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Back to Daily DR Market Summary

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

Dec 09 ,2024

  • Synopsis

    • European equity markets set to open mixed after last week's rally when the STOXX 600 closed up 2% (best weekly performance in 10 weeks) and DAX posted fresh all-time highs. Big week for the macro diary this week. Core US CPI in focus Wednesday and consensus sees reading above the +0.3% forecast challenging market confidence in a December rate cut by the Fed. Latest market implied probability is currently at 83% with a further 75bps of easing priced in for next year. RBA expected to keep interest rate unchanged at 4.35%, while BoC this week seen cutting by 50bps. Closer to home, ECB seen cutting by 25bps and SNB expected to deliver jumbo 50bps rate cut.

    • Focus on geopolitics this morning. Rebels from Hayat Tahrir Al-Sham (HTS), a Sunni al Qaeda offshoot, overthrew Bashar Al Assad's regime in Syria (FT, Reuters, Bloomberg). Russia claimed to have given Assad and his family asylum in Moscow. Global leaders cautiously praised Assad's overthrow, though warned risk of instability going forward with HTS also a designated terrorist organization and other groups within Syria potentially vying for power. Israel PM Netanyahu hailed situation while responding with military incursion into Golan Heights buffer zone (Politico). President Biden also ordered airstrikes on several ISIS targets across Syria. From a strategic standpoint, development viewed as setback for Russia and Iran, longtime Assad backers. Turkey, which backed HTS, expected to exert greater influence over Syria. Still, rebel takeover of Syria has been mostly ignored by markets to this point, particularly given no outside involvement and lack of implications for oil.

    • European macro data releases include Switzerland Nov consumer confidence - SECO, Norway Nov PPI, Denmark Oct trade balance, Eurozone Dec Sentix investor confidence. Also on today's agenda: BOE's Ramsden speech at 13:00GMT at OMFIF on Financial stability and the Bank of England's toolkit.

    • Also today, Rachel Reeves will give the first address by a British chancellor to the Eurogroup since Brexit; Reeves to pledge closer EU ties in pivot from post-Brexit 'division and chaos'. Reeves will say resetting relations means "breaking down barriers to trade" as well as helping "businesses sell in each other's markets". (Guardian , BBC)

    • Among stocks in focus: CompuGroup Medical (COP.GR) confirms advanced discussions with CVC to be acquired with offer starting point price of €22.00/sh; Lundin Mining (LUN.CN) to sell Neves-Corvo and Zinkgruvan to Boliden (BOL.SS) for total consideration of up to $1.52B; Generali (G.IM) seeking to reach preliminary agreement with Natixis to combine asset management operations within the next eight weeks, reports Bloomberg. Meanwhile, FT reports Allianz (ALV.GR) halts discussions on asset management partnership with Amundi (AMUN.FP). In the US, Omnicom Group nearing $13-14B all-stock acquisition of Interpublic Group.

  • Politics/Macro/World News

    • Pressure Mounts on Macron to Name a New French Prime Minister -- Bloomberg

    • UK's Starmer to Push for Gulf Trade Deal On UAE, Saudi Trip -- Bloomberg

  • Top company news

    • Earnings/updates

      • STM.GR (Stabilus) -- SE confirms prelim FY24 numbers; cuts divi by ~34% to €1.15/sh and guides FY25

        • CMD/events: Novartis (NOVN.SW) Sustainability & Impact - ESG, Philogen (PHIL.IM), Fresenius (FRE.GR) - SdK event

    • M&A

      • BP.LN (BP) -- seeking buyers for stake in its US natural gas pipeline network - Reuters (6-Dec, 12:54 ET/17:54 GMT)

      • GFL.CN (GFL Environmental) -- GFL Environmental's Environmental Services business segment said to draw interest from Apollo, EQT, Stonepeak -- Bloomberg

      • LUN.CN (Lundin Mining) -- to sell Neves-Corvo and Zinkgruvan to Boliden for total consideration of up to $1.52B

      • UNIR.IM (UniEuro) -- Fnac Darty and Ruby announce will hold more than 95% of the shares of UniEuro at end of acceptance period; will initiate squeeze-out (post EU close 6-Dec)

      • CTLT (Catalent) -- European Commission approves Novo's proposed acquisition of Catalent without conditions, as expected

      • CTLT (Catalent) -- and Novo comment on European Commission unconditional approval; expect to close transaction towards end of CY2024

      • ALV.GR (Allianz) -- halts discussions on asset management partnership with Amundi - FT

      • ACA.FP (Credit Agricole) -- secured support from Italy's government ahead of Banco BPM stake move - Reuters, citing sources

      • G.IM (Assicurazioni Generali) -- Generali seeking to reach preliminary agreement with Natixis to combine asset management operations within the next eight weeks - Bloomberg

      • COP.GR (CompuGroup Medical) -- confirms advanced discussions with CVC to be acquired with offer starting point price of €22.00/sh

      • Stanmore Coal considered frontrunner to acquire Kestrel coal mine - The Australian

    • Healthcare

      • JNJ (Johnson & Johnson) -- announces DARZALEX FASPRO (daratumumab and hyaluronidase-fihj) shows 51% reduction in risk of progression to active multiple myeloma for patients with high-risk smoldering multiple myeloma

      • JNJ (Johnson & Johnson) -- announces TECVAYLI (teclistamab-cqyv) demonstrates potential as frontline combination therapy for patients with newly diagnosed multiple myeloma

      • ABBV (AbbVie) -- announces epcoritamab (DuoBody CD3xCD20) combination therapy shows high response rates in clinical trial of patients with relapsed or refractory (R/R) follicular lymphoma (FL)

