Oct 24 ,2024
Synopsis:
European equity markets closed mixed Thursday. Leading gainers were Netherlands AEX +0.67%, German DAX +0.34%, while main decliner was OMX Copenhagen (0.67%).
Eurozone prelim Composite PMI was steady in October at 49.7 versus 49.7 expected and 49.6 in September. Manufacturing surprised, coming in at 45.9 versus 45.1 expected and 45.0 prior, the highest since May (Reuters). Instead, Services declined to 51.2 versus 51.5 expected and 51.4 prior. Germany surprised to the upside, with PMI rising to 48.4 from 47.5 in September. Improvement suggests potential growth in Q4 (Bloomberg). In contrast, France's economic downturn intensified, with PMI dropping to 47.3 from 48.6, due to a sharp decrease in demand across both manufacturing and services sectors. Data also revealed employment concerns, particularly in Germany, where job losses accelerated to fastest pace since June 2020. Germany and France reportedly main sources of weakness, with rest of Eurozone experiencing output increase. ING noted PMI declining since June, prompting ECB to accelerate rate cuts. Manufacturing remains in contraction since late 2022, while services continue to drive growth but face weakening new orders. Economic outlook sluggish, with businesses reducing headcount and a benign inflation environment. ECB faces heated debate on the pace of future rate cuts ahead of December meeting, with markets pricing in a possible 50bps cut. CNBC noted ECB's Mārtiņš Kazāks joined his colleague Mario Centeno in saying a 50-basis-point rate cut should be on the table at the Dec meeting.
Leading European sector gainers was Travel & Leisure with support from the Casinos&Gambling subsector as Evolution (EVO.SS) and Betsson (BETS.B.SS) reported better than expected Q3; also upside seen from Restaurants&Bars as Sodexo (SW.FP) reported FY results. Autos & Parts boosted by Renault (RNO.FP) following an unexpected rise in its quarterly revenue, driven by new launches and reiterated FY margin guidance. Personal & Household Goods also higher following strong Q3s from bellwethers ULVR.LN and BN.FP as well as BEI.GR, all benefitting from regaining consumers amid slower price hikes. Luxury mixed with RMS.FP Q3 sales beat, up 11.3% at constant exchange rates, but KER.FP Q3 revenue fell 16%, primarily due to 25% decline in Gucci sales, causing company to warn on profits again. Banks in focus with earnings out from BARC.LN and SEB.A.SS.
Looking ahead to tomorrow, another busy day of earnings in store with the likes of Sanofi, Electrolux, NatWest, Remy Cointreau, Safran, and Signify among those due to report. Macro data release highlights for tomorrow include Germany Oct Ifo survey, UK Oct Consumer Confidence - GfK, Distributive Trades - CBI, as well as France Oct Consumer Confidence, Also tomorrow, ECB releases latest consumer expectations survey results.
