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StreetAccount Summary - Europe Pre-Open: FTSE +0.1%, DAX (0.2%), CAC (0.1%), IBEX (0.1%), MIB flat

Oct 21 ,2024

  • Synopsis

    • European equity markets set to open mixed after last week's gains when the Stoxx Europe 600 closed up +0.6%. European equities posted a second consecutive week of gains, driven by an ECB rate cut and growing expectations for more easing, despite a raft of weak high profile Q3 earnings.

    • Asian equities mostly higher Monday. Greater China markets mixed with Shenzhen outperforming after President Xi backed hi-tech development in speech Friday. China cut 1Y and 5Y loan prime rates (LPR) by 25 bp vs consensus 20 bp and 20-25 bp cut flagged by PBOC Governor Pan on Friday. To be followed by MLF decision Friday, though no change expected there after rate was cut by 30 bp in September.

    • Gold (Dec 24) +0.47% to $2742.70, reaching another record high amid US election uncertainties, rate cuts, and Middle East tensions.

    • The week ahead sees IMF / World Bank annual meetings (and several concomitant events), Eurozone, France, Germany, UK Oct Flash Manufacturing/Services PMI, Germany Oct Ifo survey and a busy week of earnings/updates with reports due from the likes Deutsche Bank (DBK.GR), Equinor (EQNR.NO), Iberdrola (IBE.SM), Logitech International (LOGN.SW), L'Oreal (OR.FP), Roche Holding (ROG.SW), Sanofi (SAN.FP), SAP (SAP.GR), Unilever (ULVR.LN) and WPP (WPP.LN)

    • Today's agenda sees: in central banks, Bundesbank monthly report pre-release at 12noon CET and ECB publishes at 10:00CET aggregate results of latest survey of monetary analysts. Bank of Lithuania's Simkus speaks at 9:00CET in Vilnius. IMF /World Bank annual meetings get underway (through Sat), with Reinventing Bretton Woods Committee planning conf during the IMF /World Bank annual meetings. Elsewhere, there's Digital summit in Germany, speakers include Chancellor Scholz, digital minister Wissing, economics minister Habeck (through Tue). Germany's President Steinmeier receives Iceland's President Tomasdottir and hosts dinner for Scandinavian leaders. Meeting of EU fisheries ministers (through Tue) will seek to reach a political agreement on next year's fishing opportunities in the Baltic Sea. AIM summit speakers include former UK PM Boris Johnson. EU's Hahn speaks at 9:00CET, panels include senior execs from Raiffeisen International Bank at 11:45 and PALFINGER & VERBUND at 15:00 at Salzburg Europe Summit

    • European macro data releases slate is thin with today with Germany Sep PPI due for release. UK Rightmove data on the tape, Asking prices rose by just 0.3% in October, well below their average for a 1.3% monthly increase for the month. Suggests some buyers were waiting for clarity on tax changes in the new government's upcoming budget. (Reuters ).

    • Earnings/updates due today from SAP (SAP.GR) after the market close, along with Logitech (LOGN.SW).

    • Companies in focus this morning include Sanofi (SAN.FP) as it enters into exclusive negotiations with CD&R to sell a 50% controlling stake in Opella; updates FY guidance to exclude Opella. Bpifrance is expected to participate as a minority shareholder with a ~2% stake in Opella. Eni (ENI.IM) hires banker to sell up-to-49% stake in Enibioch4in, reports Corriere della Sera. Aryzta (ARYN.SW) reports Q3 revenue €552.2M vs StreetAccount €571.8M; continues to target overall FY organic growth at lower end of guidance of low to mid-single digit.

  • Politics/Macro/World News

    • Market shock as Rightmove reveals disappointing price data - EstateAgentToday

    • City of London job vacancies fall 17% year-on-year, data shows - Reuters

    • Fitch Revises Italy's Outlook to Positive; Affirms at 'BBB' - link

    • Moldova's EU vote hangs in balance as president blames voter 'fraud' - BBC

    • Scholz defends arms sales to Turkey after Erdogan talks - DW

    • Ireland Central Bank's Makhlouf says economic picture not weakening like other Eurozone countries - Irish Examiner

    • Back-to-back rate cuts no indication of future ECB policy, governor Vasle says - FT

    • ECB's Villeroy Expects Inflation to Be at 2% Early Next Year - Bloomberg

  • Top company news

    • Earnings/updates

      • ARYN.SW (Aryzta) -- reports Q3 revenue €552.2M vs StreetAccount €571.8M; continues to target overall FY organic growth at lower end of guidance of low to mid-single digit

      • FLOW.NA (Flow Traders) -- reports September 2024 market statistics

      • ICAD.FP (Icade) -- reports 9M total IFRS consolidated revenue €1.01B vs year-ago €1.02B; reaffirms FY guidance, expects NCCF/share towards the top of the range

