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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.09%, DAX30 (0.23%), CAC40 +0.28%

Dec 12 ,2024

  • Synopsis

    • European equity markets are set to open mixed amidst Asia equities trading mostly higher Thursday. Tech leading boards in Japan, South Korea and Taiwan while Hong Kong is stronger on optimism over stimulus plans. Mainland China boards also higher alongside Singapore. Australia in the red while several Southeast Asia benchmarks are also lower. US futures lower and US dollar lower but volatile, yen stronger, yuan weaker again, AUD higher on employment data. Treasury yields higher across tenors, JGB yields lower, CGB yields at fresh record lows. Crude futures flat, precious and base metals mixed. Cryptocurrencies advancing again although bitcoin is slightly lower.

    • In central banks, SNB interest rate decision at 9:30CET, with news conf. The benchmark interest rate is expected to be cut by 25bps to 0.75%. ECB interest rate decision at 14:15CET, with press conf at 14:45. A cut of 25bps to 3.00% is expected in the benchmark interest rate. ECB staff latest economic projections will also be published, with a downgrade in economic growth estimates and little change to inflation outlook, widely seen.

    • Also on today's agenda, IEA oil market report and meeting of EU home affairs ministers. In events, CEPR Paris Symposium (through Wed), OMFIF event Poland central bank's Kightley on Poland's economic outlook and FT Tech Leadership Forum, speakers include senior execs from Nokia (NOKIA.FH), Orange (ORA.FP), Telecom Italia (TIT.IM), Telefonica (TEF.SM). Handelsblatt hosts Industry Summit (through Fri), speakers include senior execs from Deutz (DEZ.GR), RWE (RWE.GR), SAP (SAP.GR), Siemens (SIE.GR) and Volkswagen (VOW.GR) whilst UK-France Local Government Forum in Leeds kicks off (through Fri). In UK, parliamentary committee topics include carbon capture, usage and storage at 9:30GMT.

    • Macroeconomic updates today include: UK Oct industrial/manufacturing production, trade balance, construction output, Nov monthly GDP tracker - NIESR, Sweden Nov final CPI, UK Nov house price balance - RICS, Ireland Nov CPI

    • In corporate news, HENSOLDT (HAG.GR) confirms FY24 outlook, raises parts of its medium-term target, presents new growth strategy at CMD. Helvetia Holding (HELN.SW) issued financial targets for 2025-2027 in Capital Markets Day presentation. Leonteq (LEON.SW) released 11M business update: revises its guidance and now expects FY24 PBT to be in the single digit millions. In France, Sopra Steria Group (SOP.FP) updated on 2028 goals ahead of its CMD, including to exceed €7B in revenue, driven by organic growth of between +2-5% per year post-2025. Out of the Nordics, Dometic Group (DOM.SS) announced global restructuring program; will explore divestment opportunities and/or will discontinue non-strategic businesses.

  • Macro/Politics/World News

    • Why the EU debate on outsourcing solutions for migration is not going away - FT

    • EU's new energy chief vows to end Russian fuel ties for good - Politico

    • France's political impasse amplifies economic challenges - Bloomberg

    • UK Nov house price balance 25% vs consensus 19% and prior 16% - RICS

  • Top company news

    • Earnings/updates

      • DACHs

        • LONN.SW (Lonza Group) -- Lonza presents "One Lonza" strategy, to focus on core CDMO business, exit CHI business

        • FRA.GR (Fraport) -- reports Nov Frankfurt Airport traffic statistics: passengers ~4.6M, +1.0% y/y

        • FHZN.SW (Flughafen Zuerich) -- reports Nov traffic statistics

        • HELN.SW (Helvetia Holding) -- issues financial targets for 2025-2027 in Capital Markets Day presentation

        • 1SXP.GR (SCHOTT Pharma) -- reports Q4 EPS €0.23 vs FactSet €0.24 [3 est, €0.17-0.32]

        • HAG.GR (HENSOLDT) -- confirms FY24 outlook, raises parts of its medium-term target, presents new growth strategy at CMD

      • France

        • SOP.FP (Sopra Steria Group) -- CMD update: updates on 2028 goals including to exceed €7B in revenue, driven by organic growth of between +2-5% per year post-2025

      • Benelux

        • INGA.NA (ING Groep) -- provides update on 2024 SREP process

      • Southern Europe

        • BC.IM (Brunello Cucinelli) -- year-end update; 2024 guidance revised upwards; now expects an increase in turnover between +11% and +12%

    • M&A

      • RF.FP (Eurazeo) -- enters into exclusive discussions with an investor consortium led by Fiblac regarding the sale of its stake in Albingia

