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StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.04%, DAX30 (0.13%), CAC40 (0.07%)

Dec 18 ,2024

  • Synopsis

    • European equity markets are set for a mixed to lower open. Follows mostly lower close on Tuesday. Asian equity markets mixed. Nikkei lower with focus on corporate news amid reports Nissan and Honda exploring a merger. ASX flat. Greater China markets higher. Kospi outperforms. US equity futures firmer with S&P up ~0.1%.

    • Attention on Fed policy decision later today. Widely expected to cut rates by 25 bp at Wednesday's meeting. Bigger focus will on SEP and dot plot with markets having wound back projected 2025 rate cuts (some thoughts dot plot may signal three rate cuts next year vs four previously). In European central banks, ECB's Lane speech ay 9:00GMT at an MNI webinar and Estonia central bank's Müller speech at 8:35CET at seminar hosted by the bank. Bundesbank's Nagel speech at 10:30CET at event organised by BGV Badische Versicherungen and release of the bank's monthly report at 12noon. Czech central bank interest rate decision at 14:30CET, press conf 15:45. Expected to leave its benchmark interest rate unchanged at 4.0%. SNB quarterly bulletin released at 15:00CET. In Germany, Bafin and Bundesbank provide information on EU banking package and national implementation.

    • In politics, EU's von der Leyen participates in the EP plenary debate in preparation of the European Council meeting of 19-Dec; participates in the EU-Western Balkans summit. In UK, there's the last PMQs at 12noon GMT (on last day of business before Christmas recess, MPs returning on 6-Jan) whilst committee topics include the Grey belt at 16:30, as Deputy PM and Secretary of State for Housing, Communities and Local Government Rayner give evidence following the governments recent announcement of plans to overhaul of the planning system to accelerate housebuilding.

    • In macro updates, UK Nov CPI/RPI/PPI input/output due to be released after yesterday's wage growth number surprised on the upside and saw paring back in rate cut expectations. Data from Brightmine, the UK HR data firm, showed pay awards were steady at 4% in November, much lower than official data. Market fully priced for just two rate cuts next year and indicates BoE might be on hold until May. Industry data showed a 13% increase in UK company insolvencies after the October budget. Also out are UK Dec industrial trends orders - CBI, Eurozone Nov final CPI, Oct construction output and Austria Nov final CPI.

    • On the corporate front, CECONOMY (CEC.GR) reported final FY earnings in line with prelim. release; EPS €0.22 ex-items vs FactSet €0.52 whilst AT & S Austria Technologie & Systemtechnik (ATS.AV) adjusts outlook for financial year 2026/27. In France, VINCI (DG.FP) reported Nov airport passenger traffic +8.8% and Aeroport de Paris (ADP.FP) reported Total Paris Aeroport November traffic 7.5M, +2.7% y/y. Euronext announced CAC40 Index changes which sees Bureau Veritas (BVI.FP) added and Vivendi (VIV.FP) removed.

  • Politics/macro

    • Parties unveil plans to rescue Germany from economic doldrums - Reuters

  • Top company news

    • Earnings/updates

      • Benelux:

        • PROX.BB (Proximus) -- to integrate BICS, Telesign and Route Mobile under one umbrella (12:15 ET)

      • DACHs:

        • CEC.GR (CECONOMY) -- reports final FY earnings in line with prelim. release; EPS €0.22 ex-items vs FactSet €0.52 [3 est, €0.48-0.54]

        • ATS.AV (AT & S Austria Technologie & Systemtechnik) -- AT&S Austria Technologie & Systemtechnik adjusts outlook for financial year 2026/27

        • DAE.SW (Dätwyler Holding) -- Dätwyler launches "ForwardNow" transformation program for 2025-7, targeting CHF24M in annual profit gains

      • France:

        • DG.FP (VINCI SA) -- VINCI Nov airport passenger traffic +8.8%

        • ADP.FP (Aeroport de Paris) -- reports Total Paris Aeroport November traffic 7.5M, +2.7% y/y

        • ALTHX.FP (Theranexus) -- provides update on its cash position and cash flow horizon

      • UK:

        • AZN.LN (AstraZeneca) -- AstraZeneca's sales in China decline following arrest of local president as it faces difficulties selling drugs to Chinese hospitals - FT

    • M&A

      • TKA.GR (ThyssenKrupp) -- continues to see spin-off as main option for TKMS - Reuters

      • GIMB.BB (Gimv) --

        • sells majority stake in KÖBERL Group to Hungarian company B+N Referencia Zrt; terms undisclosed

        • acquires Groupe Tibbloc in France; terms undisclosed

      • ALICA.FP (ICAPE Holding) -- acquires 100% of capital of ALR Services Ltd; terms undisclosed

      • MAIRE.IM (MAIRE) -- Nextchem and newcleo Holding SA agree to form a JV company to develop a new generation commercial-scale power plant

