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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.77%, DAX30 +0.08%, CAC40 +0.12%

Nov 06 ,2024

  • Synopsis

    • European equity markets are headed for a positive open as markets respond to US election results. Asia equities trading mostly higher Wednesday. US futures higher.

    • US elections results continue to roll through. Trump is due to speak in Florida after leading Electoral College count though key swing states such as Pennsylvania still yet to be called, Republicans have also secured a majority in the Senate. Moves also tracking trends in equity, bond, FX and crypto markets typically associated with Trump victory prospects.

    • In central banks, Bank of Spain's Gavilán speech at 10:00CET at event organised by APD and Escrivá testifies before Parliamentary Commission for Economy, Commerce and Digital Transformation at 12noon. ECB's Lagarde and Buch remarks at 15:00CET at 10th anniversary of the Single Supervisory Mechanism. ECB's de Guindo speech at 15:30CET at seminar organised by European Economics and Financial Centre. Bundesbank's Nagel before Bundestag's Committee on European Union Affairs at 16:00CET. Poland interest rate decision us expected to see benchmark interest rate unchanged at 5.75%.

    • In UK politics, weekly PMQs (12noon GMT) follows MPs question on Wales, and the conclusion of the budget debate follows. Committee topics include the Budget (14:30 Chancellor Reeves). Elsewhere, Energy Ministers Conf, Kiel (through Fri), EU's von der Leyen, Dombrovskis meet with France's PM Barnier, inaugural Ministerial Meeting of the IAEA World Fusion Energy Group, EU's Simon participates and MSCI Index Review.

    • On the macro front, Italy, Spain services PMI and final reads for Eurozone, France, Germany, Germany Sep factory orders, UK Oct construction PMI, Eurozone Sep PPI, Ireland Oct unemployment rate

    • A busy earnings front sees Bayerische Motoren Werke (BMW.GR) issued Q3 EPS €0.64 vs FactSet €1.37 whilst Fresenius (FRE.GR) reported Q3 EPS €0.69 vs consensus €0.54 and raised FY organic revenue growth growth guidance to +6-8% vs prior guidance +4-7%. Siemens Healthineers (SHL.GR) reported Q4 EPS €0.67 ex-items vs consensus €0.60, Henkel (HEN.GR) reported Q3 revenue €5.44B vs consensus €5.60B and Commerzbank (CBK.GR) reported Q3 net income €642M vs consensus €529M. In France, Arkema (AKE.FP) Q3 adj EPS €2.25 vs consensus €2.36 and expects to achieve FY24 EBITDA at lower end of its guidance range of €1.53B whilst Credit Agricole (ACA.FP) reported Q3 net income €1.69B vs StreetAccount €1.58B.

    • In the Nordics, Novo Nordisk (NOVO.B.DC) reported Q3 EPS DKK6.12 vs consensus DKK6.00 whilst Pandora (PNDORA.DC) reported Q3 net income DKK595M vs consensus DKK551.6M and Skanska (SKA.B.SS) issued Q3 EPS SEK2.28 vs StreetAccount SEK3.09. Elsewhere, Prudential (PRU.LN) issued Q3 update saying APE sales +7% on constant exchange rate y/y to 4.64B whilst Ahold Delhaize (AD.LN) reported Q3 underlying EPS €0.62 vs consensus €0.57; reiterates FY24 outlook; announces €1B share buyback for 2025

  • Top company news

    • Earnings/updates

      • Benelux:

        • SOLB.BB (Solvay) -- reports Q3 underlying net income €108M vs FactSet €97.5M [2 est, €85.9-109M]; confirms 2024 outlook

        • CTPNV.NA (CTP) -- reports Q3 EPRA EPS €0.20 ex-items vs year-ago €0.18; confirms FY guidance

        • AD.NA (Ahold Delhaize) -- reports Q3 underlying EPS €0.62 vs consensus €0.57; reiterates FY24 outlook; announces €1B share buyback for 2025

      • DACHs:

