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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.07%), DAX30 (0.15%), CAC40 (0.28%)

Dec 11 ,2024

  • Synopsis

    • European equity markets are set for a weaker open amidst mixed Asian performance overnight. Gainers include China mainland boards, South Korea and several Southeast Asia benchmarks. Japan mixed with Nikkei in the red but the Topix flat. Australia lower. US stock futures lower.

    • Macron set to appoint new prime minister within two days. Reuters reports Chancellor Scholz will submit a request to Bundestag to hold a vote of confidence.

    • OPEC monthly report. Chancellor Scholz will take part/deliver opening speech at the 7th German-Ukrainian Economic Forum. Impact Investing World Forum as well as EU's Raw Materials Week, the latter sees EU's Séjourné and Šefčovič among the speakers. In UK, weekly PMQs at 12noon GMT, whilst committee topics include rail services and infrastructure 9:15, future of farming 10:00, FCA and PRA's secondary competitiveness and growth objective 10:05, work of the Office for Value for Money 14:15 and at 15:00, net zero - National Energy System Operator on it's two recommended pathways to achieving clean power by 2030. UK power and gas transmission companies will be submitting their business plans for the RIIO-3 regulatory period to regulator Ofgem. Norway's Minister of Energy participates in Renewable Norway's event "Do power resources benefit the people?"

    • In central banks, Bundesbank's Balz speech at 19:00CET in an economic dialogue with Yannick Bury, member of the Bundestag.

    • No notable economic data on the agenda.

    • In earnings, Inditex (ITX.SM) reported 9M net income attributable €4.45B vs FactSet €4.55B . From the DACHs region, Carl Zeiss Meditec (AFX.GR) reported prelim FY adj EBIT €245.9M vs FactSet €234.2M and guides FY24/25. Talanx (TLX.G) set out medium-term targets in connection with its CMD saying it aims to accelerate earnings and dividend growth by 2027 whilst TUI Group (TUI1.GR) reported Q4 underlying EPS €1.70 vs FactSet €1.78.

    • Other corporate news, Bloomberg reported overnight that Adidas (ADS.GR) was raided by tax authorities at locations including company headquarters whilst Sonova Holding (SOON.SW) appointed Elodie Carr-Cingari as new CFO effective no later than July 2025.

    • Companies due to release updates later in the day include British American Tobacco (BATS.LN).

    • CMD/events taking place today include Genmab (GMAB.DC) R+D, UNIQA Insurance Group (UQA.AV), Talanx (TLX.GR), Inwido (INWI.SS), Minesto (MINEST.SS), FUCHS (FPE3.GR) - SdK event

  • Politics/Macro/World News

    • Macron wants new PM in 48 hours, Socialists call government talks 'inconclusive' - Reuters

    • Chancellor Scholz to submit a request to Bundestag to hold a vote of confidence - Reuters

    • Biden administration weighs fresh sanctions on Russia, including targeting its oil exports - Bloomberg

  • Top company news

    • Earnings/updates

      • DACHs:

        • AFX.GR (Carl Zeiss Meditec) -- reports prelim FY adj EBIT €245.9M vs FactSet €234.2M [15 est, €221-250M] and vs year-ago €362.9M; guides FY24/25

        • TLX.GR (Talanx) --

          • sets medium-term targets; aims to accelerate earnings and dividend growth by 2027 - CMD

          • intends to increase Fy24 dividend from planned €2.50/sh to €2.70/sh; targets Fy27 dividend of €4.00/sh

        • TUI1.GR (TUI Group) -- reports Q4 underlying EPS €1.70 vs FactSet €1.78 [3 est, €1.72-1.90]

      • France:

        • MEDCL.FP (MedinCell) -- reports H1 net income (€14.6M) vs year-ago (€8.2M)

      • Nordics:

        • PUUILO.FH (Puuilo) -- reports Q3 EPS €0.17 vs FactSet €0.15 [5 est, €0.15-0.16]; repeats FY24 outlook

      • UK:

        • AWE.LN (Alphawave IP Group) -- announces launch of offering of ~$150M of senior unsecured convertible bonds due 2030

    • M&A

      • HEI.GR (Heidelberg Materials) -- joint venture Cement Australia to acquire BGC Cementitious from Buckeridge Group of Companies; terms undisclosed

      • NOVN.SW (Novartis) -- Siemens Healthineers completes acquisition of Advanced Accelerator Applications from Novartis (timing uncertain)

      • COLR.BB (Colruyt Group) -- Colruyt Group's fitness chain Jims reaches agreement with NRG for the acquisition of 40 fitness clubs

