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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.40%), DAX30 (0.44%), CAC (0.20%)

Nov 15 ,2024

  • Synopsis

    • European indices are set to open lower as Asian equities trade mixed. Greater China markets mixed post economic data with Hang Seng holding on to slim gains but mainland benchmarks slipping again. Modest gains For Japan, Australia, South Korea and Taiwan.

    • US equities finished lower in Thursday trading, ending near worst levels. Major indices on track to post weekly declines. Today, laggards included pharma (vaccine names hit on RFK nod for HHS), biotech, managed care, A&D, oil services, road/rail, steel, commodity chemicals, REITs, and small-caps. Big tech was mixed

    • S&P futures (28.0) to 5,950.3, (0.47%) vs settlement

    • Friday sees, in central banks, Portugal central bank's latest official bulletin whilst Austria central bank hosts seminar with Katharina Bergant, IMF, at 11:00CET, title Cross-border Spillovers: How US Financial Conditions affect M&As Around the World. ECB's McCaul panellist at 12:30CET at event organised by EBA, ESMA and EIOPA. ECB's Lane moderates panel ay 16:00CET as part of the G7 Finance Track events organised by Banca d'Italia. ECB's Cipollone panellist at 16:15CET at CER Ditchley Park conf. EU Commission releases its latest economic forecasts

    • Economic data due today: France Oct final CPI, Italy Oct final CPI, Sep trade balance, Norway Oct trade balance, Sweden Oct unemployment rate, Switzerland Oct PPI

    • Notable earnings reports so far today include: (TOKMAN.FH) Tokmanni Group. (VK.FP) Vallourec reports Q3 EPS €0.30 vs FactSet €0.18 [1 est]; confirms FY guidance. (MRL.SM) MERLIN Propertie. (MOL.IM) Moltiply Group. (AGN.NA) Aegon. (VK.FP) Vallourec

    • UK earnings due: Land Securities Group (LAND.LN), Volex (VLX.LN), Record (REC.LN). (G.IM) Assicurazioni Generali

    • CMD/events: AstraZeneca (AZN.LN) Health Equity Event at 13:00GMT.

  • Politics/Macro/World News

    • In echo of Soviet era, Russians are informing on each other over Ukraine (Reuters)

    • UK must offer Trump concessions on China to avoid tariffs says trade committee chair (FT )

  • Top company news

    • Earnings/updates

      • AGN.NA (Aegon) -- reports Q3 Operating capital generation (before holding funding & op. exp.) €336M vs consensus €295.5M; raises FY Operating capital generation (before holding funding & op. exp.) to around €1.2B vs prior guidance €1.1B

      • CTEC.LN (ConvaTec Group) -- responds to LCDs in the US

      • ANA.SM (Acciona) -- provides Q3 trading update

      • CGCBV.FH (Cargotec) -- sells MacGregor business to funds managed by Triton for enterprise value of €480M; plans to change company name from to Hiab; announces CEO change

      • COL.SM (Inmobiliaria Colonial SOCIMI) -- reports Q3 EPRA EPS €25.9cts/sh vs year-ago €23.8cts/sh

      • ANE.SM (Corporación Acciona Energías Renovables) -- ACCIONA Energía provides Q3 trading update

      • RENE.PL (Redes Energeticas Nacionais SGPS) -- reports 9M adjusted net income €82.9M, (12%) vs year-ago €94.5M

      • CANTA.SS (Cantargia) -- reports Q3 EPS (SEK0.23) vs year-ago (SEK0.46)

      • DEQ.GR (Deutsche EuroShop) -- reports 9M FFO per share €1.57 vs year-ago €1.74

      • ACKB.BB (Ackermans & Van Haaren) -- reports Q3 trading update; expects slightly higher level of rental income over FY24 vs FY23

      • GVS.IM (GVS SpA) -- reports 9M adjusted net income €28.9M vs year-ago €28.8M; updates FY guidance

      • NLFSK.DC (Nilfisk Holding) -- reports Q3 EPS €0.20 vs FactSet €0.30 [1 est]; reaffirms FY24 guidance; removes two financial targets for FY26

      • SOLG.LN (SolGold) -- reports Q2 EPS (0.3cps) vs year-ago (0.2cps)

      • ELN.IM (El.En.) -- reports Q3 EBIT €16.7M vs year-ago €12.9M; reaffirms FY guidance

