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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.27%), DAX (0.39%), CAC40 +0.05%

Oct 31 ,2024

  • Synopsis

    • European equity markets are set to open mixed to lower amidst Asian equities mixed Thursday. Shares in Japan, Australia and Korea all trading lower while Greater China markets swinging higher. S&P 500 and Nasdaq futures lower afterhours with MSFT and META under pressure following earnings. Treasuries and JGBs little changed while Aussie curve bear flattening. Yen turning higher following BOJ decision. Crude gaining while gold flat. Bitcoin fluctuating below record high.

    • In central banks updates, ECB Economic Bulletin published at 10:00CET. Bank of Italy's Panetta and Italian finance minister Giorgetti among the speakers at 10:00CET at event in Rome, title 1924-24. One hundred years of savings culture. BOE's Breeden speech at 10:00GMT at the Hong Kong Monetary Authority and BIS joint conf. In other developments, EU's McGuinness participates in a discussion on 'Investing in European Growth' with Enrico Letta, former PM of Italy, at the Santander International Banking Conf "Growth in a Disrupted World". Also at the event is EP's President Metsola.

    • In the UK, Conservative Party leadership race sees the closing of the online ballot of Party members and MPs continue to debate the budget. Institute for Fiscal Studies webinar at 10:30GMT presenting initial response to new Chancellor Rachel Reeves' first Budget. Reportedly, France will submit its plan to reduce public debt to the EU Commission by the end of Oct.

    • Macroeconomic updates: Germany Sep retail sales, France Oct preliminary CPI, Sep PPI, Italy Oct preliminary CPI, Sep unemployment rate, Eurozone Oct flash CPI, Sep unemployment rate, Switzerland Sep retail sales, Netherlands Oct preliminary CPI, Denmark Sep unemployment rate, Austria Oct preliminary CPI, Portugal Oct preliminary CPI, Greece Sep unemployment rate, Aug retail sales, Ireland Sep PPI

    • Another busy day for earnings updates, with Dutch companies kicking off the session. ARCADIS (ARCAD.NA), ING Groep (INGA.NA), DSM-Firmenich (DSFIR.NA) reported Q3 earnings with the latter raising FY Adjusted EBITDA guidance. Also in the Benelux, Anheuser-Busch InBev (ABI.BB) now expects FY EBITDA to grow between +6-8% vs prior guidance +4-8%.

    • In Southern European, Prysmian (PRY.IM) reports Q3 net income €224M vs StreetAccount €248.6M; confirms FY24 outlook. In Spain, banking sector weighting as CaixaBank (CABK.SM), BBVA (BBVA.SM) and Banco de Sabadell (SAB.SM) released their latest numbers. In France, AXA (CS.FP) reports 9M GWPs and other Revenues €84.01B vs consensus €84.14B and confirms FY guidance. BNP Paribas (BNP.FP) reports Q3 net income €2.87B vs consensus €2.86B and confirms its 2024 trajectory. SPIE (SPIE.FP) revised guidance upwards for FY24 EBITA margin.

    • From the DACH region, Swisscom (SCMN.SW) reports Q3 EPS CHF8.63 vs FactSet CHF8.16. SoftwareONE Holding (SWON.SW) appoints new CEO; says Q3 results below expectations and revises guidance; adds discussions regarding potential going-private transaction ongoing but remain challenging. Befesa (BFSA.GR) narrows FY adjusted EBITDA guidance.

    • Out of the Nordics, Danske Bank (DANSKE.DC) reports Q3 EPS DKK7.2 vs consensus DKK6.6 and raises FY net income guidance to DKK 22.5-23.5B vs prior DKK 21-23B. Netcompany Group (NETC.DC) reports Q3 EPS DKK2.86 vs FactSet DKK3.05 and reaffirms FY guidance, increases share buyback

    • On M&A front, Siemens (SIE.GR) to sell airport logistics business to Vanderlande (Toyota Industries Corporation) for €300M.

  • Politics/Macro/World News

    • EU considers stepping up engagement with Syria for migrant returns - FT

    • Reeves' Budget gives green light to HS2-Euston tunnel - FT

    • Record tax burden will stall growth, warns OBR - Times

    • Peak America: No matter who wins Tuesday, Europe has already lost - Politico

    • Netherlands Oct Preliminary CPI +3.6% vs consensus +3.2% and prior +3.5%

  • Top company news

    • Earnings/updates

      • DACHs

        • AVOL.SW (Avolta) -- reports Q3 turnover CHF3.91B vs consensus CHF3.85B

        • STM.GR (Stabilus) -- reports preliminary FY adjusted EBIT €157.1M vs FactSet €152.3M [7 est, €130-160.7M]

