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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.35%), DAX (0.25%), CAC40 (0.17%)

Dec 17 ,2024

  • Synopsis

    • European equity markets set to open lower amidst Asia equities trending lower Tuesday. Markets awaiting key central bank meetings in US and Japan. FOMC previews straightforward with Fed widely expected to cut by 25 bp, though SEP and dot plot likely to get more attention with markets having wound back projected 2025 rate cuts. BOJ expected to hold with December rate hike odds having diminished following Governor Ueda's recent remarks on wages as well as lingering concern over US-related uncertainties.

    • In political developments, focus on Germany where Chancellor Scholz has lost a vote of confidence in parliament, paving the way for early elections on 23 February (BBC). Scholz called Monday's vote and had expected to lose it, but calculated that triggering an early election was his best chance of reviving his party's political fortunes.

    • On today's agenda, EU's von der Leyen meets President of Türkiye Erdoğan whilst EU's Environment and General Affairs Councils meet. In UK, there's MP's questions to Dept. for Energy Security and Net Zero at 11:30GMT, whilst committee topics include Ministry of Defence Annual Report and Accounts 2023-24 (10:30).

    • In central banks, Bank of Finland's Rehn speech at 10:00CET at press briefing on the outlook for the Finnish economy whilst ECB's Buch introductory statement at 10:00CET at ECB Banking Supervision press conf. on the aggregate results of the 2024 Supervisory Review and Evaluation Process (SREP), with participation of ECB's Elderson. Slovak central bank publishes reports on economic and monetary developments at 10:00CET, Governor Kažimír due to speak. Bank of Spain publishes quarterly report on the Spanish economy, includes an update of the macroeconomic projections for the Spanish economy. Hungary interest rate decision, benchmark interest rate expected to be left unchanged at 5.5%. SECO and KOF economic forecasts.

    • European macro data releases out today include: Germany Dec ifo survey, ZEW economic sentiment, UK Nov claimant count change, Oct unemployment rate, Italy Oct trade balance, Eurozone Oct trade balance

    • In corporate news, EVN AG (EVN.AV) reported FY earnings this morning with the group proposing a dividend of €0.90/share vs prior guidance at least €0.82/share and guiding FY 2024/45 Net result within a range of €400-440M vs FactSet €445.38M. In Germany, thyssenkrupp nucera (NCh2.GR) issued Q4 earnings and released guidance for 2025. Also due to update investors today includes Chemring Group (CHG.LN) and Bunzl (BNZL.LN), whilst VINCI (DG.FP) and Aeroports de Paris ADP (ADP.FP) are due to report traffic figures.

  • Politics/Macro/World News

    • German frontrunner Friedrich Merz faces row over unfunded tax cuts - FT

    • Sweden open to power cable project if Germany reforms, minister says - FT

    • Reeves' Tax Hikes Spare Most of the UK's Big Listed Companies - Bloomberg

    • Bomb kills chief of Russian nuclear protection forces in Moscow - Reuters

    • UK diplomats meet rebel leader in Damascus - BBC

  • Top company news

    • Earnings/updates

      • INSTAL.SS (Instalco) -- initiates cost-saving measures including additional layoffs and closures of underperforming subsidiaries; one-off costs of SEK65M, to impact EBITA in Q4

      • OVS.IM (OVS) -- reports Q3 pretax income €24.1M vs FactSet €18.5M

      • NCH2.GR (thyssenkrupp nucera) -- reports Q4 EPS €0.08 vs FactSet (€0.04)

      • EVN.AV (EVN AG) -- reports FY EPS €2.65 vs FactSet €2.58 [2 est, €2.57-2.58]; guides FY 2024/45 Net result within a range of €400-440M vs FactSet €445.38M

      • Also due to report today:

        • Earnings: Chemring Group (CHG.LN), Hollywood Bowl Group (BOWL.LN), FRP Advisory Group (FRP.LN), Luxor (LUXOR.B.DC)

        • Trading Update: Bunzl (BNZL.LN)

        • Traffic: VINCI (DG.FP), Aeroports de Paris ADP (ADP.FP)

        • CMD/events: GSK (GSK.LN) early pipeline, Maat Pharma (MAAT.FP), Givaudan (GIVN.SW)

    • M&A

      • ASC.IM (Ascopiave) -- Hera acquires the remaining 25% of EstEnergy from Ascopiave

      • EL.FP (EssilorLuxottica) -- to acquire Espansione Group in Italy; terms undisclosed

      • TTE.FP (TotalEnergies) -- sells 50% of its shares in West Burton Energy to EPH subsidiary EPUKI; terms undisclosed

