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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.25%, DAX30 (0.16%), CAC40 (0.17%)

Oct 24 ,2024

  • Synopsis

    • European equity markets are set to open mixed, with Asian equities also mixed Thursday. Greater China markets underperforming with property developers weighing on Hang Seng. Japan, Australian and Taiwan equities little changed. Kospi down slightly with SK Hynix gaining following earnings. US contracts higher afterhours with TSLA +12% on earnings. Bonds little changed following latest Treasury yield backup. FX markets steady with yen near three-month low against dollar. Crude rebounding from overnight lows while gold and copper nudging higher. Bitcoin fluctuating between losses and gains.

    • On today's agenda, in central banks, Norges Bank releases latest survey of bank lending at 10:00CET. ECB's Buch fire side chat at 15:30CET at New York Fed Central Banking Seminar. ECB's Lane speech at 19:00CET at event hosted by Federal Reserve Bank of Cleveland and ECB. IIF annual membership meeting sees ECB's McCaul panellist at 17:00CET. Bundesbank published latest monthly report at 12noon CET.

    • Elsewhere, Denmark hosts North Sea summit and ministerial meeting to discuss Europe losing its leadership position in green energy; includes European climate and energy ministers, the EU's Energy Commissioner, and top executives from some of the companies in the wind sector. North Macedonia's PM Mickoski hosts EU's von der Leyen. EU's Simson delivers speech at the RE-Source 2024 event and EU's McGuinness delivers a keynote speech at the U.S.- lreland Economic Summit: "100 Years of Partnership" organised by the US Embassy in Ireland.

    • Macroeconomic updates include: Eurozone, France, Germany, UK Oct Flash Manufacturing/Services PMI, France Oct Business Confidence, UK Oct Industrial Trends Orders, Q4 Business Optimism - CBI, Norway Sep Unemployment Rate, Finland Sep PPI

    • A busy morning for earnings. Lonza Group (LONN.SW) confirmed FY outlook for flat y/y sales in CER and a CORE EBITDA margin of high 20s. Temenos (TEMN.SW) revised FY24 guidance, kept EBIT and EPS guidance unchanged. Also in the DACH region, TAKKT (TTK.GR), Siltronic (WAF.GR) are out with Q3 numbers. MTU Aero Engines (MTX.GR) is due to report today.

    • In France, ATOS (ATO.FP) reports Q3 revenue €2.31B vs StreetAccount €2.28B. Danone (BN.FP) Q3 revenue €6.83B vs StreetAccount €6.85B. Orange (ORA.FP), Sodexo (SW.FP), Dassault Systemes (DSY.FP) are also out with their latest earnings.

    • Out of the Nordics, Telia Co. (TELIA.SS) 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. Equinor (EQNR.NO), Norsk Hydro (NHY.NO), Kongsberg Gruppen (KOG.NO) have also updated investors. In the UK, Barclays (BARC.LN) is due to report.

    • Of note, Applied Nutrition (+APPNUT.LN) set to make its stock market debut.

  • Macro/World News/Politics

    • How Erdoğan's trip to see Putin signals he's still playing middleman - FT

    • Labour under pressure to fix local services in budget as councils insist there is no more 'fat to cut' - Sky

    • A Trump win could save Germany's ailing coalition - Politico

    • Israel strikes Damascus, military site near Homs, Syrian defence says - Reuters

  • Top company news

    • Earnings/updates

      • DACHs

        • LONN.SW (Lonza Group) -- Q3 2024 Qualitative Update: Outlook 2024 confirmed for flat y/y sales in CER and a CORE EBITDA margin of high 20s

        • TEMN.SW (Temenos) -- reports Q3 Non-IFRS EPS $0.76 vs consensus $0.66; revises FY24 guidance, EBIT and EPS guidance remain unchanged

        • GALD.SW (Galderma Group) -- reports 9M revenue $3.26B, +8% vs year-ago $3.01B

        • BUCN.SW (Bucher Industries) -- reports 9M net sales CHF2.42B, (11%) vs year-ago CHF2.73B

        • GALE.SW (Galenica) -- reports 9M revenue CHF2.86B, +4% vs year-ago CHF2.75B

        • 4FZ.GR (Orbia Advance Corp SAB de CV) -- Orbia Advance Corp SAB de CV reports Q3 net majority income $86M, +19% vs year-ago $72M

      • Nordics

        • EQNR.NO (Equinor) -- reports Q3 adjusted net income $2.19B vs FactSet $2.03B; to initiate a fourth and final tranche of share buy-back for 2024

        • ESSITY.B.SS (Essity) -- reports Q3 adjusted EPS SEK4.97 vs year-ago SEK4.72

        • PROT.NO (Protector Forsikring) -- reports Q3 EPS NOK7.10 vs FactSet NOK5.29 [3 est, NOK4.90-5.93]

