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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.37%, DAX30 +0.31%, CAC40 +0.03% FTSE , DAX , CAC

Nov 07 ,2024

  • Synopsis

    • European equity markets are expected to open higher amidst Asian equities trading mostly higher Thursday. Japan markets currently mixed with Nikkei lower but Topix well ahead. Strength in Greater China markets ahead of NPC decision on fiscal stimulus tomorrow. Australia, South Korea and Taiwan all higher, Singapore outperforming on bank stocks. Southeast Asia mixed with Jakarta down again, Manila sharply lower. US futures higher, Europe eying a flat open for now. US dollar slightly lower, yen weakening, AUD & NZD recovering yesterday's losses. Treasuries mixed. Crude prices recovering but precious and industrial metals mixed.

    • In political developments, Germany's three-party ruling coalition collapsed on Wednesday evening after Chancellor Olaf Scholz announced he will fire Finance Minister Christian Lindner over persistent rifts on spending and economic reforms, a move that paves the way for a snap election within months (Politico).

    • Focus today on interest rate decisions for central banks kicking off with Riksbank interest rate decision at 9:30CET (25bps) cut to 3.0% expected, press conf 10:00. Norges Bank interest rate decision at 10:00CET, unchanged at 4.5% expected, press conf 10:30. BOE interest rate decision at 12noon GMT, (25bps) cut to 4.75% expected and MPC minutes. In Eastern Europe, Czech central bank interest rate decision (25bps) to 4.0% expected and Russia central bank expected to leave benchmark interest rate unchanged at 5.75%. US Fed interest rate decision after the EU close.

    • Central banker events feature ECB Conf on Money Markets 2024 (through Fri), ECB's Schnabel opening remarks at 9:10CET. Bank of Spain's Escrivá will take office at 13:00CET as a member of the State Council and Bank of Italy's Signorini speech at 2024 Insurance Summit. Greece central bank's Stournaras speech at 8:45CET, ECB's Lane speech at 14:30CET, panellist at 15:30 at event hosted by Greece's central bank. ECB's Buch panellist at 16:15CET at DNB Banking Seminar. Friends of Europe event State of Europe; participants include EU's Vestager, Schmit, Reynders and ECB's Elderson speech at 11:45CET. Elsewhere, Meeting of the European Political Community and ECJ ruling on Ryanair's (RYA.ID) lawsuit against Corona aid for Finnair (FIA1S.FH)

    • Macro updates include: Germany Sep trade balance, industrial production, Oct construction PMI, Spain Sep industrial production, Eurozone Sep retail sales, Norway Sep manufacturing production, Sweden Oct preliminary CPI, Denmark Sep manufacturing production, UK Oct house price index - Halifax, Ireland Oct CPI

    • Another busy day for earnings updates, with DACH companies kicking off the session. Daimler Truck Holding (DTG.GR), Lanxess (LXS.GR), Heidelberg Materials (HEI.GR), ams-OSRAM (AMS.SW), Delivery Hero (DHER.GR) reported Q3 earnings with the latter adjusting its FY24 guidance.

    • In France, Legrand (LR.FP) and Veolia (VIE.FP) are out with Q3 earnings. SES (SESG.FP) reported Q3 net income €4M vs consensus €0M; expects to deliver FY24 revenue and adjusted EBITDA at top end of outlook. In the Benelux, ArcelorMittal (MT.NA) reports Q3 adj EPS $0.63 vs consensus $0.55.

    • Out of the Nordics, Pihlajalinna (PIHLIS.FH) confirms prelim Q3 earnings and FY24 outlook as per 30-Oct update. Other companies in the region expected to update investors with their latest numbers include ENGIE (ENGI.FP), Leonardo (LDO.IM), BT Group (BT.A.LN) and National Grid (NG.LN).

    • On M&A front, Carrefour (CA.FP) exploring range of options to boost valuation, including disposal of operations in Italy or Belgium, FT reported.