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Travel & Leisure +3.19%, Consumer Products and Services +1.08%, Telecom +0.90%, Personal Care Drug and Grocery Stores +0.51%, Financial Svcs +0.37%, Technology +0.31%, Media +0.28%, Insurance +0.20%, Autos & Parts +0.15%, Real Estate +0.06%
Underperformers:
Chemicals (0.69%), Health Care (0.41%), Banks (0.38%), Utilities (0.33%), Retail (0.27%), Ind Goods & Svcs (0.23%), Construct & Mtls (0.23%), Food, Beverage and Tobacco (0.16%), Basic Resources (0.06%)
Macro:
ECB's Kazāks joins his colleague Mario Centeno in saying 50-basis-point rate cut should be on table at Dec meeting - CNBC
BOE's Mann Warns UK May Have Cut Interest Rates Prematurely - Bloomberg
European Parliament sets out time limits, evaluation process ahead of commissioner hearings - Politico
We will need to raise taxes to meet Budget debt rules, says Reeves - The Telegraph
German tax revenues will be lower - Handelsblatt
Doctors threaten to quit on 'unprecedented scale' over Labour pensions raid - The Telegraph
Hungary's opposition overtakes Viktor Orbán's party for first time in decades - FT
Company news:
Notable Gainers
+22.2% CINT.SS (Cint Group SEK11.60, +2.11) -- reports Q3 adjusted EPS €0.03 vs FactSet €0.01 [3 est, (€0.01)-0.02]
+21.6% BHG.SS (Lightshop SEK17.92, +3.18) -- reports Q3 EPS (SEK0.37) vs FactSet (SEK0.10) [3 est, (SEK0.23)-(0.01)]
+14.9% EVO.SS (Evolution SEK1,095.50, +142.30) -- reports Q3 EPS €1.57 vs FactSet €1.29 [9 est, €1.23-1.34]
+13.6% BB.FP (Bic €66.90, +8.00) -- reports Q3 adjusted EPS €1.77 vs consensus €1.40
+11.2% OVH.FP (OVHCloud €8.73, +0.88) -- reports FY net income (€10.3M) vs FactSet (€13.3M) [8 est, (€43)-12.6M]
+10.3% FNOX.SS (Fortnox SEK66.12, +6.18) -- reports Q3 EPS SEK0.31 vs FactSet SEK0.31 [6 est, SEK0.30-0.33]
+10.1% SCT.LN (Softcat £16.86, +1.54) -- reports FY EPS 59.4p vs FactSet 58.0p [11 est, 56.1-60.3p]
+10.1% MYCR.SS (Mycronic SEK414.20, +38.00) -- reports Q3 EPS SEK4.59 vs FactSet SEK3.69 [2 est, SEK3.68-3.69]
+8.8% BETS.B.SS (Betsson SEK138.94, +11.20) -- reports Q3 EPS €0.31 vs FactSet €0.36; updates on Q4 performance until 20-Oct
+8.5% AT.LN (Ashtead Technology Holdings £5.89, +0.46) -- to acquire Seatronics and J2 from Acteon Group for total consideration of £63M cash
+8.3% VIMIAN.SS (Vimian Group SEK45.60, +3.50) -- reports Q3 EPS €0.00 vs FactSet €0.02 [6 est, €0.01-0.03]
+8.2% ANOD.B.SS (Addnode Group SEK116.30, +8.80) -- reports Q3 net income SEK97M vs FactSet SEK74.0M [4 est, SEK65.8-81M]
+8.2% BMY.LN (Bloomsbury Publishing £7.38, +0.56) -- reports H1 adjusted EPS 24.7p vs year-ago 17.5p
+7.6% ERA.FP (Eramet €53.95, +3.80) -- reports Q3 revenue €809M, (17%) vs year-ago €980M
+7.6% ERA.FP (Eramet €53.95, +3.80) -- buys back all Tsingshan Group's minority interest (49.9%) in Eramine Sudamerica for a net cash impact of $699M
