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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.07%), DAX (0.31%), CAC40 (0.25%)

Dec 10 ,2024

  • Synopsis

    • European equity markets are set to open lower, whilst Asian equities are mostly higher on Tuesday. China markets are extending gains following the latest stimulus headlines. Korean stocks rebounded following the latest pledges of support. Japan is pushing higher, while Australia and Taiwan are weaker. S&P 500 futures flat.

    • Markets remain attuned to China stimulus headlines following the Politburo meeting. Dovish takeaways highlighted a looser monetary policy stance next year, along with an emphasis on domestic demand. Comes as China Economic Work Conference is slated to run this week, where leaders will discuss economic and policy priorities for 2025 amid calls for a meaningful step-up in fiscal support to revive domestic demand.

    • On today's agenda, ECOFIN meeting, ECB's de Guindos among the participants. Latest deadline for Belgium's Bart De Wever to break the deadlock in the federal government formation talks, with chances of an agreement looking remote (Brussels Times). Bruegel event The future of electricity demand; How can Europe increase electricity demand to drive decarbonization and economic growth?. Dubai International Motor Show (through Thu). EU's von der Leyen meets with the President of Moldova, Sandu, and EU's Ribera speech at 8:45CET at event hosted by Charles River Ass. Chancellor Scholz hosts President of the Republic of Serbia, Vučić. EU Agri-Food Days (through Thu) speakers include EU's Hansen. In UK, parliamentary committee topics include Work of the Financial Conduct Authority (FCA) 10:00GMT and Ukraine 10:30

    • European macro data releases include Germany Nov final CPI, Italy Oct industrial production, Denmark Nov CPI, Norway Nov CPI, Sweden Oct industrial production, Netherlands Nov final CPI, Oct manufacturing production, Greece Nov CPI, Oct industrial production

    • In corporate news, Allianz (ALV.GR) introduces new group financial targets for the 2024-2027 period, including an EPS CAGR of 7-9% ahead of its CMD today. In Sweden, yesterday after the market close, Husqvarna (HUSQ.B.SS) guided Q4 operating income of (SEK 700M) - (SEK 800M) vs FactSet (SEK 467.1M), citing continued challenging market conditions with intensified promotional activities, particularly in North America, impacting the company's financial performance. In the Netherlands, Aalberts (AALB.NA) indicated that it is on track to realise 2026 objectives and set new targets for 2030 ahead of its CMD today. Other notable companies due to report today include Colruyt Group (COLR.BB) and Ashtead Group (AHT.LN).

    • In M&A, Roche (ROG.SW) commenced a tender offer for all shares of Poseida Therapeutics for $9.00/share in cash, plus non-tradeable contingent value right for up to $4.00/share in cash. In the UK, Bloomberg reported that Prudential (PRU.LN) is considering options, including selling a ~30% stake in Eastspring Investments. People familiar with the matter say that a potential stake sale may value Eastspring at ~$3B (£2.35B).

    • Kantar's latest UK grocery market share figures and update on inflation for the 12 weeks ending 1 December 2024 will be released at 8:00am UK time.

  • Politics/Macro/World News

    • AllianceBernstein to sue Switzerland over $17bn Credit Suisse debt wipeout - FT

    • Germany and France agree to work with Syrian rebels on 'basis of fundamental human rights' - Politico

    • Macron Widens Talks in Quest for Stable French Government - Bloomberg

    • Poland Calls on Germany to Show Leadership With Defense Spending - Bloomberg

    • Netherlands Nov CPI +4.0% y/y vs preliminary +4.0%

    • Netherlands Oct Manufacturing Production (0.6%) m/m vs consensus (2.5%) and prior revised (2.5%) from (3.0%)

  • Top company news

    • Earnings/updates

      • Nordics

        • HUSQ.B.SS (Husqvarna) -- estimates Q4 operating income of (SEK 700M) - (SEK 800M) vs FactSet (SEK 467.1M)

        • KIT.NO (Kitron) -- reports reiterates FY guidance at capital markets day; guides FY revenue €635-660M vs FactSet €647.6M

