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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.41%, DAX +0.15%, CAC40 +0.2%

Nov 19 ,2024

  • Synopsis

    • European equity set to open higher amidst Asian equities trading mostly higher Tuesday. China equities extending November underperformance that has been attributed to combination of stimulus headline disappointment, persistent economic weakness, and post-US election trade/geopolitical tensions. Expected growth hit from Trump tariffs prompting strategists to turn more cautious on 2025 outlook, underscoring importance of policy support in offsetting negative impact.

    • Dollar index pulled back from around two-year high following post-election run higher as market moved to price in shallower Fed easing cycle amid dampened disinflation momentum. However, also gave rise to concerns dollar rally has become overstretched after speculative net long contracts reached highest since July.

    • On today's agenda, in the UK Post Office Horizon scandal: fast and fair redress at 14:30. EU's Kyriakides attends the Politico Healthcare Summit whilst EU's McGuinness speech at the ECSDA (European Central Securities Depositories Assocation) Post Trade Conf. In Finland, PM Orpo holding a discussion event at 14:00CET concerning attracting and keeping growing companies to the country (release). Elsewhere, Swiss Re (SREN.SW) due to releases its latest Global Economic and Insurance Market Outlook.

    • In central banks, Riksbank's Breman speech at 8:15CET on current monetary policy and the economic situation at event organised by Varbergs Sparbank. ECB's Elderson at 9:45CET at 10th Green Finance conf. Croatia central bank's Vujčić speaks at 10:45GMT at event in London organised by OMFIF. Bundesbank publishes its latest monthly report at 12noon CET whilst Bundesbank's Mauderer speech at 14:00CET at event hosted by Vietnam Advisors and Balz speech at 17:45CET at event hosted by Haus und Grundeigentum, Hannover. At 18:30GMT, the London School of Economics hosts event title Central and Eastern Europe's prospects for euro adoption. Estonia central banks publishes Financial Stability Review at 10:00CET. Hungary central bank interest rate decision. In UK, the Passenger Railway Services (Public Ownership) Bill continues its passage through parliament, whilst committee topics include BOE Monetary Policy Reports at 10:15 GMT (BOEs Bailey, Lombardelli, external members Mann, Taylor).

    • Macro data releases include Switzerland Oct trade balance (and monthly watch data), Eurozone Oct final CPI, Austria Oct final CPI, UK Nov house price index - Rightmove

    • In Corporate news, In the DACHs region, Sonova Holding (SOON.SW) and ThyssenKrupp (TKA.GR) reported H1/FY earnings, with the latter proposing a distribution of €0.15 per share vs consensus €0.15. Also in DAHCs, Nestle (NESN.SW) issued a presentation ahead of its CMD today presenting an action plan and indicated that it expects medium-term organic sales growth of +4% plus with an underlying operating profit margin of 17.0% plus vs prior target of 17.5-18.5%. Nestlé also to put waters, premium beverages into a standalone business, to look at options, potential partnerships. In Benelux, Greenyard (GREEN.BB) reported H1 earnings and confirmed its FY guidance.

    • In Southern Europe, Mota-Engil SGPS (EGL.PL) issued a 9M trading update and indicated it was on track to reach 2026 strategic targets, whilst CaixaBank (CABK.SM) released a presentation for its 2025-2027 strategic plan. In Nordics, Schibsted (SCHA.NO) and Embracer Group (EMBRAC.B.SS) released a presentation in connection with their respective CMD today. Other notable companies due to update investors today include Imperial Brands (IMB.LN), Diploma (DPLM.LN), GB Group (GBG.LN), and Avon Technologies (AVON.LN) are reporting earnings, whilst SGS (SGSN.SW) and Vivendi (VIV.FP) CMD event are due.

  • Politics/Macro/World News

    • Retailers say national insurance rise makes job losses inevitable - The Times

    • EU to demand technology transfers from Chinese companies - FT

    • Macron lambasts G20 failures, makes veiled digs at Trump - Politico

    • Europe's Defense Spending May Need to Nearly Double - Bloomberg

  • Top company news

    • Earnings/updates

      • DACHs

        • NESN.SW (Nestle) -- CMD update; presents action plan, confirms FY guidance, expects medium term organic sales growth +4% plus with underlying operating profit margin 17.0% plus

          • Nestlé's water and premium beverages activities will become a global standalone business; new management will evaluate the strategy for this business and this will include exploring partnership opportunities to enable Nestlé's iconic brands and growth platforms to achieve their full potential.

        • SOON.SW (Sonova Holding) -- reports H1 EBITA CHF325.2M ex-items vs consensus CHF341.3M; reaffirms FY guidance

        • TKA.GR (ThyssenKrupp) -- reports FY EPS €2.42 vs StreetAccount €0.08 (unclear if comparable)

        • SPG.GR (Springer Nature) -- reports 9M revenue €1.37B vs year-ago €1.38B

        • NCH2.GR (thyssenkrupp nucera) -- reports preliminary Q4 and FY results; EBIT below prior year, but slightly better than expected

        • TTR1.GR (technotrans) -- reports 9M EBIT €7.6M vs year-ago €10.1M

        • F3C.GR (SFC Energy) -- reports 9M EPS €0.46 vs year-ago €0.36

      • Nordics

        • SCHA.NO (Schibsted) -- Marketplaces to present financial targets and focused capital allocation policy for the new company -- CMD

        • FSECURE.FH (F-Secure) -- updates its medium-term financial targets and dividend policy -- CMD

        • EMBRAC.B.SS (Embracer Group) -- intends to contribute €400M to Asmodee, presents Asmodee's financial targets, dividend policy, net financial debt

        • MAS.NO (Måsøval) -- reports Q3 EPS (NOK0.47) vs FactSet (NOK0.24)