  • Politics/Macro/World News

    • Scholz sets stage for German snap election as government collapses - Politico

    • The end of Germany's dysfunctional coalition offers Europe new hope - FT

    • Trump win wreaks havoc on global rate-cut expectations - Bloomberg

    • Trump's win will test the EU's tech crackdown on Musk's X - Politico

    • Ireland set to hold general election on November 29, PM says - Reuters

  • Top company news

    • Earnings/updates

      • Benelux

        • MT.NA (ArcelorMittal) -- reports Q3 adj EPS $0.63 vs consensus $0.55

        • CMBT.BB (CMB.TECH) -- reports Q3 net income $98.1M vs FactSet $63.8M [4 est, $17.3-93M]

        • NYXH.BB (Nyxoah) -- reports Q3 EPS (€0.50) vs FactSet (€0.45) [7 est, (€0.56)-(0.36)]

        • AMG.NA (AMG Critical Materials) -- reports Q3 EPS ($0.41) vs year-ago $0.00

        • ALFEN.NA (Alfen) -- reports Q3 adjusted EBITDA €7.2M vs FactSet (€1.1M) [3 est, (€4.2)-3.1M]; one-off restructuring provision will be taken in Q4 2024

      • France

        • DBV.FP (DBV Technologies) -- reports Q3 EPS ($0.32) vs FactSet ($0.36) [2 est, ($0.38)-(0.34)]

        • TEP.FP (Teleperformance) -- reports Q3 revenue €2.52B vs FactSet €2.58B [2 est, €2.57-2.59B]; confirms FY24 outlook

        • VLA.FP (Valneva) -- reports 9M net income €24.7M vs year-ago (€69.3M)

        • POXEL.FP (Poxel) -- reports Q3 revenue €0.9M vs year-ago €0.7M

        • BEN.FP (Beneteau) -- reports Q3 revenue €193.9M, (39%) vs year-ago €315.6M

        • SES.FP (SES) -- reports Q3 net income €4M vs consensus €0M; expects to deliver FY24 revenue and Adjusted EBITDA at top end of outlook

        • VIE.FP (Veolia Environnement) -- reports 9M Current EBIT €2.60B vs StreetAccount €2.59B; confirms FY guidance

        • LR.FP (Legrand) -- reports Q3 net income €256.1M vs consensus €281M; specifies FY guidance

      • Southern Europe

        • ENEL.IM (Enel) -- reports 9M ordinary net income €5.85B vs consensus €5.73B; FY24 guidance confirmed

        • TEF.SM (Telefonica) -- reports Q3 EBITDA €3.26B vs consensus €3.22B

      • Nordics

        • GN.DC (GN Store Nord) -- reports Q3 EPS DKK1.86 vs consensus DKK1.43

          • updates financial guidance for 2024

        • BORR.NO (Borr Drilling) -- reports Q3 net income $9.7M vs FactSet $30.8M [5 est, $24.3-33M]

        • AUTO.NO (AutoStore Holdings) -- reports Q3 NPAT $31.1M vs FactSet $28.7M [7 est, $26-36.7M]

        • CTY1S.FH (Citycon) -- reports Q3 adjusted EPS €0.13 vs FactSet €0.18 [3 est, €0.16-0.20]; specifies FY outlook

        • TRUE.B.SS (Truecaller) -- reports Q3 EPS SEK0.34 vs FactSet SEK0.35 [1 est]

        • EMGS.NO (Electromagnetic Geoservices) -- reports Q3 adjusted EBITDA (NOK5.9M) vs year-ago (NOK0.7M)

        • MUSTI.FH (Musti Group) -- reports Q4 EPS €0.09 vs year-ago €0.22

      • DACHs

        • LXS.GR (Lanxess) -- reports Q3 adjusted EPS from cont ops €0.86 vs FactSet €0.16 [6 est, (€0.20)-0.50]; FY 2024 guidance confirmed

        • ZURN.SW (Zurich Insurance Group) -- reports 9M P&C gross written premiums $36.13B vs year-ago $34.59B

        • DTG.GR (Daimler Truck Holding) -- reports Q3 EPS €0.77 vs FactSet €1.07 [3 est, €0.97-1.14]; FY24 guidance remains unchanged

        • NEM.GR (Nemetschek) -- reports Q3 EPS €0.44 ex-items vs FactSet €0.37 [8 est, €0.30-0.41]