        • KBX.GR (Knorr-Bremse) -- reports Q3 operating EBIT €235M vs StreetAccount €230.7M

        • GEBN.SW (Geberit) -- reports Q3 net income CHF150.3M vs StreetAccount CHF140.9M

        • SWON.SW (SoftwareONE Holding) -- appoints new CEO; says Q3 results below expectations; revises guidance; discussions regarding potential going-private transaction ongoing but remain challenging

        • BFSA.GR (Befesa) -- reports Q3 EPS €0.12 vs FactSet €0.42 [3 est, €0.34-0.55]; narrows FY adjusted EBITDA guidance

      • France

        • STMPA.FP (STMicroelectronics) -- reports Q3 EPS $0.37 vs consensus $0.32; anticipates revenue decline between Q4 2024 and Q1 2025 well above normal seasonality

        • AIR.FP (Airbus SE) -- Airbus reports Q3 Adj. EBIT €1.41B vs consensus €1.20B; confirms FY guidance

        • UBI.FP (Ubisoft Entertainment) -- reports H1 Non-IFRS EPS (€1.64) vs FactSet (€0.59) [4 est, (€0.97)-0.17]

        • CS.FP (AXA) -- reports 9M GWPs and other Revenues €84.01B vs consensus €84.14B; confirms FY guidance

        • GLE.FP (Societe Generale) -- reports Q3 net income €1.37B vs consensus €1.21B

        • WLN.FP (Worldline) -- reports Q3 revenue €1.16B vs consensus €1.17B; confirms FY guidance

        • ELIS.FP (Elis) -- reports Q3 revenue €1.18B, up +5.5% y/y; confirms FY24 objectives

        • TFI.FP (TF1) -- reports Q3 net income €49.4M, +31% vs year-ago €37.7M; confirms FY guidance

        • PLX.FP (Pluxee) -- reports FY adjusted net income €203M vs FactSet €182.0M

        • NK.FP (Imerys) -- reports Q3 current net income from continuing operations €41M, (23%) vs year-ago €53M

        • SPIE.FP (SPIE) -- reports Q3 revenue €2.46B vs FactSet €2.47B [2 est, €2.47-2.48B]; guidance revised upwards for FY24 EBITA margin

        • SOP.FP (Sopra Steria Group) -- reports Q3 revenue €1.36B vs FactSet €1.37B [3 est, €1.35-1.39B]; FY24 targets confirmed for organic growth, operating margin and free cash flow

        • RUI.FP (Rubis) -- lowers 2024 guidance

        • BNP.FP (BNP Paribas) -- reports Q3 net income €2.87B vs consensus €2.86B; confirms its 2024 trajectory

      • Benelux

        • GLPG.NA (Galapagos) -- reports 9M EPS €0.70 vs year-ago €0.80

        • DSFIR.NA (DSM-Firmenich) -- reports Q3 adjusted EBITDA €541M vs consensus €536.0M; Raises FY Adjusted EBITDA guidance

        • INGA.NA (ING Groep) -- reports Q3 net income €1.88B vs StreetAccount €1.70B

        • ARCAD.NA (ARCADIS) -- reports Q3 operating EBITA €109M vs FactSet €110.0M; order intake of €1.3B, up 50% y/y

        • ABI.BB (Anheuser-Busch InBev) -- reports Q3 Underlying EPS $0.98 vs consensus $0.92; now guides FY EBITDA to grow between +6-8% vs prior guidance +4-8%

        • VLK.NA (Van Lanschot Kempen) -- Q3 trading update: AuM €162.3B vs 31-Dec-23 €144.8B

        • RECT.BB (Recticel) -- reports Q3 revenue €156.6M, +18% vs year-ago €132.3M; Q4 trading outlook remains in line with expectations

        • HEIJM.NA (Heijmans) -- Q3 trading update: YTD total number of new-build homes (through October) sold 2,284 vs year-ago 1,201

      • Southern Europe

        • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- reports Q3 net income €2.63B vs consensus €2.39B

        • CABK.SM (CaixaBank) -- reports Q3 net profit attributable €1.57B vs consensus €1.53B

        • SAB.SM (Banco de Sabadell) -- reports Q3 net attributable income €503M vs FactSet €449.8M [8 est, €436-463M]

        • JMT.PL (Jeronimo Martins) -- reports Q3 EPS €0.31 ex-items vs year-ago €0.33

        • NOS.PL (NOS SGPS) -- reports Q3 net income €52.6M vs FactSet €50.9M [4 est, €45.8-54M]

        • BCP.PL (Banco Comercial Portugues) -- reports 9M net income €793.3M, +10% vs year-ago €722M

        • PRY.IM (Prysmian) -- reports Q3 net income €224M vs StreetAccount €248.6M; confirms FY24 outlook

