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StreetAccount Summary - Europe Pre-Open: FTSE +0.2% , DAX +0.5%, CAC +0.5%, IBEX +0.5%, MIB +0.5%

Nov 25 ,2024

  • Synopsis

    • European equity markets set to open broadly higher. Last week, European equities booked their first weekly gain in five, as easing geopolitical tensions tempered recent selling pressure by the end of the week, even as sentiment remained broadly cautious amid weak economic data.

    • Focus on M&A in the Italian bank sector this morning as UniCredit (UCG.IM) launches €10B voluntary public exchange offer for for all ordinary shares of Banco BPM (BAMI.IM). The offer is independent from the investment made by UniCredit in the share capital of Commerzbank (CBK.GR). Elsewhere, Sky News reportd over the weekend that CVC Capital Partners (CVC.NA) and a major European broadcaster (which the article says is likely TF1) are examining whether or not to try to buy ITV (ITV.LN), and All3Media and Mediawan are also potential buyers.

    • In European political developments Austria's right-wing populist FPÖ became the strongest party in the state elections in Styria by a wide margin, with the vote happened in shadow of national coalition talks. In Greece, Sokratis Famellos has been elected the new leader of the left-wing SYRIZA party. In Germany, Olaf Scholz is expected today to be officially named to lead his centre-left Social Democrats into the snap elections in February, after Boris Pistorius last week ruled himself out of the race.

    • European macro data releases out today include Germany Nov Ifo survey, Spain Oct PPI, Finland Oct PPI

    • In central banks today, Bank of England Watchers' Conf, speakers/panellists include BOE's Lombardelli (9:00GMT), Dhingra (10:30), Bank of Spain's de Cos (13:00), ECB's Lane (16:30). Latvia central bank's Kazāks interview on the Latvian Television. Bank of Portugal's Centeno speech at 16:05CET at CNN Portugal International Summit, Portugal's PM Montenegro also among the speakers. Slovakia central bank publishes its latest Financial Stability Report. Bundesbank's Nagel panellist at 18:00CET at event hosted by ISM International School of Management. Central Bank of Ireland's Makhlouf speech at 20:00GMT at the annual dinner of Britain's Society of Professional Economists. In other events, there's CBI annual conf. in the UK, speakers include BOE's Bailey at 8:30GMT and Conservative Party leader Badenoch 13:30. European Economic Area Council meeting; EU's Šefčovič among the participants. EU's von de Leyen meets EP President Metsola as well as Chairs of the European People's Party Group, the Progressive Alliance of Socialists and Democrats and the Renew Europe Groups in the EP. Meeting of the G7 foreign ministers. Deadline for Bart De Wever to "break the deadlock" in the federal formation talks. Germany's Social Democrats (SPD) due to confirm will nominate Scholz as their lead candidate in the next election.

    • Earnings/updates due from companies including Kingfisher (KGF.LN), Trigano (TRI.FP), Nacon (NACON.FP), Hellenic Exchanges-Athens Stock Exchange (EXAE.GA), Fourlis Holdings (FOYRK.GA). Also of note, Roche Holding (ROG.SW) IR Digitalization Day

  • Macro/politics

    • Central banks

      • ECB policy should not remain restrictive for too long, chief economist Lane says -- Reuters

    • Germany

      • Scholz will on Monday be officially named to lead his centre-left Social Democrats into Germany's snap elections in February -- AFP

    • UK

      • Starmer Pledges 'Radical' Overhaul of Social Spending -- Bloomberg

      • UK property sector hit by fears of resurgent inflation -- FT

    • Austria

      • Right-wing populist FPÖ became the strongest party in the state elections in Styria by a large margin -- Welt, Reuters

    • Greece

      • Sokratis Famellos elected SYRIZA leader -- ekathimerini

      • PM Mitsotakis highlights social focus of 2025 state budget -- ekathimerini

  • Top company news

    • Earnings/updates

      • TTALO.FH (Terveystalo) -- raises FY Adjusted EBITA guidance to be 12.5-13.1% of revenue vs prior guidance 12.0-12.5%

