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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.04%, DAX30 (0.08%), CAC40 (0.27%)

Nov 27 ,2024

  • Synopsis

    • European equity markets are set for a weaker open amidst mixed Asian markets. Nikkei under pressure and Kospi weaker but gains for greater China and ASX. US equity futures little changed.

    • Downbeat tone for European markets pinned on uncertainty relating to Trump tariff plans. While Trump warned of additional 10% tariffs on Chinese goods and 25% levy on products from Mexico and Canada when he enters office, did not specifically mention Europe. Some takeaways have viewed it as a negotiating tactic, but prospect of broader tariffs remains after vowing to address unfair trade practices. Commentary on the European equity market outlook has also remained cautious given the risks to growth outlook and earnings outlook.

    • Sweden hosts Nordic-Baltic PMs' meeting (through Thu), Poland's PM Tusk will also attend. Jörg Kukies, state secretary at the German Chancellery, discusses Germany's comprehensive growth initiative for improving competitiveness, energy prices and security of supply at 14:30CET at event hosted by OMFIF. Bruegel hosts event title UK-EU Cooperation on energy and climate: Opportunities and practical solutions. UK government announced statutory levy on gambling operators to generate £100M and new online slot stake limits of £5 per spin for adults aged 25 and over and £2 per spin for 18-24 year olds

    • In central banks, Norges Bank's publishing latest Financial Stability Report at 9:00CET whilst Riksbank's Jansson speech at 8:30CET at the Chamber of Commerce and Industry of Southern Sweden. BOE's D Bailey remarks ay 15:15GMT at Climate Financial Risk Forum Symposium. ECB's Lane and BOE's Pill speeches at 19:00CET at event organised by the ECB in Frankfurt.

    • On the macro front, Germany Dec consumer confidence - GfK, France Nov consumer confidence, Norway Oct unemployment rate and Switzerland Nov ZEW expectations are due to be released.

    • In earnings, Aroundtown (AT1.GR) reported Q3 EPS €0.09 vs year-ago (€0.07) whilst Neoen (NEAON.FP) anticipates FY 2024 adjusted EBITDA €475-490M vs prior guidance €530-560M. In the Nordics, Norsk Hydro (NHY.NO) released an update ahead of its CMD saying it is advancing on its 2030 strategy to seize opportunities from the green transition whilst Elekta (EKTA.B.SS) reported Q2 EPS SEK0.63 ex-items vs StreetAccount SEK0.78.

    • Elsewhere, Aston Martin (AML.LN) will raise gross proceeds of ~£210M through a proposed equity placing of £110M and issue of £100M of additional senior secured notes whilst also updating FY24 and FY25 outlook and mid-term FY2027/28. Avolta (AVOL.SW) won a significant tender at John F. Kennedy International Airport and confirmed medium-term targets and reaffirms positive outlook.

    • In M&A, El Economista reported Air Europa is negotiating the sale of 20% stake to Air France-KLM (AF.FP) and it aims to find a potential industrial partner.

  • Politics/Macro/World News

    • Job boom creates Swiss immigration headache for EU trade talks - Reuters

    • French PM Barnier: A 'serious storm' is on the horizon if the French government falls - politico

    • Europe Set for Coldest Winter Since Ukraine War, Posing Energy Risk - Bloomberg

    • US trade tariffs would pose risk to economic growth, top BoE official warns - FT

    • EU opts for risky wait-and-see approach to Trump presidency - politico

    • Online slots gambling to be limited to £5 per spin - BBC

Top company news

  • Earnings/updates

    • DACHs:

      • AVOL.SW (Avolta) -- wins significant tender at John F. Kennedy International Airport; confirms medium-term targets and reaffirms positive outlook

      • AT1.GR (Aroundtown) -- reports Q3 EPS €0.09 vs year-ago (€0.07)

    • France:

      • ARAMI.FP (Aramis Group) -- announces strategic roadmap and financial targets for 2027 - CMD

      • NEOEN.FP (Neoen) -- anticipates FY 2024 adjusted EBITDA €475-490M vs prior guidance €530-560M

    • Nordics:

      • EKTA.B.SS (Elekta) -- reports Q2 EPS SEK0.63 ex-items vs StreetAccount SEK0.78

      • STOR.B.SS (Storskogen) -- expects 2025-2027 adj EBITA margin above 10% (LTM) -- CMD

      • NHY.NO (Norsk Hydro) -- advancing on its 2030 strategy to seize opportunities from the green transition - CMD

      • AGAS.NO (Avance Gas Holding) -- reports Q3 EPS ex-gain on sale $0.34 vs FactSet $0.26 [4 est, $0.19-0.36]

      • GSF.NO (Grieg Seafood) -- reports Q3 EPS (NOK0.3) vs FactSet (NOK1.94) [9 est, (NOK2.45)-(1.48)]

      • SVEAF.SS (Sveafastigheter) -- reports Q3 EPS (€1.69), no year-ago figure provided

      • DDRIL.NO (Dolphin Drilling) -- reports Q3 EPS ($0.10) vs FactSet ($0.06) [4 est, ($0.07)-(0.05)]

    • UK:

      • AML.LN (Aston Martin Lagonda Global Holdings) -- updates on FY24 and FY25 outlook and mid-term FY2027/28

  • M&A

    • IAG.LN (IAG.LN) Air Europa is negotiating the sale of 20% stake to Air France-KLM; aims to find a potential industrial partner - El Economista