      • AZN.LN (AstraZeneca) -- announces fixed-duration CALQUENCE plus venetoclax demonstrated superior PFS vs. standard of care in previously untreated CLL, with 77% of patients progression free at three years in AMPLIFY Phase III trial

      • REGN (Regeneron) -- announces combination of pozelimab and cemdisiran (poze-cemdi) achieved greater control of intravascular hemolysis in patients with paroxysmal nocturnal hemoglobinuria compared to ravulizumab

      • NOVN.SW (Novartis) -- Longer-term data for Novartis Scemblix reinforce superior efficacy with favorable safety and tolerability profile in adults with newly diagnosed CML

      • SAN.FP (Sanofi) -- announces results from the pivotal LUNA 3 phase 3 study of rilzabrutinib in adults with persistent or chronic ITP

      • ROG.SW (Roche Holding) -- Five-year results confirm Genentech's Polivy combination therapy as new standard of care for previously untreated aggressive lymphoma

      • GLPG.NA (Galapagos) -- announces new results from ongoing phase 1/2 study of CD19 car t-cell therapy, GLPG5101, in patients with relapsed/refractory non-hodgkin lymphoma

      • GMAB.DC (Genmab) -- announces investigational epcoritamab (DuoBody CD3xCD20) combination therapy demonstrates high response rates in clinical trial of patients with relapsed or refractory (R/R) follicular lymphoma (FL)

      • GMAB.DC (Genmab) -- announces investigational epcoritamab (DuoBody CD3xCD20) monotherapy achieves high overall and complete response rates in clinical trial of patients with relapsed or refractory (R/R) chronic lymphocytic leukemia (CLL) in preliminary analysis

      • SRT3.GR (Sartorius) -- appoints Michael Grosse to succeed Joachim Kreuzburg as CEO

      • IPH.FP (Innate Pharma) -- Presents Lacutamab Improved Health-related Quality of Life Data at ASH 2024 From TELLOMAK Phase 2 Study in Patients With Cutaneous T Cell Lymphoma

      • MOLN.SW (Molecular Partners) -- presents clinical data supporting its ongoing MP0533 study and preclinical data on next-gen conditioning agent MP0621 at ASH 2024

      • FYB.GR (Formycon) -- MS Pharma becomes commercialization partner for FYB202, Formycon's Stelara (ustekinumab) biosimilar

    • Other

      • NESN.SW (Nestle) -- US Appeals Court affirms district court ruling in Oracea patent litigation between Nestle's Galderma and Lupin -- court filing

      • BOSS.GR (Hugo Boss) -- Frasers Group pushing for CEO Michael Murray to be appointed to board of Hugo Boss - Sunday Times

      • ACA.FP (Credit Agricole) -- increased stake in Banco BPM to protect business interests in Italy after UniCredit made takeover bid for Banco BPM - Bloomberg

      • HFG.GR (HelloFresh) -- US Labor Department investigating alleged employment of migrant children at HelloFresh facility -- ABC News

      • DNO.NO (DNO) -- announces its operated Trym field in the Norwegian North Sea license PL147 is back on production after a five-year shutdown; is currently assessing a development of the 2013 Trym Sør discovery

      • Estimated weekend box office revenues in US, Canada $135.7M, +92.7% y/y - Box Office Mojo

      • November Dodge Momentum Index (2.3%) m/m vs Oct (5.3%), Sept (4.2%), August +2.9%, and July +7.9%

  • Key rating changes

    • Upgrades

      • Goldman Sachs upgrades 1U1.GR, INW.IM both to buy

      • TEN.IM (Tenaris) -- to buy from hold at Jefferies

      • EQNR.NO (Equinor) -- to overweight from underweight at JPMorgan

      • NOKIA.FH (Nokia) -- to overweight from neutral at JPMorgan

      • Morgan Stanley upgrades ABBN.SW, RXL.FP, SPX.LN

      • Morgan Stanley upgrades ATCO.A.SS, WEIR.LN

      • CCEP.NA (Coca-Cola Europacific Partners) -- to overweight from equal-weight at Morgan Stanley

      • TM17.LN (Team17 Group) -- to buy from hold at Jefferies

    • Downgrades

      • STMPA.FP (STMicroelectronics) -- to neutral from overweight at JPMorgan

      • PAH3.GR (Porsche Automobil Holding SE) -- to sell from neutral at UBS

      • IVG.IM (Iveco Group) -- to hold from buy at Deutsche Bank

      • TRN.LN (Trainline) -- to neutral from buy at UBS

      • FRAS.LN (Frasers Group) -- to equal weight from overweight at Barclays

      • REP.SM (Repsol) -- to underweight from neutral at JPMorgan

      • Goldman Sachs downgrades VOD.LN, FNTN.GR

      • Morgan Stanley downgrades KNEBV.FH, LIGHT.NA

      • Morgan Stanley downgrades EPI.A.SS

    • Both

      • NESTE.FH (Neste) -- upgraded to neutral from underweight at JPMorgan; downgraded to neutral at Citi

    • Initiations

      • PHARM.NA (Pharming Group) -- buy at Jefferies

      • SUNN.SW (Sunrise Communications) -- sell at Goldman Sachs

  • Data

    • Nikkei +0.18% to 39160.50

    • Hang Seng (0.32%) to 19801.74

    • Shanghai Composite +0.03% to 3405.20

    • S&P futures (2.5) vs prior close of 6099.0

    • €-$ (0.0015) or (0.14%) to 1.0546

    • $-¥ +0.07 or +0.05% to 150.14

    • €-¥ (0.16) or (0.10%) to 158.31

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.
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