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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.17%), DAX (0.26%), CAC (0.72%)

Oct 16 ,2024

  • Synopsis

    • European equity markets are set to open lower, with focus on luxury sector after big miss from industry bellwether LVMH overnight. Also today sees focus on UK inflation data.

    • Asian equities mixed Wednesday. Greater China markets swinging between gains and losses. Semis under pressure, weighing on Japan, Korean and Taiwan benchmarks. S&P 500 futures flat after US indexes finished lower in Tuesday trade.

    • On today's agenda, IEA publication of the World Energy Outlook. There's EU and the Gulf Cooperation Council summit participants include EU's von der Leyen and Borrell. In UK, after weekly PMQs at 12noon BST, there's a debate on a motion (topic tba) in the name of the Liberal Democrats, whilst committee topics include FCA and PRA's secondary competitiveness and growth objective (10:15). In the afternoon, Chancellor Scholz will make a government statement on the European Council in the German Bundestag, before going on in the evening to a ceremony to mark the 150th anniversary of Brenntag (BNR.GR), delivers a speech. Also, Germany's IfA industry summit (through Fri), EU's McGuinness speech on "Ireland and the European Union - past, present and future'' and Institute for Government event at 17:00BST title How can Keir Starmer ensure the centre of government works for the country?

    • In central banks, ECB's Buch lecture on banks profitability at 12:20CET at Bocconi Univ. and ECB's Lagarde speech at 20:40CET at event hosted by Slovenia's central bank.

    • Early macro focus in Europe on UK inflation data. Headline rate forecast to fall below BoE's 2% target. Data on Tuesday showed UK pay growth at the slowest in two years, underpinning expectations for a November BoE rate cut. Other macro releases include final Italian inflation. In other news, press reports UK Chancellor Reeves told cabinet she has identified a £40B funding gap ahead of 30-Oct budget, larger than previous communication. IMF warned unless the UK makes rapid efforts to stabilize debt it could face a market backlash.

    • In other developments, Media reports Brussels plans to expand power over merger deals to block firms that generate most of the revenue outside Europe. Trump repeated threat to impose punitive tariffs on Mexico and EU unless foreign auto manufacturers bring production to the US.

    • In earnings news, Focus on the luxury sector with Christian Dior (CDI.FP), Salvatore Ferragamo (SFER.IM) and LVMH Moet Hennessy Louis Vuitton (MC.FP), reporting Q3/9M earnings update with the latter reporting disappointing Q3 revenue falling 3% on an organic basis for the first time since the Covid pandemic as demand in China lags. Elsewhere, ASML (ASML.NA) released earnings results unexpectedly early yesterday, disappointing investors as bookings missed, and FY25 sales guidance was lowered. Also, in The Netherlands, Just Eat Takeaway.com (TKWY.NA) and NSI (NSI.NA) released a Q3 trading update.

    • In France, Rexel (RXL.FP) and Fnac Darty (FNAC.FP) are among others in the region that update investors with their latest numbers. In DACHs, Telekom Austria (TKA.AV), Tecan (TECN.SW) and Adidas (ADS.GR) issued Q3 updates with the latter also raising its FY24 guidance. In Southern Europe, Stellantis (TSLAM.IM) reported Q3 consolidated shipment estimates of ~1.15M units; (20%) y/y.

  • Politics/Macro/World News

    • Rachel Reeves tells cabinet UK still faces £100bn black hole over next five years - The Guardian

    • Wealthy non-doms lobby Rachel Reeves for Italian-style tax regime in UK - FT

    • Brussels seeks powers to block 'killer acquisitions' in Europe and beyond - FT

    • EU Readies Measures Against Possible Trump Tariffs - Bloomberg

  • Top company news

    • Earnings/updates

      • DAHCHs

        • ADS.GR (Adidas) -- reports Q3 revenue €6.44B vs FactSet €6.38B [16 est, €5.89-6.60B]

        • TKA.AV (Telekom Austria) -- reports Q3 net income €178M vs year-ago €200M

        • AUTN.SW (Autoneum Holding) -- CMD: presents medium-term targets with planned revenue growth up to CHF 3B and EBIT margin of 6% to 8% over the cycle

        • DRW3.GR (Drägerwerk) -- reports preliminary Q3 EBIT €24M vs FactSet €23.8M [2 est, €16.7-30.8M]; confirms FY24 outlook

        • TECN.SW (Tecan) -- issues trading update: financial performance has fallen short of expectations across both divisions; adjusts FY24 guidance downward

      • France

        • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- reports Q3 revenue €19.08B vs consensus €19.87B

        • DG.FP (VINCI SA) -- Sep airport passenger traffic +6.6%

        • RXL.FP (Rexel) -- reports Q3 revenue €4.76B; up +2.1% y/y on reported basis and (2.1%) constant and same-day basis; lowers FY24 outlook

        • CDI.FP (Christian Dior) -- Christian Dior reports Q3 revenue €19.08B, (4%) vs year-ago €19.96B

        • IPS.FP (Ipsos) -- reports prelim Q3 revenue €591M vs FactSet €615M [1 est]; says organic growth in Q3 is below expectations and does not expect significant rebound by end of the year

        • ALESK.FP (Esker) -- reports Q3 revenue €51.0M vs FactSet €50.7M [1 est]

        • FNAC.FP (Fnac Darty) -- reports 9M revenue €5.24B; (0.2%) L4L

      • Southern Europe

        • SFER.IM (Salvatore Ferragamo) -- reports 9M revenue €744M vs consensus €748.6M; sees FY operating result at lowest end of analysts' current estimates

