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StreetAccount Summary - Europe Pre-Open: FTSE (0.1%), DAX flat, CAC (0.1%), IBEX (0.2%), MIB (0.1%)

Dec 16 ,2024

  • Synopsis

    • European equity markets set to open flat to lower. Note European equity markets pulled back last week, with STOXX 600 down (0.8%). Asian equities mixed Monday. China stocks decline after activity data underwhelmed (seen reinforcing need for stronger policy support). Main surprise was retail sales, up 3.0% y/y vs consensus 5.0%. Most categories declined, led by a spurious tumble in cosmetics.

    • European macro data releases out today include Eurozone, France, Germany, UK Dec flash manufacturing/services PMIs, Italy Nov final CPI, Switzerland Nov PPI, Norway Nov trade balance. Average asking prices for newly listed houses and apartments in Britain fell by (1.7%) in December, according to Rightmove.

    • Also today: Bundesbank monthly report pre-release at 12:00CET. ECB's Lagarde press conf at 8:00CET with Lithuania central bank's Šimkus ahead of conf, with Lagarde speech at 9:15 and panellist at 9:30. ECB's de Guindos speaks at 9:30CET at the 8th annv. of Madrid Foro Empresarial, Belgium central bank's Wunsch speech at 13:00CET with release of bank's economic projections and ECB's Schnabel speech at 17:30CET and former Governor of the Bank of Spain de Cos panellist at 16:15 at CEPR Paris Symposium. Bank of Italy hosts workshop on the economic implications of climate change and the transition to a low-carbon economy (through Tue). ECB publishes at 10:00CET its latest survey of monetary analysts.

    • In politics, this afternoon German Chancellor Scholz is expected to lose vote of confidence in the German parliament's lower house (Politico), and if this proves the case, he'll propose to the Federal President that the Bundestag be dissolved. (Welt )

    • Elsewhere, EU Foreign Affairs Council meets, as do EU energy ministers. EU's Roswell speech at 13:00CET at bruegel hosted event 'Towards a circular single market: Strengthening EU economic security and competitiveness'. Conf. de Paris (through Tue), speakers include CEO's of BHP (BHP.LN), Maersk (MAERSK.B.DC) and Renault (RNO.FP).

    • First day of trading of Havas (HAVAS.NA), Louis Hachette (ALHG.FP) and Canal+ (CAN.LN).

  • Macro/politics

    • ECB

      • ECB's Kazaks Warns Against Going Too Far With Interest-Rate Cuts -- Bloomberg

      • ECB Cuts Just to Help Economy Not Right Approach, Holzmann Says -- Bloomberg, citing ORF

    • France

      • Moody's Ratings downgrades France's ratings to Aa3; changes outlook to stable -- link

    • Germany

      • Scholz faces confidence vote. It's expected to lead to an election in February -- AP

    • UK

      • UK manufacturing confidence slumps after Rachel Reeves' Budget -- FT

      • Treasury insists on no spring Budget despite fears of fiscal rule breach -- FT

      • UK Inflation May Be Overstated by Official Data, Academics Say -- Bloomberg

      • UK property asking prices fall, headwinds remain for 2025, Rightmove says -- Reuters

  • Top company news

    • Earnings/updates

      • NOVO.B.DC (Novo Nordisk) -- Follow-up: Novo Nordisk discloses the acquisition of Catalent, and the related acquisition of three manufacturing sites from Novo Holdings, is cleared to close

      • KESKOB.FH (Kesko) -- reports Nov sales €1.01B, (2.4%) in comparable terms

      • PAH3.GR (Porsche Automobil Holding SE) -- Porsche Automobil Holding expects impairment of at-equity carrying amounts of Volkswagen AG and Porsche AG investments; withdraws earnings guidance

      • Also reporting today

        • Earnings: OVS (OVS.IM), Admie Holdings (ADMIE.GA), All for One Group (A1OS.GR)

        • Trading Update: Videndum (VID.LN)

        • CMD/events: Qiagen (QIA.GR), AB Science (AB.FP)

    • M&A

      • ALV.GR (Allianz) -- scraps proposed €1.5B acquisition of 51% stake in Income Insurance Ltd due to public opposition to the deal - Reuters

      • NHH.SM (Minor Hotels Europe & Americas) -- received offer from majority shareholder informing of its intention to make a delisting takeover bid at €6.37 per share

