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StreetAccount Summary - Europe Pre-Open: FTSE +0.1%, DAX (0.1%), CAC (0.2%)

Nov 29 ,2024

  • Synopsis

    • European equity markets set to open mixed. Recall US markets were closed Thursday for Thanksgiving and are due to close 1PM ET on Friday. Focus in Europe today on eurozone inflation data, Irish general election, as well as ongoing budget/government developments in France.

    • Asian equities trading mixed Friday. Yen strength the big story in FX markets with USDJPY reaching fresh one-month low following hot Tokyo CPI. . US-Japan rate dynamics remain a prominent talking point with markets pricing in more than 60% chance of BOJ rate hike and Fed rate cut next month. However, also thoughts currency swings being exacerbated by thin volumes due to US market closure Thursday.

    • Focus on Ireland as voting gets under way in General Election. When polls close tonight, the first results of an Irish Times/RTÉ/TG4/TCD exit poll conducted by Ipsos B&A will be released; this will give the initial indications of the likely outcome, and - potentially the possible shape of the next government. Irish Times notes Fianna Fáil has been ahead in recent opinion polls but only by the shortest of noses and well within the polling margin of error. Fine Gael and Sinn Féin are close behind. Says if those results are replicated when the votes are counted it will make a government based on Fine Gael and Fianna Fáil the most likely outcome but they will need the support of at least one and possibly more than one party - and/or Independents - to form a Dáil majority.

    • Plenty of European macro data releases out today, with the main highlight Eurozone inflation data. Also up for release are France/Italy/Portugal/Austria/Netherlands Nov preliminary CPI readings, Germany Nov unemployment change, Oct retail sales, France Q3 final GDP, France/Austria/Belgium/Greece Oct PPI, France Oct consumer spending, Switzerland Q3 GDP, Nov leading indicator - KOF, Switzerland/Spain/Sweden/Norway Oct retail sales, UK Oct M4 money supply, mortgage approvals, Nov house price index -Nationwide, Sweden/Austria/Portugal/Belgium/Finland Q3 final GDP, Denmark/Portugal/Greece Oct unemployment rate, Greece Sep retail sales. Already on the tape are Netherlands Nov Preliminary CPI +4.0% y/y vs consensus +4.3% and prior +3.5% and Finland Q3 GDP +0.5% y/y vs preliminary +0.4%

    • In central banks, BOE publishing latest Financial Stability Report at 10:30GMT, the same time as Financial Policy Summary and Record is released. Riksbank seminar "Priorities for Sweden's future payment infrastructure". Euro20+ (through Sat) sees Bundesbank's Nagel speech at 14:00CET and Mauderer 15:30. On Sat (30th), SNB's Schlegel speech at 12:15. ECB releases results of its latest consumer expectations survey at 10:00CET whilst ECB's de Guindos speech ~12:30CET / debate 13:30 at event organized by Fundació Internacional Olof Palme. EBI Advisory Board Conf on "Capital Markets Union". EU's Competitiveness Council (Research and Space) meets. Airbus CEO Guillaume Faury, EU's Borrell in discussion at 9:00CET at event organised by Nueva Economía Fórum.

    • Reuters reports oil prices rose slightly on Friday following a potential renewal of supply risk as Israel and Hezbollah traded accusations of ceasefire violations, and as a delay to an OPEC+ meeting left investors awaiting a decision on its output policy.

  • Politics/Macro/World News

    • Ireland

      • General election 2024: Fine Gael, Sinn Féin and Fianna Fáil in near dead heat at end of campaign -- Irish Times

      • Transfers expected to be more important than ever as voters to decide on next five years -- Irish Independent

      • Will booming Ireland boot out TikTok PM Simon Harris? -- POLITICO

    • UK

      • Rachel Reeves pushes back multiyear UK spending review until June -- FT

      • Ttransport minister quits in new blow to PM Starmer -- Reuters

    • France

      • Le Pen Makes Budget Demands as Barnier Gives Ground -- Bloomberg

      • French PM scraps electricity tax amid far right's no-confidence threat -- Reuters

  • Top company news

    • Earnings/updates

      • ELI.BB (Elia Group SA/NV) -- Elia Group Q3 Trading Update: Raises FY net income to upper end of the €355-395M guidance range vs FactSet €375.5M

      • B8FK.GR (Biofrontera AG) -- adjusts FY guidance to incorporate costs associated with a lawsuit filed by a US competitor; reaffirms revenue guidance

      • IIA.AV (Immofinanz) -- reports 9M FFO I (after tax) €230.9M vs year-ago €185.0M