        • ADV.GR (Adtran Networks) -- reports Q3 net income (€5.0M) vs year-ago €1.3M

        • BSL.GR (Basler) -- reports confirms preliminary 9M result, FY guidance

        • AOX.GR (Alstria) -- reports 9M net income (€154.6M) vs year-ago (€24.6M)

        • AMS.SW (ams-OSRAM) -- reports Q3 adj EPS €0.24 vs FactSet €0.18; guides Q4 and Q1-25

        • SGL.GR (SGL Carbon) -- reports 9M net income €32.8M vs year-ago €5.3M; FY24 outlook confirmed

        • DHER.GR (Delivery Hero) -- reports Q3 revenue €3.23B vs consensus €3.17B; adjusts FY24 guidance

        • KTA.GR (Knaus Tabbert) -- reports 9M EBITDA €42.9M vs year-ago €88.6M; confirms FY24 forecast updated in October

        • WEW.GR (Westwing Group) -- reports Q3 adjusted EBITDA €3.5M vs FactSet €2.3M [2 est, €1.9-2.6M]; confirms guidance for the full year 2024

        • SREN.SW (Swiss Re) -- reports preliminary Q3 net income ~$0.1B vs FactSet $871.3M [5 est, $760-1.08B]

    • M&A

      • ANIM.IM (Anima Holding SpA) -- Banco BPM Vita launches €6.20/sh offer for Anima Holding SpA

      • CRH.LN (CRH plc) -- CRH exploring reviving sale of Philippines cement business - Bloomberg

      • RKT.LN (Reckitt Benckiser) -- Apollo, Advent, CD&R and PAI among buyout firms studying potential acquisition of Reckitt Benckiser's homecare assets - Bloomberg (6-Nov, 9:44 ET/14:42 GMT)

      • CA.FP (Carrefour) -- exploring range of options to boost valuation, including disposal of operations in Italy or Belgium - FT

      • BAER.SW (Julius Baer Group) -- Julius Baer exploring sale of Brazilian operation - Reuters (6-Nov, 16:54 CET)

      • COL.SM (Inmobiliaria Colonial SOCIMI) -- and 98.24% owned subsidiary Société Foncière Lyonnaise initiate in-depth analysis of the potential merger

    • Healthcare

      • CANTA.SS (Cantargia) -- announces rights issue of ~SEK 170M

    • Other

      • ULVR.LN (Unilever) -- UK CMA concludes review of environmental claims made by Unilever

      • BA.LN (BAE Systems) -- awarded $122.9M US Navy contract

      • RWE.GR (RWE) -- Elliott Management said to have acquired stake in RWE -- Bloomberg

      • NEX.FP (Nexans) -- announces the business separation of its specialty industrial cable operations, now Lynxeo

      • ANA.SM (Acciona) -- enters into a total return equity swap agreement for up to 4.9M Corporación Energías Renovables shares

      • VK.FP (Vallourec) -- announces the end of the safeguard plan implemented in 2021

      • ORON.SW (ORIOR AG) -- CEO Daniel Lutz to step down; Sacha D. Gerber will assume the role of new CFO early; will postpone the CMD planned for early December

  • Key rating changes

    • Upgrades

      • DIA.IM (DiaSorin) -- to equal-weight from underweight at Morgan Stanley

      • ERIC.B.SS (Telefonaktiebolaget LM Ericsson) -- to buy from hold at ABG Sundal Collier

      • KRX.ID (Kingspan Group) -- to buy from neutral at UBS

    • Downgrades

      • SINCH.SS (Sinch) -- Sinch long-term recommendation downgraded to market perform from outperform at Handelsbanken

      • SDR.LN (Schroders) -- to equal-weight from overweight at Morgan Stanley

      • EXN.FP (Exclusive Networks) -- to neutral from buy at Citi

  • Data

    • Nikkei (0.25%) to 39381.41

    • Hang Seng +1.59% to 20865.96

    • Shanghai Composite +2.22% to 3458.79

    • S&P futures +10.0 vs prior close of 5958.3

    • €-$ +0.0018 or +0.17% to 1.0747

    • $-¥ (0.56) or (0.36%) to 154.06

    • €-¥ (0.36) or (0.22%) to 165.55

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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