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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.31%), DAX30 (0.05%), CAC40 (0.01%)

Dec 04 ,2024

  • Synopsis

    • European equity markets are set to open weaker amidst mixed Asia equities Wednesday. South Korea stocks trading sharply lower but well off their troughs following temporary martial law decree overnight. Declines in Australia and New Zealand, and mainland China benchmarks. Japan mixed as Topix falls but Nikkei rises slightly. Hong Kong higher, gains in Taiwan, India and Southeast Asia. US futures trading higher.

    • No-confidence vote set to take place in France following a parliamentary debate starting at 16:00CET. Two separate no-confidence motions have been tabled, by the far-left and far-right opposition, with the former widely predicted to pass.

    • In Germany, Chancellor Scholz will answer questions from members of the German Bundestag at midday in his third government questioning this year. After MPs questions on Scotland, there is UK weekly PMQs at 12noon GMT, which will be followed by Opposition Day Debate (topic tbc). Committee topics include salmon farming: growth and sustainability in Scotland (9:30). In Germany, there's annual press conf at 11:00CET of the Assn of International Motor Vehicle Manufacturers (VDIK) and German Chamber of Commerce in China presents business climate survey.

    • In central banks, BOE's Bailey speech at 9:00GMT at FT's Global Boardroom conf (through Fri), other speakers/panellists include Deutsche Bank's (DBK.GR) CEO (10:30), Vodafone's (VOD.LN) & Kingfisher (KGF.LN) CEOs (11:05), Finland's President (14:30). ECB's Cipollone speech at 10:00CET at event organised by Herbert Simon Society whilst ECB's Lagarde at hearing at 14:30CET (livestream) and 16:30 at EP Committee on Economic and Monetary Affairs. Bundesbank's Nagel speech at 18:10CET at event hosted by Luxembourg-Frankfurt financial professionals' network.

    • Germany Nov new car registrations are due to be released and Deutsche Börse regularly reviews the composition of its DAX indices.

    • In macro, Italy, Spain, Sweden Nov services PMI with final reads for Eurozone, France, Germany and UK, Eurozone Oct PPI and Ireland Nov unemployment rate are due to be released.

    • On the corporate front, Rio Tinto (RIO.LN) reaffirmed FY24 production guidance and issued FY25 guidance and medium-term capex guidance. Palliser Capital calls for Rio board to unify dual listing structure. In the Nordics, Clas Ohlson (CLAS.B.SS) reported Q2 earnings and Tryg (TRYG.DC) announced 2027 financial targets and a new DKK2B share buyback program in connection with today's CMD. Elsewhere, X-FAB Silicon Foundries (XFAB.FP) updated 2026 financial targets in connection with today's CMD. Handelsblatt reported BMW's (BMW.GR) former CFO Nicolas Peter to become new Chairman of supervisory board

    • Other companies due to release updates/reports include Treatt (TET.LN), Premier Miton Group (PMI.LN), Volvo Car (VOLCAR.B.SS), Nordnet (SAVE.SS), Avanza Bank (AZA.SS) and flatexDEGIRO (FTK.GR).

  • Politics/Macro/World News

    • UK government announces South Western Railways' train services to be the first to come under public control after landmark rail bill receives Royal Assent

    • Macron Asks French Lawmakers Not to Topple the Government - Bloomberg

    • French government teeters on brink of collapse as no-confidence vote looms - Guardian, Reuters

    • Bundesbank chief calls for softer debt brake to ramp up investment - FT

    • ECB's Holzmann says interest rate cut of 0.25 percentage points at next week's meeting is conceivable, but not yet fixed -- Oberösterreichische Nachrichten

  • Top company news

    • Earnings/updates

      • France:

        • XFAB.FP (X-FAB Silicon Foundries) -- updates 2026 financial targets in connection with today's CMD

      • Nordics:

        • TRYG.DC (Tryg) -- announces 2027 financial targets and launches DKK2B share buyback program -- CMD

        • SYSR.SS (Systemair) -- reports Q2 EPS SEK1.14 vs FactSet SEK1.07 [4 est, SEK1.00-1.10]

        • CLAS.B.SS (Clas Ohlson) -- reports Q2 EPS SEK3.63 vs FactSet SEK3.60 [2 est, SEK3.47-3.73]

      • UK:

        • RIO.LN (Rio Tinto) -- reaffirms FY24 production guidance; issues FY25 guidance and medium-term capex guidance

        • OBD.LN (Oxford BioDynamics) -- responds to recent share price movement

    • M&A

      • CVC.NA (CVC Capital Partners) -- KKR close to acquiring Indian cancer care hospital chain Healthcare Global Enterprises Ltd (HCG) from CVC Capital Partners -- Economic Times, citing people aware of the matter

      • GIMB.BB (Gimv) -- acquires a majority stake in the Groupe Tibbloc for an undisclosed sum

