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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.16%, DAX30 +0.10%, CAC40 +0.52%

Nov 08 ,2024

  • Synopsis

    • European indices are set to open higher as Asian equities trade higher Friday. Regional benchmarks seeing broad-based gains with Greater China advancing into close of NPC Standing Committee meeting. Japan, Korea, Taiwan and Australia all higher. S&P 500 futures flat afterhours.

    • US equities mostly higher in Thursday trading. Stocks ended a bit off best levels, though S&P and Nasdaq both set fresh record closes (49th of the year for S&P).

    • Fed cut rates by 25bp to 4.50 - 4.75% in a unanimous vote as expected. There were few material changes to the statement which noted activity has continued to expand at a solid pace. Market currently pricing in a ~30% probability of no rate cut at the December meeting, little changed from pre-meeting.

    • Macro data published so far: Netherlands Sep Manufacturing Production (3.0%) m/m vs consensus (1.6%)

    • Economic: France Sep trade balance, Italy Sep industrial production, retail sales, Switzerland Oct consumer confidence, Q4 consumer climate - SECO, Sweden Sep industrial production, UK Oct house price balance - RICS, Greece Oct CPI, Sep industrial production

    • Earnings reported so far: Deutsche Wohnen, Bechtle, Nexi, Unipol Gruppo, bpost, Straumann Holding, Aperam, InPost

    • Trading Update due at 7am: IMCD (IMCD.NA), Sif Holding (SIFG.NA), Rightmove (RMV.LN), Vistry Group (VTY.LN), HusCompagniet (HUSCO.DC)

  • Politics/Macro/World News

    • Germany government collapse: pressure mounts on Scholz to trigger election (Reuters )

    • Bank of England readies new rate cut as budget hangs over outlook (Reuters )

  • Top company news

    • Earnings/updates

      • GRF.SM (Grifols) -- reports Q3 net income €52M vs FactSet €77.4M; confirms FY guidance

      • CFR.SW (Richemont) -- reports H1 net income €1.73B vs StreetAccount €1.91B

      • GNFT.FP (GENFIT) -- reports 9M revenue €59.7M vs year-ago €14.3M

      • DEC.FP (JCDecaux) -- reports Q3 revenue €948.2M vs StreetAccount €948.6M

      • EDP.PL (EDP-Energias de Portugal) -- reports Q3 net income attributable €320M vs FactSet €248.0M [3 est, €226-268.0M]; reaffirms FY guidance

      • ENX.FP (Euronext) -- reports Q3 Adjusted EPS €1.74 vs consensus €1.62

      • PIRC.IM (Pirelli & C.) -- reports Q3 net income €139.8M vs StreetAccount €136M

      • INPST.NA (InPost) -- reports Q3 net income attributable from cont. ops PLN254.5M vs FactSet PLN325.2M [5 est, PLN261.9-483.1M]

      • APAM.NA (Aperam) -- reports Q3 EPS €2.44 vs year-ago (€0.58)

      • FNTN.GR (Freenet) -- reports Q3 EBITDA €127.8M vs consensus €125.6M

      • BIOA.B.SS (BioArctic) -- now expects SEK300M in Leqembi royalties in Eisai's FY ending 31-Mar

      • VANTI.FP (Vantiva) -- reports Q3 revenue €554M vs FactSet €546.0M

      • BFF.IM (Banca Farmafactoring) -- reports 9M adjusted net income €103.2M, (16%) vs year-ago €122.5M

      • TNG.FP (Transgene) -- reports Q3 revenue €5.0M vs year-ago €6.2M

      • BKW.SW (BKW AG) -- BKW to increase EBIT to CHF1B by 2030 and invest CHF 4B over next six years -- CMD

      • OET.NO (Okeanis Eco Tankers) -- reports Q3 adjusted EPS $0.45 vs FactSet $0.43 [5 est, $0.09-0.56]

      • MOL.HB (MOL Hungarian Oil & Gas) -- reports Q3 EPS Ft155.00 vs FactSet Ft155.32 [2 est, Ft141.82-168.82]

      • SFL.IM (Safilo Group) -- reports Q3 adjusted EBITDA €17.8M vs FactSet €17.9M [2 est, €17.6-18.2M] (10:40ET)