      • Also reporting today

        • Earnings: SAP (SAP.GR), Sandvik (SAND.SS), Logitech International (LOGN.SW), Freelance.com (ALFRE.FP), Tristel (TSTL.LN), Linea Directa Aseguradora (LDA.SM), Vastned Belgium (VASTB.NA)

        • Trading Update/Sales: METRO (B4B.GR), Ros Agro (AGRO.LN), Belysse Group (BELYS.BB), Econocom Group (ECONB.BB), Forvia (FRVIA.FP), Lumibird (LBIRD.FP), Prodways Group (PWG.FP)

    • M&A

      • SAN.FP (Sanofi) -- enters into exclusive negotiations with CD&R to sell a 50% controlling stake in Opella; updates FY guidance to exclude Opella

      • BA (Boeing) -- closes deal to sell Digital Receiver Technology to Thales Defense & Security - Air Data News

      • ENI.IM (Eni) -- hires banker to sell up-to-49% stake in Enibioch4in - Corriere della Sera

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- Former top-five holder GQG Partners exited Banco Bilbao Vizcaya Argentaria this summer - FT

      • DNB.NO (DNB Bank) -- acquires Carnegie Holding AB for a total consideration of SEK 12B (NOK 221.90)

      • TPG (TPG, Inc.) -- Bain and EQT through to second round in competition for TPG's Novotech - Australian Financial Review

      • BOO.LN (boohoo Group) -- Frasers, Next may look at buying brands from boohoo - Daily Mail

      • CBK.GR (Commerzbank) -- considering acquisitions in asset management - WiWo

      • NEOEN.FP (Neoen) -- Iberdrola among suitors seeking to acquire Neoen's assets in Victoria, Australia - Australian Financial Review

    • Healthcare

      • ABBV (AbbVie) -- FDA approves AbbVie's Botox Cosmetic for temporary improvement in moderate to severe platysma bands

      • REGN (Regeneron) -- discloses three-year results for EYLEA HD (aflibercept) Injection 8 mg in patients with Diabetic Macular Edema

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

      • ROG.SW (Roche Holding) -- Genentech announce topline one-year results from the open-label, single-arm Phase IV ELEVATUM study evaluating Vabysmo

      • GALD.SW (Galderma Group) -- new phase III READY-4 data demonstrate the safety and efficacy of RelabotulinumtoxinA

      • RLF.SW (RELIEF THERAPEUTICS Holding) -- receives notice of allowance for European patent covering RLF-TD011 for Epidermolysis Bullosa wound treatment

    • Other

      • FLTR.LN (Flutter Entertainment) -- Diamond Sports Group and FanDuel announce broad commercial partnership

      • RR.LN (Rolls-Royce Holdings) -- Rolls-Royce awarded $59.4M US Navy contract

      • BA.LN (BAE Systems) -- awarded $114.8M US Navy contract

      • BA.LN (BAE Systems) -- awarded $87.6M US Navy contract

      • BKW.SW (BKW AG) -- BKW turns focus to wind energy as it believes addition of up to 300 turbines in Switzerland would significantly reduce the winter gap - FuW, citing CEO

      • Estimated weekend box office revenues in US, Canada $67.3M, (20%) y/y - Box Office Mojo

      • Santos to make decision on whether to proceed with Papua LNG development next year - The Australian

  • Key rating changes

    • Upgrades

      • ARJO.B.SS (Arjo) -- Arjo short-term recommendation upgraded to buy from hold at Handelsbanken

      • BTRW.LN (Barratt Redrow) -- to overweight from equal-weight at Morgan Stanley

      • MNG.LN (M&G Plc) -- to equal weight from underweight at Barclays

      • NIBE.B.SS (NIBE Industrier) -- to buy from hold at Carnegie Securities

      • VOLV.B.SS (Volvo) -- to buy from hold at Stifel

    • Downgrades

      • INVE.B.SS (Investor) -- to neutral from overweight at JPMorgan (17-Oct, timing uncertain)

      • INVE.B.SS (Investor) -- to hold from buy at SEB

      • CABK.SM (CaixaBank) -- to equal weight from overweight at Barclays

      • BKT.SM (Bankinter) -- to underweight from equal weight at Barclays

      • MUV2.GR (Munich Re) -- downgraded to hold from buy at Jefferies

    • Initiations

      • COLO.B.DC (Coloplast) -- buy at Deutsche Bank

      • GEN.LN (Genuit Group) -- neutral at JPMorgan

  • Data

    • Nikkei +0.15% to 39041.13

    • Hang Seng (1.44%) to 20505.33

    • Shanghai Composite +0.32% to 3271.93

    • S&P futures (2.0) vs prior close of 5906.0

    • €-$ (0.0005) or (0.05%) to 1.0862

    • $-¥ (0.25) or (0.17%) to 149.31

    • €-¥ (0.36) or (0.22%) to 162.16

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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