      • EVS.BB (EVS Broadcast Equipment) -- reports Q3 business update; reaffirms 2024 expectations

      • GEO.IM (Geox) -- reports 9M revenue €525.5M, (10%) vs year-ago €582.0M

      • GEO.IM (Geox) -- Follow-up: Geox reaffirms forecasts FY sales target as mid single digit reduction y/y, operating margin to increase +50 bps y/y - slides

    • M&A

      • TKWY.NA (Just Eat Takeaway.com) -- Grubhub founder Matt Maloney twice tried to buy the company back from Just Eat Takeaway with private equity backing for over $1B - FT, citing Maloney

      • LUN.CN (Lundin Mining) -- Boliden closing in on deal to acquire Lundin Mining's two European mines - Bloomberg (14:03 ET)

      • BESI.NA (BE Semiconductor Industries) -- Betaville reports rumors BE Semiconductor Industries has attracted takeover interest (earlier)

      • BESI.NA (BE Semiconductor Industries) -- says does not comment on market rumors, remains committed to execution of strategic plan as independent company

      • ENGI.FP (ENGIE) -- SembCorp Industries completes acquisition of 30% interest in Senoko Energy from ENGIE Global Developments for SG$96M

      • AMUN.FP (Amundi) -- acquires aixigo to accelerate the deployment of technological solutions to distributors of savings products. Terms were no disclosed

      • CGCBV.FH (Cargotec) -- sells MacGregor business to funds managed by Triton for enterprise value of €480M; plans to change company name from to Hiab; announces CEO change

      • Software company Diligent's PE owners reportedly exploring options including potential sale of the company -- Reuters

      • ONGC-NTPC JV offers $650M (INR54.89B) for Ayana Renewable - Reuters

    • Healthcare

      • REGN (Regeneron) -- FDA accepts resubmission of sBLA for Regeneron's Dupixent to treat CSU

      • SAN.FP (Sanofi) -- announces Sarclisa recommended for EU approval by the CHMP to treat transplant-ineligible newly diagnosed multiple myeloma

      • UCB.BB (UCB) -- announces presentation of new two-year data confirming a sustained clinical response for the IL-17A and IL-17F inhibitor bimekizumab-bkzx

      • SDZ.SW (Sandoz Group) -- receives EU Commission approval for Afqlir (aflibercept); received CHMP positive opinion in Sep

    • Other

      • VOLV.B.SS (Volvo) -- releases presentation material in connection with its CMD

      • KINV.B.SS (Kinnevik) -- reports board chair James Anderson will not stand for re-election in 2025

      • MRL.SM (MERLIN Properties SOCIMI) -- proposes an interim dividend of €0.18/share (gross) (post EU close 14-Nov)

      • NEOEN.FP (Neoen) -- wins 164 MWp of solar projects in France

      • RBT.FP (Robertet) -- holder DSM-Firmenich initiates accelerated book-building process aimed at selling shares representing 5% of Robertet's capital to institutional investors.

  • Key rating changes

    • Upgrades

      • Barclays upgrades IHG.LN; downgrades WTB.LN

      • BRBY.LN (Burberry Group) -- to neutral from sell at UBS

      • CVC.NA (CVC Capital Partners) -- to outperform from neutral at BNP Paribas Exane

      • DSV.DC (DSV A/S) -- to outperform from neutral at BNP Paribas Exane

      • NKT.DC (NKT A/S) -- to buy from hold at Danske Bank

      • ORSTED.DC (Ørsted) -- to hold from sell at DnB Markets

      • SUBC.NO (Subsea 7) -- to buy from hold at Danske Bank

    • Downgrades

      • BOSS.GR (Hugo Boss) -- to Add from Buy at Baader Helvea (15:50 CET)

      • CARL.B.DC (Carlsberg) -- to underweight from equal weight at Barclays

    • Initiations

      • ACLN.SW (Accelleron Industries) -- outperform at Oddo (timing uncertain)

  • Data

    • Nikkei +0.28% to 38642.91

    • Hang Seng +0.14% to 19462.95

    • Shanghai Composite (0.89%) to 3349.87

    • S&P futures (32.5) vs prior close of 5978.3

    • €-$ +0.0022 or +0.21% to 1.0553

    • $-¥ (0.13) or (0.09%) to 156.14

    • €-¥ +0.16 or +0.10% to 164.72

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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