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StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.02%), DAX30 +0.15%, CAC40 +0.11%

Oct 23 ,2024

  • Synopsis

    • European equity markets are set to open mostly firmer amidst mixed Asian equities Wednesday. Greater China markets outperforming with tech among leading gainers in Hong Kong. Japan markets pulling lower though Tokyo Metro a standout on IPO debut. SK Hynix contributing to Kospi upside ahead of earnings (24-Oct). Semis weighing on Taiex. S&P 500 futures flat.

    • Meeting of G20 finance ministers and central bank governors. Elsewhere, Norwegian Offshore Directorate seminar on the topic of exploration in the Barents Sea (through Thu) and Norway's energy minister Aasland meets with Danish counterpart Aagaard in Copenhagen, discussion topics include carbon capture and storage, offshore wind and hydrogen, and the status of development in Norway and Denmark. SwissBanking roundtable "Too big to fail". In Germany, heads of government of the federal states will meet in Leipzig for their annual conf. In UK, there's the weekly PMQs at 12noon BST, with committee topics including FCA and PRA's secondary competitiveness and growth objective (10:05). Russian President Putin to meet with Turkish President Erdogan at BRICS summit. After the European markets close, the US Fed releases latest Beige Book

    • In central banks, Austria central bank press conf at 10:00CET on results of survey on the financial behavior of private households to interest rate developments. ECB's Lagarde fireside chat at 16:00CET at event organised at the Atlantic Council. Institute of International Finance (IIF) annual membership meeting sees BOE's Breeden panellist at 14:00BST, ECB's Lane in conversation 16:00CET, Ireland central bank's Donnery panellist at 16:15BST, Bank of Spain's Escrivá in conversation 18:00CET, Netherland central bank's Knot in conversation at 20:15CET, BOE's Bailey in conversation at 19:45BST, Riksbank's Thedéen in conversation at 22:45CET.

    • A light macro front sees Eurozone Oct Flash Consumer Confidence due to be released.

    • A busy morning for Q3 reports saw DACHs region companies out with results including Roche Holding (ROG.SW) reporting Q3 revenue CHF15.14B vs consensus CHF14.92B and Deutsche Bank (DBK.GR) issued Q3 net income €1.46B vs consensus €1.52B whilst Deutsche Börse (DB1.GR) and Kuehne & Nagel (KNIN.SW) also reported. From the Benelux region, Akzo Nobel (AKZA.NA) reported Q3 revenue €2.74B vs consensus €2.76B. French companies updating the markets included L'Oreal (OR.FP) out with Q3 revenue €10.28B vs consensus €10.58B whilst Air Liquide (AI.FP) reported Q3 revenue €6.76B vs consensus €6.80B and Vivendi (VIV.FP), DBV Technologies (DBV.FP), Ipsen (IPN.FP) and Thales (HO.FP) also updated investors. Nordic companies reporting included Husqvarna (HUSQ.B.SS), Svenska Handelsbanken (SHB.A.SS), DSV (DSV.DC), Swedbank (SWED.A.SS) and Intrum (INTRUM.SS).

    • Givaudan (GIVN.SW), Kinnevik (KINV.B.SS) and Avantium (AVTX.NA) host CMDs/investor events.

  • Macro

    • Labour to end profit incentive for rail operators in run-up to nationalisation - FT

    • Britain and Germany to bolster defence cooperation with new agreement - Reuters

  • Top company news

    • Earnings/updates

      • Benelux:

        • AKZA.NA (Akzo Nobel) -- reports Q3 revenue €2.67B vs consensus €2.76B

      • DACHs:

        • ROG.SW (Roche Holding) -- reports Q3 revenue CHF15.14B vs consensus CHF14.92B; confirms FY24 outlook

        • DB1.GR (Deutsche Börse) -- reports Q3 EPS €2.42 vs year-ago €2.16

        • KNIN.SW (Kuehne & Nagel) -- reports Q3 EPS CHF2.73 vs StreetAccount CHF2.81

        • EMSN.SW (EMS-Chemie Holding) -- reports 9M revenue CHF1.59B, (6%) vs year-ago CHF1.70B

        • FTK.GR (flatexDEGIRO) -- reports Q3 net income €24.9M vs FactSet €25.6M [2 est, €24.8-26.4M]; confirms FY guidance

        • AOF.GR (ATOSS Software) -- reports Q3 EPS €0.73 vs year-ago €0.54

        • C3RY.GR (Cherry) -- announces preliminary Q3 revenue €22.6M; lowers FY revenue guidance

