Oct 25 ,2024
Synopsis:
European indices are set to open mostly lower as Asian equities trade mostly higher Friday. Greater China markets rebounding with Australia, Korea and Taiwan also in positive territory. Japan the main decliner. S&P 500 futures flat afterhours.
US equities were mostly higher in Thursday trading as the S&P posted first gain in four sessions (first three-day losing streak since early September).
Friday in central banks, ECB's McCaul speech at 9:00CET at conf. organised by Universitá degli Studi di Roma Tor Vergata. ECB releases latest consumer expectations survey results.
On the macro-calendar today: Germany Oct Ifo survey, UK Oct Consumer Confidence - GfK, Distributive Trades - CBI, France Oct Consumer Confidence, Spain Q3 Unemployment Rate, Sep PPI, Italy Oct Business/Consumer Confidence, Denmark Sep Retail Sales, Sweden Sep PPI, Eurozone Sep M3 Money Supply
Notable earnings reports so far today included: Sanofi (SAN.FP) reports Q3 business EPS €2.86 vs consensus €2.49. (MBG.GR) Mercedes-Benz Group reports Q3 EPS €1.81 vs FactSet €1.87 [5 est, €1.68-2.03]
(SAF.FP) Safran reports Q3 revenue €6.64B vs StreetAccount €6.63B. (RCO.FP) Remy Cointreau reports Q2 revenue €316.7M vs consensus €318.4M; Lowers FY guidance. (KCR.FH) Konecranes reports Q3 EPS €1.27 vs FactSet €1.20 [7 est, €1.14-1.29]. (HOLN.SW) Holcim reports Q3 recurring EBIT CHF1.67B vs StreetAccount CHF1.75B
Top company news
Earnings/updates
SAF.FP (Safran) -- reports Q3 revenue €6.64B vs StreetAccount €6.63B
HOLN.SW (Holcim) -- reports Q3 recurring EBIT CHF1.67B vs StreetAccount CHF1.75B
AC.FP (Accor) -- reports Q3 revenue €1.43B vs StreetAccount €1.39B; RevPAR +5.3% vs StreetAccount +5.7%; tweaks up FY Group EBITDA guidance
DG.FP (VINCI SA) -- reports Q3 revenue €18.53B vs StreetAccount €19.04B; like-for-like +0.3%
SIKA.SW (Sika Group) -- reports 9M PAT CHF922.6M vs StreetAccount CHF966.3M
FR.FP (Valeo SE) -- reports Q3 revenue €4.97B vs StreetAccount €5.10B
SGSN.SW (SGS) -- reports Q3 revenue CHF1.70B vs consensus CHF1.70B
SCHA.NO (Schibsted) -- reports Q3 EPS continuing ops NOK21.52 vs year-ago NOK6.12
URW.FP (Unibail-Rodamco-Westfield) -- 9M trading update; positive outlook for full-year with AREPS expected at upper end of 2024 guidance
ADP.FP (Aeroport de Paris) -- reports 9M revenue €4.61B, +12% vs year-ago €4.12B
BOL.FP (Bolloré) -- reports Q3 revenue €5.56B, +74% vs year-ago €3.20B
SK.FP (SEB) -- reports 9M revenue €5.73B vs year-ago €5.53B
ATE.FP (Alten) -- reports 9M revenue €3.12B, +3% vs year-ago €3.04B
SBS.GR (Stratec) -- reports final Q3 EPS €0.22 ex-items vs FactSet €0.38 [1 est]; 9M results inline with prelim. release
MF.FP (Wendel) -- Q3 trading update; Net asset value as of 30-Sep-24 of €8,012M or €184.5 per share
SIGHT.FP (GenSight Biologics) -- reports cash position as of 30-Sep-24 and provides business update
WHA.NA (Wereldhave) -- trading update: 9M DRPS €1.30 vs year-ago €1.30
XFAB.FP (X-FAB Silicon Foundries) -- reports Q3 net income $26.0M vs FactSet $17.9M [2 est, $16.3-19.5M]
ORY.SM (Oryzon Genomics) -- reports Q3 net income (€2.3M) vs FactSet (€1.1M) [1 est]
ORY.SM (Oryzon Genomics) -- Follow-up: Oryzon Genomics issues corporate update
FII.FP (Lisi) -- reports Q3 revenue €419.2M vs FactSet €436.0M [1 est]
MERY.FP (Mercialys) -- reports Q3 revenue €43.4M, (2%) vs year-ago €44.4M
BETCO.SS (Better Collective) -- lowers FY 2024 guidance; expects FY EBITDA €100-110M vs prior guidance €130-140M and FactSet €130.1M