    • TTGT (TechTarget) -- announces shareholder approval for combination with Informa Tech's digital businesses

    • FNAC.FP (Fnac Darty) -- announces that the European Commission has today unconditionally authorized the acquisition of Unieuro

    • ACAD (Acadia Pharmaceuticals) -- announces exclusive license agreement with Saniona for SAN711

    • TEP.FP (Teleperformance) -- TP announces acquisition of 'ZP Better Together'; price not disclosed

    • REC.IM (Recordati) -- Angelini Pharma in talks over potential combination with Recordati - Bloomberg (26-Nov, 14:44 CET)

    • SAB.SM (Banco de Sabadell) -- European Commission concludes review of BBVA and Banco Sabadell transaction under European Foreign Subsidies Regulation without raising any objections

    • EQT.SS (EQT AB) -- EQT divests stake in Parcel2Go

    • RHC.AU (Ramsay Health Care) -- refuses to commit to sale of offshore assets despite investor pressure - Australian Financial Review

    • NEOEN.FP (Neoen) -- Follow-up: Neoen anticipates FY 2024 adjusted EBITDA €475-490M vs prior guidance €530-560M

    • MARI.AV (Marinomed Biotech) -- AG signs agreement for sale of Carragelose business to French Unither Pharmaceuticals

  • Healthcare

    • NOVN.SW (Novartis) -- announces Kisqali receives European Commission approval in a broad population of patients with HR+/HER2- early breast cancer at high risk of recurrence

    • ABT (Abbott Labs) -- Judge in Missouri infant formula case denies Abbott Labs' motions for new trial, reduce damages -- Seeking Alpha

    • AZN.LN (AstraZeneca) -- NICE recommends AstraZeneca's Wainua to treat hereditary transthyretin-related amyloidosis

    • IDIA.SW (Idorsia) -- enters into exclusive negotiations for global rights to aprocitentan; will receive exclusivity fee of $35M; ~270 positions globally could become redundant

    • VLA.FP (Valneva) -- submits Label Extension Application for its Chikungunya Vaccine, IXCHIQ, to the U.S. FDA

  • Other

    • SHLF.NO (Shelf Drilling, Ltd.) -- CEO Greg O'Brien purchases 250K shares -- filing

    • ULVR.LN (Unilever) -- exited Russia because it didn't see a window into the near future where it would regain control of the business - Bloomberg

    • MT.NA (ArcelorMittal) -- provides update on European decarbonization plans (26-Nov, pre-EU open)

    • RR.LN (Rolls-Royce Holdings) -- awarded $695.3M US Navy contract

    • GALP.PL (Galp Energia SGPS) -- decides not to move forward with Aurora project

    • SPM.IM (Saipem) -- awarded offshore EPCI contract by BP in Indonesia

    • AML.LN (Aston Martin Lagonda Global Holdings) -- Aston Martin today announces its intention to raise gross proceeds of ~£210M through a proposed equity placing of £110M and a proposed issue of £100M of additional senior secured notes

    • Anglo American South Africa sold 17.5M shares of Anglo American Platinum at a price of ZAR548.00/share through Goldman Sachs, Morgan Stanley and Rand Merchant Bank

    • UK government to bring forward statutory levy on gambling operators to generate £100M; confirms online slot stake limits

Key rating changes

  • Upgrades

    • JPMorgan upgrades CCH.LN, ESSITY.B.SS, HEN3.GR; downgrades CCEP, CCEP.NA

    • EQNR.NO (Equinor) -- buy from hold at Berenberg

    • Jefferies upgrades EDPR.PL; downgrades EDP.PL

    • Keefe, Bruyette & Woods upgrades AV.LN; downgrades G.IM

    • Morgan Stanley upgrades NESN.SW, NSRGY

    • DLG.LN (Direct Line Insurance Group) -- to outperform from neutral at BNP Paribas Exane

    • MELE.BB (Melexis) -- to neutral from sell at UBS

    • OPM.FP (OPmobility) -- to overweight from neutral at JPMorgan

    • SYENS.BB (Syensqo) -- to equal weight from underweight at Barclays

    • VOLV.B.SS (Volvo) -- to overweight from neutral at JPMorgan

  • Downgrades

    • TTE.FP (TotalEnergies) -- to neutral from outperform at BNP Paribas Exane

    • BOO.LN (boohoo Group) -- to hold from buy at Jefferies

    • TYRES.FH (Nokian Renkaat) -- to underweight from neutral at JPMorgan

  • Initiations

    • LONN.SW (Lonza Group) -- buy at Redburn Atlantic

    • NKT.DC (NKT A/S) -- neutral at Oddo

    • HUH1V.FH (Huhtamaki) -- buy at Deutsche Bank

    • PUIG.SM (Puig Brands) -- overweight at Barclays

  • Other Actions

    • CABP.LN (CAB Payments Holdings) -- reinstated equal weight at Barclays

Data

  • Nikkei (0.80%) to 38134.97

  • Hang Seng +1.36% to 19420.57

  • Shanghai Composite +1.21% to 3299.14

  • S&P futures +0.3 vs prior close of 6038.3

  • €-$ (0.0009) or (0.09%) to 1.0478

  • $-¥ (0.94) or (0.61%) to 152.14

  • €-¥ (1.17) or (0.73%) to 159.43

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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