        • RIEN.SW (Rieter Holding) -- reports Q3 order intake CHF226.4M vs year-ago CHF127.2M

        • UBXN.SW (u-blox Holding) -- reports Q3 adjusted EBIT (CHF7.0M) vs year-ago CHF2.4M

        • DWS.GR (DWS Group) -- reports Q3 net income €166M vs consensus €157M; confirms FY guidance

        • DYVOX.GR (Dynavox Group) -- reports Q3 EPS €0.43 vs year-ago €0.33

        • EVT.GR (Evotec) -- receives $ 50M payment from Bristol Myers Squibb on expanding proteomics partnership

      • France:

        • OR.FP (L'Oreal) -- reports Q3 revenue €10.28B vs consensus €10.58B

        • AI.FP (Air Liquide) -- reports Q3 revenue €6.76B vs consensus €6.80B

        • VIV.FP (Vivendi) -- reports Q3 revenue €4.75B vs consensus €4.75B

        • DBV.FP (DBV Technologies) -- announces positive regulatory updates for Viaskin Peanut Patch in U.S. and Europe; provides financial update & outlook; to host conf. call at 17:00 ET

        • IPN.FP (Ipsen) -- reports Q3 revenue €836.6M vs FactSet €821.5M

        • HO.FP (Thales) -- reports 9M revenue €14.07B vs consensus €14.04B; reaffirms 2024 targets

        • VRLA.FP (Verallia) -- reports Q3 adjusted EBITDA €210.0M vs FactSet €218.4M [4 est, €215-224M]

        • IDL.FP (ID Logistics Group) -- reports Q3 revenue €827.3M, +19% vs year-ago €696.0M

        • PIG.FP (Haulotte Group) -- reports Q3 revenue €145M, (12%) vs year-ago €164.6M

        • TKO.FP (Tikehau Capital) -- Q3: Asset Management AuM as of 30-Sept €46.7B, +13% y/y

        • PLNW.FP (Planisware) -- reports Q3 revenue €47.0M vs FactSet €49.0M [1 est]

        • LI.FP (Klepierre) -- reports 9M revenue €1.16B, +11% vs year-ago €1.04B

      • Nordics:

        • HUSQ.B.SS (Husqvarna) --

          • reports Q3 EPS (SEK0.27) vs FactSet (SEK0.25) [5 est, (SEK0.28)-(0.22)];

          • initiates further cost reductions and profitability initiatives; expected to result in fixed cost savings of SEK 500M per year and will impact ~400 positions

        • SHB.A.SS (Svenska Handelsbanken) -- reports Q3 EPS SEK3.64 vs FactSet SEK3.33 [14 est, SEK3.17-3.48]

        • SWED.A.SS (Swedbank) -- reports Q3 EPS SEK8.30 vs FactSet SEK6.97 [15 est, SEK6.60-7.40]

        • SSAB.A.SS (SSAB) -- reports Q3 EPS SEK1.05 vs consensus SEK0.87

        • DSV.DC (DSV) -- reports Q3 net income attributable DKK2.82B vs consensus DKK2.82B; reaffirms recently adjusted FY guidance

        • INTRUM.SS (Intrum) -- reports Q3 EPS (SEK3.34) vs StreetAccount (SEK0.70)

        • STB.NO (Storebrand) -- reports Q3 EPS NOK3.12 ex-items vs FactSet NOK2.29 [7 est, NOK2.01-2.53]

        • WITH.FH (WithSecure) -- reports Q3 EPS (€0.10) vs FactSet €0.00 [5 est, (€0.01)-0.00]

        • CTM.SS (Catena Media) -- guides Q3 revenue €10.5-11.0M vs FactSet €13.8M [1 est]

        • ATRAV.FH (Atria) -- reports Q3 adjusted EPS €0.62 vs FactSet €0.41 [3 est, €0.36-0.44]

        • VOLCAR.B.SS (Volvo Car) -- reports Q3 EPS SEK1.41 vs FactSet SEK1.13 [8 est, SEK0.82-1.30]; cuts full-year sales growth and FCF forecasts

        • SF.SS (Stillfront Group) -- reports Q3 EPS SEK0.03 vs FactSet SEK0.40 [5 est, SEK0.28-0.52]; Adj. EBITDAC in line with prior guidance

        • ATEA.NO (Atea) -- reports Q3 EPS NOK1.72 vs FactSet NOK1.73 [4 est, NOK1.63-1.80]

        • DOM.SS (Dometic Group) -- reports Q3 adjusted EPS SEK0.59 vs FactSet SEK0.66 [7 est, SEK0.29-1.20]