      • LONN.SW (Lonza Group) -- Lonza presents "One Lonza" strategy, to focus on core CDMO business, exit CHI business

      • LIAB.SS (Lindab International) -- announces restructuring of operations in Eastern Europe

      • SYSR.SS (Systemair) -- acquires the final 10% of the shares in HSK Türkiye; price undisclosed

      • IMPN.SW (Implenia) -- welcomes advanced merger talks between Ina Invest, Cham Group

      • COR.PL (Corticeira Amorim SGPS) -- Corticeira Amorim provides additional information regards previously disclosed sale of Timberman Denmark

      • HANZA.SS (HANZA) -- acquires Leden Group; purchase price based on multiple of 7 for EBITA outcome 2025 on a cash and debt-free basis

      • PUBLI.NO (PUBLIC PROPERTY INVEST) -- to acquire Rigedalen 5 in Kristiansand for a total property value of NOK 160.8M and a portfolio of eight kindergartens from Læringsverkstedet for a total property value of NOK 182.5M

      • SKA.B.SS (Skanska) -- divests office building P180 in Warsaw, Poland, for ~ SEK 1.2B, €100M

    • Healthcare

      • DBV.FP (DBV Technologies) -- DBV confirms alignment with U.S. FDA on accelerated approval pathway for the Viaskin peanut patch in toddlers 1 - 3 years-old

      • COPN.SW (Cosmo Pharmaceuticals) -- appoints Dominika Spilarova to the newly created role of Chief Strategy Officer, effective 10-Jan-25

      • AB.FP (AB Science) -- to provide an update on both masitinib and AB8939 platforms on 16-Dec

      • CANTA.SS (Cantargia) -- and GEICAM report updated phase 1 clinical data and new translational results on nadunolimab treatment

      • OSE.FP (OSE Immunotherapeutics) -- announces positive clinical progress for late-stage proprietary cancer vaccine Tedopi

    • Other

      • STMPA.FP (STMicroelectronics) -- Quobly Forges Strategic Collaboration with STMicroelectronics to Accelerate its Quantum Processor Manufacturing for Large-Scale Quantum Computing Solutions

      • BA.LN (BAE Systems) -- awarded $656.2M US Army contract

      • TIGO.SS (Millicom International Cellular) -- expects last day of trading of SDRs to be 17-Mar at the earliest

      • PRY.IM (Prysmian) -- announces Italian Competition Authority investigating possible anti-competitive behavior in Italian low-voltage copper cable market

      • GLE.FP (Societe Generale) -- discloses ECB determination of their capital requirements in respect of Pillar 2 Requirement (P2R) for 2025

      • SCHP.SW (Schindler Holding) -- chairman/CEO Silvio Napoli decides not to stand for re-election to board, to pursue new career challenges

      • SUBC.NO (Subsea 7) -- awarded substantial contract for a subsea tieback development in US Gulf of Mexico

      • ACA.FP (Credit Agricole) -- ECB has notified Crédit Agricole Group and Crédit Agricole S.A. of their capital requirements in respect of Pillar 2 (P2R) applicable as of 1st January 2025

      • OMV.AV (OMV) -- announces termination of Austrian supply contract with Gazprom Export with immediate effect

      • BB.FP (Bic) -- announces preparations for CEO Gonzalve Bich departure by 30-Sep-25

  • Key rating changes

    • Upgrades

      • PNN.LN (Pennon Group) -- to overweight from equal weight at Barclays

      • UU.LN (United Utilities Group) - to equal weight from underweight at Barclays

      • DGE.LN (Diageo) -- to buy from sell at UBS

      • TEMN.SW (Temenos) -- to buy from hold at Jefferies

      • YOU.GR (ABOUT YOU Holding) -- to equal weight from underweight at Barclays

    • Downgrades

      • ITX.SM (Inditex) -- to underperform from sector perform at RBC Capital Markets

    • Both

      • YOU.GR (ABOUT YOU Holding)

        • upgraded to equal weight from underweight at Barclays

        • upgraded to hold from buy at Stifel

    • Initiations

      • NEM.GR (Nemetschek) -- underweight at JPMorgan

  • Data

    • Nikkei +1.21% to 39849.14

    • Hang Seng +1.60% to 20478.21

    • Shanghai Composite +0.75% to 3458.10

    • S&P futures (8.3) vs prior close of 6092.8

    • €-$ +0.0016 or +0.15% to 1.0512

    • $-¥ +0.04 or +0.03% to 152.50

    • €-¥ +0.24 or +0.15% to 160.27

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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