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StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.32%), DAX30 (0.23%), CAC40 (0.09%)

Oct 30 ,2024

  • Synopsis

    • European equity markets are set for a negative open amidst Asia equities turning lower on Wednesday. Japan's boards an exception with the Nikkei and Topix set to close higher again. Losses elsewhere including steep declines in Hong Kong, Seoul and Sydney. Mainland China benchmarks also lower, Taiwan and Southeast Asia all lower. India seeing more losses in morning trade. US futures turning lower.

    • Focus on UK Budget announcement at 12:30GMT after weekly PMQs, with the subsequent release of latest Office for Budget Responsibility report. EU Commission is expected to publish its final disclosure for planned import duties on China-made electric vehicles. EU's von der Leyen meets with President-elect of the European Council António Costa. EU's Vestager participates in a conf hosted by Concurrences. EP's President Metsola speech at 19:00CET at event hosted by NEF. Institute for Government webinar at 16:00GMT giving their instant reaction to UK Chancellor Reeves' first budget.

    • In central banks, SNB news conf at 10:00CET regarding cash; speakers include SNB's Schlegel. ECB's Schnabel speech at 16:00CET at SAFE-CEPR conf on Euro@25 organised by Leibniz Institute SAFE. Bank of France's Villeroy speech at 15:15GMT at London School of Economics. Bundesbank's Nagel speech at 19:00CET at event hosted by Industrie und Wissenschaft.

    • Macro data in focus include prelim Q3 GDPs with latest out for France +1.3% y/y vs consensus +0.7% and prior +1.0% and data also due to be released for Eurozone, Germany, Italy, Spain, Austria and Portugal as well as Oct preliminary CPIs for Germany, Spain and Ireland. Also out for release are Germany Oct unemployment change, France Sep consumer spending, Italy/Austria/Greece Sep PPI, Eurozone Oct economic sentiment, Norway Sep retail sales, Switzerland Oct leading indicators - KOF and Belgium Oct CPI

    • A busy earnings morning kicked off with Q3 results out from BASF (BAS.GR) reporting Q3 adj EPS €0.32 vs consensus €0.49 and expecting to reach the low end of FY24 adj EBITDA forecast range. Volkswagen (VOW3.GR) released Q3 net income €1.58B vs FactSet €1.56B whilst UBS Group (UBSG.SW) reported Q3 EPS $0.43 vs consensus $0.22. Schneider Electric (SU.FP) issued Q3 revenue €9.31B vs consensus €9.26B; FY24 target reaffirmed. ASM International (ASM.NA) released Q3 net income €133.6M ex-items vs consensus €172.7M and guides FY revenue to increase ~10% y/y. Other companies out with results include Daimler Truck Holding (DTG.GR), Kion Group (KGX.GR), GRENKE (GLJ.GR), Amundi (AMUN.FP), Nexans (NEX.FP), Capgemini (CAP.FP), Saint-Gobain (SGO.FP), bioMerieux (BIM.FP), Eutelsat Communications (ETL.FP), SKF (SKF.B.SS), Aker BP (AKRBP.NO), Telenor (TEL.NO), Indra Sistemas (IDR.SM), Moncler (MONC.IM), Davide Campari-Milano (CPR.IM), Ferrovial (FER.SM) and Standard Chartered (STAN.LN)

    • Other companies out with earnings today include Valmet Corp. (VALMT.FH), Airbus (AIR.FP), Imerys (NK.FP), Endesa (ELE.SM) and GSK (GSK.LN).

  • Macro

    • UK borrowing costs hit post-election high on eve of Rachel Reeves' first Budget - FT

    • Reeves to promise 'wealth and opportunity for all' in major tax-raising budget - Guardian , politico

    • France Q3 Preliminary GDP +1.3% y/y vs consensus +0.7% and prior +1.0%

      • +0.4% q/q vs consensus +0.3% and prior +0.2%

  • Top company news

    • Earnings/updates

      • Benelux:

        • ASM.NA (ASM International) -- reports Q3 net income €133.6M ex-items vs consensus €172.7M; guides FY revenue to increase ~10% y/y

        • VPK.NA (Royal Vopak) -- reports Q3 EPS €0.83 ex-items vs FactSet €0.80 [2 est, €0.71-0.89]; updates FY outlook

        • AED.BB (Aedifica) -- reports Q3 EPRA EPS €3.75 vs year-ago €3.95

        • MELE.BB (Melexis) -- reports Q3 net income €51.2M vs FactSet €50.2M [2 est, €49.2-51.2M]; guides Q4 sales €200-210M vs FactSet €249.4M; trims FY guidance

