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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.2%, DAX +0.2%, CAC +0.2%

Nov 18 ,2024

  • Synopsis

    • European equity markets set to open broadly higher after last week's losses when the Stoxx Europe 600 fell (0.7%). European equity markets struggled again with the Stoxx 600 down for the fifth week as markets continue to digest the implications of a Trump victory, which had a big influence wider sentiment and notable sector moves.

    • The week ahead sees G20 leaders' summit, Bundesbank's latest monthly report, meeting of The SNB and its Watchers, Eurozone, France, Germany, UK Nov preliminary manufacturing/services PMIs, UK Oct inflation data, Eurozone Oct final CPI as well as earnings from Halma (HLMA.LN), Imperial Brands (IMB.LN), Sonova Holding (SOON.SW) and The Sage Group (SGE.LN). In the US, NVDA due to report this week. Through the week there are a number of the region's leading companies with CMD/events.

    • European macro data releases out today include Spain Sep trade balance, Eurozone Sep trade balance

    • Companies in focus this morning include Enel (ENEL.IM) as it announces 2025-27 strategy; reaffirms 2024 guidance, also ACCIONA Energía (ANE.SM) reaches an agreement with Endesa (ELE.SM) to sell Corporación Acciona Hidráulica for €1B. The Times reports that Cinven and Triton Partners are among those that have bid for £1B Kantar Media; article adds that the auction of Kantar Media is expected to lay the foundations for a multibillion-pound sale of the wider Kantar Group, in which WPP Group (WPP.LN) holds a 40% stake.

    • In central banks today: Bundesbank's Nagel speech at 9:00CET at event at Center for Advanced Research in Finance, Tokyo Univ. ECB's de Guindos speech at 9:00CET during Euro Finance Week. Other speakers include CEOs from Deutsche Bank (DBK.GR), Commerzbank (CBK.GR). BOE's Bailey panellist at 9:00GMT at the Informa RiskMinds International conf. Bank of Ireland's Makhlouf speech at 9:00GMT at Financial Systems conf in Dublin. Other speakers/panellists include President of the Eurogroup Donohoe at 9:15 and Bank of Spain's de Cos 9:55. ECB Financial Stability Review pre-release at 10:00CET. Bundesbank's Mauderer speech at 10:30CET during Euro Finance Week. ECB's Lane speech at 14:00CET at Bank of Italy- SUERF conf whilst ECB's Buch speaks at 15:00CET at ECON Hearing before EP Committee and ECB's Lagarde speech at 19:00CET at "Les Essentiels des Bernardins". BOE's Greene and Croatia central bank's Vujčić speak at 18:30GMT at London School of Economics. Bundesbank Monthly Report. Elsewhere, G20 leaders' summit in Rio de Janeiro (through Tue). Meeting of EU foreign ministers. Meeting of EU agriculture ministers. Also an informal meeting of EU ministers responsible for demography.. In Ireland, there's a general election Party leaders' tv debates at 21:35GMT; Upfront with Katie Hannon (RTE). EU's Schinas speech at the Madrid Investment Forum.

  • Macro/politics

    • UK

      • Home-Sellers Offer Large Discounts After Budget Disappoints -- Bloomberg

      • Government could force pension funds to invest more in UK assets -- FT

      • Keir Starmer to hold talks with Xi Jinping -- FT

    • Germany

      • German Greens pick Economy Minister Habeck to lead snap election campaign -- POLITICO

    • France

      • French Budget Heads Toward Game of Chicken With Le Pen -- Bloomberg

  • Top company news

    • Earnings/updates

      • ORA.FP (Orange) -- contests measures taken by PNF concerning a VAT allocation dispute for 2017-2019

      • ENEL.IM (Enel) -- Group announces 2025-27 strategy; reaffirms 2024 guidance; announces 2027 financial targets

      • GET.FP (Getlink) -- updates on the return to service at ElecLink operations

      • DKSH.SW (DKSH Holding) -- DKSH sets strategic priorities of growth, margin expansion, and accelerated M&A at its capital markets day 2024; reconfirms its outlook for 2024

      • SALM.NO (Salmar) -- reports Q3 EPS NOK2.20 vs FactSet NOK3.78 [11 est, NOK1.21-5.33]

      • Also reporting today

        • Earnings:

          • Nordics: Nanoform Finland (NANOFH.FH)

          • Southern Europe: Solaria Energia (SLR.SM)

          • UK: Big Yellow Group (BYG.LN), Polar Capital Holdings (POLR.LN), Sirius Real Estate Ltd. (SRE.LN)

        • Trading Update: thyssenkrupp nucera (NCH2.GR), Freelance.com (ALFRE.FP)

        • Traffic: Aeroports de Paris ADP (ADP.FP)

        • CMD/events: Rheinmetall (RHM.GR), Vivendi (VIV.FP) Canal+, webcast on Canal+ web site, Daimler Buses (DTG.GR) eMobility Days