        • RUSTA.SS (Rusta) -- reports Q2 EPS SEK0.4 vs year-ago SEK0.4

      • France

        • EAPI.FP (Euroapi) -- appoints Emmanuel Blin as Chairman & David Seignolle as CEO, effective immediately; reaffirms FY24 guidance

      • DACHs

        • MRX.GR (Mister Spex) -- reports Black Friday results; like-for-like sales soared by over 30% compared to 2023

        • ALV.GR (Allianz) -- introduces new group financial targets for the 2024-2027 period including EPS CAGR of 7-9% -- CMD

      • Benelux

        • VVY.NA (Vivoryon Therapeutics) -- reports 9M net income (€17.1M) vs year-ago (€17.1M); extends cash runway

        • AALB.NA (Aalberts) --says it is on track to realise 2026 objectives; sets 2030 targets - CMD

      • Also due to report today

        • Earnings:

          • Benelux: Colruyt Group (COLR.BB)

          • DACHs: METRO (B4B.GR)

          • France: MedinCell (MEDCL.FP)

          • Other: Pepco Group (PCO.PW)

          • UK: Ashtead Group (AHT.LN), Moonpig Group (MOON.LN), NCC Group (NCC.LN), Begbies Traynor Group (BEG.LN), Solid State (SOLI.LN), Naked Wines (WINE.LN)

        • Trading Update: Groupe Partouche SA (PARP.FP)

        • CMD/events:Deutsche Lufthansa (LHA.GR) - Technik, Barclays (BARC.LN) Private Bank and Wealth Management Deep Dive, adidas (ADS) - SdK event

    • M&A

      • CG (Carlyle Group) -- TeamViewer in advanced talks to acquire 1E from Carlyle Group for over $700M (€663M) - Bloomberg

      • PSTX (Poseida Therapeutics) -- Roche commences tender offer for all shares of Poseida Therapeutics for $9.00/share in cash, plus non-tradeable contingent value right for up to $4.00/share in cash

      • 7732.JP (Topcon) -- KKR, EQT make offers for Topcon - Bloomberg

      • PRU.LN (Prudential) -- considering options including selling ~30% stake in Eastspring Investments - Bloomberg

      • VLTSA.FP (Voltalia) -- sells 12 megawatts in France

      • BRNK.GR (Branicks Group) -- has notarized sale of logistics center in Hochheim on 29-Nov-24

      • AGAS.NO (Avance Gas Holding) -- completes eighth VLGC delivery to BW LPG

      • MGH.AU (MAAS Group) -- among the bidders for Buckeridge Group of Companies assets - The Australian

      • HIG reportedly has submitted formal bid for Kantar Media -- Sky News

      • Japanese banks seeking M&A targets in pursuit of overseas expansion - Bloomberg

    • Healthcare

      • ABBV (AbbVie) -- reports new results from two ongoing trials of epcoritamab in DLBCL presented at ASH

      • GSK.LN (GSK Plc) -- GSK announces overall survival (OS) results from planned interim analysis of DREAMM-7 trial

      • SAN.FP (Sanofi) -- announces new data from three oral presentations on clinical benefit of Sarclisa-based quadruplets in newly diagnosed multiple myeloma (NDMM) patients at ASH '24

      • ROG.SW (Roche Holding) -- Genentech presents new and updated data from CD20xCD3 T-cell-engaging bispecific antibody program at 66th ASH Annual Meeting & Exposition

      • GRF.SM (Grifols) -- appoints Pascal Ravery and Paul Herendeen to its board

      • GMAB.DC (Genmab) -- Two Data Analyses from Clinical Trials Show Epcoritamab (DuoBody CD3xCD20) Induces Durable, Complete Responses as Monotherapy and Combination Treatment in Patients With Diffuse Large B-Cell Lymphoma (DLBCL)

      • VLA.FP (Valneva) -- Valneva announces the publication of an article on the global health and economic burden of mosquito-borne disease chikungunya in The BMJ, one of the world's leading peer-reviewed medical journals.

