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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.03%, DAX30 +0.02%, CAC40 +0.06%

Nov 01 ,2024

  • Synopsis

    • European indices are set to open marginally higher as Asian equities extend losses. Nikkei and Topix dipping sharply into the close and are still to end the week near their troughs. Australia gapped lower but recovered somewhat but also sharply lower w/w. Hang Seng holding up for now but well off its peaks, mainland markets mixed. Losses in Seoul and Taipei, Southeast Asia lower. India closed for a holiday. US futures higher

    • US equities finished lower in Thursday trading, ending near worst levels. Nasdaq logged its worst session since early September. Big tech was a notable drag after latest cautious earnings reports.

    • UK borrowing costs hit the highest level on the year, with the 10-year benchmark close to 4.5%. This compared with a 4.63% peak after Truss's mini-budget and a 4.75% high in August 2023 when the BoE last hiked rates to a peak of 5.25%. Gilts were volatile over the budget announcement and yields have largely trended higher as markets digest higher-than-expected borrowing

    • Friday sees the release of France, Italy, Spain Oct new car registrations.

    • Economic data due today: Switzerland Oct CPI, Norway, Sweden, Switzerland Oct manufacturing PMI and final read for UK, Netherlands Sep retail sales, UK Oct house price index - Nationwide, Austria Oct unemployment rate

    • Earnings reported so far today: (BRNL.NA) Brunel International reports Q3 EBIT €17.3M ex-items vs FactSet €17.0M. (FFARM.NA) ForFarmers Trading Update: Q3 EBIT €13.7M ex-items vs year-ago €9.2M. (TRIFOR.DC) Trifork Holding reports Q3 net income €1.6M vs FactSet €1.3M. (FUR.NA) Fugro reports Q3 EBIT €99.3M ex-items vs FactSet €121.0M [1 est]; specifies FY revenue growth guidance, reaffirms EBIT margin. (FIE.GR) Fielmann Group reports 9M adj EBITDA €379M vs year-ago €336M; FY24 outlook confirmed Benelux: Brunel International (BRNL.NA)

  • Politics/Macro/World News

    • UK borrowing costs hit highest level this year as gilt sell-off intensifies (FT )

    • UK's Reeves Seeks to Calm Markets After Post-Budget Selloff (BBG )

    • Georgian opposition calls for more protests as exit pollster says official result 'impossible' (Reuters )

  • Top company news

    • Earnings/updates

      • UMG.NA (Universal Music Group) -- reports Q3 adj EBITDA €621M vs consensus €620M

      • MOLN.SW (Molecular Partners) -- reports Q3 update

      • VIRI.FP (Viridien) -- reports Q3 adjusted EBITDA $98M vs FactSet $123.8M [1 est]; reiterates Fy4 financial objectives and confirms 2024-2025 financial roadmap

      • CO.FP (Casino Guichard-Perrachon) -- reports 9M revenue €6.3B, (5.6%) y/y

      • MBTN.SW (Meyer Burger Technology) -- reports H1 net income (CHF317.3M) vs year-ago (CHF64.8M)

      • SCATC.NO (Scatec) -- reports Q3 EPS NOK10.20 vs year-ago NOK0.28

      • AKH.NO (Aker Horizons) -- reports Q3 net income (NOK176M) vs year-ago (NOK65M)

    • M&A

      • SIE.GR (Siemens AG) -- Siemens could divest part of its stakes in Siemens Healthineers, Siemens Energy and Fluence to help fund Altair acquisition - Reuters

      • SAX.GR (Str+¦er SE & Co. KGaA) -- Ströer SE & Co. KGaA completes acquisition of RBL Media

      • ELIS.FP (Elis) -- acquires Wasned

      • HPOL.B.SS (HEXPOL) -- acquires 80% of shares in Piedmont Resin Supply for $86M

      • VAR.NO (Vår Energi) -- completes sale of its 20% interest in the Bøyla field to Concedo AS for an after-tax consideration of $24M

