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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.22%, DAX +0.03%, CAC (0.10%)

Jan 09 ,2025

  • Synopsis

    • European equity markets are set to open mixed amidst Asia equities lower Thursday as the risk-off momentum builds: Hang Seng reversing early gains to now be negative, mainland China boards also under pressure again. Losses in Japan, Australia and Taiwan as the technology rally fades, South Korea a few points higher. India under water, Singapore retreating from record high seen yesterday. Southeast Asia mostly lower. US futures lower. US dollar consolidating overnight gains, yen coming off lows but AUD and NZD weaker; yuan is flat. Treasuries mixed, JGB yields lower, CGB yields a little stronger. Crude flat, precious metals a smidge higher, base metals again mixed.

    • In central banks updates, ECB releases latest Economic Bulletin at 10:00CET. Central bank speakers include BoE's Breeden delivering a speech at the University of Edinburgh at 16:00GMT. Elsewhere, The Shelf in 2024 will be presented at 10:00CET by Norwegian Offshore Directorate. Spain's Minister of Transport and Sustainable Mobility Santiago speaks at 9:00CET at event hosted by Nueva Economía Fórum. Airbus (AIR.FP) releases orders and deliveries for the full year 2024 at 17:45CET, conf. call 18:30.

    • Economic data include: Eurozone Nov Retail Sales, Germany/Denmark Nov Trade Balance, Germany/Denmark Nov Industrial Production, Norway Dec PPI, Ireland Nov Retail Sales.

    • In corporate news, Sika Group (SIKA.SW) reported yesterday after the close FY sales of CHF11.76B vs StreetAccount CHF11.72B and confirmed FY outlook. VAT Group (VACN.SW) is out with preliminary numbers including Q4 revenue CHF283M vs FactSet CHF260.3M. Tecan Group (TECN.SW) also issued a preliminary update with FY sales CHF 934.3M vs FactSet CHF 919.1M. ABOUT YOU Holding (YOU.GR) reports Q3 EAT (€3.9M) vs FactSet (€20.2M) and reiterates its FY24/25 guidance.

  • Politics/Macro/World News

    • Reeves eyes spending cuts if UK bond slump eats up headroom - Bloomberg

    • Treasury forced to intervene in market turmoil - Telegraph

    • UK labour market freeze deepens as firms absorb tax rises, REC survey shows - Reuters

    • France's Villeroy urges big budget cuts to cure fiscal sickness - Bloomberg

    • UK power prices skyrocket as freezing weather tightens market - Bloomberg

    • UK shop prices dropped in December but prices likely to rise in 2025, BRC says - Reuters

    • Britain's Bond turmoil invokes memory of 1976 debt crisis - Bloomberg

  • Top company news

    • Earnings/updates

      • SIKA.SW (Sika Group) -- reports FY sales CHF11.76B vs StreetAccount CHF11.72B

      • VACN.SW (VAT Group) -- reports preliminary Q4 revenue CHF283M vs FactSet CHF260.3M [5 est, CHF209-290.3M]

      • TECN.SW (Tecan Group) -- reports preliminary FY sales CHF 934.3M vs FactSet CHF 919.1M

      • RDC.GR (Redcare Pharmacy) -- reports preliminary Q4 total sales €674M, +27% y/y

      • OVH.FP (OVHCloud) -- reports Q1 revenue €263.5M, +10% vs year-ago €239.8M

      • SNBN.SW (Schweizerische Nationalbank ) --reports preliminary FY net income ~CHF80B; profit on foreign currency positions ~CHF 67B

      • COPN.SW (Cosmo Pharmaceuticals) -- reports preliminary FY revenue €265.7M vs FactSet €268.3M [2 est, €267.4-269.2M]

    • M&A

      • GLEN.LN (Glencore) -- Two potential buyers submit offers for Glencore's stake in Koniambo Nickel SAS - Reuters