      • RIO.AU (Rio Tinto) -- Rio Tinto, Sumitomo Metal Mining sign Term Sheet for JV to deliver Winu copper-gold project; SMM will pay $399M (¥59.57B) for 30% equity share

      • CAP.FP (Capgemini) -- closes Syniti acquisition

      • CO.FP (Casino Guichard-Perrachon) -- Casino Group signs a binding agreement to sell a portfolio of 69 real estate assets to Groupement Les Mousquetaires

      • THULE.SS (Thule Group) -- completes the previously announced acquisition of Quad Lock

      • OBD.LN (Oxford BioDynamics) -- responds to recent share price movement

      • KID.NO (Kid ASA) -- reports sale of warehouse and office property in Sweden to Storebrand Nordic Real Estate; total consideration more than NOK 600M

      • CPHN.SW (CPH Group AG) -- CPH Group to acquire LOG Pharma for an undisclosed sum

    • Healthcare

      • ALCOX.FP (Nicox) -- Announces First Commercial Sale of ZERVIATE in China by Partner Ocumension

      • INCY (Incyte) -- FDA grants orphan drug designation to Monjuvi for splenic and extranodal MZL

      • ROG.SW (Roche Holding) -- COUR Pharma (private) announces collaboration and licensing agreement with Genentech worth up to $940M (06:30ET)

      • CTLT (Catalent) -- trading higher after reports that Novo is working on contract extensions with drugmakers - SeekingAlpha

      • VLA.FP (Valneva) -- Announces Peer-Reviewed Publication on the Global Health and Economic Burden of Chikungunya in The British Medical Journal

    • Other

      • CRNA.NO (Circio Holding) -- updates on Atlas financing commitment to fund the company´s operations until the end of June 2025

      • BMW.GR (BMW) -- BMW's former CFO Nicolas Peter to become new Chairman of supervisory board -- Handelsblatt, citing company sources

      • TTE.FP (TotalEnergies) -- Aramco, TotalEnergies and Saudi Investment Recycling Co. assess the development of a sustainable aviation fuels unit

      • KER.FP (Kering) -- approves the payment of €2.00/share interim dividend for the 2024 financial year

      • RI.FP (Pernod Ricard) -- internal probe finds three top India executives violated laws on collusion -- Reuters

      • BA.LN (BAE Systems) -- awarded $111.9M US Navy contract

      • SGO.FP (Compagnie de Saint-Gobain) -- cancels 5M treasury shares

      • ANDR.AV (Andritz) -- completes share buy-back program

      • AMUN.FP (Amundi) -- completes 1M share repurchase program

      • SYENS.BB (Syensqo) -- launches second up-to-€50M tranche of its share buyback program

      • Rio Tinto reports initial mineral resources and ore reserves for Salar del Rincon lithium brine deposits

  • Key rating changes

    • Upgrades

      • NEL.NO (NEL) -- hold from sell at Nordea

      • Barclays upgrades EPI.A.SS, SCHP.SW, SPX.LN; downgrades ANDR.AV, ARIS.IM, LIGHT.NA

      • Deutsche Bank upgrades RI.FP; downgrades CPR.IM, HEIA.NA, RCO.FP

      • HSBC upgrades FME.GR, MRK; downgrades NOVN.SW

      • PMorgan upgrades AGS.BB, ASRNL.NA, and SCR.FP; downgrades HELN.SW, NN.NA, and SLHN.SW

      • BOSS.GR (Hugo Boss) -- to buy from add at Baader Helvea (3-Dec, timing uncertain)

      • FHZN.SW (Flughafen Zuerich) -- to buy from neutral at UBS

      • VCT.LN (Victrex) -- to buy from hold at Jefferies

    • Downgrades

      • CARL.B.DC (Carlsberg) -- sell from hold at Nordea

      • SPNO.DC (Spar Nord Bank) -- hold from buy at ABG Sundal Collier

      • ORA.FP (Orange) -- to equal-weight from overweight at Morgan Stanley

      • MAERSK.B.DC (Maersk) -- to underweight from equal-weight at Morgan Stanley

      • BNZL.LN (Bunzl) -- to hold from buy at HSBC

    • Initiations

      • PLNW.FP (Planisware) -- outperform at Oddo

    • Other Actions

      • NESTE.FH (Neste) -- transferred sector perform at RBC Capital Markets; prior rating was sector perform

  • Data

    • Nikkei +0.07% to 39276.39

    • Hang Seng (0.16%) to 19715.32

    • Shanghai Composite (0.63%) to 3357.41

    • S&P futures +7.3 vs prior close of 6063.3

    • €-$ +0.0014 or +0.13% to 1.0524

    • $-¥ +0.42 or +0.28% to 150.01

    • €-¥ +0.65 or +0.41% to 157.86

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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