+7.3% PROT.NO (Protector Forsikring NOK279.00, +19.00) -- reports Q3 EPS NOK7.10 vs FactSet NOK5.29 [3 est, NOK4.90-5.93]
+7.2% HUH1V.FH (Huhtamaki €36.76, +2.46) -- reports Q3 adjusted EPS €0.63 vs FactSet €0.61 [9 est, €0.59-0.62]
+6.9% BUFAB.SS (Bufab SEK390.00, +25.20) -- reports Q3 EPS SEK3.85 vs FactSet SEK3.30 [1 est]
+6.9% GRNG.SS (Gränges SEK125.90, +8.10) -- reports Q3 EPS SEK2.67 vs FactSet SEK2.63 [2 est, SEK2.58-2.67]
+6.6% MIPS.SS (MIPS SEK579.00, +36.00) -- reports Q3 EPS SEK1.37 vs FactSet SEK1.42 [6 est, SEK1.30-1.55]
+6.5% TIETO.FH (Tietoevry €18.92, +1.16) -- reports Q3 EPS €0.32 vs FactSet €0.45 [12 est, €0.29-0.53]
+6.5% SW.FP (Sodexo €81.15, +4.95) -- reports FY Underlying net income €775M vs FactSet €772.8M [12 est, €710.9-861.4M]; guides 2025 Organic growth between +5.5-6.5%
+6.2% TGS.NO (TGS-NOPEC Geophysical Co. NOK102.50, +5.95) -- reports Q3 EPS $0.19 vs FactSet $0.27 [7 est, $0.12-0.38]; lowers FY organic multi-client investments guidance
+5.7% INDV.LN (Indivior £6.91, +0.38) -- reports Q3 Adj. EPS $0.54 vs FactSet $0.41 [3 est, $0.38-0.44]
+5.7% BESI.NA (BE Semiconductor Industries €106.00, +5.70) -- reports Q3 EPS €0.59 vs FactSet €0.54 [10 est, €0.49-0.58]; guides Q4
+4.8% KOG.NO (Kongsberg Gruppen NOK1,168.00, +54.00) -- reports Q3 EPS NOK7.72 vs FactSet NOK7.58 [6 est, NOK7.21-8.16]
+4.6% SPM.IM (Saipem €2.12, +0.09) -- reports Q3 adjusted net income €88M vs FactSet €72.2M; upgrades its guidance for 2024
+4.3% XBRANE.SS (Xbrane Biopharma SEK0.21, +0.01) -- reports Q3 EPS (SEK0.03) vs FactSet SEK0.00 [2 est, (SEK0.03)-0.02]
+4.2% BARC.LN (Barclays £2.48, +0.10) -- reports Q3 attributable profit £1.56B vs consensus £1.26B
+4.2% BARC.LN (Barclays £2.48, +0.10) -- reports Q3 attributable profit £1.56B vs consensus £1.26B
+4.0% FSKRS.FH (Fiskars €15.64, +0.60) -- reports Q3 Comparable EPS €0.16 vs FactSet €0.21 [3 est, €0.20-0.23]
+3.7% CLARI.FP (Clariane €1.67, +0.06) -- reports Q3 revenue €1.30B vs FactSet €1.32B; confirms FY guidance
+3.6% SOBI.SS (Swedish Orphan Biovitrum SEK337.00, +11.60) -- reports Q3 adjusted EPS SEK4.36 vs consensus SEK2.21; updates FY outlook
+3.5% VIS.SM (Viscofan €61.90, +2.10) -- reports Q3 net income €37.5M vs FactSet €38.2M [5 est, €37-41M]
+3.4% FOXT.LN (Foxtons Group £0.62, +0.02) -- Trading Update: Q3 revenue £47.4M, +8% vs year-ago £43.9M; FY results expected to be in line with consensus
+2.9% AAL.LN (Anglo American £23.91, +0.67) -- reports Q3 copper production 181 (kt) vs consensus 189.3 (kt)
+2.9% ULVR.LN (Unilever £47.90, +1.37) -- reports Q3 revenue €15.2B vs consensus €15.49B; Underlying Sales Growth +4.5% vs consensus +4.2%
+2.8% C3RY.GR (Cherry €0.73, +0.02) -- publishes preliminary Q3 figures; to launch of new distribution model in Q4
