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StreetAccount Summary - Europe Pre-Open: FTSE (0.1%), DAX +0.3%, CAC +0.1%, IBEX +0.2%, MIB +0.2%

Oct 28 ,2024

  • Synopsis

    • European equity markets set to open mixed after last week posting their first weekly loss in three weeks. The STOXX 600 lost momentum after reaching record highs multiple times this year as investors weighed mixed Q3 earnings, the global rate-cut outlook (notably Eurozone economic woes fuelling debate on aggressive ECB easing), and the upcoming US election. This week, sentiment is likely to be influenced by UK budget (Wednesday), a handful of Oct manufacturing PMIs including the final read for UK, Q3 preliminary GDP's and Oct preliminary CPIs from across the region as well as plenty of earnings/updates from the likes of Airbus (AIR.FP), Anheuser-Busch InBev (ABI.BB), BP (BP.LN), HSBC Holdings (HSBA.LN), Shell (SHEL.LN), Schneider Electric (SU.FP), TotalEnergies (TTE.FP), Novartis (NOVN.SW) and UBS Group (UBSG.SW).

    • European macro data releases out today include Spain Sep retail sales, Sweden Sep trade balance, UK Oct distributive trades - CBI

    • In corporate news highlights this morning, Philips (PHIA.NA) reports Q3 earnings; revises FY24 outlook to reflect deteriorated demand in China; Wacker Chemie (WCH.GR) reports softer-than-expected Q3 earnings amid weakness in Poly-si & Polymers; BT Group (BT.A.LN) considering sale of Radianz unit, reports FT;

    • In central banks today, Bank of Slovenia's Vasle opening address at 10:00CET ahead of lecture by Belgian central bank's Wunsch title The Green Agenda and its Impact on Monetary and Macroeconomic Policy. ECB's de Guindos speech at 20:45CET at Foro de Reflexión organised by Grupo Hotusa. ECB issue first of the Economic Bulletin pre-release at 10:00CET. EU's Vestager speech at 13:15CET in the Tivoli Summit. EU's von der Leyen delivers a keynote speech at 14:30CET at the College of Europe. EU's Borrell in Barcelona co-chairs the 9th Union for the Mediterranean Ministerial meeting; holds a series of bilateral meetings. Nordic Council's 76th session in Reykjavik; meeting of Nordic PM's (through Thu).

  • Politics/Macro/World News

    • Central banks

      • ECB should keep open mind on next rate cut, Knot says - Reuters

      • No urgency for ECB to speed up policy easing, Wunsch says - Reuters

    • France

      • Moody's Ratings changes France's outlook to negative from stable, affirms the Aa2 rating - link

      • French Government Targets Absenteeism in Hunt for Spending Cuts - Bloomberg

    • UK

      • Starmer to pledge to 'embrace fiscal reality' in the Budget - FT

      • UK employers show further signs of pre-budget nerves, Lloyds says - Reuters

      • Chancellor will not unveil new freeports in the Budget on Wednesday - BBC

    • Switzerland

      • Swiss companies set sights on India as $100 bln trade pact promises more opportunities - Reuters

  • Top company news

    • Earnings/updates

      • PHIA.NA (Koninklijke Philips) -- reports Q3 adj EPS €0.32 vs consensus €0.30; revises FY24 outlook to reflect deteriorated demand in China

      • WCH.GR (Wacker Chemie) -- reports Q3 EPS €0.56 vs consensus €0.57; confirms FY guidance

      • BG.AV (BAWAG Group) -- reports Q3 EPS €2.25 vs FactSet €2.18 [3 est, €2.12-2.27]

      • BORR.NO (Borr Drilling) -- reports preliminary Q3 adjusted EBITDA ~$116M vs FactSet $131.3M [7 est, $122-138M]

      • OPM.FP (OPmobility) -- reports Q3 revenue €2.46B vs FactSet €2.39B [2 est, €2.39-2.39B]

      • Also reporting today

        • Earnings:

          • Benelux: Royal KPN (KPN.NA)

          • DACHs: TRATON (8TRA.GR), Palfinger (PAL.AV)

          • Nordics: Fagerhult Group (FAG.SS), Balco Group (BALCO.SS), Oma Saastopankki (OMASP.FH)

          • Southern Europe: Galp Energia (GALP.PL), Aquafil (ECNL.IM), Iberpapel Gestion (IBG.SM)

          • UK: Bioventix Plc (BVXP.LN)

        • Trading Update: Computacenter (CCC.LN), VusionGroup (VU.FP), OPmobility (OPM.FP), Exosens (EXENS.FP), Nacon (NACON.FP)