    • M&A

      • BAMI.IM (Banco BPM) -- UniCredit to launch voluntary public exchange offer for for all ordinary shares of Banco BPM

      • CBK.GR (Commerzbank) -- Germany's Finance Minister does not expect UniCredit to proceed with plans for Commerzbank takeover - Reuters

      • ITV.LN (ITV) -- Parties once again looking at ITV - Sky News

      • ATO.FP (ATOS) -- receives non-binding offer from the French State to acquire its Advanced Computing activities; Subscription period of the ongoing rights issue to be extended

      • 2222.AB (Saudi Aramco) -- Aramco Digital in talks to take significant minority stake in Mavenir - Reuters

      • EU clears CDPQ's acquisition of 25% of UK's First Hydro Company

    • Healthcare

      • SAN.FP (Sanofi) -- confirms changes to 340B hospital drug discount program (roughly 16:00 ET/22:00 CET)

      • ROG.SW (Roche Holding) -- Roche receives FDA approval for first companion diagnostic to identify patients with biliary tract cancer eligible for HER2-targeted treatment with ZIIHERA

      • BBIO (BridgeBio Pharma) -- FDA approves Attruby (acoramidis) for adults with ATTR-CM

      • BBIO (BridgeBio Pharma) -- Follow-up: FDA approves Attruby (acoramidis) for adults with ATTR-CM

      • BBIO (BridgeBio Pharma) -- Attruby priced below Vyndaqel - STAT News

      • BICO.SS (BICO Group) -- repurchases convertible bonds with total nominal amount of SEK 118M

    • Other

      • CA.FP (Carrefour) -- threatened with boycott in Brazil -- BFMTV

      • TKA.GR (ThyssenKrupp) -- Independent auditors give positive going concern forecast for ThyssenKrupp's steel division - Der Spiegel

      • MT.NA (ArcelorMittal) -- delaying planned green investments in EU - Reuters

      • PRU.LN (Prudential) -- to commence share repurchase program for up to 2.8M ordinary shares

      • Estimated weekend box office revenues in US, Canada $204.1M, +76% y/y - Box Office Mojo

      • MEP Bernd Lange says EU and China are close to reaching agreement on EV tariffs - Reuters (22-Nov 20:01 GMT)

      • US thematics outperformed this week led by nuclear names and AI-enablers (22-Nov)

  • Key rating changes

    • Upgrades

      • EQNR.NO (Equinor) -- upgraded to overweight from equal weight at Barclays

      • Deutsche Bank upgrades AT1.GR, DWNI.GR

      • Deutsche Bank upgrades ALFA.SS, VWS.DC

      • Jefferies upgrades BTRW.LN, CRST.LN

      • Morgan Stanley upgrades III.LN, NDA.FI.FH, SAN.SM, and SHB.A.SS

      • JD.LN (JD Sports Fashion) -- to hold from sell at Deutsche Numis

      • BAMI.IM (Banco BPM) -- to outperform from neutral at Mediobanca

      • WEIR.LN (Weir Group) -- Weir Group transferred buy at Deutsche Numis; prior rating was hold

      • SOBI.SS (Swedish Orphan Biovitrum) -- to buy from hold at Danske Bank

    • Downgrades

      • ORSTED.DC (Ørsted) -- to neutral from buy at Goldman Sachs

      • KNEBV.FH (Kone) -- to underperform from sector perform at RBC Capital Markets

      • Morgan Stanley downgrades CABK.SM, INGA.NA

  • Data

    • Nikkei +1.30% to 38780.14

    • Hang Seng (0.22%) to 19187.90

    • Shanghai Composite (0.15%) to 3262.40

    • S&P futures +25.0 vs prior close of 5987.0

    • €-$ +0.0008 or +0.08% to 1.0483

    • $-¥ (0.02) or (0.01%) to 154.28

    • €-¥ +0.12 or +0.07% to 161.74

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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