      • DACHs:

        • VOW3.GR (Volkswagen) -- reports Q3 net income €1.58B vs FactSet €1.56B [5 est, €983-2.33B]; confirms FY24 outlook as per 27-Sep update

        • BAS.GR (BASF) -- reports Q3 adj EPS €0.32 vs consensus €0.49; expects to reach the low end of FY24 adj EBITDA forecast range

        • UBSG.SW (UBS Group) -- reports Q3 EPS $0.43 vs consensus $0.22

        • SDZ.SW (Sandoz Group) -- reports Q3 revenue $2.60B vs FactSet $2.53B [3 est, $2.49-2.55B]; raises FY net sales guidance, reaffirms core EBITDA margin

        • DTG.GR (Daimler Truck Holding) -- Daimler Truck to take one-time €180M receivables-related adjustment in Q3 in connection with previously announced review of China operations

        • KGX.GR (Kion Group) -- reports Q3 net income €73.9M vs consensus €90M

        • RBI.AV (Raiffeisen Bank International) -- reports Q3 EPS €2.22 vs FactSet €1.81 [2 est, €1.39-2.23]; provides FY guidance excluding Russia and Belarus

        • CLTN.SW (Coltene Holding) -- issues outlook at Capital Markets Day; expects FY revenue growth of 3-5% y/y constant exchange rates

        • GURN.SW (Gurit Holding) -- reports 9M net sales CHF315.1M, (11%) vs year-ago CHF352.5M; CEO Mitja Schulz, leaving by mutual agreement

        • GLJ.GR (GRENKE) -- guides FY net income €68M-76M vs prior guidance €95-115M and FactSet €94.3M [5 est, €89-99.7M]

        • MIKN.SW (Mikron Holding) -- expects 2024 net profit to be lower y/y

        • AMAG.AV (AMAG Austria Metall) -- reports Q3 net income €20.9M vs FactSet €14.7M [1 est]; confirms FY outlook

        • HHFA.GR (Hamburger Hafen und Logistik) -- raises FY guidance

      • France:

        • SU.FP (Schneider Electric) -- reports Q3 revenue €9.31B vs consensus €9.26B; FY24 target reaffirmed

        • CAP.FP (Capgemini) -- reports Q3 revenue €5.48B vs consensus €5.40B; lowers FY24 constant currency revenue growth target and narrows FY24 operating margin target

        • SGO.FP (Compagnie de Saint-Gobain) -- reports Q3 revenue €11.58B vs StreetAccount €11.62B

        • BIM.FP (bioMerieux) -- reports Q3 revenue €968.7M vs FactSet €958.6M [3 est, €953-962.2M]

        • ETL.FP (Eutelsat Communications) -- reports Q1 revenue €299.7M vs consensus €305.0M; Reaffirms FY financial objectives

        • EMEIS.FP (Emeis SA) -- reports 9M revenue €3.85B, (8%) vs year-ago €4.17B

        • MMT.FP (M6-Metropole) -- reports Q3 revenue €278.8M, (6%) vs year-ago €296.0M

        • ALMCP.FP (McPhy Energy) -- reports H1 net income (€32M) vs year-ago (€23.5M)

        • SCHP.FP (Seche Environnement) -- reports Q3 revenue €286.3M, +18% vs year-ago €241.7M

        • AMUN.FP (Amundi) -- reports Q3 adj net income €337M vs consensus €334M

      • Nordics:

        • SKF.B.SS (SKF) -- reports Q3 Adj. EPS SEK4.05 vs FactSet SEK3.50 [12 est, SEK2.77-4.21]; now expects a FY mid-single-digit organic sales decline y/y vs prior guidance a low single-digit organic sales decline y/y

        • AKRBP.NO (Aker BP) -- reports Q3 EPS $0.27 vs year-ago $0.93

        • SHOT.SS (Scandic Hotels Group) -- updates financial target and dividend policy for 2025-2027; informs about upcoming share buyback program and proposal for extra dividend

        • WAWI.NO (Wallenius Wilhelmsen) -- reports Q3 EPS $0.55 vs FactSet $0.69 [6 est, $0.67-0.71]; confirms FY outlook

        • AKAST.NO (Akastor) -- reports Q3 net income NOK6.0M vs year-ago (NOK100.0M)

        • IRLAB.A.SS (IRLAB Therapeutics) -- reports Q3 EPS (SEK0.61) vs year-ago (SEK0.74)

