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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.46%), DAX (0.87%), CAC40 (0.26%)

Nov 12 ,2024

  • Synopsis

    • European stocks eyeing a weaker open amidst Asian equities trading lower Tuesday. Losses steepest in Hong Kong with IT stocks leading the losses, mainland bourses also turning red. Taiwan and South Korea also seeing sharp corrections in chip stocks, Australia seeing more losses from energy and mining names.

    • More traction behind Trump trades with Bitcoin (more crypto-friendly policies/regulatory environment), dollar (tariffs, pullback in Fed rate cut expectations) and stocks (FOMO/animal spirits, stronger growth) continuing to scale new highs. Conversely, fixed income strategists turning more bearish on bonds amid US deficit concerns and yield curve baking in higher term premium, coupled with hawkish repricing of Fed rate path.

    • On today's agenda, OPEC Monthly Report. Final round of EP committee hearings for Commissioners-designate scheduled. Based on the committee recommendations, the Conference of Presidents (EP President Metsola and political group chairs) is set to conduct the final evaluation and declare the hearings closed on 21-Nov. The election by MEPs of the full college of Commissioners (by a majority of the votes cast, by roll-call) is currently scheduled to take place during the 25/28-Nov plenary session. EU's von der Leyen meets with António Costa, President-elect of the European Council. In UK, there's MPs questions on Energy Security and Net Zero. In Belgium, De Wever faces his latest deadline from the King to attempt to reach an agreement on forming a new government. Global Research Forum on International Macroeconomics and Finance 2024 (through Wed), COP29 world leaders climate action summit, Baku, Azerbaijan (through Wed). FT hosts event title Future of Asset Management Europe. In Germany, there's DEHOGA Branchentag, politician due to speak include CSU's Friedrich Merz, FDP's Christian Lindner, CDU/CSU's Alexander Dobrindt and SPD's Lena Werner. Expected first day of trading of Inmocemento (spin-off by FCC (FCC.SM))

    • In central banks, Bank of Finland's Rehn and BOE's Pill panellists at 9:00CET at UBS European Conf. Portugal central bank's Centeno speech at 10:00CET on Portugal's economic development. Riksbank's Financial Market Survey is published at 10:30CET. ECB's Cipollone chairs panel at 15:00CET. OMFIF's Sovereign Debt Institute is hosting an event at 13:00CET focused exclusively on the European sub-sovereign and agency bond market.

    • European macro data releases out today include Germany Nov ZEW survey, Oct final CPI, UK Oct claimant count change, Netherlands Oct final CPI

    • A busy morning for earnings sees DACHs region names kicking off the session with Brenntag (BNR.GR), Wienerberger (WIE.AV), Infineon Technologies (IFX.GR), United Internet (UTDI.GR), Sixt (SIX2.GR) and Bayer AG (BAYN.GR) reporting Q3/Q4 earnings with the latter lowering its FY EBITDA before special items guidance; whilst Temenos (TEMN.SW) announced a new strategic plan and FY28 targets for its CMD today. In Nordics, FLSmidth & Co. (FLS.DC) is among others in the region to update investors with its latest numbers.

    • In Southern Europe, A2A (A2A.IM) reported 9M earnings and raised FY EBITDA and ordinary net income guidance; Mediobanca (MN.IM) reported Q1 earnings and launched a €385M share buyback programme. Also due to report today includes AstraZeneca (AZN.LN), Vodafone (VOD.LN), Marks & Spencer Group (MKS.LN), Husqvarna (HUSQ.B.SS) and OCI (OCI.NA).

    • In M&A, Bloomberg reported that Lufthansa (LHA.GR) is reportedly on track to sign a deal to acquire 41% stake in ITA Airways.

  • Politics/Macro/World News

    • Germany's Scholz defies odds as party swings behind re-election bid - FT

    • LNG exports could prove crucial bargaining chip in US-EU trade talks - FT

    • EU all but guaranteed to miss global deadline for climate targets - Politico

    • Keir Starmer to unveil ambitious new UK climate goal at Cop29 - The Guardian

    • Netherlands Oct CPI +3.5% y/y vs preliminary +3.6%

  • Top company news

    • Earnings/updates

      • DACHs

        • BNR.GR (Brenntag) -- reports Q3 EPS €0.82 vs consensus €1.10; guidance for FY 2024 confirmed

        • TEMN.SW (Temenos) -- announces new strategic plan and FY28 targets; public cloud and SaaS expected to grow double-digits

        • WIE.AV (Wienerberger) -- reports Q3 EPS €0.43 vs consensus €0.80; lowers FY guidance

        • PSPN.SW (PSP Swiss Property) -- reports Q3 EPS CHF1.24 vs FactSet CHF1.54 [1 est]