      • CPIX (Cumberland Pharmaceuticals) -- announces FDA approves ACETADOTE sNDA

      • NANO.FP (Nanobiotix) -- announces completion of phase 1 study of NBTXR3 (JNJ-1900) in pancreatic cancer

      • SANN.SW (Santhera Pharmaceuticals Holding) -- receives positive recommendation from UK's NICE for Agamree as a treatment for DMD

      • MEDCL.FP (MedinCell) -- MedinCell, Arthritis Innovation Corporation unveil new positive Phase 3 results for mdc-CWM showing reduced pain and opioid use, and accelerated rehabilitation for major subgroup of patients following Total Knee Replacement

    • Other

      • SGSN.SW (SGS) -- unites testing, inspection and certification of climate action services under its new IMPACT NOW for sustainability suite

      • BORR.NO (Borr Drilling) -- secures contract commitment for jack-up rig Norve in West Africa, worth $58M

      • VPK.NA (Royal Vopak) -- completes €300M share buyback program

      • MELE.BB (Melexis) -- to commence share buy-back program of up to 850K shares for an amount of up to €50M

      • ALO.FP (Alstom) -- to provide operations and maintenance services for Metrolink in Southern California; base contract worth $515M or $860M if extended

      • ALV.GR (Allianz) -- SE to amend Dividend Policy and convert it into broader Capital Management Policy

      • CA.FP (Carrefour) -- completes €700M share buyback program announced on 20-Feb-24

      • INF.LN (Informa) -- SEC filing: SC 13D (Filed by PLC)

      • LI.FP (Klepierre) -- sees 7% footfall increase y/y in its European centers between 29-Nov and 1-Dec-24

      • SAAB.B.SS (Saab) -- receives Giraffe 4A radar order for the U.S. Air Force in Europe

      • BAMI.IM (Banco BPM) -- Credit Agricole could raise stake further in Banco BPM but only up to a maximum of 19.99% of the share capital

  • Key rating changes

    • Upgrades

      • ITG.LN (UNITE Group) -- to overweight from neutral at JPMorgan

      • BLND.LN (British Land Co.) -- to buy from neutral at Goldman Sachs (timing uncertain)

      • TIT.IM (Telecom Italia) -- to overweight from equal weight at Barclays

      • AVCT.LN (Avacta Group) -- to hold from sell at Deutsche Bank

      • DWS.GR (DWS Group) -- to overweight from neutral at JPMorgan

      • HIK.LN (Hikma Pharmaceuticals) -- to outperform from sector perform at RBC Capital Markets

      • MEL.SM (Melia Hotels International) -- to outperform from neutral at BNP Paribas Exane

    • Downgrades

      • GFC.FP (Gecina) -- to neutral from overweight at JPMorgan

      • LMP.LN (LondonMetric Property) -- to neutral from overweight at JPMorgan

      • COFB.BB (Cofinimmo) -- to underweight from neutral at JPMorgan

      • KOJAMO.FH (Kojamo) -- to underweight from neutral at JPMorgan

      • LI.FP (Klepierre) -- to underweight from neutral at JPMorgan

      • AKSO.NO (Aker Solutions) -- to hold from buy at Pareto

      • BT.A.LN (BT Group) -- to equal weight from overweight at Barclays

      • KPN.NA (Royal KPN) -- to equal weight from overweight at Barclays

      • COP.GR (CompuGroup Medical) -- to hold from buy at Berenberg

      • SDR.LN (Schroders) -- to neutral from overweight at JPMorgan

      • N91.LN (Ninety One Plc) -- to underweight from neutral at JPMorgan

      • ALLFG.NA (Allfunds Group) -- to underperform from outperform at Oddo

    • Initiations

      • TRUE.B.SS (Truecaller) -- buy at Nordea

      • SSPG.LN (SSP Group) -- buy at Kepler Cheuvreux

    • Others

      • TET.LN (Treatt) -- transferred hold at Deutsche Numis; prior rating was hold

  • Data

    • Nikkei +0.53% to 39367.58

    • Hang Seng +0.23% to 20461.62

    • Shanghai Composite +0.76% to 3428.44

    • S&P futures (5.0) vs prior close of 6065.8

    • €-$ +0.0009 or +0.09% to 1.0565

    • $-¥ +0.01 or +0.00% to 151.23

    • €-¥ +0.17 or +0.11% to 159.76

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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