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StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.11%, DAX30 (0.20%), CAC40 +0.12%

Nov 13 ,2024

  • Synopsis

    • European equity markets are set for a mixed-to-higher open amidst lower Asia equities almost everywhere Wednesday. Steepest losses in Seoul which now has SEC down more than 10% WTD to four-year low; Taiex also down but losses measured. More losses in Hong Kong as it skirts a key technical support level, mainland markets mixed. Both Japan boards lower, India falling to five-month low, Southeast Asia mixed with slim gains in places. US futures down.

    • EIA Short-Term Energy Outlook is due for release. In UK there's weekly PMQs at 12noon GMT, whilst Secretary of State for Transport before committee at 9:15. Chancellor Scholz receives the annual report of the German Council of Economic Experts at 12noon CET, then makes a government statement on the current situation in the German Bundestag, followed in the evening by a speech at the celebration to mark the 150th anniversary of the Steel Industry Assn. EU's von der Leyen, Dombrovskis and Gentiloni meet with Michel Barnier, PM of France. OMFIF event with Claudio Borio and Jean-Claude Trichet on the evolution of the global monetary system. Rebuild Ukraine conf (through Thu), Norway's energy minister Aasland among the participates.

    • In central banks, Riksbank release at 9:30CET the minutes from the last monetary policy meeting. BOE's Mann panellist at 9:30GMT as part of BNP Paribas' Global Markets Conf. Bank of Italy hosts ECONDAT 2024 Fall Meeting (through Thu).

    • On the macro front, France Q3 Unemployment Rate came in at 7.4% vs consensus 7.4% and prior 7.3% whilst Portugal Oct final CPI will be released later.

    • In earnings, DACHs region companies kicked off the session with results out from Siemens Energy (ENR.GR), Allianz (ALV.GR), RWE (RWE.GR), Stroer (SAX.GR) and SoftwareONE Holding (SWON.SW). In Benelux, ABN AMRO Bank (ABN.NA) reported Q3 net income €690M vs consensus €567M. In France, Nexans (NEX.FP) unveiled new strategic and financial ambitions for the next four years in connection with its CMD and targets ROCE above 20% by 2028 whilst Innate Pharma (IPH.FP) reported 9M revenue €10.2M vs year-ago €36.5M. Elsewhere, (H. Lundbeck (HLUN.B.DC) reported Q3 adj EPS DKK1.30 vs consensus DKK1.28 and raised the lower end of its FY24 guidance range whilst Yit (YIT.FH) announced a new strategy and financial targets for 2025-2029, introduces new segment structure. Flutter Entertainment (FLTR.LN) reported Q3 EPS $0.43 ex-items vs FactSet ($0.26).

  • Macro

    • ECB's Kazaks Says Base Scenario Is Lowering Rates Step by Step - Bloomberg

    • Reeves seeks reform of UK consumer redress in the financial services sector - FT

    • EU, Mercosur eye early-December trade deal, to France's dismay - Politico

    • France Q3 Unemployment Rate 7.4% vs consensus 7.4% and prior 7.3%

Top company news

  • Earnings/updates

    • Benelux:

      • ABN.NA (ABN AMRO Bank) -- reports Q3 net income €690M vs consensus €567M

    • DACHs:

      • ENR.GR (Siemens Energy) -- reports Q4 EPS (€0.34) vs FactSet (€0.20) [6 est, (€0.50)-0.28]

      • ALV.GR (Allianz) -- reports Q3 core net income €2.53B vs consensus €2.42B; expects FY24 operating profit to be in upper half of target range of €14.8B, +/- €1B

      • RWE.GR (RWE) -- reports 9M adjusted net income €1.64B vs consensus €1.56B; slightly improves earnings expectations for 2024

      • SWON.SW (SoftwareONE Holding) -- reports final Q3 earnings inline with preliminary release; confident in achieving recently revised FY guidance

      • TEG.GR (TAG Immobilien) -- reports 9M FFO I €0.74 vs year-ago €0.76; reaffirms 2024 guidance, issues initial guidance for 2025

      • BDT.GR (Bertrandt) -- reports restructuring and impairment to affect preliminary figures for Q4 and FY 2023/24; provides preliminary Q4 EBIT (€113M) vs FactSet (€25.1M) [2 est, (€46)-(4.1M)]

