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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.39%), DAX (0.64%), CAC40 (0.41%)

Nov 26 ,2024

  • Synopsis

    • European equity market set to open lower amidst Asian equities turning mostly lower Tuesday. Risk off sentiment prevailing following Trump message on increased tariffs on Chinese exports. Japan boards, and Australia and South Korea benchmarks notably lower as local currencies sank.

    • Trump reignited trade tensions after announcing 10% tariffs on China above any additional tariffs, and 25% tariffs on Mexico and Canada, as part of his first executive orders upon taking office. Trump cited crime, drugs and illegal immigrants being facilitated through those countries. Comes day after markets welcomed Scott Bessent's nomination as Treasury Secretary amid thoughts he would help to moderate tariff implementation.

    • On today's agenda, on the political front, EU's von der Leyen participates in the EP plenary debate on the new College of Commissioners and its program. RTE's Prime Time hosts the final election campaign tv debate at 21:35GMT with leaders of the three largest political parties -Fine Gael, Fianna Fáil and Sinn Féin. Germany's Ministry of Economics' Industry Conf. speakers include Minister of Economics Habeck, BDI President Russwurm. Other events Tue include Forum Solar Plus 2024, speakers include Minister of Economics Habeck on the next necessary steps in the energy transition, The Economist hosting event title If 2024 was dramatic, what should you expect from 2025? and Handelsblatt Auto Summit (through Wed). First day of trading for LightOn (ALTAI.FP) on Euronext Growth Paris

    • In central banks, Riksbank's seminar at 8:30CET on neutral interest rates, speakers include Riksbank's Seim at 8:30CET. Bank of France's Villeroy speech at 9:00CET at ACPR and at 10:15 at Investir Day conf, whilst Bank of Portugal's Centeno speech at 10:00CET. Bank of Finland's Rehn speaks at 11:00CET at public hearing of parliamentary Finance Committee, ECB's McCaul speech at 11:00CET followed by Q&A at the EBF's Executive Committee Meeting. BOE's Benford panellist at 13:30GMT at Finextra NextGen conf. BOE's Pill before House of Lords Bank committee at 15:00GMT on the topic of economic inactivity: welfare and long-term sickness. Bank of Portugal releases its latest Financial Stability Report. Annual Bank of Lithuania Real Estate Conf.

    • Macro data releases include Sweden Oct PPI, Finland Oct unemployment rate, UK Nov distributive trades - CBI

    • In corporate news, Vienna Insurance Group (VIG.AV) reported 9M earnings and confirmed its FY24 positive outlook. In France, Trigano (TRI.FP) reported FY earnings and proposed a total dividend of €3.50 per share. In Nordics, AarhusKarlshamn (AAK.SS) announced an update of its 2030 Aspiration, ahead of tomorrow's CMD, whilst BICO Group (BICO.SS) and MPC Container Ships (MPCC.NO) reported Q3 earnings. Earnings/updates still due from the likes of Compass (CPG.LN) and Intertek (ITRK.LN)

    • In M&A, Roche (ROG.SW) to acquire Poseida Therapeutics (PSTX) for up to $13/share in cash, or $1.5B (CHF1.33B) in equity value. Bloomberg reported that Ørsted (IRSTED.DC) will launch sale of ~50% stake in Hornsea 3 UK wind farm project. In Italy, the FT reported that Generali (G.IM) and Natixis are exploring asset management tie-up.

  • Politics/Macro/World News

    • Trump Vows Tariffs on China, Mexico, Canada in First Trade Threat Since Election Win - Bloomberg

    • Europe Risks Losing More Jobs Over Energy Costs, ABB CEO Warns - Bloomberg

    • Relax Germany's debt brake, says Angela Merkel - FT

    • Marine Le Pen might be about to wreck the eurozone - Politico

    • Finland Oct Unemployment Rate 8.1% vs prior 8.1%

    • UK Nov shop price index (0.6%) y/y vs prior (0.8%) - BRC

  • Top company news

    • Earnings/updates

      • DACHs

        • QBY.GR (q.beyond) -- intends to raise EBITDA margin to at least 10% in medium term -- CMD

        • VIG.AV (Vienna Insurance Group) -- reports 9M PBT €666.5M vs year-ago €614M; confirms its FY24 positive outlook

      • France

        • TRI.FP (Trigano) -- reports FY net income €374.5M vs FactSet €365.9M [7 est, €319.9-385M]

      • Southern Europe

        • EXAE.GA (Hellenic Exchanges-Athens Stock Exchange) -- reports 9M net income €13.2M vs year-ago €9.6M

        • INC.IM (Innovatec) -- guides FY EBITDA €30-33M vs FactSet €38.5M [1 est] (Post EU close 25-Nov)

      • Benelux

        • ONWD.BB (Onward Medical) -- Q3 business update: cash and cash equivalents of €23.2M as of 30-Sep-24

      • Nordics

        • MPCC.NO (MPC Container Ships) -- reports Q3 Adjusted EPS $0.13 vs FactSet $0.13 [4 est, $0.12-0.13]; raises FY guidance

        • BICO.SS (BICO Group) -- reports Q3 EPS from cont. ops (SEK3.49) vs FactSet (SEK0.44)

        • IWS.NO (Integrated Wind Solutions) -- reports Q3 net income NOK2.6M vs year-ago (NOK0.6M)

        • JIN.NO (Jinhui Shipping & Transportation) -- reports Q3 EPS $0.07 vs year-ago ($0.07)

