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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.16%, DAX +0.37%, CAC40 +0.11%

Nov 28 ,2024

  • Synopsis

    • European equity markets are set to open higher amidst Asian equities trading mixed Thursday. Japan boards recovering some recent losses but still well within three-month long range. Australia's ASX reaching record highs for second time this week. South Korea and Taiwan barely changed. Greater China reversing some of yesterday's gains but off their lows. India lower, Southeast Asia mostly lower. US futures trading higher. US dollar consolidating overnight losses, yen weakening slightly, other Asia currencies steady. Treasury yields lower across tenors, JGB yields lower, CGB yields nearing record lows, South Korea sovereign yields at eight-month low post BOK decision. Crude prices down, precious metals steeply lower following overnight dollar move. Industrials steady.

    • On today's agenda, EU ministers responsible for the internal market and industry will hold a half-day meeting. There's also a meeting of General Affairs Council (Cohesion). In Spain, ANFAC will present at 10:00CET the results of the 2024 edition of the barometer on autonomous and connected vehicles. Also taking place today, German Sustainability Day Congress and Politico hosts Financial Services UK summit (speakers)

    • In central banks, Estonia central bank's seminar at 9:30CET on a study on the topic "Consumer price rigidity in the Baltic states during periods of low and high inflation". Latvia central bank's Krasovska panellist at ECOM'21. ECB's Elderson introduction remarks at 14:00CET at event organised by NatureFinance and the ECB. Riksbank's Bunge speech at 14:30CET at the Chamber of Commerce's General Council meeting and ECB's Lane speech at 18:00CET at 25th anniversary of Euro 50 Group at Banque de France. Bank of Spain publishes latest Financial Stability Review.

    • Macroeconomic releases today include: Germany Nov preliminary CPI, Italy Nov business/consumer confidence, Oct PPI, Spain Nov preliminary CPI, Sweden Oct trade balance, Denmark Oct retail sales, Eurozone Nov economic sentiment, Oct M3 money supply, Belgium Nov CPI, Ireland Nov preliminary HICP, Oct retail sales, PPI, UK Oct car production - SMMT.

    • In corporate news, Uniper (UN0.GR) announced yesterday after the close it now expects FY24 adjusted net income €1.5B-1.8B vs prior guidance €1.1B-1.5B and FactSet €1.30B. Also in the DACH region, PharmaSGP Holding (PSG.GR) confirmed this morning 9M prelim numbers as of 14-Nov. ADLER Group (ADJ.GR) also released 9M numbers. Rational (RAA.GR) is hosting its CMD/event today. In France, Covivio (COV.FP) announces strategic priorities for 2030 ahead of its CMD. Out of the Nordics, Hexagon Purus (HPUR.NO) reports Q3 earnings and Better Collective (BETCO.SS) completes €20M share buyback program.

    • On M&A front, the board of Direct Line Group (DLG.LN) concluded non-binding proposal from Aviva (AV.LN) to acquire the group was highly opportunistic and substantially undervalued the company.

  • Politics/Macro/World News

    • Why von der Leyen's deregulation drive has Brussels confused - FT

    • Commission plans to slash EU embassy staff around the world - Politico

    • UK services sector sentiment falls at fastest pace in two years, CBI say - Reuters

    • UK car output drops for eighth straight month in October, data shows - Reuters

    • UK Oct car manufacturing (15.3%) y/y to 77,484 units, SMMT - release

    • Trump says he had "wonderful conversation" with Mexican President Sheinbaum on migration issue - Truth Social

  • Top company news

    • Earnings/updates

      • DACHs

        • UN0.GR (Uniper) -- guides FY24 adjusted net income €1.5B-1.8B vs prior guidance €1.1B-1.5B and FactSet €1.30B

        • FYB.GR (Formycon) -- reports 9M adjusted EBITDA €2.9M vs year-ago €3.5M

        • CAI.AV (CA Immobilien Anlagen) -- reports 9M FFO I €86.50M vs year-ago €82.70M

        • ADJ.GR (ADLER Group) -- reports 9M FFO I (€88.0M) vs year-ago (€8.0M)