        • COK.GR (CANCOM) -- lowers forecast for FY24; guides EBITDA €112-€130M vs prior €130-155M and FactSet €129.66M

        • ELG.GR (Elmos Semiconductor) -- releases presentation material in connection with its CMD

        • SFQ.GR (SAF-HOLLAND) -- reports Q3 adjusted EPS €0.42 vs FactSet €0.53 [2 est, €0.47-0.58]; trims FY revenue guidance

        • KWS.GR (KWS) -- SAAT SE & Co. KGaA reports Q1 EPS (€1.24) vs year-ago (€1.68)

        • B7X.GR (Ensurge Micropower) -- reports 9M EPS (€0.02) vs year-ago (€0.09)

        • HTG.GR (HomeToGo) -- reports Q3 adjusted EBITDA €35.9M vs FactSet €39.9M

        • AEVS.SW (AEVIS VICTORIA) -- reports Q3 revenue CHF761.0M, +7% vs year-ago CHF710.2M

        • ZIL2.GR (Elringklinger) -- reports Q3 EPS (€0.89) vs year-ago €0.12; confirms FY guidance

        • JEN.GR (Jenoptik) -- reports Q3 EPS €0.42 vs FactSet €0.42 [4 est, €0.40-0.43]; revenue and earnings guidance for FY24 confirmed but targets for FY25 postponed by one year

        • IOS.GR (IONOS Group) -- reports Q3 Adjusted EBITDA €116.4M vs FactSet €116.9M [2 est, €112.7-121M]; confirms its forecast for 2024 and 2025.

        • IFX.GR (Infineon Technologies) -- reports Q4 Adjusted EPS €0.49 vs consensus €0.46; guides Q1 2025 revenue of around €3.2B vs FactSet €3.76B

        • BAYN.GR (Bayer AG) -- reports Q3 Core EPS €0.24 vs consensus €0.28. Lowers FY EBITDA before special items guidance

        • UTDI.GR (United Internet) -- reports Q3 comparable EBITDA €316.1M vs consensus €347.0M

        • JUN3.GR (Jungheinrich) -- reports 9M EBIT €320.2M vs year-ago €338.8M; reaffirms FY24 forecast

        • SIX2.GR (Sixt) -- reports Q3 Corporate EBITDA €300.1M vs FactSet €292.0M [1 est]; now sees FY EBT €340M vs prior guidance €340-390M and FactSet €356.9M

        • 1U1.GR (1&1 AG) -- reports 9M EPS €1.11 vs year-ago €1.44; lowers FY Service revenue guidance to €3.31B vs prior guidance €3.33B

        • GSC1.GR (GESCO SE) -- reports 9M EPS €0.51 vs year-ago €1.80

      • Southern Europe

        • NHH.SM (Minor Hotels Europe & Americas) -- reports Q3 net income €74.9M, +37% vs year-ago €54.6M

        • A2A.IM (A2A) -- reports 9M net income attributable €665M ex-items, +65% vs year-ago €402M; raises FY EBITDA and ordinary net income guidance

        • MB.IM (Mediobanca) -- reports Q1 net income €330.0M vs StreetAccount €315.8M; launches €385M share buyback programme

      • Nordics

        • EG7.SS (Enad Global 7) -- reports Q3 EPS SEK0.42 ex-items vs FactSet SEK0.24 [2 est, SEK0.20-0.28]

        • VAIAS.FH (Vaisala) -- releases presentation material in connection with its CMD

        • HYPRO.NO (HydrogenPro) -- reports Q3 net income (NOK38M) vs quarter-ago (NOK77M)

        • BOUV.NO (Bouvet) -- reports Q3 EPS NOK0.75 vs FactSet NOK0.64

        • BAHN.B.SS (Bahnhof) -- reports Q3 EPS SEK0.56 vs year-ago SEK0.55; reaffirms FY guidance

        • FLS.DC (FLSmidth & Co.) -- reports Q3 net income DKK289M vs FactSet DKK252.9M [8 est, DKK238-274M]; revises FY24 guidance

        • KID.NO (Kid ASA) -- reports Q3 EPS NOK1.73 vs FactSet NOK2.34

        • NORDH.NO (Nordhealth) -- reports Q3 net income (€0.8M) vs FactSet €0.9M

        • MANTA.FH (Mandatum) -- reports Q3 EPS €0.07 vs FactSet €0.08 [4 est, €0.05-0.10]; reaffirms 2024 outlook

      • Benelux

        • TWEKA.NA (TKH Group) -- Q3 trading update: EBITA ex-items €42.1M; (13.8%) organic decline y/y; adjusts FY24 EBITA guidance downward