        • BMW.GR (Bayerische Motoren Werke) -- reports Q3 EPS €0.64 vs FactSet €1.37 [6 est, €1.15-1.84]

        • FRE.GR (Fresenius) -- reports Q3 EPS €0.69 vs consensus €0.54; raises FY organic revenue growth growth guidance to +6-8% vs prior guidance +4-7%

        • SHL.GR (Siemens Healthineers) -- reports Q4 EPS €0.67 ex-items vs consensus €0.60

        • EVT.GR (Evotec) -- reports 9M Adjusted EBITDA (€6M) vs year-ago €50.2M

        • EVK.GR (Evonik Industries) -- reports Q3 EPS €0.58 ex-items vs consensus €0.46; reaffirms FY guidance

        • JEN.GR (Jenoptik) -- announces financial targets for 2025 postponed by one year; revenue and earnings forecast for 2024 confirmed

        • HEN.GR (Henkel) -- reports Q3 revenue €5.44B vs consensus €5.60B; FY24 guidance reiterated; clear chance to reach upper half of earnings ranges

        • LMN.SW (lastminute.com) -- reports Q3 net income €5.7M vs year-ago €2.8M; announces share buyback

        • TMV.GR (TeamViewer) -- reports Q3 adjusted EBITDA €81.0M vs FactSet €74.3M [5 est, €67.2-78M]

        • CBK.GR (Commerzbank) -- reports Q3 net income €642M vs consensus €529M; raises FY24 forecast for net interest income and CET1 ratio

        • WSU.GR (Washtec) -- reports Q3 EPS €0.50 vs year-ago €0.54

        • HLE.GR (FORVIA HELLA) -- reports 9M operating income €344M, (5%) vs year-ago €363M

        • KCO.GR (Kloeckner & Co.) -- reports Q3 EPS from cont ops (€0.29) vs FactSet (€0.22) [2 est, (€0.29)-(0.14)]; guides FY24

        • VNA.GR (Vonovia) -- reports 9M adjusted EBITDA €1.99B vs year-ago €1.96B

        • KTN.GR (Kontron) -- reports Q3 net income attributable €24.4M vs year-ago €19.1M; reaffirms FY EBITDA guidance

        • BARN.SW (Barry Callebaut) -- reports FY net income recurring CHF417.5M vs consensus CHF392M

        • G1A.GR (GEA Group) -- reports Q3 net income €112M vs FactSet €113.1M [3 est, €111.9-114M]

        • HAG.GR (HENSOLDT) -- reports 9M adjusted EBITDA €187M, +24% vs year-ago €151M; confirms FY24 outlook

        • MZX.GR (Masterflex) -- reports 9M EPS €0.74 vs year-ago €0.75

        • HKFOODS.FH (HKFoods) -- reports Q3 comparable EPS €0.05 vs FactSet €0.04 [2 est, €0.02-0.05]; updates FY outlook

        • BIKE.GR (Bike24 Holding) -- reports Q3 net income (€2.0M) vs year-ago (€2.2M); reaffirms FY outlook, though sales likely to be at the lower end of the forecast

      • France:

        • AKE.FP (Arkema) -- reports Q3 adj EPS €2.25 vs consensus €2.36; expects to achieve FY24 EBITDA at lower end of its guidance range of €1.53B

        • ACA.FP (Credit Agricole) -- reports Q3 net income €1.69B vs StreetAccount €1.58B

        • NEOEN.FP (Neoen) -- reports Q3 revenue €122.7M, +2% vs year-ago €120.5M

        • RUI.FP (Rubis) -- reports Q3 revenue €1.63B vs FactSet €1.67B [1 est]

        • COFA.FP (Coface) -- reports 9M net income €207.7M, +9% vs year-ago €189.7M

        • RF.FP (Eurazeo) -- records dynamic asset management growth and a pick-up in realizations in the first 9M of 2024, in line with its strategic plan

      • Nordics:

        • NOVO.B.DC (Novo Nordisk) -- reports Q3 EPS DKK6.12 vs consensus DKK6.00

        • PNDORA.DC (Pandora) -- reports Q3 net income DKK595M vs consensus DKK551.6M; current trading in Oct has seen LFL growth at mid-single-digit levels

        • SKA.B.SS (Skanska) -- reports Q3 EPS SEK2.28 vs StreetAccount SEK3.09

        • MOWI.NO (Mowi) -- reports Q3 underlying EPS €0.21 vs FactSet €0.20 [10 est, €0.09-0.33]

        • ODF.NO (Odfjell) -- reports Q3 EPS $0.90 vs FactSet $1.01 [4 est, $0.99-1.02]

        • AZT.NO (ArcticZymes Technologies) -- reports Q3 adj. EBITDA (NOK1.1M) vs year-ago NOK7.3M

        • AKTIA.FH (Aktia Bank) -- reports Q3 EPS €0.34 vs FactSet €0.33 [2 est, €0.31-0.35]

        • MULTI.NO (Multiconsult) -- reports Q3 EPS NOK2.95 vs FactSet NOK1.44 [6 est, NOK0.81-2.30]

        • NEXT.NO (Next Biometrics Group) -- reports Q3 EPS (NOK0.01) vs year-ago (NOK0.22)

        • XXL.NO (XXL ASA) -- reports Q3 adjusted net income (NOK262.0M) vs FactSet (NOK48.0M)

        • AMBEA.SS (Ambea AB) -- reports Q3 EPS SEK3.13 vs FactSet SEK2.75 [2 est, SEK2.62-2.88]

        • G5EN.SS (G5 Entertainment) -- reports Q3 EPS SEK3.14 vs FactSet SEK3.07 [2 est, SEK2.90-3.23]

        • AKER.NO (Aker ASA) -- reports Q3 NAVPS before dividend allocation NOK767 vs year-ago NOK862

        • ODL.NO (Odfjell Drilling) -- reports Q3 net income $19.0M vs FactSet $15.4M [6 est, $12-19M]; to increase quarterly dividend from Q4

        • CRAYN.NO (Crayon Group Holding) -- reports Q3 EPS NOK0.85 vs FactSet NOK0.86 [6 est, NOK0.60-1.20]

        • SINCH.SS (Sinch) -- reports final Q3 earnings inline with preliminary release

        • ORRON.SS (Orrön Energy) -- reports Q3 EPS (€0.04) vs year-ago (€0.03)

        • KAMBI.SS (Kambi Group) -- reports Q3 EPS €0.08 vs FactSet €0.12 [2 est, €0.10-0.14]. Launches €12M share buy back program

        • KAR.SS (Karnov Group) -- reports Q3 net income (SEK32.7M) vs FactSet SEK0.5M [2 est, (SEK13)-14M]

        • TLT1V.FH (Teleste) -- reports Q3 Adj. EPS €0.05 vs FactSet €0.00 [1 est]

      • Southern Europe:

        • INW.IM (Infrastrutture Wireless Italiane) -- reports Q3 net income €87.0M vs FactSet €99.3M [4 est, €94.8-105M]

        • GEST.SM (Gestamp Automoción) -- reports Q3 net income €21M vs FactSet €56.5M [5 est, €37.5-76M]

        • CE.IM Credito Emiliano reports Q3 net income €162.1M vs FactSet €149.3M [4 est, €144-162M]

        • UCG.IM UniCredit reports Q3 net income €2.51B vs consensus €2.27B; upgraded FY24 net profit guidance

      • UK:

        • PRU.LN (Prudential) -- Q3 update: APE sales +7% on constant exchange rate y/y to 4.64B

    • M&A

      • BP.LN (BP) --

        • exploring sale of 51% stake in the Australian assets of Lightsource - Australian Financial Review

        • to put all fuel stations in the Netherlands up for sale - Algemeen Dagblad

      • AAL.LN (Anglo American) -- Questions on availability of Anglo American's 88% stake in Moranbah North after Jellinbah sale - Australian Financial Review