        • PSG.GR (PharmaSGP Holding) -- confirms 9M prelim numbers as of 14-Nov with adjusted EBITDA €27.0M vs year-ago €24.7M

      • France

        • QDT.FP (Quadient) -- reports Q3 revenue €263M vs FactSet €262.9M [3 est, €255.7-270M]; confirms FY guidance

        • COV.FP (Covivio) -- announces strategic priorities for 2030 -- CMD

        • RCO.FP (Remy Cointreau) -- reports H1 Adjusted net income €113.0M vs StreetAccount €75.2M

      • Southern Europe

        • OHLA.SM (Obrascon Huarte Lain) -- reports 9M net income (€58.3M) vs year-ago €14.2M

      • Nordics

        • HPUR.NO (Hexagon Purus) -- reports Q3 adjusted net income (NOK149M) vs FactSet (NOK142.7M)

        • VTURA.NO (Ventura Offshore Holding) -- reports Q3 net income $26.3M vs FactSet $10.2M [3 est, $3-23.6M]

    • M&A

      • DLG.LN (Direct Line Insurance Group) -- Aviva confirms submission of non-binding proposal to acquire Direct Line Insurance Group

        • Direct Line Insurance Group responds to proposal by Aviva

      • TENERGY.GA (Terna Energy) -- Abu Dhabi Future Energy Co's (Masdar) acquisition of Terna Energy expected to close on 28-Nov

      • GRF.SM (Grifols) -- board announces termination of acquisition discussions with Brookfield

      • IDS.LN (International Distribution Services) -- EP Group's purchase of International Distribution Services could be confirmed within two weeks - BBC

      • TIFS.LN (TI Fluid Systems) -- ABC Technologies nearing agreement to acquire TI Fluid Systems - Bloomberg

      • SQI.FP (SQLI SA) -- Synsion BidCo notes implementation of squeeze-out of shares of SQLI following simplified public tender offer

    • Healthcare

      • GALD.SW (Galderma Group) -- Galderma's Phase III OLYMPIA 1 Data Published in JAMA Dermatology Demonstrate That Nemolizumab Improves Core Signs and Symptoms of Prurigo Nodularis

    • Other

      • VIV.FP (Vivendi) -- notes filing of interim injunction by 0.025% shareholder CIAM to postpone the 9-Dec-24 general shareholders' meeting

      • SKA.B.SS (Skanska) -- carries out site preparation for upcoming neighborhood in Stockholm, Sweden, for about SEK 300M

      • ENAV.IM (ENAV) -- signs a contract with a new client, the Civil Aviation Authority of Nepal (post EU close 27-Nov)

  • Key rating changes

    • Upgrades

      • KRZ.ID (Kerry Group) -- to buy from hold at Deutsche Numis

      • SSE.LN (Scottish and Southern Energy) -- to buy from hold at Deutsche Numis

      • 8TRA.GR (TRATON) -- to outperform from neutral at BNP Paribas Exane

      • ASSA.B.SS (Assa Abloy) -- to outperform from neutral at BNP Paribas Exane

      • EPI.A.SS (Epiroc) - to neutral from underperform at BNP Paribas Exane

    • Downgrades

      • ALFA.SS (Alfa Lava) -- to underperform from neutral at BNP Paribas Exane

    • Initiations

      • G1A.GR (GEA Group) -- overweight at Barclays

  • Data

    • Nikkei +0.56% to 38349.06

    • Hang Seng (1.18%) to 19371.11

    • Shanghai Composite (0.10%) to 3306.36

    • S&P futures +7.5 vs prior close of 6015.0

    • €-$ (0.0015) or (0.14%) to 1.0553

    • $-¥ +0.42 or +0.28% to 151.53

    • €-¥ +0.21 or +0.13% to 159.87

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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