+2.8% LONN.SW (Lonza Group CHF555.40, +15.00) -- Q3 2024 Qualitative Update: Outlook 2024 confirmed for flat y/y sales in CER and a CORE EBITDA margin of high 20s
+2.8% BEI.GR (Beiersdorf €130.60, +3.55) -- reports 9M revenue €7.55B vs consensus €7.62B; reaffirms FY guidance
+2.7% GALE.SW (Galenica CHF76.65, +2.00) -- reports 9M revenue CHF2.86B, +4% vs year-ago CHF2.75B
+2.7% EQNR.NO (Equinor NOK274.70, +7.15) -- reports Q3 adjusted net income $2.19B vs FactSet $2.03B; to initiate a fourth and final tranche of share buy-back for 2024
+2.6% LSEG.LN (London Stock Exchange Group £106.55, +2.70) -- Q3 Trading Update: Total Income (incl. recoveries) £2.21B vs consensus £2.19B
+2.5% TKA.GR (ThyssenKrupp €3.29, +0.08) -- Rheinmetall, Lürssen hold initial talks with ThyssenKrupp over a deal for TKMS - Handelsblatt, citing sources (23-Oct, 15:46 CET)
+2.3% 4FZ.GR (Orbia Advance Corp SAB de CV €0.90, +0.02) -- reports Q3 net majority income $86M, +19% vs year-ago $72M
+2.3% VITR.SS (Vitrolife SEK241.60, +5.40) -- reports Q3 EPS SEK0.85 vs FactSet SEK1.07 [3 est, SEK1.01-1.10]
+2.3% AXW.FP (Axway Software €26.60, +0.60) -- reports Q3 revenue €112.4M, +15% vs year-ago €97.8M
+2.2% BRNK.GR (Branicks Group €2.55, +0.05) -- sells Cologno business park; terms undisclosed
+2.0% WAF.GR (Siltronic €59.95, +1.15) -- reports Q3 EPS €0.60 vs FactSet €0.01 [6 est, (€0.26)-0.59]
+2.0% KER.FP (Kering €235.65, +4.70) -- reports Q3 revenue €3.79B vs consensus €3.99B
+1.9% NOD.NO (Nordic Semiconductor NOK102.60, +1.90) -- reports Q3 EPS $0.03 vs FactSet $0.04 [9 est, $0.02-0.06]; expects Q4 revenue of $130-150M vs FactSet $143.22M
+1.8% KRZ.ID (Kerry Group €94.50, +1.70) -- Interim Management Statement: Reaffirms FY EPS guidance range
+1.7% TELIA.SS (Telia Co. SEK31.93, +0.53) -- reports Q3 EPS SEK0.59 vs consensus SEK0.45; updates FY24 EBITDA guidance for mid-single digit growth vs prior low to mid-single digits, CAPEX to below SEK 14B vs prior guidance for CAPEX to be around SEK 14B
+1.7% ATT.SS (Attendo SEK49.00, +0.80) -- reports Q3 Adjusted EPS SEK1.87 vs FactSet SEK1.63 [2 est, SEK1.47-1.78]
+1.5% VLTSA.FP (Voltalia €8.89, +0.13) -- reports Q3 revenue €131.1M, +4% vs year-ago €126M
+1.5% CEVI.SS (CellaVision SEK279.50, +4.00) -- reports Q3 EPS SEK1.30 vs FactSet SEK1.70 [4 est, SEK1.60-1.90]
+1.4% MTX.GR (MTU Aero Engines €312.60, +4.40) -- confirms Q3 net income €211M ex-items vs FactSet €182.5M [3 est, €161-204.3M]
+1.3% KIO.SJ (Kumba Iron Ore ZAR336.60, +4.18) -- Q3 Sales and Production update:
+1.3% MDM.FP (Maisons du Monde €4.22, +0.05) -- reports Q3 revenue €245.8M, (14%) vs year-ago €285.2M
+1.3% GALD.SW (Galderma Group CHF79.05, +1.01) -- reports 9M revenue $3.26B, +8% vs year-ago $3.01B
+1.1% RMS.FP (Hermes €2,083.00, +22.00) -- reports Q3 Sales €3.70B vs FactSet €3.68B
+1.1% ORA.FP (Orange €10.25, +0.11) -- reports Q3 adjusted EBITDAaL €3.35B vs consensus €3.34B; confirms FY guidance
