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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.25%), DAX (0.14%), CAC40 (0.22%)

Dec 13 ,2024

  • Synopsis

    • European indices are set to open a tad lower today as Asian equities trade weaker Friday. All the major benchmarks trading lower except for South Korea's Kospi. Losses greatest in Hong Kong and Shanghai as investors react to yesterday's China work conference conclusions.

    • US equities were down in Thursday trading, selling off through the afternoon and ending near session lows. S&P on track for a weekly decline though Nasdaq holding on to WTD gains after hitting another ATH and taking out the 20K level on Wednesday

    • Among central banks updates today: Bundesbank publishes its semi-annual forecasts at 11:00CET.

    • President Macron is expected to nominate a new prime minister today.

    • Macroeconomic releases due today include: Germany Oct trade balance, France Nov final CPI, Spain Nov final CPI, Sweden Nov unemployment rate, UK Dec consumer confidence - GfK, Finland Nov CPI, Eurozone Oct industrial production, Portugal Nov final CPI

    • In corporate news: (SREN.SW) Swiss Re targets FY25 net income of more than $4.4B vs FactSet $4.39B -- Management Dialogue; webcast at 10:00 GMT. (MOZN.SW) mobilezone holding guides FY revenue CHF960-990M vs FactSet CHF1.01B [1 est]

  • Politics/Macro/World News

    • ECB Prepared for Quarter-Point Rate Cuts at Next Two Meetings (BBG )

    • France's Macron to name new prime minister on Friday, Elysee says (Reuters )

  • Top company news

    • Earnings/updates

      • FER.SM (Ferrovial) -- closes the sale of a 19.75% stake in Heathrow for €2,000M

      • SREN.SW (Swiss Re) -- targets FY25 net income of more than $4.4B vs FactSet $4.39B -- Management Dialogue; webcast at 10:00 GMT

      • OUT1V.FH (Outokumpu) -- guides Q4 adjusted EBITDA to be close to break-even or turn negative vs prior guidance lower q/q and FactSet €57.4M [8 est, €32-86M]

      • NWRN.SW (Newron Pharmaceuticals) -- and Eisai announce license agreement for evenamide in Japan and other Asian territories; includes €44M upfront payment

      • COFB.BB (Cofinimmo) -- completes several divestments and adjusts its investment outlook for 2024

    • M&A

      • IBE.SM (Iberdrola) -- looking to sell its smart metering business unit in the UK -- Reuters

      • TLW.LN (Tullow Oil) -- confirms is in preliminary discussions with Kosmos Energy Ltd regarding a possible all-share offer by Kosmos for the company.

      • KOS (Kosmos Energy) -- also confirms it is in talks regarding possible all-share offer for Tullow Oil (TLW.LN)

      • IBE.SM (Iberdrola) -- announces sale of minority stake in share capital of the owner company of Windanker offshore wind farm for ~€150M

      • FER.SM (Ferrovial) -- closes the sale of a 19.75% stake in Heathrow for €2,000M

      • IMCD.NA (IMCD) -- has signed an agreement to acquire the business of the food and nutraceutical ingredient distributor: Daoqin Biological Technology, Longyu International Trade. and Long'en Biotechnology. in China.

      • CRAYN.NO (Crayon Group Holding) -- Follow-up: SoftwareONE nearing deal to acquire Crayon Group -- Bloomberg

      • CRAYN.NO (Crayon Group Holding) -- confirms is in advanced discussions with SoftwareONE regarding acquisition of Crayon Group

      • TTG.LN (TT Electronics) -- responds to Volex statement

      • ADMCM.FH (Admicom) -- subsidiary Tocoman Oy completes acquisition of Bauhub OÜ; decides on a directed share issue as part of the acquisition

      • ALPUL.FP (PulluP Entertainment) -- Follow-up: Pullup Entertainment reports H1 results

      • AMP.SM (Amper) -- acquires Navacel Process Industries, S.A. for ~€23.8M in cash and stock

    • Healthcare

      • GILD (Gilead Sciences) -- appoints Dietmar Berger, MD, PhD, as Chief Medical Officer 2-Jan-25

      • SAN.FP (Sanofi) -- Sanofi's Tolebrutinib designated Breakthrough Therapy by the FDA for non-relapsing secondary progressive multiple sclerosis

      • ROG.SW (Roche Holding) -- Roche receives CE Mark for new and updated molecular cobas 6800/8800 systems, enhancing laboratory efficiency and testing capabilities

      • 4502.JP (Takeda Pharmaceutical) -- hosts investor R&D Day

    • Other

      • EL.FP (EssilorLuxottica) -- EssilorLuxottica's GHG emissions reduction targets validated by the SBTi

      • HSBA.LN (HSBC Holdings) -- HSBC reviewing retail banking operations outside UK and Hong Kong; could scale back in countries including Mexico - FT

      • TEP.FP (Teleperformance) -- cancels shares representing 1.42% of the capital

      • SUBC.NO (Subsea 7) -- wins sizeable contract by Shell Offshore Inc. in the US Gulf of Mexico

      • MB.IM (Mediobanca) -- issues comments after SREP decision

      • SPIE.FP (SPIE) -- to implement anti-dilutive share buyback program in 2025

      • BCP.PL (Banco Comercial Portugues) -- discloses ECB determination for SREP capital requirement for 2025; exceed the minimum required CET1, Tier 1 and total ratio by a wide margin

      • NK.FP (Imerys) -- moving ahead with the EMILI project and examining several proposals prompted by public comments

      • Energy storage pure-plays saw significant gains in Q3 (12-Dec)

  • Key rating changes

    • Upgrades

      • KBC.BB (KBC Group) -- to overweight from equal weight at Barclays

      • NCAB.SS (NCAB Group) -- to buy from hold at DnB Markets

      • STJ.LN (St. James's Place) -- to buy from hold at Deutsche Numis

    • Downgrades

      • ALV.GR (Allianz) -- to hold from buy at Jefferies

      • G24.GR (Scout24) -- to neutral from outperform at Santander

    • Initiations

      • AMP.IM (Amplifon) -- neutral at Goldman Sachs

  • Data

    • Nikkei (0.95%) to 39470.44

    • Hang Seng (1.67%) to 20056.06

    • Shanghai Composite (1.56%) to 3407.60

    • S&P futures +6.0 vs prior close of 6060.8

    • €-$ (0.0004) or (0.04%) to 1.0463

    • $-¥ +0.16 or +0.11% to 152.81

    • €-¥ +0.10 or +0.06% to 159.86

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.
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