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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.43%, DAX +0.44%, CAC40 +0.33%

Nov 21 ,2024

  • Synopsis

    • European equity markets are set to open in positive territory amidst Asian equities mixed Thursday. Benchmarks in China, Korea, Taiwan and Australia little changed. Japan underperforming. India slightly higher though Adani stocks seeing heavy selling. US contracts peeling lower afterhours following NVDA's earnings. Bonds mixed with JGB and Treasury yields boxed in 1-2 bp range. Yen turning higher against dollar, AUD also edging up. Crude and gold logging mild gains. Bitcoin continues to push higher, topping $96K.

    • On the political front, UK's OBR's latest commentary on the public sector finances. Germany's Ministry of Finance releases its latest monthly report. Further on today's agenda, EU trade ministers' meeting as well as EU's von der Leyen speech at the Trilateral Business Forum and EU's Reynders participates in the European Business Summit. In UK, there's MPs question on transport at 9:30GMT, whilst Sec. of State at Ministry of Defence is before a committee at 10:30. LEE conf on renewable energies. Norway's defence minister Gram attends NORDEFCO - consists of Denmark, Finland, Iceland, Norway and Sweden, meeting in Copenhagen.

    • In central banks, Norges Bank publishes its latest expectation survey at 10:00CET. Bundesbank press conf at 11:00CET for the 2024 Financial Stability. ECB's Buch speech at 12:45CET at CEBRA International Finance and Macroeconomics conf. ECB's Lane panellist at 16:30CET at research conf organised by Netherlands central bank, Knot opening remarks at 9:00 and ECB's Elderson speech at 16:30CET at the Univ. of Cyprus. SNB's Tschudin and Moser speak at 18:30CET at Money Market Event. Bank of France's Villeroy speaks at 6:25CET at Paris Europlus Financial Forum 2024 whilst Netherlands central bank's Knot speech at 9:00CET at Annual DNB Research Conf. ECB's Cipollone remarks at 9:30CET at the Euro Cyber Resilience Board for pan-ECRB meeting. Austria central bank's Holzmann speech at 9:30CET at bank hosted event in Vienna. Bank of Spain's Escriva speaks at 10:00CET in Spanish Parliament.

    • Macroeconomic releases include: France Nov business confidence, Eurozone Nov flash consumer confidence, Norway Q3 GDP, UK Sep public sector borrowing, Netherlands Oct unemployment rate. Also, European Automobile Manufacturers' Association (ACEA) Oct new passenger car registrations for EU + EFTA + UK.

    • In corporate news, Novartis (NOVN.SW) upgrades its mid-term sales guidance to +6% CAGR 2023-2028 and +5% 2024-2029 ahead of its CMD. Zurich Insurance Group (ZURN.SW) on track to exceed all of its 2023-5 targets one year ahead of schedule. In France, SOITEC (SOI.FP) reported yesterday after the close H1 earnings including net income €14M vs FactSet €21M and confirmed FY'25 revenue and EBITDA guidance. Elsewhere, Ion Beam Applications (IBAB.BB) provided a business update this morning for Q3, said profitability maintained with positive REBIT expected for year end. MFE-MEDIAFOREUROPE (MFEB.IM) reports 9M net income €96.2M, +35% vs year-ago €71.0M.

  • Politics/Macro/World News

    • How the European parliament reached a deal on the new commission - FT

    • Second von der Leyen era on track to start Dec. 1 - Politico

    • Ukraine fires UK-supplied Storm Shadow missiles at Russia for first time - BBC

    • ECB's Villeroy sees no big inflation hit from Trump tariffs - Bloomberg

    • Netherlands Oct Unemployment Rate 3.7% vs consensus 3.6% and prior 3.7%

  • Top company news

    • Earnings/updates

      • DACHs

        • NOVN.SW (Novartis) -- upgrades mid-term sales guidance to +6% CAGR 2023-2028 and +5% 2024-2029 -- CMD

        • ZURN.SW (Zurich Insurance Group) -- on track to exceed all of its 2023-5 targets one year ahead of schedule

        • BAER.SW (Julius Baer Group) -- IMS: AuM at CHF 480B, + 12% y/y, vs StreetAccount CHF476.4B; expects FY24 IFRS net profit will significantly exceed one achieved in FY23