+1.1% MYTIL.GA (Metlen Energy & Metals €33.26, +0.36) -- reports Q3 net income attributable €200M vs FactSet €174.5M [2 est, €174-175M]
+1.0% REL.LN (RELX £36.24, +0.35) -- reports 9M Sales, Underlying Growth +7% vs consensus +7.5%; confirms FY guidance
+1.0% WPS.LN (W.A.G. Payment Solutions £0.83, +0.01) -- issues 9M Trading Update; Revenue €215.7M, +17% vs year-ago €183.7M
+0.8% ALFA.SS (Alfa Laval SEK477.60, +3.90) -- reports Q3 EPS SEK4.77 vs FactSet SEK4.78 [12 est, SEK3.94-5.35]
+0.7% ELK.NO (Elkem NOK19.03, +0.13) -- reports Q3 EPS NOK0.15 vs FactSet NOK0.25 [6 est, NOK0.10-0.43]
+0.7% BONEX.SS (BONESUPPORT HOLDING SEK340.40, +2.40) -- reports Q3 EPS SEK0.46 vs year-ago SEK3.47
+0.7% ESNT.LN (Essentra £1.52, +0.01) -- trading update: guides Q3 LFL revenue (5.8%) y/y
+0.6% PINE.LN (Pinewood Technologies Group £3.38, +0.02) -- issues CMD update: raises FY27 underlying EBITDA guidance to £30M from £27M
+0.5% TTK.GR (Takkt €9.65, +0.05) -- reports Q3 EPS €0.12 vs year-ago €0.23; Q3 revenues and EBITDA in line with 22-Oct prelims
+0.5% HAYN (Haynes International $60.49, +0.32) -- UK's CMA clears Acerinox's acquisition of Haynes
+0.3% ENI.IM (Eni €14.23, +0.05) -- KKR acquires a 25% stake in ENI's Enilive's share capital, for a total agreed consideration of €2.938B / Eni confirms €2.0B transformation and relaunch plan for its chemicals business Versalis
Notable Decliners
-27.0% ATORX.SS (Alligator Bioscience SEK0.85, -0.32) -- reports Q3 EPS (SEK0.09) vs year-ago (SEK0.08)
-15.7% ORX.SS (Orexo SEK10.86, -2.02) -- reports Q3 EPS (SEK1.21) vs FactSet (SEK0.75) [1 est]; reaffirms FY guidance
-14.6% EDEN.FP (Edenred €29.37, -5.04) -- reports Q3 Total revenue €682M vs consensus €695M
-14.1% OTOVO.NO (Otovo ASA NOK1.20, -0.20) -- Otovo agrees to sell it's subscription portfolio in Germany, Austria, Poland, Netherlands, Belgium, France, Spain and Portugal
-11.9% LIAB.SS (Lindab International SEK233.00, -31.40) -- reports Q3 EPS SEK2.05 vs FactSet SEK3.13 [4 est, SEK2.63-3.36]
-11.5% AXFO.SS (Axfood SEK240.70, -31.30) -- reports Q3 EPS SEK3.26 vs FactSet SEK3.65 [3 est, SEK3.59-3.70]
-11.2% ABDN.LN (abrdn Plc £1.46, -0.18) -- reports Q3 AUMA £506.7B vs consensus £510.92B
-10.7% PHARM.NA (Pharming Group €0.75, -0.09) -- reports Q3 EPS ($0.00) vs FactSet $0.00 [2 est, ($0.00)-0.00]; CEO to step down in May-25
-9.5% MRN.FP (Mersen €22.35, -2.35) -- reports Q3 revenue €308.8M, +2% vs year-ago €302.1M; lowers FY guidance; to ramp up the implementation of optimization measures
-9.5% MRN.FP (Mersen €22.35, -2.35) -- reports Q3 revenue €308.8M, +2% vs year-ago €302.1M; lowers FY guidance; to ramp up the implementation of optimization measures (post EU close 23-Oct)
-9.4% BILL.SS (Billerud SEK100.20, -10.40) -- reports Q3 EPS SEK2.27 vs FactSet SEK1.96 [6 est, SEK1.66-2.44]
