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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.1%), DAX +0.1%, CAC flat

Nov 04 ,2024

  • Synopsis

    • European equity markets set to open mixed/flat after last week's losses when the Stoxx Europe 600 fell (1.5%). European equities fell for the third straight week, marking the biggest drop since early September. Market volatility and positioning surged ahead of the US presidential election on 5-Nov. Slew of weekend polls showed Trump and Harris evenly matched nationally, and in swing states.

    • This week, apart from tomorrow's US Presidential election, there are interest rate decisions in the US, Norway, Sweden and the UK. Also on the week's agenda is Eurogroup meeting, European Political Community meeting, manufacturing/services PMIs from across the region, Germany Sep industrial production as well as earnings/updates from BMW (BMW.GR), Enel (ENEL.IM), Munich Re (MUV2.GR), National Grid (NG.LN), Novo Nordisk (NOVO.B.DC), Richemont (CFR.SW), Siemens Healthineers (SHL.GR), UniCredit (UCG.IM) and Zurich Insurance Group (ZURN.SW).

    • In China, NPC Standing Committee scheduled to convene Nov 4-8 amid heightened attention on stimulus. Official statement expected to be published in the afternoon of the 8th, and details to be disclosed by state media. While there is still no clear consensus on the size of the fiscal package, the floor now looks to be CNY6T ($842B) over multiple years and upwards of CNY10T reflecting the range of latest headline figures reported in the press. Notably, uncertainty remains over what details will be announced this week amid thoughts the full plan may not be disclosed until the NPC full session in Mar-25 or even later. Still, an announcement this week of a supplementary budget is seen as viable.

    • European macro data releases out today include Italy, Spain Oct manufacturing PMI with final reads for Eurozone, France and Germany, Eurozone Nov Sentix investor confidence

    • In corporate news highlights: Miss Tweed reports there is growing industry chatter that Moncler could be considering making a bid for Burberry (BRBY.LN). Cites several industry sources saying Bernard Arnault, CEO and controlling shareholder of industry leader LVMH which recently invested in Moncler, is keen to see such a deal happen. In earnings/updates, PostNL (PNL.NA) reports weaker than expected Q3 results. Ryanair (RYA.ID) reports mixed Q2 earnings.

    • In central banks, Bundesbank's Nagel speech at 11:00CET at change of office ceremony at one of the regional offices and Balz speech at 17:45 at LFI Congress. Bank of Italy's Signorini speech at 11:30CET at event organized within the 7th OECD World Forum. Austria central bank's Holzmann gives introduction at 14:00CET at SUERF Conf. ECB's Elderson speech at 14:30CET, panellist 15:00 at EBI Conf. "10 Years of SSM - Looking back and looking forward", with ECB's McCaul panellist at 16:15. On the political front, Eurogroup meeting - ECB's Lagarde, Cipollone and Buch among participants. In Belgium, deadline for De Wever to report to the King on government formation talks which gave recently stalled again after latest policy text is rejected (belga news agency). In UK, MPs continue to debate the budget. Chancellor Scholz hosts NATO's Rutte. EU's Borrell co-chairs the European Union-Republic of Korea Strategic Dialogue. EU's 5th PCI Energy Days, EU's Simson delivers opening remarks and participates. Germany Oct new car registrations

  • Politics/Macro/World News

    • Iran threatens 'strong and complex' attack against Israel, involving powerful warheads

    • Harris, Trump Hit Battlegrounds as Polls Signal Tight Finish (BBG )

    • OPEC+ agrees to delay December output hike for one month (Reuters )

    • Badenoch: We will have opposite approach to Labour on economy (BBC )

    • Reeves Says She Was Wrong About UK Tax Needs Before Election (BBG )

    • BoE expected to cut interest rates despite looser fiscal policy (FT )

  • Top company news

    • Earnings/updates

      • PNL.NA (PostNL) -- reports Q3 Normalised EBIT (€18M) vs consensus (€12.0M); Revenue €756M vs consensus €740.0M Free cash flow (€68M) vs consensus (€25M); guides FY Normalised EBIT around €80M vs prior guidance €80-110M and FactSet €71.6M [6 est, €59-83.7M] and FCF ~ €0M vs prior guidance for between €0 - 40M

      • RYA.ID (Ryanair Holdings) --reports Q2 EPS €1.28 vs StreetAccount €1.28

      • CLN.SW (Clariant) -- remains committed to achieve 19-21 % reported EBITDA margin -- Investor Day 2024

      • Also reporting today

        • Earnings:

          • France: Cellectis (ALCLS.FP)

          • DACHs: DMG MORI (GIL.GR), MediClin (MED.GR)

          • Nordics: Ilkka (ILKKA2.FH), Nordisk Bergteknik (NORB.B.SS)

          • Southern Europe: Corticeira Amorim (COR.PL), Sonaecom (SNC.PL), Prosegur Compania de Seguridad (PSG.SM)