      • OMDA.NO (Omda AS) -- completes acquisition of Predicare

      • HOCN.SW (HOCN Ltd.) -- completes sale of HOCHDORF Swiss Nutrition Ltd

      • Follow-up: Saudi Arabia's PIF is reportedly in final stages of acquiring ~6% of PGA Tour - Bloomberg/wires

      • Buckeridge Group of Companies to sell BGC Cementitious division to Cement Australia; terms undisclosed

    • Healthcare

      • ABBV (AbbVie) -- FDA grants orphan drug designation to ABV-453 for multiple myeloma

      • NOVO.B.DC (Novo Nordisk) -- Follow-up: FDA approves Rybelsus formulation R2 and drug manufacturing site in Durham, NC

      • SAN.FP (Sanofi) -- Sanoi announces two combination vaccine candidates for prevention of influenza and COVID-19 granted Fast Track designation in the US

      • SOON.SW (Sonova Holding) -- appoints Elodie Carr-Cingari as new CFO effective no later than July 2025.

      • PHARM.NA (Pharming Group) -- announces positive topline results of data from its Phase III clinical trial evaluating leniolisib, an oral, in children aged 4 to 11 years with activated phosphoinositide 3-kinase delta syndrome

      • SANN.SW (Santhera Pharmaceuticals Holding) -- announces approval from China's NMPA for AGAMREE as a treatment for DMD

      • MB8.GR (Moberg Pharma) -- confirms ph3 trial of MOB-015 did not meet primary endpoint, to regain EU rights from Bayer; call tomorrow at 12:00CEST

      • MCOV.B.SS (Medicover) -- to evaluate potential separate listing in india

    • Other

      • ALLFG.NA (Allfunds Group) -- Hamilton Lane partners with Allfunds Blockchain and Apex Group to expand tokenised access to private markets

      • EVT.GR (Evotec) -- announces first projects for LAB eN² drug discovery accelerator with Novo Nordisk

      • PPC.GA (Public Power Corp.) -- cancels 12.7M own shares

      • SSPG.LN (SSP Group) -- announces planned IPO in India of Travel Food Services

      • GBF.GR (Bilfinger) -- announces share buyback program of up to €50M

      • ADS.GR (Adidas) -- reportedly raided by tax authorities at locations including company headquarters -- Bloomberg

      • IFX.GR (Infineon Technologies) -- Infineon localizing production of commodity-grade products in China to stay close to local buyers - Nikkei (10-Dec, 17:20 CET)

      • BAE Systems, U.S. Ordnance, DRS Technologies, L3Harris, Northrop Grumman and RTX Corp named principal contractors for $300M sale to Government of Kuwait

      • Papua LNG project costs blew out by 50% to $18B before it was paused earlier this year - Australian Financial Review

  • Key rating changes

    • Upgrades

      • LEHN.SW (LEM Holding) -- buy from hold at Kepler Cheuvreux

      • RKT.LN (Reckitt Benckiser) -- buy from hold at HSBC

      • GLE.FP (Societe Generale) -- outperform from market perform at Keefe, Bruyette & Woods

      • Deutsche Bank upgrades IAG.LN; downgrades ADP.FP, AENA.SM

      • JPMorgan upgrades PUB.FP, RRTL.GR

      • COLO.B.DC (Coloplast) -- to neutral from sell at UBS

    • Downgrades

      • ORSTED.DC (Ørsted) -- underperform from neutral at Santander

      • SGRO.LN (Segro) -- neutral from outperform at BNP Paribas Exane

      • BNP Paribas Exane downgrades BYG.LN, SAFE.LN, SHUR.BB

      • AHT.LN (Ashtead Group) -- to neutral from buy at Goldman Sachs

      • EVK.GR (Evonik Industries) -- to underweight from equal-weight at Morgan Stanley

    • Initiations

      • FLS.DC (FLSmidth & Co.) -- buy at Kepler Cheuvreux

      • FORTUM.FH (Fortum) -- short-term recommendation hold at Handelsbanken

      • GNS.LN (Genus) -- buy at Shore Capital Stockbrokers

  • Data

    • Nikkei +0.01% to 39372.23

    • Hang Seng (0.57%) to 20195.33

    • Shanghai Composite +0.24% to 3430.78

    • S&P futures +5.8 vs prior close of 6046.3

    • €-$ (0.0005) or (0.05%) to 1.0524

    • $-¥ (0.25) or (0.17%) to 151.72

    • €-¥ (0.33) or (0.21%) to 159.66

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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