-8.2% ML.FP (Cie Generale des Etablissements Michelin SA €31.03, -2.78) -- reports 9M revenue €20.17B, (4.6%) vs year-ago €21.15B; FY guidance adjusted
-7.6% HAUTO.NO (Höegh Autoliners NOK123.00, -10.10) -- reports Q3 EPS $1.01 vs FactSet $0.82 [6 est, $0.72-1.01]
-7.2% ALTHX.FP (Theranexus €0.57, -0.04) -- reports available cash as of 30-Sep-24 at €1.9M compared to €1.8M as of 30-Jun-24
-6.5% ONTEX.BB (Ontex Group €8.09, -0.56) -- reports Q3 adj. EBITDA €61.2M, +5% vs year-ago €58.4M; reaffirms FY adj. EBITDA margin, free cash flow and leverage guidance, lowers revenue growth
-6.3% WAWI.NO (Wallenius Wilhelmsen NOK120.60, -8.10) -- ACCC outlines preliminary concerns over Qube Holdings's proposed acquisition of Melbourne International RoRo & Auto Terminal
-5.9% MTG.B.SS (Modern Times Group MTG SEK72.70, -4.55) -- reports Q3 EPS SEK1.45 vs FactSet SEK2.32 [4 est, SEK2.10-2.60]
-5.6% NESTE.FH (Neste €14.39, -0.85) -- reports Q3 comparable EPS €0.02 vs consensus €0.10
-5.6% KIN.BB (Kinepolis Group €38.00, -2.25) -- issues Q3 business update
-5.5% AAK.SS (AarhusKarlshamn SEK312.60, -18.20) -- reports Q3 EPS SEK3.35 vs FactSet SEK3.50 [5 est, SEK3.34-3.65]
-5.5% SEB.A.SS (Skandinaviska Enskilda Banken SEK149.80, -8.70) -- reports Q3 EPS SEK4.57 vs consensus SEK4.14
-5.3% ADDT.B.SS (Addtech SEK279.80, -15.80) -- reports Q2 EPS SEK1.60 vs FactSet SEK1.82 [3 est, SEK1.62-2.16]
-4.7% ACAD.SS (AcadeMedia SEK62.70, -3.10) -- reports Q1 adjusted EPS SEK1.09 vs FactSet SEK0.86 [2 est, SEK0.72-1.00]
-4.7% INCH.LN (Inchcape £7.27, -0.36) -- reports Q3 revenue £2.2B, +2% at constant currency, with organic revenue down (1%)
-4.5% DUNI.SS (Duni SEK96.30, -4.50) -- reports Q3 EPS (SEK0.04) vs year-ago SEK2.80
-4.4% METSO.FH (Metso Corp. €8.83, -0.41) -- reports Q3 EPS (€0.09) vs consensus €0.02
-4.3% IPF.LN (International Personal Finance £1.35, -0.06) -- Q3 trading update: reports customer lending (excluding Poland) +7% y/y
-4.3% ROVI.SM (Laboratorios Farmaceuticos Rovi, S.A. €72.80, -3.30) -- Laboratorios Farmaceuticos Rovi intends to continue executing on its standalone strategic plan
-4.2% VAIAS.FH (Vaisala €46.05, -2.00) -- reports Q3 EPS €0.53 vs FactSet €0.60 [4 est, €0.57-0.65]
-3.8% BEIJ.B.SS (Beijer Ref SEK158.25, -6.30) -- reports Q3 EPS SEK1.30 vs FactSet SEK1.34 [6 est, SEK1.32-1.36]
-3.5% STERV.FH (Stora Enso €10.35, -0.38) -- reports Q3 EPS €0.11 vs consensus €0.15; confirms FY guidance
-3.4% TREL.B.SS (Trelleborg SEK360.40, -12.80) -- reports Q3 Adj. EPS SEK3.78 vs FactSet SEK4.02 [6 est, SEK3.84-4.26]
-3.4% BUCN.SW (Bucher Industries CHF351.00, -12.50) -- reports 9M net sales CHF2.42B, (11%) vs year-ago CHF2.73B
-3.2% ICEAIR.IR (Icelandair Group ISK1.07, -0.04) -- reports Q3 net income $69.2M, (18%) vs year-ago $84.5M (earlier)
-3.0% BKT.SM (Bankinter €7.37, -0.23) -- reports Q3 net income €258M vs FactSet €261.9M [11 est, €253-270.8M]