        • EWIND.NO (Edda Wind) -- reports Q3 EPS €0.00 vs FactSet €0.00

        • SYNSAM.SS (Synsam) -- reports Q3 EPS SEK0.44 vs FactSet SEK0.71

        • MAHA.A.SS (Maha Energy) -- reports Q3 EPS ($0.25) vs year-ago ($0.02)

      • Southern Europe

        • CABK.SM (CaixaBank) -- 2025-27 strategic plan

        • SLR.SM (Solaria Energia) -- reports 9M net income €57.1M, (34%) vs year-ago €86.4M

        • EGL.PL (Mota-Engil SGPS) -- Trading Update: Reports 9M EBITDA €609M, +11% vs year-ago €551M; On track to reach 2026 strategic targets

        • FNM.IM (FNM) -- approves the 2024-2029 strategic plan; Adj. EBITDA projected to grow to ~€320M by 2029 (post EU close 18-Nov)

        • EDR.SM (eDreams ODIGEO) -- reports Q2 adjusted net income €5.5M vs FactSet €7.9M; On course to achieve long-term guidance

      • France

        • ADP.FP (Aeroport de Paris) -- reports Total Paris Aeroport Oct traffic 32.5M, +6.5% y/y

      • UK

        • BYG.LN (Big Yellow Group) -- reports H1 EPRA EPS 28.0p vs FactSet 30.0p [2 est, 29.6-30.3p]

      • Benelux

        • FLOW.NA (Flow Traders) -- reports October 2024 market statistics

        • GREEN.BB Greenyard reports H1 EPS €0.01 vs year-ago €0.13

      • Also due to report today includes

        • Earnings:

          • DACHs: Sto & Co. (STO3.GR), M1 Kliniken (M12.GR),

          • Nordics: AMSC (AMSC.NO), Integrated Wind Solutions (IWS.NO), H+H International (HH.DC)

          • UK: Imperial Brands (IMB.LN), Diploma (DPLM.LN), GB Group (GBG.LN), Avon Technologies (AVON.LN), Trifast (TRI.LN), Calnex Solutions (CLX.LN), Manolete Partners (MANO.LN), CML Microsystems (CML.LN), Gear4music (G4M.LN), Revolution Beauty Group (REVB.LN)

        • Traffic: VINCI (DG.FP)

        • CMD/events: SGS (SGSN.SW) (day 1), Vivendi (VIV.FP) Havas, webcast on Havas web site, Endesa (ELE.SM), Symrise (SY1.GR), Marshalls (MSLH.LN), DNB (DNB.NO), FNM (FNM.IM)

    • M&A

      • CBA.AU (CBA) -- to assess whether to sell down stake in Klarna - The Australian

      • TRN.IM (TERNA Rete Elettrica Nazionale) -- completes third closing for the sale of Group's South American power transmission activities

      • EGL.PL (Mota-Engil SGPS) -- completes the sale of its 28.73% stake in Cardel - Poza Rica concession for €66M (post EU close 18-Nov)

      • AUTN.SW (Autoneum Holding) -- to acquire 70% shares of Chinese automotive supplier Jiangsu Huanyu Group for ~CHF75M

      • RBLN.B.DC (Roblon) -- reports preliminary FY24 revenue DKK346M vs prior guidance DKK370M; provides FY25 guidance & status of divestment of US subsidiary

      • ACR.NO (Axactor) -- to sell Spain non-performing loan portfolios for £83M; expects negative revaluation of remaining portfolios in Q4

    • Healthcare

      • UCB.BB (UCB) -- UCB, biogen present data from Phase 3 PHOENYCS GO study of DZP

      • IPH.FP (Innate Pharma) -- announces publication in Science Immunology of preclinical data demonstrating the potential of NK cell engager IPH6501

      • GRAL (GRAIL, Inc.) -- announces first patient tested with blood-based assay in global phase 3 adjuvant lung cancer study

      • ACTI.SS (Active Biotech) -- completes oversubscribed rights issue, raising SEK43.4M vs SEK35M target

    • Other

      • KER.FP (Kering) -- announces appointment of Cédric Charbit as CEO of Saint Laurent and Gianfranco Gianangeli as CEO of Balenciaga, effective 2-Jan-25.

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin North America awarded $108.2M Defense Logistics Agency contract

      • PGHN.SW (Partners Group Holding) -- Partners Group updates on growth equity strategy

      • ENG.SM (Enagas) -- announces gross interim dividend per share of €0.4 corresponding to year 2024

      • Energy Resources of Australia completes Entitlement Offer Shortfall Bookbuild; no new shares issued

      • Mahindra & Mahindra talks with Skoda Auto Volkswagen India for JV at impasse - Economic Times

      • Regional Gaming Revenues - New Jersey October 2024

  • Key rating changes

    • Upgrades

      • COLO.B.DC (Coloplast) -- to hold from reduce at HSBC, we're told (earlier, timing uncertain)

      • INVE.B.SS (Investor) -- to buy from hold at SEB

      • SBB.B.SS (Samhällsbyggnadsbolaget i Norden) -- to buy from hold at Arctic Securities

    • Downgrades

      • HUSQ.B.SS (Husqvarna) -- to sell from hold at SEB

    • Initiations

      • BZU.IM (Buzzi SpA) -- hold at Stifel

      • OPM.FP (OPmobility) -- underperform at Bernstein

  • Data

    • Nikkei +0.51% to 38414.43

    • Hang Seng +0.46% to 19667.49

    • Shanghai Composite +0.31% to 3334.08

    • S&P futures +7.8 vs prior close of 5920.0

    • €-$ (0.0004) or (0.04%) to 1.0596

    • $-¥ (0.20) or (0.13%) to 154.47

    • €-¥ (0.28) or (0.17%) to 163.67

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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