      • HOME.SM (Neinor Homes') -- 10% owned Promociones Habitat sells land portfolio to AEDAS Home

      • BAMI.IM (Banco BPM) -- requests Consob take measures to protect all the bank's stakeholders and the market as well as the public offer promoted on Anima's shares

      • CTT.PL (CTT - Correios de Portugal) -- agrees to Compañia Auxiliar al Cargo Expres, S.A.U. for a total consideration of €104M

      • ODHN.SW (Orascom Development Holding) -- Orascom Development announces CHF 5.60 per shre offer from main shareholder LPSO Holding

      • PSM.GR (ProSiebenSat.1 Media) -- in talks to sell Verivox to Moltiply Group - Bloomberg (17-Dec, 15:38 CET)

      • IMCD.NA (IMCD) -- to acquire life science business of YCAM in South Korea; terms undisclosed

      • GRE.SM (Grenergy Renovables) -- agrees on sale of Phases 1, 2 and 3 of the project Oasis de Atacama (451MW + 2.54GWh) in Chile for $962M

      • UPG.BB (Unifiedpost Group) -- completes previously announced sale of Wholesale Identity Access business; repays significant part of Francisco Partners senior facility loan

      • PKTM.SW (PIERER Mobility) -- PIERER Mobility appoints Citi to reorganize ownership structure

      • Honda-Nissan merger may be announced 23-Dec - TBS, without citing sources

    • Healthcare

      • ALSEN.FP (Sensorion) -- Reports Data in the Audiogene Phase 1/2 Gene Therapy Clinical Trial

      • HNSA.SS (Hansa Biopharma) -- announces positive full results from 15-HMedIdeS-09 Phase 2 study and comparative analysis of imlifidase in patients with Guillain-Barré Syndrome

    • Other

      • EBUS.NA (Ebusco Holding) -- announces organizational changes to optimize its Original Equipment Designer (OED) model; announces COO succession

      • AIR.FP (Airbus SE) -- awarded Eutelsat contract to build OneWeb low orbit constellation extension

      • ENX.FP (Euronext) -- announces CAC40 Index changes: Inclusion of Bureau Veritas. Exclusion of Vivendi

      • RECSI.NO (REC Silicon) -- discloses qualification test results for its ultra-high purity polysilicon deemed unsuccessful; reviewing multiple strategic options

      • FING.B.SS (Fingerprint Cards) -- AB announces partially guaranteed rights issue of up to approximately SEK 160M and bridge loan of SEK 40M

      • VU.FP (VusionGroup) -- selected by The Fresh Market to digitalize signage and inventory management

      • TKWY.NA (Just Eat Takeaway.com) -- Grubhub to pay $25M to settle with FTC for engaging in unlawful practices

      • VOW3.GR (Volkswagen) -- negotiations with unions expected to reach deal or end talks on Wednesday - Reuters, citing source

      • MTX.GR (MTU Aero Engines) -- appoints Johannes Bussmann as CEO

      • SESG.FP (SES) -- notes successful launch of seventh and eighth O3b mPOWER satellites by SpaceX

      • ACA.FP (Credit Agricole) -- Crédit Agricole announces Olivier Gavalda appointed as CEO

      • SAB.SM (Banco de Sabadell) -- discloses receipt of MREL requirements from Bank of Spain

      • OMV.AV (OMV) -- will no longer pursue the sale process of its E&P business in New Zealand

      • FUR.NA (Fugro) -- announces new €400M financing consisting of a €100M term loan and a €300M revolving credit facility

      • PUIG.SM (Puig Brands) -- announces the extension of its strategic partnership with Charlotte Tilbury

  • Key rating changes

    • Upgrades

      • MAU.FP (Maurel et Prom) -- buy from neutral at CIC Market Solutions

      • ALFA.SS (Alfa Laval) -- outperform from sector perform at RBC Capital Markets

      • Stifel upgrades EA; downgrades UBI.FP

      • EFGN.SW (EFG International) -- to buy from neutral at UBS

      • NOKIA.FH (Nokia) -- to buy from hold at DnB Markets

    • Downgrades

      • Bernstein downgrades COV.FP, ICAD.FP, SGRO.LN

      • OSB.LN (OSB Group) -- to hold from add at Peel Hunt

    • Initiations

      • HTRO.SS (Hexatronic Group) -- buy at Kepler Cheuvreux

      • VACN.SW (VAT Group) -- neutral at Goldman Sachs

  • Data

    • Nikkei (0.72%) to 39081.71

    • Hang Seng +0.78% to 19855.05

    • Shanghai Composite +0.50% to 3378.13

    • S&P futures +7.5 vs prior close of 6127.3

    • €-$ +0.0022 or +0.21% to 1.0514

    • $-¥ (0.04) or (0.03%) to 153.46

    • €-¥ +0.28 or +0.17% to 161.32

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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