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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.25%, DAX30 +0.02%, CAC40 +0.10%

Oct 10 ,2024

  • Synopsis

    • European equity markets are set to open in positive territory amidst Asian equities advancing Thursday. Greater China markets outperforming following recent volatility. Shares in Japan, Korea and Australia seeing milder gains. S&P 500 futures flat afterhours. Treasuries flat while JGB yields up 1-2 bp. Australian and New Zealand curves bear flattening. Kiwi recovering from mid-August low against dollar. Offshore yuan also firming. Crude rebounding with base metals also firming. Gold unchanged. Bitcoin unchanged.

    • On today's agenda, in Germany, ministers of economics Habeck and finance Lindner among the speakers at Brand Assn annual meeting and Chancellor Scholz hosts President of the European Council, António Costa, in the run-up to Costa's inauguration on 1-Dec. In France, government presents budget bill for 2025. Final deadline for EP committees to send written questions to Commissioner nominees ahead of hearings that begin next month. In UK, Conservative party members online ballot gets underway to select new Party leader (concludes 31-Oct). President of Moldova Sandu hosts EU's von der Leyen. EU's Simson speech at the 4th Industrial Carbon Management Forum (through Fri). G7 Industry & Technological Innovation Ministerial meeting

    • In central banks, Riksbank's Thedéen speech at 8:30CET at seminar organised by SNS and the Riksbank, Norges Bank's Longva and Børsum speak at 10:00CET Bank's Regional Network, Region South and BOE credit conditions survey published at 9:30BST. ECB minutes from last MPC meeting released at 13:30CET.

    • Macroeconomic releases today include: Italy Aug industrial production, Norway Sep CPI, PPI, Sweden Aug industrial production, Netherlands Aug manufacturing production, Denmark Sep CPI, UK Sep house price balance - RICS, Greece Sep CPI, Aug industrial production, Ireland Sep CPI.

    • In corporate news, ABOUT YOU Holding (YOU.GR) reports Q2 adj EBITDA (€2.3M) vs FactSet (€4.9M) and raises FY24/25 adj EBITDA guidance. Also in the DACH region, Suedzucker (SZU.GR) confirms preliminary Q2 earnings and reiterates reduced FY forecast. Gerresheimer (GXI.GR) reports 9M adj. EPS €3.06 vs year-ago €3.10; revenues and adj. EBITDA in line with prelim announcement. Deutsche Telekom (DTW.GR) presents new financial targets through 2027 ahead of its CMD. In France, Valneva (VLA.FP) also hosting its CMD today. From the Benelux, Fagron (FAGR.BB) reports Q3 revenue €214.5M, +12% vs year-ago €191.4M and reaffirms FY guidance.

  • Politics/Macro/World News

    • How the EU squandered nearly €11B of its common budget last year - FT

    • EU envoys approve up to 35 bln euros contribution to G7 loan for Ukraine - Reuters

    • Spain urges EU to avoid a protectionist escalation with China - Bloomberg

    • Ireland is awash with cash but needs an infrastructure vision - FT

    • Powell's half-point cut is hard to repeat with FOMC in no hurry - Bloomberg

    • Barnier's first big test: A budget to cut France's 'colossal debt' - Politico

    • Netherlands Aug Manufacturing Production +2.1% m/m vs consensus +1.0% and prior revised (0.8%) from (1.1%)

  • Top company news

    • Earnings/updates

      • AIR.FP (Airbus SE) -- reports September gross orders of 235 aircraft, deliveries 50

      • GIVN.SW (Givaudan) -- reports Q3 revenue CHF1.91B vs consensus CHF1.86B

      • REP.SM (Repsol) -- reports preliminary Q3 production 553 Kboe/d vs year-ago 596 Kboe/d

      • VLA.FP (Valneva) -- to host CMD in New York City at 10 AM ET

      • FAGR.BB (Fagron) -- reports Q3 revenue €214.5M, +12% vs year-ago €191.4M; reaffirms FY guidance

      • BWLPG.NO (BW LPG) -- updates on its Product Services Q3 2024 segment performance