      • 4005.JP (Sumitomo Chemical) -- Rio Tinto completes previously-announced acquisitions of Sumitomo Chemical Company's stakes in New Zealand Aluminium Smelters and Boyne Smelters Limited

      • SFSN.SW (SFS Group) -- SFS will acquire Pro Fastening Systems Inc. as of 1-Nov-24; terms not disclosed

      • NA9.GR (Nagarro) -- acquires FWD View Limited in UK; terms undisclosed

      • BWNG.LN (N Brown Group) -- Brown (N.) Group PLC announces satisfaction of GFSC condition in regards to the pending acquisition by Falcon 24 Topco

      • BNN.GR (BRAIN Biotech) -- AG signs exclusive pharma licensing agreement for G-dase E CRISPR-Cas technology with Akribion Therapeutics GmbH for up to €92.3M milestone fees plus royalties

      • APA Group and KKR among parties preparing to bid in auction for stake in Zenith Energy- Australian Financial Review

    • Healthcare

      • BMY (Bristol Myers Squibb) -- BMY presents new long-term data on COBENFY in adults with schizophrenia at Psych Congress 2024

      • ABT (Abbott Labs) -- trading higher, +5% post-market; Abbott and Reckitt reportedly found not liable in premature baby formula trial - Reuters

      • NOVN.SW (Novartis) -- FDA grants orphan drug designation for fibroblast activation protein inhibitor diagnostic for the management of gastric cancer and pancreatic cancer

      • UCB.BB (UCB) -- reports Phase 2a data from TOGETHER (AH0003) study of bepranemab

      • BIOA.B.SS (BioArctic) -- completes rolling submission of BLA to FDA for lecanemab-irmb

    • Other

      • KER.FP (Kering) -- Kering, Holcim, GSK first companies publicly adopting science-based nature targets (30-Oct)

      • UMG.NA (Universal Music Group) -- announces CFO Boyd Muir to become new COO

      • ETL.FP (Eutelsat Communications) -- SpaceRISE selected by European Commission to build and operate the IRIS² multi-orbit satellite constellation

      • GET.FP (Getlink) -- Eiffage passively crosses the thresholds of 20% and 25% of Getlink\'s voting rights

      • BALD.B.SS (Fastighets Balder) -- Fastighets AB Balder announces directed issue of 18M Class B shares raising proceeds of a little less than SEK 1.5B

      • VANTI.FP (Vantiva) -- carbon emission targets validated by SBTi including 2050 net zero pledge

      • PRS.SM (Promotora de Informaciones) -- PRISA announces opening of second ordinary conversion period of convertible notes issued in April 2024

  • Key rating changes

    • Upgrades

      • GLE.FP (Societe Generale) -- to overweight from equal-weight at Morgan Stanley

      • HFG.GR (HelloFresh) -- to overweight from neutral at JPMorgan

      • LSS.FP (Lectra) -- to hold from reduce at Kepler Cheuvreux

      • PPGN.SW (PolyPeptide Group) -- to outperform from sector perform at RBC Capital Markets

      • TEL.NO (Telenor) -- to buy from hold at Pareto

    • Downgrades

      • REP.SM (Repsol) -- to equal weight from overweight at Barclays

      • LHA.GR (Deutsche Lufthansa) -- to hold from buy at HSBC

      • TECN.SW (Tecan Group) -- to neutral from buy at UBS

      • CAST.SS (Castellum AB) -- to sell from neutral at UBS

  • Data

    • Nikkei (2.63%) to 38053.67

    • Hang Seng +0.90% to 20501.12

    • Shanghai Composite +0.04% to 3281.20

    • S&P futures +10.8 vs prior close of 5738.5

    • €-$ (0.0009) or (0.08%) to 1.0875

    • $-¥ +0.44 or +0.29% to 152.47

    • €-¥ +0.31 or +0.19% to 165.79

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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