NXI.FP (Nexity) -- reports Q3 revenue €890M, (3%) vs year-ago €915M
NLFSK.DC (Nilfisk Holding) -- reports preliminary Q3 organic growth (0.8%)
NVG.PL (The Navigator Co.) -- reports Q3 net income €82.6M vs FactSet €74.5M [2 est, €70.9-78M]
CGM.FP (Cegedim) -- reports Q3 revenue €156.8M, +6% vs year-ago €148.3M
TIMA.GR (ZEAL Network) -- reports preliminary 9M EBITDA €35.0M vs year-ago €23.2M
GRNG.SS (Gränges) -- completes acquisition of casting and hot-rolling facility in Shandong province; deal announced on 31-May
GBT.FP (Guerbet) -- reports 9M revenue €620.5M, +8% vs year-ago €573.9M
MTU.FP (Manitou BF) -- reports Q3 revenue €593M, (10%) y/y
M&A
PROX.BB (Proximus) -- sells its datacenter business to Datacenter United for an enterprise value of €128M
BP.LN (BP) -- completes previously announced acquisition of remaining 50.03% interest in Lightsource
SCHA.NO (Schibsted) -- reports Q3 EPS continuing ops NOK21.52 vs year-ago NOK6.12
SBMO.NA (SBM Offshore) -- divests 13.5% interest in FPSO Sepetiba
KIND.SS (Kindred Group) -- board applies for delisting of the SDRs in company from Nasdaq Stockholm
IP.IM (Interpump Group) -- agrees to acquire 59% of Hidrover Equipmentos Hidraulicos Ltda for €17.5M
SPI.LN (Spire Healthcare Group) -- Betaville reports Spire Healthcare Group at centre of renewed round of takeover talk, we're told
GRNG.SS (Gränges) -- completes acquisition of casting and hot-rolling facility in Shandong province; deal announced on 31-May
UNIR.IM (UniEuro) -- Fnac Darty notes antitrust waiver and update on capital tendered to date in connection with offer for UniEuro
Healthcare
ABBV (AbbVie) -- and Gedeon Richter announce new collaboration for the discovery and development of novel targets for neuropsychiatric conditions
GSK.LN (GSK Plc) -- CDC ACIP votes unanimously to approve recommendations for Bexsero
MOLN.SW (Molecular Partners) -- Molecular Partners' $20.0M-ADS offering priced at $5.49/ADS through LifeSci Capital
ORNBV.FH (Orion) -- terminates ODM-111 development program due to narrow therapeutic window of the molecule
OXUR.BB (Oxurion) -- announces that holder Atlas Special Opportunities sells part of its 2.0M shares holding, now hold 383,105 shares
Other
ARYN.SW (Aryzta) -- Sandip Gudka COO to step down effective in Jan-2025; merges CPO and COO positions and appoint Christophe Toitot
LOGN.SW (Logitech International) -- SEC filing: 10-Q
SOP.FP (Sopra Steria Group) -- announces creation of group operations department; appoints Dominique Lapree as COO
DEME Group awarded inter-array cable and secondary steel contract for Oranjewind Offshore Wind Farm
Key rating changes
Upgrades
DSV.DC (DSV A/S) -- to buy from hold at HSBC, we're told (earlier, timing uncertain)
MTG.B.SS (Modern Times Group MTG) -- to buy from hold at ABG Sundal Collier
RYA.ID (Ryanair Holdings) -- to overweight from equal weight at Barclays
Downgrades
MIPS.SS (MIPS) -- to hold from buy at SEB
VOLCAR.B.SS (Volvo Car) -- to sell from hold at Stifel
OVH.FP (OVHCloud) -- to hold from buy at Kepler Cheuvreux
LIAB.SS (Lindab International) -- to hold from buy at DnB Markets
Initiations
ITRK.LN (Intertek Group) -- reduce at HSBC
Other Actions
SECU.B.SS (Securitas) -- assumed underweight at Morgan Stanley
Data
Nikkei (0.81%) to 37835.55
Hang Seng +0.76% to 20644.48
Shanghai Composite +0.65% to 3301.48
S&P futures (1.3) vs prior close of 5849.0 €-$ (0.0004) or (0.04%) to 1.0824
$-¥ (0.18) or (0.12%) to 151.72
€-¥ (0.17) or (0.10%) to 164.22
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