      • HPHA.GR (Heidelberg Pharma) -- reports 9M EPS (€0.31) vs year-ago (€0.34)

      • GXI.GR (Gerresheimer) -- reports 9M adj. EPS €3.06 vs year-ago €3.10; revenues and adj. EBITDA in line with prelim announcement

      • SZU.GR (Suedzucker) -- confirms preliminary Q2 earnings and reiterates reduced FY forecast

      • YOU.GR (ABOUT YOU Holding) -- reports Q2 adj EBITDA (€2.3M) vs FactSet (€4.9M) [3 est, (€8.3)-(1M)]; raises FY24/25 adj EBITDA guidance

      • AGR.AV (Agrana Beteiligungs) -- reports Q2 net income attributable €6.4M vs year-ago €24.5M; reaffirms FY guidance

    • M&A

      • SCR.FP (SCOR SE) -- SCOR enters exclusive negotiations with Albin Michel Group for the sale of Humensis Group

      • SPIE.FP (SPIE) -- acquires 88% of Spefinox; terms not disclosed

    • Healthcare

      • GSK.LN (GSK Plc) -- GSK announces $2.2B Zantac litigation settlement

      • ROG.SW (Roche Holding) -- Roche obtains CE certification for the first companion diagnostic to identify patients with gastric and gastroesophageal junction cancer eligible for targeted treatment with VYLOY

      • PHARM.NA (Pharming Group) -- announces start of Phase II clinical trial of leniolisib for primary immunodeficiencies (PIDs) with immune dysregulation

      • PHXM.FP (Phaxiam Therapeutics) -- announces the validation of a new investigator-initiated Phase II study

      • CANTA.SS (Cantargia) -- Cantargia's strong Phase 2 clinical data in pancreatic cancer with nadunolimab published in Clinical Cancer Research

    • Other

      • STLAM.IM (Stellantis) -- CEO Carlos Tavares reportedly planning significant management reshuffle -- Bloomberg

      • HSBA.LN (HSBC Holdings) -- HSBC to target expensive senior bankers in cost-cutting restructure that aims to save up to $300M - FT

      • DTE.GR (Deutsche Telekom) -- board of management to propose higher dividend, greater buybacks

      • BA.LN (BAE Systems) -- receives $184M contract modification order to produce additional Armored Multi-Purpose Vehicles for the U.S. Army

      • SUBC.NO (Subsea 7) -- awarded contract in GOM

      • FORTUM.FH (Fortum) -- Fortum's Loviisa nuclear power plant back in production

  • Key rating changes

    • Upgrades

      • AF.FP (Air France-KLM) -- to neutral from underperform at Oddo

      • LHA.GR (Deutsche Lufthansa) -- to neutral from underperform at Oddo

      • PAGE.LN (PageGroup) -- to buy from hold at HSBC

      • PFD.LN (Premier Foods) -- to overweight from equal weight at Barclays

    • Downgrades

      • VWS.DC (Vestas Wind Systems) -- to hold from buy at Kepler Cheuvreux

      • LIAB.SS (Lindab International) -- Lindab International short-term recommendation downgraded to hold from buy at Handelsbanken

      • WIZZ.LN (Wizz Air Holdings) -- to neutral from outperform at Oddo

      • RYA.ID (Ryanair Holdings) -- to underperform from neutral at Oddo

    • Initiations

      • VIE.FP (Veolia Environnement) -- buy at HSBC

      • WCH.GR (Wacker Chemie) -- buy at Deutsche Bank

      • NDX1.GR (Nordex) -- equal weight at Barclays

      • BCHN.SW (Burckhardt Compression Holding) -- neutral at Oddo

  • Data

    • Nikkei +0.27% to 39382.46

    • Hang Seng +3.76% to 21412.96

    • Shanghai Composite +2.64% to 3344.95

    • S&P futures (1.8) vs prior close of 5841.3

    • €-$ +0.0002 or +0.02% to 1.0942

    • $-¥ (0.03) or (0.02%) to 149.29

    • €-¥ (0.02) or (0.01%) to 163.31

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".

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