        • SECARE.SS (Swedencare) -- reports Q3 EPS SEK0.15 vs FactSet SEK0.26 [3 est, SEK0.21-0.29]

        • RILBA.DC (Ringkjøbing Landbobank) -- reports Q3 net income DKK589M vs FactSet DKK564M [3 est, DKK559-571M]; FY net income expected to be at the upper end of guidance range

        • ALIF.B.SS (AddLife) -- reports Q3 EPS SEK0.19 vs year-ago SEK0.20

        • THULE.SS (Thule Group) -- reports Q3 EPS SEK2.84 vs FactSet SEK2.68 [6 est, SEK2.59-2.80]

        • BERG.B.SS (Bergman & Beving) -- reports Q2 EPS SEK1.95 vs FactSet SEK2.45 [4 est, SEK2.00-2.88]

        • LIME.SS (Lime Technologies) -- reports Q3 EPS SEK1.60 vs FactSet SEK1.80 [3 est, SEK1.58-2.22]

    • M&A

      • VOE.AV (voestalpine) -- Mutares agrees to acquire Buderus Edelstahl GmbH from voestalpine for a undisclosed sum

      • CMBT.BB (CMB NV) -- CMB.TECH announces that CMB NV has reopened its Belgian public takeover bid on all shares in CMB.TECH not already owned by CMB or persons affiliated with it and concurrently is making a new U.S. offer

      • JD.LN (JD Sports Fashion) -- receives conditional approval from European Commission for acquisition of Courir

      • IBE.SM (Iberdrola) -- completes acquisition of 88% of the share capital of Electricity North West Limited

      • CHEMM.DC (ChemoMetec) -- completes acquisition of Ovizio Imaging Systems

      • H24.GR (Home24) -- RAS Beteiligungs submits squeeze-out request for home24 shares

      • Ontario Teachers Pension Plan considering sale of Connexa - Australian Financial Review

      • Harmony Gold Mining said to be interested in Ravenswood Gold Mine - The Australian

    • Healthcare

      • AZN.LN (AstraZeneca) -- NICE recommends AstraZeneca's Voydeya with Ultomiris or Soliris to treat PNH

      • REGN (Regeneron) -- Amgen plans to launch first US biosimilar of Eylea "at-risk"

      • ROG.SW (Roche Holding) -- FDA grants orphan drug designation to Genentech's satralizumab-mwge for the treatment of anti-leucine-rich glioma inactivated 1 (LGI1) autoimmune encephalitis (AIE)

    • Other

      • COTN.SW (COMET Holding) -- appoints Christian Witt as CFO, effective 1-Jan-25

      • UPG.BB (Unifiedpost Group) -- CEO Hans Leybaert will transition to Executive Chairman; Nicolas de Beco appointed as new CEO, effective 1-Dec-24

      • SEQUA.BB (Sequana Medical) -- announces additional convertible financing of up to €1.0M from existing investors

      • SF.SS (Stillfront Group) -- resolves to exercise its authorisation to acquire own shares

  • Key rating changes

    • Upgrades

      • MTRS.SS (Munters Group) -- buy from hold at Kepler Cheuvreux

      • ALFRE.FP (Freelance.com) -- buy from hold at Stifel

      • SCATC.NO (Scatec) -- hold from sell at DnB Markets

      • Jefferies upgrades FORT.LN, IBST.LN

      • ADEN.SW (Adecco Group) -- to buy from hold at Deutsche Bank

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

    • Downgrades

      • IG.IM (Italgas) -- hold from buy at Kepler Cheuvreux

      • ADS.GR (Adidas) -- to hold from buy at HSBC

      • SAND.SS (Sandvik) -- to sell from neutral at UBS

      • BOL.SS (Boliden) -- to sell from neutral at UBS

      • EMG.LN (Man Group) -- to neutral from buy at UBS

      • TRMD.A.DC (TORM Plc) -- to hold from buy at Pareto

      • GJF.NO (Gjensidige Forsikring) -- to hold from buy at DnB Markets

      • JM.SS (JM) -- to sell from hold at SEB

    • Initiations

      • COTN.SW (COMET Holding) -- buy at Berenberg

  • Data

    • Nikkei (0.87%) to 38077.89

    • Hang Seng +1.54% to 20815.22

    • Shanghai Composite +0.81% to 3312.46

    • S&P futures (5.0) vs prior close of 5892.5

    • €-$ +0.0007 or +0.06% to 1.0808

    • $-¥ +1.09 or +0.72% to 152.17

    • €-¥ +1.31 or +0.80% to 164.45

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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