      • France

        • VIL.FP (Viel & Cie) -- reports 9M revenue €879.7M, (9%) vs year-ago €807.9M

        • FORSE.FP (Forsee Power) -- reports Q3 revenue €28.7M vs year-ago €47.9M

      • Also due to report today includes

        • Earnings:

          • Benelux: OCI (OCI.NA), Kendrion (KENDR.NA)

          • DACHs: EnBW Energie Baden Wurttemberg (EBK.GR), Pentixapharm (PTP.GR), KSB & Co. (KSB.GR), OHB (OHB.GR), Formycon (FYB.GR), Verbio (VBK.GR), INDUS Holding (INH.GR), PVA TePla (TPE.GR), Medios (ILM1.GR), Leifheit (LEI.GR),

          • Nordics: Schouw & Co (SCHO.DC), Scandinavian Tobacco Group (STG.DC)

          • Southern Europe: De'Longhi (DLG.IM), Iren (IRE.IM), Italmobiliare (ITM.IM), FILA - Fabbrica Italiana Lapis ed Affini SpA (FILA.IM), The Italian Sea Group (TISG.IM), Toscana Aeroporti (TYA.IM), Equita Group (EQUI.IM), Sabaf (SAB.IM), B&C Speakers (BEC.IM), ACS, Actividades de Construccion y Servicios (ACS.SM)

          • UK: AstraZeneca (AZN.LN), Vodafone (VOD.LN), DCC (DCC.LN), Bank of Georgia Group (BGEO.LN), Oxford Instruments (OXIG.LN), Renewi (RWI.LN)

        • Trading Update: Royal Unibrew (RBREW.DC), DFDS (DFDS.DC), Grafton (GFTU.LN), secunet Security Networks (YSN.GR), Softing (SYT.GR), Figeac Aero (FGA.FP)

        • Traffic: Flughafen Zurich (FHZN.SW)

        • CMD/events: Marks & Spencer Group (MKS.LN), Husqvarna (HUSQ.B.SS)

    • M&A

      • ALL.AU (Aristocrat Leisure) -- to sell Plarium mobile gaming business to Modern Times Group for EV of up to $820M (A$1.25B/SEK8.90B)

      • ALL.AU (Aristocrat Leisure) -- Follow-up: Modern Times Group confirms to acquire the Plarium Global from Aristocrat Leisure

      • LHA.GR (Deutsche Lufthansa) -- Lufthansa reportedly on track to sign deal to acquire 41% stake in ITA Airways -- Bloomberg

      • NEOEN.FP (Neoen) -- rejects binding bid submitted by HMC for its Victorian portfolio - Australian Financial Review

      • CLA.FP (Claranova) -- Pursuit of the "One Claranova" Strategy With the Buyout of All PlanetArt Minority Interests

      • Australian Retirement Trust considering bid for stake in Canberra Data Centres - Australian Financial Review

    • Healthcare

      • LONN.SW (Lonza Group) -- to expand bioconjugation in Visp (CH) with two additional manufacturing suites

      • DBV.FP (DBV Technologies) -- to change ADS ratio to 1-to-5 from 1-to-1

      • SANN.SW (Santhera Pharmaceuticals Holding) -- Santhera Enters into Exclusive Supply agreement for AGAMREE (Vamorolone) with Ali Al Suwaidi Trading Establishment (ASTE) in Qatar

      • FYB.GR (Formycon) -- extends management contract for CEO Stefan Glombitza until 2027 and receives approval for trading in the Prime Standard

    • Other

      • STLAM.IM (Stellantis) -- initiated at In Line at Evercore ISI:

      • ENR.GR (Siemens Energy) -- Siemens Energy's Siemens Gamesa unit lands more than £1B (€1.20B) turbine contract from Iberdrola's ScottishPower

      • IVG.IM (Iveco Group) -- IDV signs preliminary agreement with Leonardo for defence sector supplies

      • October Komtrax North America data +6.1% y/y

  • Key rating changes

    • Upgrade

      • CRAYN.NO (Crayon Group Holding) -- to buy from hold at ABG Sundal Collier

    • Downgrade

      • NYKD.NO (Nykode Therapeutics) -- to hold from buy at ABG Sundal Collier

      • GSK.LN (GSK Plc) -- to hold from buy at Jefferies

  • Data

    • Nikkei (0.40%) to 39376.09

    • Hang Seng (3.19%) to 19774.38

    • Shanghai Composite (1.85%) to 3405.74

    • S&P futures (7.8) vs prior close of 6031.8

    • €-$ (0.0019) or (0.18%) to 1.0636

    • $-¥ +0.03 or +0.02% to 153.75

    • €-¥ (0.33) or (0.20%) to 163.48

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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