      • ABLI.SS (Abliva) -- board unanimously recommends holders accept offer from Pharming

      • NOVO.B.DC (Novo Nordisk) -- discloses the acquisition of Catalent, and the related acquisition of three manufacturing sites from Novo Holdings, is cleared to close

      • NOVO.B.DC (Novo Nordisk) -- Follow-up: Novo Nordisk discloses the acquisition of Catalent, and the related acquisition of three manufacturing sites from Novo Holdings, is cleared to close

      • DEC.FP (JCDecaux) -- and JOJ Media House Group decide not to pursue the merger of their OOH activities in Slovakia

      • IDS.LN (International Distribution Services) -- UK government to OK Daniel Kretinsky's offer for International Distribution Services - FT

      • VNA.GR (Vonovia) -- and Deutsche Wohnen SE agree on conclusion of domination and profit and loss transfer agreement

      • AOX.GR (Alstria) -- receives confirmation and specification of the squeeze-out demand submitted by BPG Holdings

      • ABLI.SS (Abliva) -- Pharming announces ~$66.1M public cash offer to the shareholders of Abliva AB

      • XLS.SW (Xlife Sciences) -- announces the intended listing of VERAXA biotech Ag on the NASDAQ stock exchange in the 2025 fiscal year

      • Berkshire Hills and Brookline in merger talks - media reports

    • Healthcare

      • GALD.SW (Galderma Group) -- FDA approves Nemluvio for adults and pediatric patients 12 and older with atopic dermatitis

      • EFYA.GR (PharmaCyte Biotech) -- SEC filing: 10-Q

      • RLF.SW (RELIEF THERAPEUTICS Holding) -- announces filing of form 15F to terminate SEC reporting obligations

    • Other

      • HSBA.LN (HSBC Holdings) -- ASIC sues HSBC alleging failures to adequately protect customers from scams

      • KBC.BB (KBC Group) -- discloses ECB determination for SREP capital requirement for 2025; Group's fully loaded CET1 ratio well above the new requirement

      • IDR.SM (Indra Sistemas) -- completes share buyback program

      • AIG leads launch of Syndicate 2478 at Lloyd's through multi-year Blackstone strategic relationship

      • Arcadium Lithium discloses litigation related to pending acquisition by with Rio Tinto - 8-K

      • Estimated weekend box office revenues in US, Canada $91.5M, +20.5% y/y - Box Office Mojo

      • Havas' technical reference price per share set at €1.79

      • Louis Hachette Group's technical reference price per share set at €1.12

      • Nissan-Mercedes joint venture in Mexico to cut production by ~50% due to slowing Infiniti sales in the U.S. - Nikkei (earlier)

  • Key rating changes

    • Upgrades

      • Deutsche Numis transfers DNLM.LN, VIC.LN, WIX.LN

      • GLEN.LN (Glencore) -- to outperform from market perform at BMO Capital Markets

      • DKSH.SW (DKSH Holding) -- to outperform from neutral at BNP Paribas Exane

      • RAND.NA (Randstad) -- to outperform from neutral at BNP Paribas Exane

      • VIRI.FP (Viridien) -- to market perform from underperform at Bernstein

      • BNZL.LN (Bunzl) -- to outperform from sector perform at RBC Capital Markets

    • Downgrades

      • SAP.GR (SAP) -- to hold from buy at HSBC

      • YOU.GR (ABOUT YOU Holding) -- to hold from buy at Jefferies

      • PAGE.LN (PageGroup) -- to neutral from outperform at BNP Paribas Exane

      • 8TRA.SS (TRATON) -- to hold from buy at Pareto

      • DCC.LN (DCC) -- to sector perform from outperform at RBC Capital Markets

      • DPLM.LN (Diploma) -- to underperform from sector perform at RBC Capital Markets

  • Data

    • Nikkei (0.03%) to 39457.49

    • Hang Seng (1.15%) to 19740.87

    • Shanghai Composite (0.38%) to 3378.98

    • S&P futures +3.3 vs prior close of 6055.5

    • €-$ +0.0022 or +0.21% to 1.0513

    • $-¥ (0.09) or (0.06%) to 153.62

    • €-¥ +0.24 or +0.15% to 161.49

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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