        • ANOD.B.SS (Addnode Group) -- reports Q3 net income SEK97M vs FactSet SEK74.0M [4 est, SEK65.8-81M]

        • HUH1V.FH (Huhtamaki) -- reports Q3 adjusted EPS €0.63 vs FactSet €0.61 [9 est, €0.59-0.62]

        • ALFA.SS (Alfa Laval) -- reports Q3 EPS SEK4.77 vs FactSet SEK4.78 [12 est, SEK3.94-5.35]

        • KNEBV.FH (Kone) -- 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%

      • France

        • DSY.FP (Dassault Systemes) -- reports Q3 EPS €0.29 ex-items vs guidance €0.28-0.29 and StreetAccount €0.28; Reaffirms FY EPS objective

        • KER.FP (Kering) -- reports Q3 revenue €3.79B vs consensus €3.99B

        • ML.FP (Cie Generale des Etablissements Michelin SA) -- reports 9M revenue €20.17B, (4.6%) vs year-ago €21.15B; FY guidance adjusted

        • RNO.FP (Renault) -- reports Q3 revenue €10.70B vs StreetAccount €10.46B

        • SW.FP (Sodexo) -- 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%

        • CA.FP (Carrefour) -- reports Q3 Sales inc. VAT €23.98B, LFL (excl fuel & calendar) +8.8% vs StreetAccount +8.5%; confirms FY guidance

        • BVI.FP (Bureau Veritas) -- 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

        • BB.FP (Bic) -- reports Q3 adjusted EPS €1.77 vs consensus €1.40

        • CLARI.FP (Clariane) -- reports Q3 revenue €1.30B vs FactSet €1.32B; confirms FY guidance

        • VLTSA.FP (Voltalia) -- reports Q3 revenue €131.1M, +4% vs year-ago €126M

        • ALTHX.FP (Theranexus) -- reports available cash as of 30-Sep-24 at €1.9M compared to €1.8M as of 30-Jun-24

        • ATOS.FP (ATOS SE) -- reports Q3 revenue €2.31B vs StreetAccount €2.28B

        • BN.FP (Danone) -- reports Q3 revenue €6.83B vs StreetAccount €6.85B

      • Southern Europe

        • ISP.IM (Intesa Sanpaolo) -- to cut 9,000 jobs by 2027; will save €500M per year from 2028

        • SPM.IM (Saipem) -- reports Q3 adjusted net income €88M vs FactSet €72.2M; upgrades its guidance for 2024

        • VIS.SM (Viscofan) -- reports Q3 net income €37.5M vs FactSet €38.2M [5 est, €37-41M]

    • M&A

      • ALTR (Altair Engineering) -- Siemens (SIE.GR) said to be in talks to acquire Altair -- Bloomberg

      • TKA.GR (ThyssenKrupp) -- Rheinmetall, Lürssen hold initial talks with ThyssenKrupp over a deal for TKMS - Handelsblatt, citing sources

      • NHY.NO (Norsk Hydro) -- Hydro reduces ownership in Vianode from 30 to 19.9%.

      • BVI.FP (Bureau Veritas) -- acquires Aligned Incentives for an undisclosed sum

      • EDPR.PL (EDP Renovaveis) -- completes sale of a 240 MW renewables portfolio in Poland (post EU close 23-Oct)

      • WAWI.NO (Wallenius Wilhelmsen) -- ACCC outlines preliminary concerns over Qube Holdings's proposed acquisition of Melbourne International RoRo & Auto Terminal

      • EGCO.TB (Electricity Generating Public) -- to divest 49% stake in RISEC Holdings to Shell Energy North America (US); terms undisclosed

    • Healthcare

      • SFZN.SW (Siegfried Holding) -- holding Capital Markets Day today

    • Other

      • TIT.IM (Telecom Italia) -- board responds to investigation by Rome Public Prosecutor's Office; announce suspension of Group Procurement & Logistics Officer

      • AVOL.SW (Avolta) -- amends credit facility; new €2.40B facility maturing in 2029 replaces €2.75B facility expiring in 2027

      • SEB.A.SS (Skandinaviska Enskilda Banken) -- completes latest SEK2.5B share buyback program; initiates new SEK 2.5B buyback program

      • VIS.SM (Viscofan) -- to launch share buyback program of up to €30M

  • Key rating changes

    • Upgrades

      • ATCO.A.SS (Atlas Copco) -- to buy from hold at Pareto

      • CGCBV.FH (Cargotec) -- to buy from hold at Carnegie Securities

  • Data

    • Nikkei +0.15% to 38162.43

    • Hang Seng (1.35%) to 20480.38

    • Shanghai Composite (0.84%) to 3275.05

    • S&P futures +11.0 vs prior close of 5837.8

    • €-$ +0.0007 or +0.06% to 1.0791

    • $-¥ (0.37) or (0.24%) to 152.37

    • €-¥ (0.30) or (0.18%) to 164.41

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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