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StreetAccount Summary - Europe Pre-Open: FTSE +0.4%, DAX +0.5%, CAC +0.4%, IBEX +0.4%, MIB +0.5%

Nov 11 ,2024

  • Synopsis

    • European equity markets set to open broadly higher after last week seeing losses for the fourth consecutive week. Political news dominated with Trump winning the US election, leading to a sharp re-pricing of the Europe growth outlook and inflation and the German ruling coalition government collapsed after Chancellor Scholz sacked Finance Minister Lindner. Over the weekend, Scholz was cited saying that he would be willing to call a vote of confidence in parliament before Christmas, a move that would pave the way for snap elections; the timing is earlier than the January date he had proposed last week and follows increasing pressure from politicians and the public for a quicker vote (Reuters , tagesschau ).

    • Asian equities trading mixed Monday (most bourses off their lows). Underwhelming response to China local government debt swap program announced on Friday following NPC Standing Committee meeting. While headline figure larger than forecast disappointment stemmed from absence of measures focused on consumption, leaving markets in state policy uncertainty ahead of next month's Central Economic Work Conference. China deflation pressures persisted in October amid tepid domestic demand, signaling no tailwind yet from September's stimulus announcements and reinforcing calls for stronger measures to revive domestic demand. CPI inflation unexpectedly eased with volatile food and energy prices the main drag. Excluding volatile items, core measure rose from previous month. PPI fell by most in 11 months, weighed down by energy prices.

    • European macro data releases out today include Denmark Oct CPI, Sep trade balance, Norway Oct CPI, PPI

    • Among stocks in focus this morning, Continental (CON.GR) reports Q3 and lowers FY guidance, while Hannover Re (HREN.SW) reports Q3 net income €663.3M vs consensus €588M. Eni (ENI.IM) signs agreement for Energy Infrastructure Partners to further invest in Plenitude. Holders seeking breakup of Smith & Nephew (SN.LN), reported Mail on Sunday

    • In central banks today, ECB's McCaul speech at 9:10CET at Malta FSA's Banking Supervision Conf. UK parliament MPs questions on Work and Pensions. 29th Conference of the Parties (COP29) (through 22nd). FT sessions through the event. Economist events. Süddeutsche Zeitung economic summit (through Wed. Speakers on Wed include CDU's Friedrich Merz). Paris Peace Forum (through Tue)

  • Macro/politics

    • Trump talks Ukraine in separate calls with Putin, Scholz -- DW

    • Will Friedrich Merz get Germany to abandon its fiscal fetish? -- FT

    • Fitch Revises Spain's Outlook to Positive; Affirms IDR at 'A-' -- link

    • ECB's Holzmann says no reason not to cut rates in Dec as of now -- Kleine Zeitung

  • Top company news

    • Earnings/updates

      • CON.GR (Continental) -- reports Q3 net income €486M vs consensus €417M; lowers FY Sales to range €39.5-42.0B vs prior guidance €40.0-42.5B and FactSet €40.31B (€56.50)

      • HNR1.GR (Hannover Re) -- reports Q3 net income €663.3M vs consensus €588M

      • ENX.FP (Euronext) -- reports October trading activity

      • ADXN.SW (Addex Therapeutics) -- reports preliminary Q3 net income (CHF1.5M) vs FactSet (CHF0.9M) [1 est]

      • LEHN.SW (LEM Holding) -- reports Q2 net income CHF3.8M vs FactSet CHF14.8M [2 est, CHF6.6-22.9M]; guides FY sales in CHF 290-310M range vs FactSet CHF345.05M; postpones mid-term goal

      • ECV.GR (Encavis AG) -- reports 9M adjusted operating EBIT €109.3M, (31%) vs year-ago €158.9M

      • ANIM.IM (Anima Holding SpA) -- reports Oct net inflows (excl. Class I insurance) €4M (10:05ET)

      • STM.GR (Stabilus) -- SE confirms prelim FY24 earnings as per 30-Oct update; will issue FY25 outlook on 9-Dec

      • EXM.BB (Exmar NV) -- reports Q3 net income $81.9M vs year-ago $39.4M

      • Also reporting today

        • Earnings:

          • DACHs: Salzgitter (SZG.GR), Stabilus (STM.GR), Hawesko (HAW.GR)

          • Southern Europe: Cellnex Telecom (CLNX.SM), Almirall (ALM.SM), Minor Hotels Europe & Americas (NHH.SM), Melia Hotels International (MEL.SM), A2A (A2A.IM), Pharmanutra (PHN.IM), Newlat Food (NWL.IM), RCS MediaGroup (RCS.IM), Antares Vision (AV.IM)

          • UK: Kainos Group (KNOS.LN), Team Internet Group (TIG.LN)

        • Trading Update: Croda International (CRDA.LN), Direct Line Insurance (DLG.LN), RHI Magnesita (RHIM.LN), B&S Group (BSGR.NA)

        • CMD/events: Elmos Semiconductor (ELG.GR), Vaisala (VAIAS.FH)

    • M&A

      • PGHN.SW (Partners Group Holding) -- Partners Group exploring options including sale of stake in International Schools Partnership - Reuters

      • ENI.IM (Eni) -- signs agreement for Energy Infrastructure Partners to further invest in Plenitude

      • UNIR.IM (UniEuro) -- Fnac Darty and and Ruby successfully reach 91.1% of the share capital of UniEuro the end of reopening of the tender period, which will be delisted (13:30ET)

      • SN.LN (Smith & Nephew) -- Holders seeking breakup of Smith & Nephew - Mail on Sunday

      • GRF.SM (Grifols) -- holder Mason Capital Management sends letter calling on the board to immediately implement series of actions

      • SIVE.SS (Sivers Semiconductors) -- halts merger talks with by Nordic Acquisition

