Temenos) -- outperform from neutral at Autonomous Research

    • Downgrades

      • OUT1V.FH (Outokumpu) -- equal-weight from overweight at Morgan Stanley

      • AIXA.GR (Aixtron) -- hold from buy at Deutsche Bank

      • DOCM.SW (DocMorris) -- hold from buy at Berenberg

      • INGA.NA (ING Groep) -- to hold from buy at Deutsche Bank

      • SSAB.A.SS (SSAB) -- to hold from buy at DnB Markets

      • OUT1V.FH (Outokumpu) -- to equal-weight from overweight at Morgan Stanley

    • Initiations

      • BRG.NO (Borregaard) -- buy at Sparebank 1 Markets

      • UBS initiates ARCAD.NA, IP.IM, REY.IM

      • LONN.SW (Lonza Group) -- buy at Goldman Sachs

      • SUN.SW (Sulzer) -- outperform at Oddo

    • Other Actions

      • OPAP.GA (Greek Organisation of Football Prognostics) -- reinitiated buy at Wood & Company

  • Data

    • Nikkei +1.07% to 39354.27

    • Hang Seng +1.18% to 21173.83

    • Shanghai Composite (3.14%) to 3380.35

    • S&P futures (9.8) vs prior close of 5800.5

    • €-$ (0.0003) or (0.03%) to 1.0973

    • $-¥ +0.38 or +0.26% to 148.58

    • €-¥ +0.29 or +0.18% to 163.01

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:
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