      • OMDA.NO (Omda AS) -- reports Q3 net income NOK9.8M vs FactSet NOK5.9M [2 est, (NOK3.1)-(2M)]

    • M&A

      • SBMO.NA (SBM Offshore) -- FPSO Prosperity purchase by ExxonMobil Guyana completed

      • AYV.FP (Ayvens) -- attracting takeover interest from investment firms including Blackstone, Brookfield and CVC - Bloomberg (7-Nov, 10:45 ET/16:45 CET)

      • CICN.SW (Cicor Technologies) -- acquires Swedish development company Nordic Engineering Partner AB; terms not disclosed

      • ALFLE.FP (Fleury Michon) -- announces the sale of the meal tray business in Île de France

      • R4.SM (Renta 4 Banco) -- agrees to sell 30% of Cabe Keep and Lock (Spanish storage business) to BC Partners (post EU close 7-Nov)

    • Healthcare

      • INDV.LN (Indivior) -- responds to publication of a letter by Oaktree Capital Management to the board

      • IPH.FP (Innate Pharma) -- Highlights Data From Its Innovative Oncology Portfolio Selected for the SITC Annual Meeting 2024

      • MOLN.SW (Molecular Partners) -- to present preclinical proof-of-concept for CD3 Switch-DARPin T Cell Engager, clinical biomarker analyses for MP0317 at SITC 2024

      • RENX.LN (Renalytix) -- SEC filing: SC 13D/A (Filed by JEFFERSON RIVER CAPITAL LLC)

      • TNG.FP (Transgene) -- and NEC present new data confirming clinical proof of principle for Neoantigen cancer vaccine, TG4050, in head & neck cancer at SITC 2024

    • Other

      • DG.FP (VINCI SA) -- VINCI names Nicolas Notebaert CEO of Concessions at VINCI

      • GALP.PL (Galp Energia SGPS) -- announces share capital reduction after conclusion of share buyback programme

      • ENX.FP (Euronext) -- to harmonize listing information across its seven stock exchanges by creating US-style single prospectus for companies raising money - FT, citing CEO

      • ENX.FP (Euronext) -- announces share repurchase programme for maximum amount of €300M

      • ACA.FP (Credit Agricole) -- Crédit Agricole's share repurchase program, which started on 1 October 2024, was fully completed on 6 November 2024

      • DNB.NO (DNB Bank) -- announces FSA has decided that the Pillar 2 Requirement for DNB shall be reduced from 2.0 % to 1.7 % of the total risk exposure amount (TREA)

      • BOO.LN (boohoo Group) -- comments on Frasers Group's letter from 6-Nov

      • FCC.SM (Fomento de Construcciones y Contratas) -- FCC shareholders to receive 1 share of Inmocemento for each share held

  • Key rating changes

    • Upgrades

      • ABG Sundal Collier upgrades EQNR.NO; downgrades VAR.NO

      • IHG.LN (InterContinental Hotels Group) -- to add from reduce at Peel Hunt

      • RDC.GR (Redcare Pharmacy) -- to hold from reduce at Kepler Cheuvreux

      • ZEAL.DC (Zealand Pharma) -- to hold from sell at Danske Bank

      • CHEMM.DC (ChemoMetec) -- upgraded to hold from sell at Nordea

      • PIRC.IM (Pirelli & C.) upgraded to outperform from neutral at Oddo

    • Downgrades

      • STMN.SW (Straumann Holding) -- to underperform from outperform at BNP Paribas Exane

      • SAND.SS (Sandvik) -- to hold from buy at ABG Sundal Collier

      • OERL.SW (OC Oerlikon Corp.) -- to reduce from hold at Kepler Cheuvreux

      • VRLA.FP Verallia downgraded to hold from buy at Berenberg

    • Initiations

      • ZEAL.DC (Zealand Pharma) -- overweight at JPMorgan

  • Data

    • Nikkei +0.30% to 39500.37

    • Hang Seng (0.55%) to 20837.23

    • Shanghai Composite (0.36%) to 3458.22

    • S&P futures +0.0 vs prior close of 6003.8

    • €-$ (0.0026) or (0.24%) to 1.0778

    • $-¥ (0.24) or (0.16%) to 152.70

    • €-¥ (0.66) or (0.40%) to 164.56

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".

DEPOSITARY RECEIPTS:
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