      • Nordics

        • AKSO.NO (Aker Solutions) -- reports Q3 EPS NOK1.70 vs FactSet NOK1.44 [8 est, NOK0.97-1.78]; now guides FY Revenue to grow by more than +45% vs prior guidance +40%

        • EPR.NO (Europris) -- reports Q3 EPS NOK0.52 vs FactSet NOK0.63 [1 est]

        • DANSKE.DC (Danske Bank) -- reports Q3 EPS DKK7.2 vs consensus DKK6.6; raises FY net income guidance to DKK 22.5-23.5B vs prior DKK 21-23B

        • SANOMA.FH (Sanoma) -- reports Q3 EPS €0.50 vs FactSet €0.68 [4 est, €0.65-0.71]; narrows FY guidance towards top of guidance ranges

        • CARL.B.DC (Carlsberg) -- reports Q3 revenue DKK20.29B vs consensus DKK20.68B; maintain FY24 earnings expectations

    • M&A

      • ALTR (Altair Engineering) -- Siemens confirms to buy Altair Engineering for $113/sh cash; equity value ~$10.6B

      • SIE.GR (Siemens) -- to sell airport logistics business to Vanderlande (Toyota Industries Corporation) for €300M

      • CRH.LN (CRH plc) -- CRH to acquire Civilmart - Australian Financial Review

      • INW.IM (Infrastrutture Wireless Italiane) -- finalizes purchase of 52.08% of Smart City Roma S.p.A.

      • EQT.SS (EQT AB) -- acquires PageUp; terms undisclosed

      • NEOEN.FP (Neoen) -- ACCC will not oppose Brookfield's acquisition of Neoen, subject to divestments

      • H24.GR (Home24) -- announces RAS Beteiligungs GmbH sets cash compensation for squeeze-out at €7.46/share

      • SES.IM (SeSa) -- to acquire 66% of the share capital of Greensun S.r.l.; terms undisclosed

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- announces STEP 9 results, published in NEJM, demonstrated semaglutide reduced knee osteoarthritis-related pain in people with obesity

      • ROG.SW (Roche Holding) -- New England Journal of Medicine publishes Ph 3 results for Genentech's Itovebi, showing more than doubling of progression-free survival in certain type of hr-positive advanced breast cancer

        • Roche presents new data at CTAD, demonstrating its growing momentum in diagnostics for Alzheimer's disease

      • IVA.FP (Inventiva) -- announces positive recommendation of fifth DMC of NATiV3 Phase 3 clinical trial with lanifibranor in patients with MASH

    • Other

      • AKSO.NO (Aker Solutions) -- Aker Solutions' board proposes extraordinary cash dividend of NOK 21 per share

      • AIR.FP (Airbus SE) -- Airbus announces Lars Wagner to succeed Christian Scherer as CEO of the Commercial Aircraft business

      • MTX.GR (MTU Aero Engines) -- CEO Lars Wagner will not extend his contract

      • GLE.FP (Societe Generale) -- CFO Claire Dumas to step down to pursue outside professional opportunities, effective end-Jan

      • ZURN.SW (Zurich Insurance Group) -- completes 2.2M-share buyback launched on 17-Jun for CHF1.1B

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- Italy struggling to find strategic buyer for its stake in Monte dei Paschi before year-end deadline - Reuters

  • Key rating changes

    • Upgrades

      • ALC.SW (Alcon AG) -- to hold from reduce at Kepler Cheuvreux

      • BRBY.LN (Burberry Group) -- to buy from hold at HSBC

      • FTK.GR (flatexDEGIRO) -- to buy from neutral at Goldman Sachs

      • HEXA.B.SS (Hexagon) -- to neutral from underperform at BNP Paribas Exane

      • MB.IM (Mediobanca) -- to hold from sell at Deutsche Bank

      • MCOV.B.SS (Medicover) -- Medicover long-term recommendation upgraded to outperform from market perform at Handelsbanken

    • Downgrades

      • AKRBP.NO (Aker BP) -- to equal weight from overweight at Barclays

      • FIA1S.FH (Finnair) -- to reduce from accumulate at Inderes

    • Other Actions

      • WKL.NA (Wolters Kluwer) -- transferred market perform at Bernstein; prior rating was market perform

  • Data

    • Nikkei (0.50%) to 39081.25

    • Hang Seng +0.25% to 20432.11

    • Shanghai Composite +0.69% to 3288.62

    • S&P futures (35.0) vs prior close of 5852.0

    • €-$ (0.0001) or (0.01%) to 1.0855

    • $-¥ (1.19) or (0.78%) to 152.19

    • €-¥ (1.31) or (0.79%) to 165.25

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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