      • AFKS.RU (Sistema) -- reports Q3 adjusted OIBDA RUB84.3M, +5% vs year-ago RUB80.0M

      • Also reporting today

        • Earnings:Dottikon ES Holding (DESN.SW), DEAG Deutsche Entertainment (LOU.GR), Severfield (SFR.LN), Ibersol (IBS.PL), Peel Hunt (PEEL.LN), Waste Plastic Upcycling (SPU.NO), Norse Atlantic (NORSE.NO)

        • Trading Update: Nynomic (M7U.GR)

        • CMD/events: TX Group (TXGN.SW)

    • M&A

      • EDPR.PL (EDP Renovaveis) -- to acquire 87.4% stake in Sunseap for €0.6B

      • DLG.LN (Direct Line Insurance Group) -- Aviva approaches Direct Line shareholders directly; could pave way for hostile takeover bid - FT

      • DHER.GR (Delivery Hero) -- to raise AED7.5B ($2.0B/€1.93B) from Talabat IPO

      • AAL.LN (Anglo American) -- BHP needs copper; buying Anglo American may be the solution - FT

      • ELIS.FP (Elis) -- announces the acquisition of Carsan in Spain; terms undisclosed

      • OXUR.BB (Oxurion) -- announces that its potential acquisition in France is subject to foreign investment control

      • CICN.SW (Cicor Technologies) -- major shareholder OEP to make mandatory takeover offer after reaching 41.01% of company's share capital post conversion of its Mandatory Convertible Notes; at present board recommend rejecting it

      • PLX.FP (Pluxee) -- acquires provider of mobility solutions for public transport Beneficio Facil in Brazil; price not disclosed

      • NOEJ.GR (Norma Group) -- to initiate divestment of global Water Management activities

      • LRE.SM (Lar España Real Estate) -- CNMV authorises Helios RE's take over offer for Lar España Real Estate

      • LGRS.LN (Loungers) -- Large Loungers holders opposed to Fortress's proposed 310p/share buyout - London Times

      • COMB.BB (Compagnie du Bois Sauvage) -- Compagnie du Bois Sauvage acquires a stake in Futerro S.A. as part of latter's first fund-raising for its biorefinery project in Europe

      • SYNT.SS (SyntheticMR) -- to acquire Finnish Combinostics for €4.3M (SEK49.6M)

    • Other

      • HSBA.LN (HSBC Holdings) -- retreating from China credit card business after difficulties to grow - Reuters

      • ORK.NO (Orkla) -- considering listing its Indian unit next year - Bloomberg (

      • ENI.IM (Eni) -- signs an agreement with the Côte d'Ivoire's Ministry of Water and Forests to launch a project to preserve and restore forest areas in the country

      • WISE.LN (Wise Plc) -- European regulators reprimanded Wise in 2022 over its AML controls and forced it into formal remediation plan - FT

      • SYENS.BB (Syensqo) -- completes the first tranche of its €300M share buyback program

      • SBB.B.SS (Samhällsbyggnadsbolaget i Norden) -- receives letters expressing intention to accelerate from bondholders regarding Eurobonds issued under its EMTN programme

      • FTK.GR (flatexDEGIRO) -- Chairman of the Supervisory board Martin Korbmacher ends mandate after the Annual General Meeting 2025

      • NORSE.NO (Norse Atlantic) -- announces $15M investment in combination of equity and loan and extended maturity of existing shareholder loan

  • Key rating changes

    • Upgrades

      • AAL.LN (Anglo American) -- to buy from hold at Jefferies

      • WDP.BB (Warehouses de Pauw) -- to buy from hold at Kepler Cheuvreux

      • DFS.LN (DFS Furniture) -- to buy from hold at Berenberg

      • AC.FP (Accor) -- to overweight from neutral at JPMorgan

      • ELIOR.FP (Elior Group) -- to overweight from neutral at JPMorgan

      • NTGY.SM (Naturgy Energy Group) -- to neutral from underweight at JPMorgan

      • GEBN.SW (Geberit) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • CWK.LN (Cranswick) -- to hold from buy at Berenberg

      • ENX.FP (Euronext) -- to hold from buy at HSBC

  • Data

    • Nikkei (0.37%) to 38208.03

    • Hang Seng +0.02% to 19371.66

    • Shanghai Composite +0.98% to 3327.94

    • S&P futures +16.0 vs prior close of 6015.0

    • €-$ +0.0028 or +0.27% to 1.0583

    • $-¥ (1.56) or (1.03%) to 149.98

    • €-¥ (1.28) or (0.80%) to 158.67

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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