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Back to Daily DR Market Summary

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

Dec 23 ,2024

  • Synopsis

    • European equity markets set to open flat to higher in what should be a relatively quiet session ahead of the holiday period.

    • STOXX 600 ended down (2.8%) last week having posted its biggest 5-day drop since the end of October. Performance driven mainly by the Federal Reserve's more cautious turn, as well as the dovish hold by the BoE. Comments from President-elect Trump about potential tariffs on the EU further soured sentiment. All sectors were in the red. Basic Resources (4.68%) was among the main laggards last week, while Healthcare (5.84%) took a big hit on Friday from Novo Nordisk (NOVO.B.DC) flagging lower-than-expected weight loss results in a late stage trial for CagriSema.

    • Note that European markets will be closed on 26-27 Dec for Christmas and 1-Jan for New Year's Day. Markets in a number of countries are also closed ahead of the holidays on 24-Dec and 31-Dec, and there is a sprinkling of holidays on other days.

    • Asian equities trading mostly higher in a quiet Monday. Yen remains volatile after dovish takeaways from BOJ meeting saw rate hike expectations slip towards March/April. China bond rally continues with 1Y CGB yield falling to as low as 0.85% while 10Y yield dropped below 1.70% to new record low. Nothing specific behind latest move lower other than subdued China economic growth reinforcing expectations of additional monetary easing. Corporate news still focused on Honda-Nissan merger with local media reports noting companies aiming to complete agreement in June with tie-up taking effect in 2026.

    • European macro data releases out today include UK Q3 final GDP, Spain Q3 final GDP, Norway Nov unemployment rate, Finland Nov unemployment rate, Belgium Dec CPI, Ireland Nov PPI

    • Among European stocks in focus: Volkswagen (VOW.GR) confirmed conclusion of joint agreement with employee representatives. The agreement will achieve sustainable cost savings for Volkswagen AG of more than €15B per year in the medium term. Of this, over €4B per year will come from the present negotiations on labour costs, structural and production measures and plant utilisation. Labour costs alone will be reduced by €1.5B per year. L'Oreal (OR.FP) reportedly in final talks to acquire Gowoonsesang Cosmetics, Migros' South Korean unit. Swisscom (SCMN.SW) notes Italian Competition Authority and Ministry of Enterprises and Made in Italy approve acquisition of Vodafone Italia. Rai Way (RWAY.IM) board confirms start of preliminary analysis regarding potential aggregation with EI Towers. Schibsted (SCHA.NO) intends to pay a special cash dividend of ~ NOK 500M in Q2 2025. Petrofac (PFC.LN) enters binding agreement with creditors on comprehensive restructuring: new funding of $325M

  • Politics/Macro/World News

    • UK private sector firms' growth expectations are now at their weakest in over two years - CBI

    • UK small and medium size businesses urging the Government to reset trade relations with the EU - BCC survey

    • Irish central banker says uncertainty for rate-setters higher now than in lockdown -- FT

    • Bank of England governor to join Reeves on key China visit -- Sky News

    • Euro-Zone Growth Expectations for 2025 Dialed Back by Economists -- Bloomberg

    • Nick Candy vows to help Reform disrupt British politics 'like we have never seen' -- FT

    • UK business morale falls to 2024 low but pay growth strong, surveys show -- Reuters

    • ECB'S Lagarde still believes that we should be very vigilant about services inflation - FT

    • Agreed UK property sales jump ahead of stamp duty increase -- FT

  • Top company news

    • Earnings/updates

      • VOW.GR (Volkswagen) -- confirms conclusion of joint agreement with employee representatives

      • GURN.SW (Gurit Holding) -- reaffirms FY sales guidance of CHF435M vs FactSet CHF436.0M

    • M&A

      • NWSA (News Corp.) -- agrees to sell Foxtel to DAZN at an EV of A$3.4B ($2.2B)

      • VOD.LN (Vodafone Group) -- Swisscom notes Italian Competition Authority and Ministry of Enterprises and Made in Italy approve acquisition of Vodafone Italia

      • OR.FP (L'Oreal) -- reportedly in final talks to acquire Gowoonsesang Cosmetics, Migros' South Korean unit - Reuters

      • URW.FP (Unibail-Rodamco-Westfield) -- sells 80% stake in Trinity office tower to Norges Bank Investment Management; implied offer price for asset is ~ €0.45B

      • TOM.NO (Tomra Systems) -- TOMRA acquires an 80% stake in c-trace, a German company; terms not disclosed

      • IPS.FP (Ipsos) -- receives competition clearance to acquire infas

      • RWAY.IM (Rai Way) -- board confirms start of preliminary analysis regarding potential aggregation with EI Towers

      • ALCAR.FP (Carmat) -- optimizes its financial structure by buying-back, for a symbolic sum of one euro, 2M shares from Matra-Défense (Airbus) which will be allocated to the repayment of its financial debt

      • CHG.GR (CHAPTERS Group) -- CHAPTERS Group's Altamount Software acquires 100% of shares of PSI Transcom GmbH from PSI Software

      • Nissan, Honda to enter into merger talks today - Nikkei

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- FDA approves Alhemo (concizumab-mtci) for adults and pediatric patients with hemophilia A

      • SAN.FP (Sanofi) -- initiates phase 3 program for PCV21 and expands collaboration with SK bioscience for next-generation pneumococcal conjugate vaccines; will pay €50M upfront to SK bioscience

      • FAGR.BB (Fagron) -- receives a warning letter from the FDA following routine inspection at it's Wichita facility conducted in Jun-24

    • Other

      • VU.FP (VusionGroup) -- to expand digital solutions across all Walmart US stores; order intake of ~€1B

      • EVO.SS (Evolution) -- notes UK Gambling Commission has commenced review of Malta Holding Limited's operating licence

      • ERF.FP (Eurofins Scientific) -- launches 4th buy-back program for up to 2% of share capital

      • SPM.IM (Saipem) -- Federal Court of Brasilia establishes the immediate annulment of the effects of the prohibitory sanction issued by the Controladoria-Geral da União (CGU) against Saipem SA and Saipem do Brasil

      • ENG.SM (Enagas) -- ICSID orders Peru to pay Enagás $194M (€185.8M) in GSP arbitration proceedings (20-Dec, seemingly post European close)

      • SCHA.NO (Schibsted) -- intends to pay a special cash dividend of ~ NOK 500M in Q2 2025

      • PFC.LN (Petrofac) -- enters binding agreement with creditors on comprehensive restructuring: new funding of $325M

      • SBB.B.SS (Samhällsbyggnadsbolaget i Norden) -- SBB dissolves additional joint ventures with a total property value of SEK 2.162B

      • Estimated weekend box office revenues in US, Canada $141.0, +49.3% y/y - Box Office Mojo

      • Industrie de Nora announces that the Ministry of Enterprise and Made in Italy grants company another public funding for gigafactory project (21-Dec)

      • Informa TechTarget has commenced convertible exchange offers for outstanding convertible notes due 2025 and 2026

      • Regional Gaming Revenues - Massachusetts November 2024

      • Trump reportedly told Europeans is seeking 5% NATO defense spending target, but will continue military aid to Ukraine -- FT

  • Data

    • Nikkei +1.19% to 39161.34

    • Hang Seng +0.71% to 19861.45

    • Shanghai Composite (0.39%) to 3354.90

    • S&P futures +29.0 vs prior close of 6001.8

    • €-$ +0.0004 or +0.04% to 1.0437

    • $-¥ +0.11 or +0.07% to 156.59

    • €-¥ +0.17 or +0.10% to 163.40

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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