      • UMG.NA (Universal Music Group) -- Universal Music Group, Virgin Music Group enter into a definitive agreement to acquire Downtown Music Holdings LLC for cash consideration of $775M (~ €737M)

      • BAMNB.NA (Koninklijke BAM Groep) -- to divest its remaining 50% share in Invesis to joint venture partner PGGM

      • BT.A.LN (BT Group) -- UK government approves Bharti Global's acquisition of 24.5% stake in BT Group

      • VK.FP (Vallourec) -- sells Düsseldorf-Rath production site to CTP for €155M

      • HUM.LN (Hummingbird Resources) -- and Niko Resources reach agreement on offer; Hummingbird shareholders to receive 2.6777p in cash

      • AEDAS.SM (AEDAS Homes) -- updates in connection with previously announced land portfolio acquisition

      • AEDAS.SM (AEDAS Homes) -- closes Habitat land portfolio acquisition

    • Healthcare

      • AZN.LN (AstraZeneca) -- discloses CRL for AndexXa sBLA -- Pink Sheet (13-Dec, timing uncertain)

      • ROG.SW (Roche Holding) -- Roche confirms it is halting development of dirloctocogene samoparvovec (SPK-8011) as potential treatment for hemophilia A -- Fierce Biotech (earlier, intraday)

      • ROG.SW (Roche Holding) -- HHS OIG review determines that Xolair PFS likely meet inclusion criteria Medicare Part B coverage

      • UCB.BB (UCB) -- announces findings from minzasolmin proof-of-concept ORCHESTRA study

      • SDZ.SW (Sandoz Group) -- takes further steps to resolve legacy US generic drug antitrust class action litigation

      • 068270.KS (Celltrion) -- Europe's EMA approves phase 3 trial of Celltrion's CT-P13 for rheumatoid arthritis

    • Other

      • BA.LN (BAE Systems) -- named principal contractor for $300M sale to Republic of Korea

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for Nov

      • EDP.PL (EDP-Energias de Portugal) -- announces Portuguese Electricity Regulator ERSE announces final electricity tariffs and prices in Portugal for 2025 (post EU close 16-Dec)

      • HER.IM (Hera) -- increases its Euro Medium Term Notes program to €5B from €4.5B (post EU close 16-Dec)

      • ATO.FP (ATOS SE) -- announces the final amounts of the subscriptions to the Reserved Capital Increases for creditors under the Accelerated Safeguard Plan

      • PNL.NA (PostNL) -- appoints Linde Jansen as new CFO following AGM on 15-Apr-25

      • TPEIR.GA (Piraeus Financial Holdings) -- Piraeus Financial discloses ECB determination for SREP capital requirement for 2025

      • INTRUM.SS (Intrum) -- in settlement discussions with certain 2025-maturity bondholders who had objected to chapter 11 restructuring

      • MAIRE.IM (MAIRE) -- subsidiary enters tolling agreement with Röhm for chemical PMMA recycling

      • 4DS Memory enters design agreement with Infineon for custom ReRAM memory test chip

      • Regional Gaming Revenues - New Jersey November 2024

  • Key rating changes

    • Upgrades

      • AIR.FP (Airbus SE) -- to buy from hold at Deutsche Bank

      • SAF.FP (Safran) -- to buy from hold at Deutsche Bank

      • SUBC.NO (Subsea 7) -- to outperform from neutral at BNP Paribas Exane

    • Downgrades

      • VIV.FP (Vivendi) -- to hold from buy at Deutsche Bank (timing uncertain)

    • Initiations

      • JEN.GR (Jenoptik) -- buy at UBS

      • OCDO.LN (Ocado Group) -- buy at Kepler Cheuvreux

      • MKS.LN (Marks & Spencer Group) -- buy at Kepler Cheuvreux

      • R3NK.GR (Renk Group) -- outperform at BNP Paribas Exane

      • HAG.GR (HENSOLDT) -- neutral at BNP Paribas Exane

      • AUTO.NO (AutoStore Holdings) -- reduce at Kepler Cheuvreux

      • MKS.LN (Marks & Spencer Group) -- buy at Kepler Cheuvreux

      • HAVAS.NA (Havas) -- initiated hold at Kepler Cheuvreux, equal-weight at Morgan Stanley

    • Others

      • ALK.IM (Alkemy) -- resumed neutral at Mediobanca

  • Data

    • Nikkei (0.24%) to 39364.68

    • Hang Seng (0.44%) to 19707.52

    • Shanghai Composite (0.65%) to 3364.39

    • S&P futures (12.0) vs prior close of 6154.0

    • €-$ (0.0014) or (0.13%) to 1.0499

    • $-¥ (0.01) or (0.00%) to 154.14

    • €-¥ (0.20) or (0.12%) to 161.84

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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