        • STLAM.IM (Stellantis) -- reports Q3 consolidated shipment estimates of ~1.15M units; (20%) y/y

      • Nordics

        • NEL.NO (NEL ASA) -- reports Q3 net income (NOK115M) vs FactSet (NOK96.1M) [10 est, (NOK115)-(69.5M)]

        • SF.SS (Stillfront Group) -- expects lower EBITDAC in Q3 2024 mainly due to higher User Acquisition Costs

      • Benelux

        • NSI.NA (NSI NV) -- NSI Q3 Trading Update: EPRA EPS guidance for FY2024 raised to €1.95 - 2.0 vs consensus €1.95

        • TKWY.NA (Just Eat Takeaway.com) -- Q3 2024 Trading Update: In the first nine months of 2024, the constant currency GTV growth excluding North America was 3% y/y

      • UK

        • BATS.LN (British American Tobacco) -- PLC is on track for FY24 guidance -- Capital Markets Day

      • Also due to report today includes

        • Earnings: Whitbread (WTB.LN), Kinnevik (KINV.B.SS), Dustin Group (DUST.SS), Exsitec Holding (EXS.SS), Olvi (OLVAS.FH), Vertu Motors (VTU.LN), Sanderson Design Group (SDG.LN), Groupe OKwind (ALKOW.FP)

        • Trading Update:

          • France: Gecina (GFC.FP), Lagardere (MMB.FP), Pullup Entertainment (ALPUL.FP), HighCo(HCO.FP)

          • Other: Bystronic (BYS.SW),

          • UK: Quilter (QLT.LN), Brooks MacDonald Group (BRK.LN), X5 Retail Group NV (FIVE.LN), Marshalls (MSLH.LN)

        • Production: Antofagasta (ANTO.LN)

        • CMD/events: Marston's (MARS.LN), Primary Health Properties (PHP.LN), SNAM (SRG.IM)

    • M&A

      • ENGI.FP (ENGIE) -- acquires production unit in Belgium

      • AXFO.SS (Axfood) -- Axfood's acquisition of City Gross approved by the Swedish Competition Authority

      • HKFOODS.FH (HKFoods) -- Danish Competition Authority approves Plukon Food Group's acquisition of HKFoods' Danish business

      • EMR Capital preparing to put Ravenswood gold mine up for sale - The Australian

      • Cipla, Alkem Laboratories leading contenders for controlling stake in Sahajanand Medical Technologies - Economic Times

      • Klarna selling most of UK BNPL portfolio to Elliott, terms undisclosed; deal will free up to £30B for new loans as it gears up for New York IPO - FT

    • Healthcare

      • FME.GR (Fresenius Medical Care) -- reopens all its dialysis clinics in the regions affected by recent hurricanes

      • IDIA.SW (Idorsia) -- New data on Idorsia's aprocitentan to be presented at the ASN Kidney Week 2024

      • 13.HK (Hutchmed) -- announces TAGRISSO plus ORPATHYS demonstrated high, clinically meaningful response rate in lung cancer patients

      • EAPI.FP (Euroapi) -- closes the financing of its FOCUS-27 plan

      • EAPI.FP (Euroapi) -- CFO Evelyne Nguyen to step down; appoints Olivier Falut as new CFO effective 17-Oct

      • FYB.GR (Formycon) -- Comparative evaluation of Formycon's FYB206, Keytruda published in Drugs in R&D

    • Other

      • HOLN.SW (Holcim) -- said to be considering listing its North American unit in both the US and Switzerland -- Bloomberg

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for Sep

      • LHA.GR (Deutsche Lufthansa) -- US Department of Transportation penalizes Lufthansa $4M (€3.7M) for violating passengers' civil rights

      • SF.SS (Stillfront Group) -- CEO Jörgen Larsson steps down, appoints Alexis Bonte as interim CEO with immediate effect

      • 022.GR (NextTrip) -- SEC filing: 10-Q

      • China Oriental Group, ArcelorMittal form upstream and downstream JVs

      • Energy Resources of Australia to resume entitlement offer with updated timetable; ex-date now 18-Oct

      • Regional Gaming Revenues - Massachusetts September 2024

  • Key rating changes

    • Upgrades

      • COV.FP (Covivio) -- to overweight from neutral at JPMorgan

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- to buy from hold at DnB Markets

      • UMG.NA (Universal Music Group) -- to outperform from peer perform at Wolfe Research (pre-open)

    • Downgrades

      • OR.FP (L'Oreal) -- to underweight from neutral at JPMorgan

      • ORSTED.DC (Ørsted) -- to sell from hold at DnB Markets

      • OCI.NA (OCI NV) -- to hold from buy at HSBC

      • OCI.NA (OCI NV) -- to neutral from overweight at JPMorgan

      • BOL.SS (Boliden) -- to underweight from overweight at Barclays

    • Other Actions

      • INF.LN (Informa) -- resumed buy at Deutsche Numis; prior rating was buy

  • Data

    • Nikkei (1.81%) to 39187.23

    • Hang Seng +0.37% to 20394.49

    • Shanghai Composite (0.08%) to 3198.61

    • S&P futures +4.0 vs prior close of 5862.8

    • €-$ (0.0004) or (0.04%) to 1.0889

    • $-¥ +0.13 or +0.09% to 149.34

    • €-¥ +0.11 or +0.07% to 162.62

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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