-3.0% SY1.GR (Symrise €112.10, -3.45) -- reports Q3 sales €1.26B vs consensus €1.27B
-2.7% XVIVO.SS (Xvivo Perfusion SEK475.00, -13.00) -- reports Q3 EPS SEK2.72 unclear if comparable to FactSet SEK0.83 [2 est, SEK0.80-0.86]
-2.5% PNDX.B.SS (Pandox SEK196.00, -5.00) -- reports Q3 EPS (SEK0.24) vs FactSet SEK3.27 [3 est, SEK2.96-3.50]
-2.4% ALTR (Altair Engineering $104.06, -2.54) -- Siemens (SIE.GR) said to be in talks to acquire Altair -- Bloomberg
-1.9% A3M.SM (ATRESMEDIA €4.56, -0.09) -- reports 9M net income €77.4M, +8% vs year-ago €71.5M
-1.5% MTO.LN (Mitie Group £1.17, -0.02) -- MITIE Group acquires UK fire systems business Argus Fire for total consideration £38.0M
-1.4% EDPR.PL (EDP Renovaveis €12.94, -0.18) -- completes sale of a 240 MW renewables portfolio in Poland (post EU close 23-Oct)
-1.4% IFCN.SW (Inficon Holding CHF1,090.00, -16.00) -- reports Q3 net income $26.3M vs FactSet $27M [4 est, $25-29.8M]; trims top end of FY sales guidance range
-1.3% BNZL.LN (Bunzl £35.00, -0.46) -- Q3 trading statement; underlying revenue declined by (1.2%); FY guidance unchanged
-1.3% TEMN.SW (Temenos CHF63.75, -0.85) -- reports Q3 Non-IFRS EPS $0.76 vs consensus $0.66; revises FY24 guidance, EBIT and EPS guidance remain unchanged
-1.2% EGCO.TB (Electricity Generating Public THB121.50, -1.50) -- to divest 49% stake in RISEC Holdings to Shell Energy North America (US); terms undisclosed
-1.0% KNEBV.FH (Kone €51.30, -0.50) -- reports Q3 EPS €0.48 vs consensus €0.51; now guides FY Sales to grow 0-3% at comparable exchange rates vs prior guidance 0-4%
-0.8% WIHL.SS (Wihlborgs Fastigheter SEK113.50, -0.90) -- reports Q3 EPRA NRVPS SEK90.47 vs year-ago SEK89.07
-0.8% ESSITY.B.SS (Essity SEK305.80, -2.40) -- reports Q3 adjusted EPS SEK4.97 vs year-ago SEK4.72
-0.7% NHY.NO (Norsk Hydro NOK67.66, -0.48) -- reports Q3 net income NOK3.51B vs FactSet NOK2.99B [10 est, NOK2.07-3.54B]
-0.7% NHY.NO (Norsk Hydro NOK67.66, -0.48) -- Hydro reduces ownership in Vianode from 30 to 19.9%.
-0.7% BVI.FP (Bureau Veritas €29.12, -0.22) -- reports Q3 revenue €1.55B vs consensus €1.52B; now guides FY Organic revenue growth between +9-10% vs prior guidance of high single-digit growth
-0.7% BVI.FP (Bureau Veritas €29.12, -0.22) -- acquires Aligned Incentives for an undisclosed sum
-0.5% FCC.SM (Fomento de Construcciones y Contratas €11.88, -0.06) -- reports 9M net income €426.6M, +6% vs year-ago €401.4M
-0.4% AZE.BB (Azelis Group €18.33, -0.07) -- reports Q3 revenue €1.05B vs FactSet €1.08B [3 est, €1.07-1.09B]
-0.4% OCI.LN (Oakley Capital Investments £5.00, -0.02) -- to sell its stake in Schülerhilfe, look-through share of proceeds anticipated to be £40Mx
EU companies reporting tomorrow:
Earnings:
Benelux: Signify (LIGHT.NA), Proximus (PROX.BB), Cofinimmo (COFB.BB)
DACHs: Mercedes-Benz Group (MBG.GR), Porsche (P911.GR), STRATEC (SBS.GR), Sika (SIKA.SW), BB Biotech (BION.SW)