      • FRA.GR (Fraport) -- reports Oct Frankfurt Airport traffic statistics: ~5.7M passengers, +0.3% y/y

      • YPSN.SW (Ypsomed Holding) -- reports prelim H1 EBIT from cont ops CHF65.3M vs year-ago CHF45.5M

      • PBB.GR (Deutsche Pfandbriefbank) -- reports Q3 net income €37M vs year-ago €8M

      • TNIE.GR (tonies) -- reports Q3 revenue €95.3M, +21% vs year-ago €78.8M; guidance for FY 2024 confirmed

      • VOE.AV (Voestalpine) -- reports H1 net income €183M, (43%) vs year-ago €321M

      • AG1.AV (Auto1 Group) -- reports Q3 adjusted EBITDA €34.3M vs year-ago €0.5M; raises FY gross profit and adj. EBITDA guidance

      • R3NK.GR (Renk Group) -- reports Q3 adjusted EBIT €43M vs FactSet €40.3M [2 est, €36.8-43.8M]; on good track to achieve annual targets

      • SAX.GR (Stroer) -- reports Q3 adj EBITDA €156.5M vs StreetAccount €149.8M; FY24 guidance unchanged

    • France:

      • NEX.FP (Nexans) -- unveils new strategic and financial ambitions for the next four years; targets ROCE above 20% by 2028 - CMD

      • ITP.FP (Interparfums) -- says 2025 sales should reach €910 to 930M (FactSet €955.4M) with operating margin once again exceeding 19%

      • IPH.FP (Innate Pharma) -- reports 9M revenue €10.2M vs year-ago €36.5M

      • ALVU.FP (Vente-Unique.com) -- reports Q4 revenue €46.1M, +6% vs year-ago €43.3M

    • Nordics:

      • HLUN.B.DC (H. Lundbeck) -- reports Q3 adj EPS DKK1.30 vs consensus DKK1.28; raises lower end of its FY24 guidance range

      • YIT.FH (Yit) -- announces new strategy and financial targets for 2025-2029, introduces new segment structure - CMD

      • STG.DC (Scandinavian Tobacco Group) -- reports Q3 EPS DKK4.10 ex-items vs FactSet DKK4.30 [1 est]

      • RANA.NO (Rana Gruber) -- reports Q3 adjusted EPS NOK2.41 vs FactSet NOK2.31 [3 est, NOK2.03-2.47]

      • YUBICO.SS (Yubico) -- reports Q3 EPS SEK0.91 vs year-ago (SEK1.34)

      • BGBIO.NO (BerGenBio) -- reports Q3 EPS (NOK0.63) vs FactSet (NOK1.34) [1 est]

      • RANA.NO (Rana Gruber) -- releases presentation material in connection with its CMD

      • ELON.SS (Elon) -- reports Q3 EPS SEK0.65 vs year-ago SEK0.74 (

    • Southern Europe:

      • ACS.SM (ACS SA) -- reports 9M EPS €2.36 vs year-ago €2.22

    • UK:

      • FLTR.LN (Flutter Entertainment) -- reports Q3 EPS $0.43 ex-items vs FactSet ($0.26) [5 est, ($0.96)-0.45]

  • M&A

    • EXN.FP EU clears CD&R and Permira's acquisition of Exclusive Networks

    • YPSN.SW (Ypsomed Holding) -- decides to initiate the sale of Diabetes Care

    • TKWY.NA (Just Eat Takeaway.com) --

      • Food delivery startup Wonder in advanced talks to acquire Grubhub from Just Eat Takeaway.com -- wires

      • Follow-up: Just Eat Takeaway.com enters into definitive agreement to sell Grubhub Inc. to Wonder Group, Inc. for an enterprise value of $650M

    • RIVN (Rivian) -- and Volkswagen Group announce the launch of their joint venture

    • UNIR.IM (UniEuro) -- Fnac Darty and Ruby announces final result of the reopening of the tender period for UniEuro in line with preliminary result

    • SQI.FP (SQLI SA) -- DBAY Advisors (through Synsion BidCo) holds 93.53% of the capital and 91.45% of the theoretical voting rights of SQLI SA as at 8-Nov

    • SPR (Spirit AeroSystems) -- and Airbus reportedly close to deal on new funding, changes to payment terms -- Bloomberg