      • SIKA.SW (Sika Group) -- completes the acquisition of Chema

      • CBK.GR (Commerzbank) -- selling SRT linked to portfolio of €2B in corporate loans - Bloomberg (5-Nov, 13:37 CET)

      • G.IM (Assicurazioni Generali) -- Generali exploring deal to acquire MGG Investment Group - Bloomberg (5-Nov, 15:51 CET)

      • NXI.FP (Nexity) -- Crédit Agricole Immobilier completes previously announced acquisition of Nexity Property Management

      • AMBEA.SS (Ambea AB) -- Ambea's Nytida acquires Friab's operations within individual and family care for an undisclosed sum

      • MOBN.SW (Mobimo Holding) -- provides business update; Appoints Nadia Mastacchi as Head of Portfolio and Transactions as of 1-Mar-25

      • ECIT.NO (ECIT AS) -- notes Olympus BidCo completion of previously announced acquisition of B- and C- class shares

      • Mitsubishi Chemical no longer in the contest to acquire Buckeridge Group of Companies assets - The Australian

      • Terna Energy agrees to sell non-core assets; total purchase price €67.5M (post EU close 5-Nov)

    • Healthcare

      • AZN.LN (AstraZeneca) -- does not comment on speculative media reports including those related to ongoing investigations in China.

      • SAN.FP (Sanofi) -- Dupixent approved in the EU as the first and only medicine for young children with eosinophilic esophagitis

      • GMAB.DC (Genmab) -- to present new/updated data on Epcoritamab 2024 ASH Annual Meeting

      • GLPG.NA (Galapagos) -- to present results of breakthrough innovation in cancer cell therapy at ASH 2024

      • ALCLS.FP (Cellectis SA) -- to present multiple strategies to enhance CAR T-cell efficacy in solid tumors at the SITC Annual Meeting

      • ZEAL.DC (Zealand Pharma) -- provides update on Phase 1B 16-week multiple ascending dose clinical trial with long-acting amylin analog petrelintide at ObesityWeek conference

      • MOLN.SW (Molecular Partners) -- announces upcoming poster presentations at the 65th ASH Annual Meeting and Exposition

      • CPIX (Cumberland Pharmaceuticals) -- New study compares Caldolor (ibuprofen injection) to ketorolac

      • RENX.LN (Renalytix) -- SEC filing: SC 13D/A (Filed by ICAHN SCHOOL OF MEDICINE AT MOUNT SINAI)

      • IBAB.BB (Ion Beam Applications) -- signs contract with SteriLab for E-beam sterilisation solution in the Dominican Republic

    • Other

      • ULVR.LN (Unilever) -- completes 2024 share buyback

      • KESKOB.FH (Kesko) -- updates its sustainability strategy

  • Key rating changes

    • Upgrades

      • BOOZT.SS (Boozt Fashion) -- buy from hold at SEB

      • TPRO.IM (Technoprobe) -- buy from hold at Stifel

      • BRBY.LN (Burberry Group) -- outperform from sector perform at RBC Capital Markets

      • Barclays upgrades ELISA.FH; downgrades TEL.NO, TELIA.SS

      • AZN.LN (AstraZeneca) -- to hold from sell at Deutsche Numis

      • IFCN.SW (Inficon Holding) -- to buy from hold at Berenberg

    • Downgrades

      • ORSTED.DC (Ørsted) -- hold from buy at ABG Sundal Collier

      • SN.LN (Smith & Nephew) -- to hold from buy at Berenberg

      • VOW3.GR (Volkswagen) -- to sector perform from outperform at RBC Capital Markets

  • Data

    • Nikkei +2.61% to 39480.67

    • Hang Seng (2.68%) to 20444.90

    • Shanghai Composite (0.55%) to 3368.26

    • S&P futures +92.8 vs prior close of 5812.3

    • €-$ (0.0197) or (1.80%) to 1.0734

    • $-¥ +2.40 or +1.59% to 154.03

    • €-¥ (0.41) or (0.25%) to 165.29

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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