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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.1%), DAX (0.3%), CAC (0.3%)

Jan 08 ,2025

  • Synopsis

    • European equity markets set for a softer open. Hawkish takeaways from US macro data cited as the main headwind for equities. Combination of entrenched inflation and tight labor market reinforced perceptions of slower Fed rate cuts, adding to pressure on Treasuries alongside supply and Trump policy plays. . Elevated yields (10y reached eight-month high) and debate over stock market implications dominated the narrative. AI takeaways from CES largely upbeat, but nothing particularly incremental. Nvidia keynote was seen as forward-looking and lacked meaningful near-term positive implications.

    • Asia equities mostly lower Wednesday although most are off their lows: Greater China stocks losing the most with the Hang Seng testing Nov-24 lows

    • European macro data releases out today include Eurozone Nov PPI/Dec Consumer Confidence, Sweden prelim Dec CPI, Germany Nov Factory Orders/Retail Sales, France Dec Consumer Confidence/Nov Trade Balance

    • In central banks, BoE's Woods and Bailey participate in Financial Services Regulation hearing on the competitiveness and growth objective at 10:05GMT. Also in UK, weekly PMQs at 12noon GMT and committee topics include FCA and PRA's secondary competitiveness and growth objective ay 10:05GMT and work of the Dept. for Energy Security and Net Zero at 15:00. In Germany, there's online press conf on the new study on the economic policy outlook for 2025 by the Institute for Macroeconomics and Business Cycle Research (IMK)

  • Top company news

    • Earnings/updates

      • TMV.GR (TeamViewer) -- reports prelim FY24 revenue €671M vs guidance €662M-€668M and FactSet €664.9M [14 est, €661-673.1M]

      • VK.FP (Vallourec) -- confirms FY EBITDA guidance to be within €800 - 850M range vs FactSet €823.98M (€17.02)

      • BSLN.SW (Basilea) -- provides portfolio update and FY25 outlook

      • RHM.GR (Rheinmetall) -- repeats FY24 group revenue ~€10B vs FactSet €10.01B -slides

      • AM.FP (Dassault Aviation) -- issues FY24 deliveries, order intakes and backlog in number of new aircraft as of 31-Dec-24

      • PLX.FP (Pluxee) -- reports Q1 revenue €289M, +9% vs year-ago €266M

      • FLOW.NA (Flow Traders) -- issues Q4 pre-close call

      • TRI.FP (Trigano) -- reports Q1 revenue €769.8M, (17.4%) vs year-ago €931.6M

      • GLJ.GR (GRENKE) -- reports FY24 leasing new business €3.06B vs year-ago €2.58B and target of €3.0B-€3.2B

      • VLTSA.FP (Voltalia) -- announces it reached 2024 capacity targets

      • CLAS.B.SS (Clas Ohlson) -- reports Dec sales +12% to SEK1,597M; +12% organic

      • Also reporting today

        • Earnings: Dustin Group (DUST.SS), Gabriel Holding (GABR.DC)

        • Trading Update: Pluxee (PLX.FP) Topps Tiles (TPT.LN)

    • M&A

      • ROG.SW (Roche) -- intends to complete the acquisition of Poseida through a merger of Blue Giant Acquisition Corp. with and into Poseida without a vote or meeting of Poseida's stockholders

      • DOKA.SW (dormakaba Holding) -- dormakaba completes divestment of its Sub-Saharan African business and consolidation of its Montreal sites

      • WHATS.BB (What's Cooking?) -- to purchase France's Sveltic in deal estimated at ~€35M (EV basis)

      • BOSN.SW (Bossard Holding) -- Bossard concludes acquisition of the Ferdinand Gross Group

    • Healthcare

      • PHXM.FP (Phaxiam Therapeutics) -- Announces Updated Real-Life Clinical Data From Patients Treated Under the Compassionate Status in Europe

      • GLPG.NA (Galapagos) -- to separate into two publicly traded entities; to amend 10-year global Option, License and Collaboration agreement with Gilead

    • Other

      • AIR.FP (Airbus SE) -- awarded $315.0M US Army contract modification

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- launches $1.0B convertible preference share issue

      • STAN.LN (Standard Chartered) -- intends to issue $1.00B fixed rate resetting perpetual subordinated contingent convertible securities

      • GALP.PL (Galp Energia SGPS) -- CEO Filipe Silva resigns effective immediately

      • ICAD.FP (Icade) -- announces pre-let agreement on Pulse building

      • SF.SS (Stillfront Group) -- CFO Andreas Uddman to step down

  • Key rating changes

    • Upgrades

      • NESN.SW (Nestle) -- to outperform from underperform at BNP Paribas Exane

      • YACHT.IM (Ferretti) -- to outperform from neutral at BNP Paribas Exane

      • Deutsche Bank upgrades EQT.SS, PGHN.SW

      • BCP.PL (Banco Comercial Portugues) -- to overweight from neutral at JPMorgan

      • NOVO.B.DC (Novo Nordisk) -- to buy from neutral at UBS

      • STB.NO (Storebrand) -- to buy from hold at Carnegie Securities

      • CBRAIN.DC (cBrain) -- to hold from sell at ABG Sundal Collier

    • Downgrades

      • NESN.SW (Nestle)-- to underperform from hold at Jefferies

      • BN.FP (Danone) -- to underperform from hold at Jefferies

      • DAL.IM (Datalogic) -- to neutral from outperform at BNP Paribas Exane

      • ENR.GR (Siemens Energy) -- to hold from buy at Kepler Cheuvreux

      • ASHM.LN (Ashmore Group) -- to hold from buy at Jefferies

      • NOS.PL (NOS SGPS) -- to reduce from hold at Kepler Cheuvreux

      • BFF.IM (BFF Bank SpA) -- to underperform from neutral at BNP Paribas Exane

      • RILBA.DC (Ringkjøbing Landbobank) -- to hold from buy at Nordea

      • SYDB.DC (Sydbank) -- to hold from buy at Nordea

      • Deutsche Bank downgrades CVC.NA

  • Data

    • Nikkei (0.26%) to 39981.06

    • Hang Seng (0.95%) to 19261.90

    • Shanghai Composite (0.11%) to 3226.15

    • S&P futures +12.5 vs prior close of 5954.3

    • €-$ +0.0015 or +0.15% to 1.0357

    • $-¥ (0.01) or (0.01%) to 158.04

    • €-¥ +0.25 or +0.15% to 163.67

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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