    • VOD.LN (Vodafone Group) -- Swisscom offers second set of remedies to Italy's antitrust authority to win approval for acquisition of Vodafone Italia - Reuters

    • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- Spain's CNMC to analyse BBVA/SABADELL merger in second phase

    • SW.FP (Sodexo) -- to acquire CRH Catering; terms not disclosed

    • ANA.SM (Acciona) -- Corporación Acciona Energías Renovables completes sale of 175MW of hydro assets in Spain to Elawan Energy for €293M

    • AERO.SW (Montana Aerospace) -- completes divestment of the e-mobility segment

  • Healthcare

    • SIGHT.FP (GenSight Biologics) -- Announces Submission of LUMEVOQ Dossier to ANSM to Prepare for Restart of Early Access Program in France

    • GSK.LN (GSK Plc) -- GSK's Ojjaara (momelotinib) approved in Canada for treatment of myelofibrosis in adults with moderate to severe anemia

    • SAN.FP (Sanofi) -- FDA grants orphan drug designation to SAR443579 for acute myeloid leukemia

  • Other

    • PEN.NO (Panoro Energy) -- signs production sharing contract for block EG-23 offshore equatorial guinea

    • BOAT.SS (Nimbus Group) -- board resolves on a fully guaranteed rights issue of SEK 356M

    • IMCD.NA (IMCD) -- places 2.1M new shares at €141.5/share through JPMorgan

    • UBSG.SW (UBS Group) -- US pursuing inquiry into Russian clients UBS took on when it bought Credit Suisse - Reuters

    • ASM.NA (ASM International) -- notes end of discussions regarding possible privatization of ASMPT

    • RWE.GR (RWE) -- decides on share buyback program with volume of up to €1.5B

    • SGSN.SW (SGS) -- announce addition of AMA Analytical Services to its network of environmental testing laboratories in North America

    • IMCD.NA (IMCD) -- to raise ~ €300M of gross proceeds in an accelerated bookbuilding offering of new ordinary shares through J.P. Morgan, HSBC and Rabobank

    • FHZN.SW (Flughafen Zuerich) -- reports Oct traffic statistics

    • KOG.NO (Kongsberg Gruppen) -- awarded fixed price NOK10B contract from US Navy for Naval Strike Missiles over a five-year period

    • TEG.GR (TAG Immobilien) -- plans to resume dividend payments; expects to propose a dividend ~€0.40/share at the next AGM in May-25

    • MAIRE.IM (MAIRE) -- MAIRE's Nextchem awarded licensing and process design package to apply its NX Stami Nitrates technology for a nitric acid plant in Mexico (post EU close 12-Nov)

    • Spirit AeroSystems announces second amended and restated memorandum of agreement with Airbus

Key rating changes

  • Upgrades

    • AZN.SS (AstraZeneca) -- buy from sell at Nordea

    • Keefe, Bruyette & Woods upgrades SLHN.SW; downgrades AGS.BB, BALN.SW, STB.NO

    • VIT.B.SS (Vitec Software Group) -- buy from hold at ABG Sundal Collier

    • Jefferies upgrades AI.FP, BAS.GR; downgrades EVK.GR, SDF.GR, SY1.GR

    • ELE.SM (Endesa) -- to buy from hold at HSBC

  • Downgrades

    • NESTE.FH (Neste) -- neutral from outperform at Santander

    • BNP Paribas Exane downgrades IP, SMDS.LN

    • DHL.GR (DHL Group) -- to equal weight from overweight at Barclays

  • Initiations

    • RNO.LN (Renold) -- buy at Shore Capital Stockbrokers

    • Kepler Cheuvreux initiates CCC.LN, SCT.LN; downgrades BC8.GR, SWON.SW

    • BMPS.IM (Banca Monte dei Paschi di Siena) -- buy at HSBC

  • Other Actions

    • IBST.LN (Ibstock) -- transferred buy at Deutsche Numis; prior rating was hold

Data

  • Nikkei (1.66%) to 38721.66

  • Hang Seng (0.50%) to 19747.43

  • Shanghai Composite +0.38% to 3434.83

  • S&P futures (16.5) vs prior close of 6013.0

  • €-$ (0.0010) or (0.09%) to 1.0614

  • $-¥ +0.41 or +0.26% to 155.03

  • €-¥ +0.29 or +0.18% to 164.53

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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