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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (1.06%), DAX (1.33%), CAC40 (1.37%)

Dec 19 ,2024

  • Synopsis

    • European equity markets are set to open amidst Asia equities trading lower almost everywhere Thursday although major benchmarks off their lows. Steep losses in South Korea and Taiwan, Japan's bourses also lower but have rallied. Australia also steeply lower. US futures marginally higher. US dollar consolidating overnight gains, yen weaker on BOJ decision, won at multi-year low, AUD and NZD also at years-long lows. Treasury yields at seven-month high, Asia yields also higher ex China. Crude, precious metals and industrial metals all sharply lower. Cryptocurrencies recovering from overnight losses.

    • Focus on policy decisions kicking off with Riksbank's interest rate decision at 9:30CET, with press conf at 11:00. Expected to cut its benchmark interest rate by (25bps) to 2.5%. BOE interest rate decision, MPC meeting minutes at 12noon GMT. No change is expected in the 4.75% benchmark interest rate. Norges Bank is expected to leave its benchmark interest rate unchanged at 4.5% in its decision at 10:00CET, with press conf at 10:30.

    • In politics, EU Council meeting, with the region's leaders discussing Ukraine (Ukraine's President Zelenskyy attends meeting), the EU in the world, the Middle East, resilience and preparedness, migration and foreign policy issues. EU's von der Leyen participates and also participates in the EPP Western Balkans Summit. EU's Dombrovskis attends the 6th meeting of G7 Finance Ministers and Central Bank Governors. In UK, Ofwat releases 2024 price review final determination. European Automobile Manufacturers' Association (ACEA) Nov new passenger car registrations for EU + EFTA + UK.

    • Economic data include: Germany Jan consumer confidence - GfK, France Dec business confidence, Switzerland Nov trade balance (and monthly watch data), Spain Oct trade balance, Netherlands Nov unemployment rate

    • In corporate news, Douglas (DOU.GR) reports FY net income €84M vs FactSet €152.7M and provides guidance. SkiStar (SKIS.B.SS) is also out with Q1 earnings. In other developments, ATOS (ATO.FP) announced successful closing of its financial restructuring. On M&A front, SoftwareONE Holding agrees to acquire Crayon Group (CRAYN.NO) in cash and share offer with an implied value of NOK144/share. Moreld (MORLD.NO) is due to make its market debut on Euronext Growth Oslo.

  • Politics/Macro/World News

    • European leaders discuss future of support for Ukraine as Trump looms - FT

    • ECB staff are up in arms again over 'rigged' recruitment processes - Politico

    • Europe car sales dip as automakers battle consumer slowdown - Bloomberg

    • Powell says future cuts would require fresh inflation progress - Bloomberg

    • Netherlands Nov Unemployment Rate 3.7% vs consensus 3.6% and prior 3.7%

  • Top company news

    • Earnings/updates

      • Nordics

        • SCHA.NO (Schibsted) -- discloses corrective note to annual financial reports for 2022 and 2023

        • CRNA.NO (Circio Holding) -- raises NOK 10.7M in upsized offering from new and existing shareholders

        • SKIS.B.SS (SkiStar) -- reports Q1 EPS (SEK5.26) vs FactSet (SEK5.13) [3 est, (SEK5.20)-(5.10)]

      • France

        • EMEIS.FP (Emeis SA) -- announces €251M in disposals of real estate and operating assets since beginning of October

        • SIGHT.FP (GenSight Biologics) -- provides update on regulatory discussions and financial situation

      • DACHs

        • MDG1.GR (Medigene) -- revises FY 2024 guidance; now expects revenue of €7-9M vs prior guidance €9-11M and FactSet €11M [1 est]

        • TIMA.GR (ZEAL Network) -- raises FY guidance after reaching annual revenue and EBITDA guidance in November

        • DOU.GR Douglas -- reports FY net income €84M vs FactSet €152.7M [4 est, €101.3-193M]

    • M&A

      • GLEN.LN (Glencore) -- reportedly in talks to sell its Philippine copper smelting unit - Bloomberg

      • CRAYN.NO (Crayon Group Holding) -- SoftwareONE Holding agrees to acquire Crayon Group in cash and share offer with an implied value of NOK144/share

      • ENEL.IM (Enel) -- EPH to acquire remaining 50% of share capital currently held by Enel Produzione in Slovak Power, which owns 66% of share capital of Slovenské elektrárne

      • ELIS.FP (Elis) -- acquires Wäscherei Ernst Gmbh in Germany for an undisclosed sum

      • EMEIS.FP (Emeis SA) -- announces €251M in disposals of real estate and operating assets since beginning of October

    • Healthcare

      • ROG.SW (Roche Holding) -- Genentech's Phase IIb Study of Prasinezumab Missed Primary Endpoint, but Suggests Possible Benefit in Early-Stage Parkinson's Disease

      • PHM.SM (Pharma Mar) -- announces €5.0M share buyback program

      • CANTA.SS (Cantargia) -- publishes strong preclinical effects and clinical monotherapy results on nadunolimab in pancreatic cancer in Journal for Immunotherapy of Cancer

      • OSE.FP (OSE Immunotherapeutics) -- to Present Anti-IL-7R Lusvertikimab Phase 2 Induction Results in Ulcerative Colitis at 20th Congress of ECCO

      • BIOA.B.SS (BioArctic) -- announces global license agreement with Bristol Myers Squibb for BioArctic's PyroGlutamate-amyloid-beta antibody program

    • Other

      • NESTE.FH (Neste) -- to supply sustainable aviation fuel (SAF) to Air New Zealand marking the airline's largest purchase of SAF to date

      • EDPR.PL (EDP Renovaveis) -- awarded long-term contracts for 160 MW of storage in Poland (post EU close 18-Dec)

      • ATO.FP (ATOS SE) -- ATOS announces successful closing of its financial restructuring

      • VIRI.FP (Viridien) -- announces temporary unification of the roles of Chairman and CEO under the leadership of Sophie Zurquiyah

      • ATS.AV (AT & S Austria Technologie & Systemtechnik) -- announces appointment of Georg Riedl as Chairman

  • Key rating changes

    • Upgrades

      • HYQ.GR (Hypoport) -- to buy from hold at Pareto (sponsored research)

    • Downgrades

      • MUV2.GR (Munich Re) -- to neutral from buy at UBS

      • ZURN.SW (Zurich Insurance Group) -- to sell from neutral at UBS

  • Data

    • Nikkei (0.69%) to 38813.58

    • Hang Seng (0.57%) to 19751.47

    • Shanghai Composite (0.32%) to 3371.47

    • S&P futures +4.8 vs prior close of 5940.3

    • €-$ +0.0032 or +0.31% to 1.0388

    • $-¥ +1.12 or +0.72% to 155.92

    • €-¥ +1.65 or +1.03% to 161.95

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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