        • Trading Update: Kingspan Group (KRX.ID), Demant (DEMANT.DC), Vicat (VCT.FP), Solutions 30 (S30.FP), Delfingen Industry (ALDEL.FP)

        • CMD/events: Clariant (CLN.SW)

    • M&A

      • BT.A.LN (BT Group) -- BT CEO seeking to sell company's non-UK assets - Mail on Sunday

      • BVI.FP (Bureau Veritas) -- announces agreement to Acquire The APP Group; price not disclosed (€2

      • ETG.CN (Entree Resources) -- Rio seeking final agreement to consolidate certain Entree tenements into Oyu Tolgoi - Australian Financial Review

      • ALATA.FP (Atari, Inc.) -- acquires Transport Tycoon

      • PE looks at investing in Thames Water - Sky News

      • Global confectionery manufacturers considering bids for RiteBite - The Australian

    • Healthcare

      • NOVN.SW (Novartis) -- CEO "very confident we will achieve average annual growth of at least 5% until 2028" - Finanz und Wirtschaft

      • TEVA (Teva Pharmaceutical Industries) -- Teva presents Ph 3 SOLARIS trial results for TEV-749 (olanzapine) as well as results of real-world analyses of UZEDY (risperidone)

      • NOVO.B.DC (Novo Nordisk) -- FDA revises label on Novo Nordisk's Victoza to include a warning for pulmonary aspiration during general anesthesia or deep sedation

      • NOVO.B.DC (Novo Nordisk) -- reports results from exploratory post hoc analysis from the SELECT phase 3 cardiovascular outcomes trial presented

      • GALD.SW (Galderma Group) -- announces new data, another approval, and expanding treatment applications for Sculptra

      • BWAY (Brainsway) -- trades higher on NBC News report on early trial results on TMS in Alzheimer's

      • SIGHT.FP (GenSight Biologics) -- announces ~€2.8M financing from existing investors

    • Other

      • VOW.GR (Volkswagen) -- CEO Oliver Blume sees no alternative to savings program amid decades-long structural problems - Bild am Sonntag

      • SU.FP (Schneider Electric) -- appoints Olivier Blum as CEO effective immediately; succeeds Peter Herweck

      • NEOEN.FP (Neoen) -- HMC Capital emerges as bidder in Neoen's Victorian renewables auction - Australian Financial Review

      • BOO.LN (boohoo Group) -- Having not been appointed boohoo CEO, Mike Ashley calls company "desperate" - Sunday Times

      • PNL.NA (PostNL) -- Herna Verhagen to step down as PostNL CEO after 15-Apr AGM

      • BR30.GR (NioCorp Developments Ltd. (Canada)) -- prices $6.0M common shares and warrants offering at combined price of $1.57 through Maxim Group

      • BR30.GR (NioCorp Developments Ltd. (Canada)) -- files for common shares and warrants offering of indeterminate size through Maxim - 424B3

      • Estimated weekend box office revenues in US, Canada $71.6M, +13.4% y/y - Box Office Mojo

      • Galderma Group announces new data, another approval, and expanding treatment applications for Sculptra

  • Key rating changes

    • Upgrades

      • AGS.BB (Ageas) -- to neutral from underweight at JPMorgan

      • FRAS.LN (Frasers Group) -- to outperform from sector perform at RBC Capital Markets

      • CATE.SS (Catena) -- to buy from neutral at Van Lanschot Kempen (1-Nov, 17:28 CET)

      • IDIA.SW (Idorsia) -- to hold from sell at Deutsche Bank

      • IG.IM (Italgas) -- to equal-weight from underweight at Morgan Stanley

      • NWG.LN (NatWest Group) -- to outperform from market perform at Keefe, Bruyette & Woods

      • JEN.GR (Jenoptik) -- to outperform from neutral at Oddo

    • Downgrades

      • STMPA.FP (STMicroelectronics) -- to underweight from equal-weight at Morgan Stanley

      • RKT.LN (Reckitt Benckiser) -- to market perform from outperform at Bernstein

      • AFX.GR (Carl Zeiss Meditec) -- to sector perform from outperform at RBC Capital Markets

      • STMPA.FP (STMicroelectronics) -- to neutral from outperform at Oddo

      • III.LN (3i Group) -- to sector perform from outperform at RBC Capital Markets

    • Initiations

      • BANB.SW (Bachem Holding) -- overweight at JPMorgan

      • BKT.SM (Bankinter) -- hold at HSBC

      • ANOD.B.SS (Addnode Group) -- hold at Pareto

  • Data

    • Nikkei +0.00% to 38053.67

    • Hang Seng +0.32% to 20572.79

    • Shanghai Composite +0.99% to 3304.42

    • S&P futures +17.8 vs prior close of 5758.3

    • €-$ +0.0010 or +0.09% to 1.0891

    • $-¥ (0.29) or (0.19%) to 152.13

    • €-¥ (0.17) or (0.10%) to 165.66

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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