        • AAK.SS (AarhusKarlshamn) -- AAK announces update of its 2030 Aspiration, ahead of tomorrow's CMD

        • VOW.NO (Vow ASA) -- reports Q3 net income (NOK7.0M) vs year-ago (NOK66.5M)

      • Still due to report

        • Earnings:

          • France: Aramis Group (ARAMI.FP)

          • Nordics: Cadeler (CADLR.NO), Møns Bank (MNBA.DC)

          • UK: Compass Group (CPG.LN), LondonMetric Property (LMP.LN), Cranswick (CWK.LN), Renew Holdings (RNWH.LN), AO World (AO.LN), FD Technologies (FDP.LN), AB Dynamics (ABDP.LN), Halfords Group (HFD.LN), Vp (VP.LN), Helical (HLCL.LN), Brickability Group (BRCK.LN), Supreme (SUP.LN), Mercia Asset Management (MERC.LN), IG Design Group (IGR.LN), Accsys Technologies (AXS.LN), Intercede Group (ICP.LN), Topps Tiles (TPT.LN), Victoria (VCP.LN)

        • Trading Update: Intertek Group (ITRK.LN), Hill & Smith (HILS.LN), Safestore Holdings (SAFE.LN)

        • CMD/events: Axa (CS.FP), LANXESS (LXS.GR), Stratec (SBS.GR), Royal KPN (KPN.NA) ESG, Industrie De Nora (DNR.IM) sustainability, EXOR (EXO.IM), Teleperformance (TEP.FP), Adocia (ASDOC.FP)

    • M&A

      • ROG.SW (Roche) -- to acquire Poseida Therapeutics for up to $13/share in cash, or $1.5B (CHF1.33B) in equity value

      • ENR.GR (Siemens Energy) -- TPG has become the likely buyer of Siemens Energy's wind energy assets in India - Bloomberg

      • ORSTED.DC (Ørsted) -- said to launch sale of ~50% stake in Hornsea 3 UK wind farm project -- Bloomberg

      • MF.FP (Wendel) -- exploring sale of Stahl - Bloomberg

      • EAST.SS (Eastnine) -- acquires 46-storey office tower in Warsaw from Ghelamco for €280M

      • G.IM (Assicurazioni Generali) -- Generali, Natixis exploring asset management tie-up - FT (25-Nov, seemingly around 14:30 CET)

      • Multiple superannuation admin services businesses on the block - The Australian

    • Healthcare

      • ROG.SW (Roche Holding) -- Roche's Genentech update on the Phase III SKYSCRAPER-01 study, evaluating tiragolumab combined with Tecentriq (atezolizumab) compared to Tecentriq alone for patients with PD-L1-high, locally advanced or metastatic NSCLC

      • XVIVO.SS (Xvivo Perfusion) -- completes enrollment for U.S. clinical trial evaluating XVIVO's heart preservation technology

      • BICO.SS (BICO Group) -- subsidiary CELLINK announces further right-sizing and launches sharpened commercial agenda

    • Other

      • BA.LN (BAE Systems) -- awarded $212.1M US NAVY contract

      • NWG.LN (NatWest Group) -- SEC filing: SC 13D/A (Filed by HM Treasury)

      • AVOL.SW (Avolta) -- wins new ten-year contract; adds Manaus Airport to Brazil portfolio

      • Adani Green Energy clarifies that there is no new financial commitments under discussion with TotalEnergies and therefore its decision to halt new investments has no material impact

      • Nissan Motor seeking steady, long-term anchor investor for the next 12 months as Renault sells down its stake - FT

  • Key rating changes

    • Upgrades

      • COFA.FP (Coface) -- to buy from hold at Kepler Cheuvreux

      • DTE.GR (Deutsche Telekom) -- to outperform from neutral at Oddo

      • ENG.SM (Enagas) -- to neutral from underweight at JPMorgan

      • NXT.LN (Next) -- to outperform from sector perform at RBC Capital Markets

    • Downgrades

      • AVOL.SW (Avolta) -- to underweight from overweight at Barclays

      • AMUN.FP (Amundi) -- to neutral from outperform at BNP Paribas Exane

      • AMUN.FP (Amundi) -- to neutral from overweight at JPMorgan

      • HM.B.SS (H&M Hennes & Mauritz) -- to sector perform from outperform at RBC Capital Markets

      • ARIS.IM (Ariston Holding) -- to underweight from equal-weight at Morgan Stanley

      • NIBE.B.SS (NIBE Industrier) -- to underweight from equal-weight at Morgan Stanley

    • Initiations

      • GXI.GR (Gerresheimer) -- outperform at Bernstein

      • AMBU.B.DC (Ambu) -- market perform at Bernstein

      • WEIR.LN (Weir Group) -- hold at Kepler Cheuvreux

      • DWL.LN (Dowlais Group Plc) -- hold at Berenberg

      • IMI.LN (IMI) -- buy at Kepler Cheuvreux

      • SMN.LN (Smiths Group) -- buy at Kepler Cheuvreux

      • SPX.LN (Spirax Group) -- hold at Kepler Cheuvreux

    • Others

      • SGRO.LN (Segro) -- resumed overweight at Morgan Stanley

  • Data

    • Nikkei (0.87%) to 38442.00

    • Hang Seng +0.04% to 19158.35

    • Shanghai Composite (0.12%) to 3259.79

    • S&P futures +3.0 vs prior close of 6006.5

    • €-$ (0.0018) or (0.17%) to 1.0477

    • $-¥ (0.22) or (0.14%) to 153.98

    • €-¥ (0.52) or (0.32%) to 161.31

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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