        • SBO.AV (Schoeller-Bleckmann Oilfield Equipment) -- reports Q3 EPS €0.60 vs FactSet €0.98 [1 est]

        • D6H.GR (Datagroup) -- reports preliminary FY EBIT €45.8M vs prior guidance €43-46M and FactSet €45.0M [6 est, €43-52M]

        • UQA.AV (UNIQA Insurance Group) -- reports 9M net income €264M vs year-ago €248M

      • France

        • SOI.FP (SOITEC) -- reports H1 net income €14M vs FactSet €21M [2 est, €17-25M]; confirms FY'25 revenue and EBITDA guidance

        • TE.FP (Technip Energies) issues FY25 and FY8 medium term targets -- CMD

      • Southern Europe

        • OPAP.GA (Greek Organisation of Football Prognostics) -- reports Q3 adjusted net income €126.2M vs FactSet €110.3M

        • MFEB.IM (MFE-MEDIAFOREUROPE) -- MFE-MEDIAFOREUROPE's CEO says 9M financial results were significantly better than all expectations in an interview on TG5

          • reports 9M net income €96.2M, +35% vs year-ago €71.0M

        • IGD.IM IGD SIIIQ presents new 2025-27 business plan

      • Benelux

        • IBAB.BB (Ion Beam Applications) -- Q3 business update: profitability maintained with positive REBIT expected for year end

        • GIMB.BB (Gimv) -- reports H1 NAVPS €55.6; Preparing for a capital increase

    • M&A

      • ULVR.LN (Unilever) -- shelves private equity sale process for its ice cream division -- FT

      • DBK.GR (Deutsche Bank) -- invests in German AI company Aleph Alpha; terms undisclosed

      • SAB.SM (Banco de Sabadell) -- BBVA presents measures to CNMC in order to facilitate prompt authorization for combination with Banco Sabadell

      • EXN.FP (Exclusive Networks) -- CD&R and Permira announce they have obtained all regulatory approvals to complete proposed acquisition of Exclusive Networks

      • RBT.FP (Robertet) -- DSM-Firmenich AG divests all of its stake in Robertet S.A.; terms undisclosed

      • UQA.AV (UNIQA Insurance Group) -- to sell all of UNIQA's shareholding in SIGAL UNIQA Group Austria to Avni Ponari, founder and minority shareholder of SIGAL Group Austria

    • Healthcare

      • ROG.SW (Roche Holding) -- NICE recommends crovalimab (Piasky) for paroxysmal nocturnal haemoglobinuria in people 12 years and over

      • BGBIO.NO (BerGenBio) -- appoints Olav Hellebø as CEO, effective 21-Nov-24

    • Other

      • ALO.FP (Alstom) -- implements liquidity contracts on its share

      • SOI.FP (SOITEC) -- announces Frédéric Lissalde to succeed Christophe Gégout as Chairman effective 1-Mar-25

      • ACKB.BB (Ackermans & Van Haaren) -- and the Delen family confirm their long-term partnership with updated shareholder arrangements in respect of Delen Private Bank and Bank J. Van Breda & Co

      • LAND.SW (Landis+Gyr Group) -- appoints Peter Mainz as the new CEO effective immediate; succeeds Werner Lieberherr

      • BAER.SW (Julius Baer Group) -- notes new CEO Stefan Bollinger to start on 9-Jan-25

  • Key rating changes

    • Upgrades

      • CRST.LN (Crest Nicholson Holdings) -- to add from hold at Peel Hunt

      • LOGN.SW (Logitech International) -- to neutral from sell at UBS

      • RHM.GR (Rheinmetall) -- to buy from hold at Deutsche Bank

    • Downgrades

      • DOKA.SW (dormakaba Holding) -- to hold from buy at Kepler Cheuvreux

    • Initiations

      • ATG.LN (Auction Technology Group) -- underperform at Jefferies

      • SUNN.SW (Sunrise) -- buy at Deutsche Bank

  • Data

    • Nikkei (0.85%) to 38026.17

    • Hang Seng (0.31%) to 19643.05

    • Shanghai Composite (0.14%) to 3363.20

    • S&P futures (11.0) vs prior close of 5937.8

    • €-$ +0.0002 or +0.02% to 1.0546

    • $-¥ (0.75) or (0.48%) to 154.68

    • €-¥ (0.74) or (0.45%) to 163.13

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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