      • CVC.NA (CVC Capital Partners) -- CVC seeking to sell its majority stake in Genetic, hopes deal will value pharma outsourcer at €700M - FT

      • ANIM.IM (Anima Holding SpA) -- Anima Holding nominates Goldman Sachs as a financial advisor as begins assessing offer from Banco BPM Group (post EU close)

      • ELN.IM (El.En.) -- agrees sale of majority stake in the "laser cutting" division to Yangtze Optical Fibre and Cable Joint Stock Ltd; total consideration ~€55.3M (12:57ET)

      • TXT.IM (TXT e-Solutions) -- agrees to acquire 84.1% of Webgenesys SpA from Genesy Group for €53M in cash and shares

      • Russia looking at merger to create crude producer bigger than all apart from Saudi Aramco - Bloomberg

      • The Carlyle Group and PEP are the last two in competition to acquire Waste Services Group - Australian Financial Review

      • EU sets a provisional deadline of 13-Dec to rule on Davidson Kempner's acquisition of ice cream producer YSCO

    • Healthcare

      • MRK (Merck) -- FDA approves Merck's Danziten (nilotinib) oral tablets in adults with Ph+ CML

      • NOVO.B.DC (Novo Nordisk) -- A/S purchases B shares worth DKK 4,736M from Novo Holdings A/S; initiates new share repurchase program

      • SPRY (ARS Pharmaceuticals) -- ALK-Abello licenses neffy rights from ARS Pharma, to pay $145M (DKK1B) up front

      • EVT.GR (Evotec) -- SEC filing: SC 13D (Filed by Excalibur LuxCo SARL)

      • EVT.GR (Evotec) -- holder Excalibur LuxCo SARL files 13D; discloses 9.99% stake - 13D

    • Other

      • TEN.IM (Tenaris) -- to commence previously disclosed $700M share buyback program (10-Nov)

      • RR.LN (Rolls-Royce Holdings) -- BA furious with Rolls-Royce: "They need to get their act together" - Sunday Times

      • TEF.SM (Telefonica) -- to pay $85.3M to resolve US DOJ investigation over scheme to bribe Venezuelan officials (8-Nov; timing uncertain)

      • DHER.GR (Delivery Hero) -- decides on the intended IPO of Talabat Holding plc and plans to use proceeds for general corporate purposes and capital structure optimisation

      • UMG.NA (Universal Music Group) -- Universal Music Group: Pershing Square can't force delisting from Euronext Amsterdam - Reuters

      • WBD.IM (Webuild) -- JV signs AU$1.7B (€1B) contract on rail project in Melbourne, Australia; announced as preferred bidder in July (10-Nov)

      • BORR.NO (Borr Drilling) -- Chairman Tor Olav Trøim acquired 1.50M shares on 8-Nov for an average price $3.9335/share - filing

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- awarded first 3D streamer contract for the 2025 Northwest Europe summer season

      • RENE.PL (Redes Energeticas Nacionais SGPS) -- Redes Energeticas Nacionais' announces João Faria Conceição retains his duties within the Board (11:23ET)

      • BlueNord expects ramp-up to Tyra production plateau before year end, in line with previous communications

      • Estimated weekend box office revenues in US, Canada $67.8M, (22.5%) y/y - Box Office Mojo

      • Sweden and Brazil sign deal whereby Brazil will purchase additional Jas 39 Gripen from Saab, while Sweden will purchase C-390 transport planes from Embraer (9-Nov)

  • Key rating changes

    • Upgrades

      • Barclays upgrades SMDS.LN

      • Jefferies upgrades CWR.LN

      • Morgan Stanley upgrades WRT1V.FH

      • BAS.GR (BASF SE) -- to buy from neutral at Goldman Sachs

      • CFR.SW (Richemont) -- to buy from hold at HSBC

      • CGCBV.FH (Cargotec) -- to hold from reduce at Kepler Cheuvreux

      • HUFV.A.SS (Hufvudstaden) -- to hold from sell at ABG Sundal Collier

      • LIAB.SS (Lindab International) -- Lindab International short-term recommendation upgraded to buy from hold at Handelsbanken

      • MTX.GR (MTU Aero Engines) -- to buy from neutral at Goldman Sachs

      • RYA.ID (Ryanair Holdings) -- to buy from neutral at UBS

      • SREN.SW (Swiss Re) -- to buy from sell at UBS

      • SUBC.NO (Subsea 7) -- to overweight from equal-weight at Morgan Stanley

      • DnB Markets upgrades CTY1S.FH, KOJAMO.FH

    • Downgrades

      • NEM.GR (Nemetschek) -- to neutral from buy at UBS

      • ANIM.IM (Anima Holding SpA) -- to hold from buy at HSBC

      • NSKOG.NO (Norske Skog) -- to hold from buy at DnB Markets

      • Barclays downgrades MNDI.LN

      • Jefferies downgrades NEL.NO

      • Morgan Stanley downgrades ALFA.SS

    • Initiations

      • STLAM.IM (Stellantis) -- in line at Evercore ISI

      • SSAB.A.SS (SSAB) -- re hold at SEB

      • RSW.LN (Renishaw) -- hold at HSBC

      • TRST.LN (Trustpilot Group) -- buy at Deutsche Numis

      • SPG.GR (Springer Nature) -- outperform at BNP Paribas Exane, buy at Kepler Cheuvreux

  • Data

    • Nikkei +0.08% to 39533.32

    • Hang Seng (1.46%) to 20425.72

    • Shanghai Composite +0.32% to 3463.45

    • S&P futures +12.8 vs prior close of 6025.3

    • €-$ +0.0010 or +0.10% to 1.0723

    • $-¥ +0.67 or +0.44% to 153.35

    • €-¥ +0.88 or +0.54% to 164.43

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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