        • BRG.NO (Borregaard) -- reports Q3 EPS NOK2.51 vs FactSet NOK2.49 [6 est, NOK2.24-2.60]

        • PIHLIS.FH (Pihlajalinna) -- reports prelim Q3 adj EBITA €13.5M vs FactSet €22.3M [5 est, €20-24.2M]; upgrades its profitability guidance for 2024

        • BNOR.NO (BlueNord) -- reports Q3 net income $11.0M vs FactSet $14.6M; well positioned to initiate the material return of capital to shareholders

        • TEL.NO (Telenor) -- reports Q3 EPS NOK2.39 vs FactSet NOK1.92 [8 est, NOK1.71-2.13]

        • KESKOB.FH (Kesko) -- reports Q3 Comparable EPS €0.34 vs FactSet €0.33 [7 est, €0.31-0.34]; now guides FY Comparable operating profit of €630-680M vs prior guidance €620-680M and FactSet €629.23M

        • KCC.NO (Klaveness Combination Carriers) -- reports Q3 EPS $0.36 vs FactSet $0.32 [4 est, $0.27-0.35]

        • SWEC.B.SS (Sweco) -- reports Q3 EPS SEK1.04 vs FactSet SEK1.09 [8 est, SEK0.95-1.21]

        • SHOT.SS (Scandic Hotels Group) -- reports Q3 EPS SEK2.98 ex-items vs FactSet SEK3.14 [1 est]

        • OKDBV.FH (Oriola) -- reports Q3 EPS (€0.01) vs FactSet €0.02 [2 est, €0.01-0.02]

        • DVYSR.SS (Devyser Diagnostics) -- reports Q3 EPS (SEK1.41) vs FactSet (SEK1.07) [3 est, (SEK1.30)-(0.70)]

        • SYNACT.SS (SynAct Pharma) -- reports Q3 EPS (SEK0.5) vs year-ago (SEK1.0)

        • NONG.NO (SpareBank 1 Nord-Norge) -- reports Q3 net income NOK1.34B vs FactSet NOK1.11B [6 est, NOK691-1.26B]

        • GLA1V.FH (Glaston) -- reports Q3 EPS €0.03 vs FactSet €0.02 [2 est, €0.01-0.02]

        • NTI.NO (Norsk Titanium) -- Q3 operational and financial update; revises FY revenue guidance

        • MCOV.B.SS (Medicover) -- reports Q3 EPS (€0.03) vs FactSet €0.07 [1 est]; confirms financial targets for 2025

      • Southern Europe:

        • MONC.IM (Moncler) -- reports Q3 revenue €635.5M vs StreetAccount €644.6M

        • CPR.IM (Davide Campari-Milano) -- reports Q3 EBIT €139.4M ex-items vs StreetAccount €180.3M;

        • FER.SM (Ferrovial) -- reports 9M revenue €6.64B, +7% vs year-ago €6.22B

        • PHM.SM (Pharma Mar) -- reports 9M net income €7.4M vs year-ago €8.0M

        • PRS.SM (Promotora de Informaciones) -- reports Q3 net income (€13M) vs FactSet (€2.6M) [2 est, (€4.6)-(0.5M)]

        • PUIG.SM (Puig Brands) -- reports Q3 revenue €1.26B vs FactSet €1.17B [2 est, €1.13-1.22B]

        • ENC.SM (ENCE Energia y Celulosa) -- reports Q3 EPS €0.06 vs FactSet €0.09 [2 est, €0.05-0.13]

        • CTT.PL (CTT - Correios de Portugal) -- reports Q3 net income €7.9M vs FactSet €9.5M [2 est, €8-11M]; reaffirms FY consolidated recurring EBIT between €80-90M

        • LTMC.IM (Lottomatica Group) -- reports 9M adjusted net income €160.6M vs year-ago €159.6M; reaffirms FY guidance

        • MVC.SM (Metrovacesa) -- reports 9M EBITDA €11.3M vs year-ago €29.0M

        • IDR.SM (Indra Sistemas) -- reports Q3 net income €70M vs StreetAccount €65.1M

        • UNI.SM (Unicaja Banco) -- reports Q3 net income €137.0M vs FactSet €155.4M [10 est, €150-164M]

        • RED.SM (Redeia Corporacion) -- reports Q3 net income €139.4M vs StreetAccount €138.9M

        • AENA.SM (Aena S.M.E.) -- reports Q3 net income €641.2M vs FactSet €658.8M [7 est, €651-669M]

      • UK:

        • STAN.LN (Standard Chartered) -- reports Q3 underlying EPS $0.40 vs FactSet $0.37

    • M&A

      • SYAB.GR (Synlab) -- Cinven to acquire Elliott's ~10% stake in Synlab; terms undisclosed

      • GF.SW (Georg Fischer) -- to divest GF Machining Solutions to United Grinding Group; transaction value in range of CHF 630 - 650M

      • EQT (EQT Corp.) -- Follow-up: EQT announces sale of remaining interest in Northeast Pennsylvania natgas assets to Equinor for $1.25B

      • ALTR (Altair Engineering) -- Siemens (SIE.GR) close to reaching agreement to acquire Altair Engineering -- Bloomberg

      • SKF.B.SS (SKF) -- to divest its ring and seal operation in Hanover to Carco PRP Group for a total enterprise value of $220M

      • 6406.JP (Fujitec) -- holds talks with private equity groups including EQT about potential sale - FT

      • UBSG.SW (UBS Group) -- UBS eventually looking to buy another US wealth management firm to expand presence - Bloomberg

      • COFB.BB (Cofinimmo) -- divests the Luxemburg 40 (Lux40) office building in Brussels for €24M

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

      • MRN.FP (Mersen) -- to acquire Bar-Lo carbon products

      • Colonial Pipeline said to be exploring sale -- Bloomberg

    • Healthcare

      • NOVN.SW (Novartis) --

        • FDA grants accelerated approval to Scemblix for the treatment of adults with newly diagnosed CML

        • announces Scemblix (asciminib) was granted accelerated approval by FDA for adult patients with newly diagnosed Philadelphia chromosome-positive chronic myeloid leukemia in chronic phase

      • ROG.SW (Roche Holding) -- FDA grants orphan drug designation to Genethon for treatment of Crigler-Najjar syndrome

      • MOLN.SW (Molecular Partners) -- SEC filing: SC 13D/A (Filed by BIOTECHNOLOGY VALUE FUND L P)

      • 068270.KS (Celltrion) -- presents post hoc analysis of LIBERTY studies of ZYMFENTRA

    • Other

      • RXL.FP (Rexel) -- French Competition Authority imposes fine of €124M for Rexel regarding special price agreement mechanism; reserves right to appeal

      • LR.FP (Legrand) -- has taken note of French Competition Authority decision ordering fine of €43M for application of derogated prices on French market between 2012 - 2015; Legrand categorically rejects allegation made against it

      • CABK.SM (CaixaBank) -- Chairman José Ignacio Goirigolzarri to step down - La Vanguardia

      • GLA1V.FH (Glaston) -- plans reorganization to strengthen service capabilities and operational efficiency

      • VIV.FP (Vivendi) -- Activist investor CIAM to appeal to AMF to ensure shareholder rights are respected in Vivendi's plan to split up; urges public offer be launched for Vivendi shares - Reuters

      • VIE.FP (Veolia Environnement) -- and the Kingdom of Morocco join forces for the largest seawater desalination project in Africa

      • SUBC.NO (Subsea 7) -- awarded offshore wind contract in UK

      • EU imposes duties on unfairly subsidised EVs from China for five years; talks on price undertakings continue

  • Key rating changes

    • Upgrades

      • Morgan Stanley upgrades ITM.LN; downgrades NEL.NO

      • ADM.LN (Admiral Group) -- to buy from hold at HSBC

      • HTG.LN (Hunting) -- to buy from hold at Kepler Cheuvreux

      • TIGO.SS (Millicom International Cellular) -- Millicom International Cellular short-term recommendation upgraded to buy from hold at Handelsbanken

      • WRT1V.FH (Wartsila) -- Wartsila short-term recommendation upgraded to hold from sell at Handelsbanken

    • Downgrades

      • LLOY.LN (Lloyds Banking Group) -- to equal-weight from overweight at Morgan Stanley

      • CLCO.NO (Cool Co.) -- to hold from buy at Pareto

    • Initiations

      • ACS.SM (ACS SA) -- buy at UBS

      • IFCN.SW (Inficon Holding) -- hold at Stifel

  • Data

    • Nikkei +0.96% to 39277.39

    • Hang Seng (1.38%) to 20415.23

    • Shanghai Composite (0.50%) to 3269.86

    • S&P futures +11.5 vs prior close of 5871.0

    • €-$ +0.0007 or +0.06% to 1.0825

    • $-¥ (0.08) or (0.05%) to 153.29

    • €-¥ +0.03 or +0.02% to 165.94

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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