      • PRY.IM (Prysmian) -- exploring dual listing in New York and additional US acquisitions, as it hopes to insulate itself from tariffs - FT, citing CEO

      • AFP.SW (Aluflexpack) -- In the takeover of Aluflexpack AG by Constantia Flexibles GmbH, yesterday, a remedy package has been formally submitted to the European Commission

    • Healthcare

      • SAN.FP (Sanofi) -- Sanofi's new Sarclisa subcutaneous formulation met co-primary endpoints in the IRAKLIA phase 3 study in multiple myeloma

      • ROG.SW (Roche Holding) -- Roche announced that its whole slide imaging system, Roche Digital Pathology Dx, has received an additional 510(k) clearance from the FDA

      • UCB.BB (UCB) -- announces partnership with Ailux Biologics, a Division of XtalPi, on Biologics AI Platform

      • DBV.FP (DBV Technologies) -- announces 3-year results from EPITOPE Phase 3 open-label extension study

      • NWRN.SW (Newron Pharmaceuticals) -- licenses evenamide to Myung In Pharma in South Korea

    • Other

      • INTRUM.SS (Intrum) -- has entered into a Swedish company reorganisation

      • FGR.FP (Eiffage) -- renews €2B revolving credit facility

      • BAKKA.NO (Bakkafrost) -- provides update on revenue tax on salmon farming in the Faroe islands

      • NDX1.GR (Nordex) -- UKA orders 80 turbines from the Nordex Group for projects over 540 MW in Germany

      • LTMC.IM (Lottomatica Group) -- Gamma Intermediate sells 24M Lottomatica Group shares priced at €12.5 per Share through a private placement by way of an accelerated bookbuilding offering through Barclays, Deutsche Bank, Goldman Sachs and J.P. Morgan

  • Key rating changes

    • Upgrades

      • PGHN.SW (Partners Group Holding) -- to overweight from equal weight at Barclays

      • AMS.SM (Amadeus IT Group) -- to buy from hold at HSBC

      • AMBU.B.DC (Ambu) -- to buy from hold at Carnegie Securities

      • ATCO.A.SS (Atlas Copco) -- to buy from hold at Carnegie Securities

      • DNLM.LN (Dunelm Group) -- to buy from hold at HSBC

      • SSE.LN (Scottish and Southern Energy) -- to buy from neutral at UBS

      • VITR.SS (Vitrolife) -- Vitrolife long-term recommendation upgraded to market perform from underperform at Handelsbanken

      • VOLV.B.SS (Volvo) -- to overweight from equal-weight at Morgan Stanley

      • PIRC.IM (Pirelli & C.) -- to outperform from neutral at BNP Paribas Exane

    • Downgrades

      • EVO.SS (Evolution) -- to neutral from buy at Goldman Sachs

      • TRST.LN (Trustpilot Group) -- to hold from buy at Danske Bank

      • JUST.LN (Just Group) -- to add from buy at Peel Hunt

      • CVC.NA (CVC Capital Partners) -- to equal weight from overweight at Barclays

      • PAH3.GR (Porsche Automobil Holding SE) -- to underperform from neutral at BNP Paribas Exane

      • WISE.LN (Wise Plc) -- to hold from buy at HSBC

      • SMHN.GR (SÜSS MicroTec) -- to hold from buy at Jefferies

      • VACN.SW (VAT Group )-- to hold from buy at Jefferies

    • Other Actions

      • DHER.GR (Delivery Hero) -- reinstated overweight at Barclays; prior rating was overweight

  • Data

    • Nikkei (0.94%) to 39605.09

    • Hang Seng +0.03% to 19285.16

    • Shanghai Composite (0.37%) to 3218.36

    • S&P futures (11.5) vs prior close of 5959.3

    • €-$ (0.0014) or (0.14%) to 1.0306

    • $-¥ (0.23) or (0.14%) to 158.13

    • €-¥ (0.46) or (0.28%) to 162.94

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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