Finland: Konecranes (KCR.FH), Lassila & Tikanoja (LAT1V.FH), Kemira (KEMIRA.FH), Consti (CONSTI.FH), Apetit (APETIT.FH), Incap (ICP1V.FH), Terveystalo (TTALO.FH), Tecnotree (TEM1V.FH)
France: Sanofi (SAN.FP)
Norway: Schibsted (SCHB.NO), Yara International (YAR.NO), Norwegian Air Shuttle (NAS.NO), Komplett (KOMPL.NO)
Southern Europe: Eni (ENI.IM), Biesse (BSS.IM), Sogefi (SGF.IM), Vidrala (VID.SM)
Sweden: Electrolux (ELUX.B.SS), Svenska Cellulosa (SCA.B.SS), HEXPOL (HPOL.B.SS), Peab (PEAB.B.SS), AFRY (AFRY.SS), NCC (NCC.B.SS), Enea (ENEA.SS), Green Landscaping Group (GREEN.SS), Diös Fastigheter (DIOS.SS), Svedbergs Group (SVED.B.SS), Sagax (SAGA.B.SS), ALM Equity (ALM.SS), MedCap (MCAP.SS), Lipum (LIPUM.SS), Fenix Outdoor International (FOI.B.SS), Sivers Semiconductors (SIVE.SS), Acconeer (ACCON.SS), Hexatronic Group (HTRO.SS), Kindred Group (KIND.SS), Qliro (QLIRO.SS), Electrolux Professional (EPRO.B.SS), Boule Diagnostics (BOUL.SS), Knowit (KNOW.SS), Tobii (TOBII.SS), Scandi Standard (SCST.SS), Hoist Finance (HOFI.SS), Logistea (LOGI.B.SS), Indutrade (INDT.SS), Nimbus Group (BOAT.SS), Instalco (INSTAL.SS), Volati (VOLO.SS), Byggmax Group (BMAX.SS), Proact IT Group (PACT.SS), Castellum (CAST.SS), Cloetta (CLA.B.SS), Hexagon (HEXA.B.SS), Nordnet (SAVE.SS), Doro (DORO.SS), Fastighets AB Balder (BALD.B.SS), Sdiptech (SDIP.B.SS), Nelly Group (NELLY.SS), Beijer Alma (BEIA.B.SS), CTT Systems (CTT.SS), Bambuser (BUSER.SS), Catena (CATE.SS), FormPipe Software (FPIP.SS), Prevas (PREV.B.SS), Episurf Medical (EPIS.B.SS), Epiroc (EPI.A.SS)
UK: NatWest Group (NWG.LN)
Trading Update/Sales: Holcim (HOLN.SW), SGS (SGSN.SW), Safran (SAF.FP), Remy Cointreau (RCO.FP), Wereldhave (WHA.NA), Gaztransport & Technigaz (GTT.FP), EXEL Industries (EXE.FP), Lindex Group (LINDEX.FH), Digia (DIGIA.FH), Record (REC.LN)
Data:
Economics:
Flash Manufacturing PMI Oct
UK 50.3 vs consensus 51.4 and prior 51.5
Eurozone 45.9 vs consensus 45.1 and prior 45.0
Germany 42.6 vs consensus 40.7 and prior 40.6
France 44.5 vs consensus 44.9 and prior 44.6
Flash Services PMI Oct
UK 51.8 vs consensus 52.4 and prior 52.4
Eurozone 51.2 vs consensus 51.5 and prior 51.4
Germany 51.4 vs consensus 50.6 and prior 50.6
France 48.3 vs consensus 49.8 and prior 49.6
Finland Sep PPI (2.3%) y/y vs consensus (1.4%) and prior (2.3%)
Norway Sep Unemployment Rate 4.0% vs consensus 4.0% and prior 4.0%
France Oct Business Survey 92 vs consensus 98 and prior 99
Markets:
WTI Crude (Dec 24): ($0.75) or (1.06%) to $70.02
€-$ +0.0020 or +0.19% to 1.0804
£-$ +0.0028 or +0.22% to 1.2951
€-£ (0.0004) to 0.8343
S&P 500 (0.20%)
Performance year-to-date
FTSE 100: +6.93%
DAX: +16.07%
CAC: (0.53%)
MIB: +14.32%
Stoxx 600: +8.35%
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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