    • M&A

      • RI.FP (Pernod Ricard) -- Inbrew Beverages and TPG competing to buy Pernod Ricard's Imperial Blue brand - Economic Times

      • HSBA.LN (HSBC Holdings) -- CEO Georges Elhedery not looking to break HSBC up - Sunday Times, citing senior insider

      • AAL.LN (Anglo American) -- won't be able to provide material information on Grosvenor status to shortlisted bidders for Queensland coal assets before due date for binding offers - Australian Financial Review

      • BT.A.LN (BT Group) -- considering sale of Radianz unit - FT

      • ENEL.IM (Enel) -- in exclusive talks to buy 80.1% stake in Bright Energy Investments - Australian Financial Review

      • CBK.GR (Commerzbank) -- German Finance Minister Lindner says Commerzbank needs to be fully privatized, but there is no rush - Reuters

      • EQT.SS (EQT AB) -- EQT exploring acquisitions of private investment groups and growth-oriented investment firms amid expectations of a wave of consolidation in the private capital industry - FT, citing CEO

      • ASRNL.NA (ASR Nederland) -- BAWAG Group announces acquisition of Knab receives all regulatory approvals

      • FNAC.FP (Fnac Darty) -- announces preliminary results of public tender offer for the capital of UniEuro

      • HP3A.GR (Ringmetall) -- acquires Peak Packaging Poland Sp. z o.o.; terms not disclosed

    • Healthcare

      • BIIB (Biogen) -- presents complete results from Phase 2 IGNAZ study of felzartamab in IgAN at ASN Kidney Week 2024

      • NOVN.SW (Novartis) -- presents 12-month data from Phase III APPEAR-C3G study of Fabhalta at ASN Kidney Week 2024; conference call at 08:00 ET 28-Oct

      • APLS (Apellis Pharmaceuticals) -- announces results from Phase 3 VALIANT study

      • VERA (Vera Therapeutics) -- presents, publishes data on ORIGIN Phase 2B Study of atacicept in IgAN; conference call at 08:00 ET 28-Oct

    • Other

      • BOO.LN (boohoo Group) -- Mike Ashley: "I am all in" on being CEO of boohoo - Sunday Times

      • VOW.GR (Volkswagen) -- board proposes measures for restructuring core VW brand, including significant wage cuts and possible plant closures - Handelsblatt

      • EL.FP (EssilorLuxottica) -- offers support for chief strategy officer Leonardo Maria Del Vecchio after he was linked to an investigation into hacking by private investigators - Bloomberg

      • Estimated weekend box office revenues in US, Canada $93.3M, (26.1%) y/y - Box Office Mojo

      • Naspers to revamp corporate culture and pay structures in pursuit of growth at Prosus beyond Tencent stake - FT, citing CEO

      • Swiggy targeted IPO valuation further cut to $11.3B on market volatility - Reuters, citing two sources

  • Key rating changes

    • Upgrades

      • Handelsbanken upgrades BALD.B.SS, CAST.SS

      • BALD.B.SS (Fastighets Balder) -- to buy from hold at Danske Bank

      • BALD.B.SS (Fastighets Balder) -- to buy from hold at DnB Markets

      • ELISA.FH (Elisa Oyj) -- to overweight from equal-weight at Morgan Stanley

      • GLEN.LN (Glencore) -- to buy from hold at HSBC

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

      • INSTAL.SS (Instalco) -- to buy from hold at Carnegie Securities

      • PEAB.B.SS (Peab) -- to hold from sell at DnB Markets

    • Downgrades

      • ELUX.B.SS (Electrolux) -- Electrolux short-term recommendation downgraded to hold from buy at Handelsbanken

      • NESTE.FH (Neste) -- to equal-weight from overweight at Morgan Stanley (timing uncertain)

      • KCR.FH (Konecranes) -- to hold from buy at Danske Bank

      • ATE.FP (Alten) -- to hold from buy at Stifel

      • KEMIRA.FH (Kemira) --to hold from buy at Kepler Cheuvreux

    • Initiations

      • VIE.FP (Veolia Environnement) -- outperform at RBC Capital Markets

    • Other Actions

      • RMV.LN (Rightmove) -- transferred sector perform at RBC Capital Markets; prior rating was sector perform

  • Data

    • Nikkei +1.82% to 38605.53

    • Hang Seng +0.18% to 20628.19

    • Shanghai Composite +0.36% to 3311.62

    • S&P futures +27.8 vs prior close of 5846.0

    • €-$ +0.0004 or +0.03% to 1.0796

    • $-¥ +0.33 or +0.21% to 153.42

    • €-¥ +0.17 or +0.10% to 165.61

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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