    • M&A

      • ELE.SM (Endesa) -- confirms agrees to acquire Corporación Acciona Hidráulica

      • ANE.SM (Corporación Acciona Energías Renovables) -- ACCIONA Energía reaches an agreement with Endesa to sell Corporación Acciona Hidráulica for €1B (enterprise value)

      • UNIR.IM (UniEuro) -- Fnac Darty provides update on the acquisition of UniEuro

      • HALO (Halozyme Therapeutics) -- to finance proposed takeover of Evotec in cash - Bloomberg

      • WPP.LN (WPP Group) -- Private equity firms vie to acquire Kantar Media - Sunday Times

      • GRF.SM (Grifols) --Brookfield is considering an offer of €10.5 per share to delist Grifols - El Confidencial (€11.13)

      • TKA.GR (ThyssenKrupp) -- to list TKMS by beginning of 2026 - Welt am Sonntag

      • EN.FP (Bouygues) -- completes acquisition, from La Poste group and SFR, of La Poste Telecom

      • LWAY (Lifeway Foods) -- confirms receipt of revised unsolicited acquisition proposal from Danone

      • Cineworld in early stages of considering New York IPO; H1/26 seen as likely timing - Sky News

    • Healthcare

      • NOVN.SW (Novartis) -- releases statement on outcome of pCPA negotiations for metastatic castration resistant prostate cancer treatment PLUVICTO

      • ROG.SW (Roche Holding) -- Roche receives CE Mark for VENTANA FOLR1 (FOLR1-2.1) RxDx Assay as the first IHC-based companion diagnostic to identify ovarian cancer patients eligible for ELAHERE

      • IPN.FP (Ipsen) -- announces Bylvay (odevixibat) data shows sustained improvement in severe itch and serum bile acid levels in patients with PFIC and ALGS

      • IVA.FP (Inventiva) -- to present data from the final analysis of the Phase 2 study evaluating the combination of lanifibranor with empagliflozin in patients with MASH and T2D at AASLD

      • FYB.GR (Formycon) -- issues press release on EMA's CHMP's recommending approval of Baiama

    • Other

      • KER.FP (Kering) -- may name Cedric Charbit CEO of Yves St Laurent - Bloomberg

      • RR.LN (Rolls-Royce Holdings) -- Rolls-Royce evaluating commercial opportunities for its micro nuclear reactor - FT, citing executive

      • PRU.LN (Prudential) -- completes share buyback program

      • INW.IM (Infrastrutture Wireless Italiane) -- cancels 28.3M treasury shares without reduction of share capital

      • VTY.LN (Vistry Group) -- Questions arise about Vistry chair/CEO Greg Fitzgerald's extracurricular moneymaking - Sunday Times

      • FUR.NA (Fugro) -- announces launch of €50M buyback program

      • RECSI.NO (REC Silicon) -- announces qualification material of ultra-high purity polysilicon clears customs

      • FRAS.LN (Frasers Group) -- to name director Jon Thompson to succeed David Daly as chairman - Sky News (15:47 GMT, 15-Nov)

      • APPS.SM (Applus Services) -- shares to remain suspended until the definitive removal from trading upon completion of acquisition by Amber EquityCo

      • INTRUM.SS (Intrum) -- initiates court-supervised process in the U.S. to implement its recapitalisation transaction

      • Estimated weekend box office revenues in US, Canada $71.6M, (38%) y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • HSBC upgrades HAS.LN, STEM.LN

      • Mediobanca upgrades LLOY.LN, NWG.LN

      • AD.NA (Koninklijke Ahold Delhaize) -- to buy from hold at HSBC

      • ASRNL.NA (ASR Nederland) -- to buy from neutral at UBS

      • SCR.FP (SCOR SE) -- to outperform from market perform at Keefe, Bruyette & Woods

      • ENC.SM (ENCE Energia y Celulosa) -- to buy from hold at Jefferies

      • BAVA.DC (Bavarian Nordic A/S) -- to buy from hold at Carnegie Securities

    • Downgrades

      • EQNR.NO (Equinor) -- to sell from hold at DnB Markets

      • PAH3.GR (Porsche Automobil Holding SE) -- to reduce from hold at HSBC

      • BZU.IM (Buzzi SpA) -- to hold from buy at Berenberg

    • Other Actions

      • TLW.LN (Tullow Oil) -- transferred overweight at Barclays; prior rating was overweight

  • Data

    • Nikkei (1.09%) to 38220.85

    • Hang Seng +0.63% to 19548.68

    • Shanghai Composite (0.01%) to 3330.34

    • S&P futures +17.5 vs prior close of 5896.5

    • €-$ +0.0012 or +0.12% to 1.0546

    • $-¥ (0.09) or (0.06%) to 154.44

    • €-¥ +0.10 or +0.06% to 162.86

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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