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StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.17%), DAX30 (0.19%), CAC40 +0.28%

Jan 13 ,2025

  • Synopsis

    • European equity markets are set for a mixed-to-lower open. Asian equities mostly lower across the region Monday. Region led lower by tech-dominated boards in Taiwan, South Korea and Australia. More losses in Greater China with all the boards now in red, albeit with the Hang Seng off its low. Australia closed near its trough. India lower, Southeast Asia markets all selling off although relative outperformers. Japan closed for a holiday but Nikkei futures trading sharply lower. US futures down again.

    • In central banks, ECB's Lane told Der Standard the ECB does not want rates to remain too high for too long but needs to ensure interest rates follow a middle path. Said he expects inflation pressure to continue to ease this year but that services inflation needs to cool for overall inflation to return sustainably to the central bank's 2% target. Elsewhere, Asian Financial Forum (through Tue) panels take place today including ECB's Lane, Bank of Finland's Rehn at 4:15CET. EU's Ribera delivers a keynote speech at the Social Democratic Party of Germany (SPD) Economic Forum. Brussels motor show continues (through Sun).

    • Macro data out includes Portugal and Greece Dec CPI.

    • In earnings, Porsche (P911.GR) reported 2024 worldwide deliveries 310,718 vehicles, (3%) y/y whilst Molecular Partners (MOLN.SW) outlined clinical expansion plans and strengthens radiopharma strategic focus for 2025. In the Nordics, Swedish Orphan Biovitrum (SOBI.SS) reported FY 2024 revenue ~SEK 26.00B vs FactSet SEK 25.45B.

    • Also due to release updates today are Brunello Cucinelli (BC.IM), Oxford Nanopore Technologies (ONT.LN) and DFDS (DFDS.DC).

  • Macro

    • UK companies plan to invest in AI instead of hiring staff as costs rise - FT

    • Reeves insists she will act to meet 'non-negotiable' fiscal rules - FT

    • Reeves back from China with one eye on bonds and the other on economic data - Guardian

    • UK low- to middle-income families far poorer than OECD counterparts, study - Guardian

    • Germany's far right seeks electoral legitimacy from Trump administration - politico

    • ECB's Lane says do not want rates to remain too high for too long - Der Standard; Reuters

  • Top company news

    • Earnings/updates

      • DACHs:

        • P911.GR (Porsche) -- reports 2024 worldwide deliveries 310,718 vehicles, (3%) y/y

        • MOLN.SW (Molecular Partners) -- outlines clinical expansion plans and strengthens radiopharma strategic focus for 2025

      • France:

        • ALMCP.FP (McPhy Energy) -- lowers 2024 revenue guidance to ~€11M vs prior €18-22M and FactSet €19.6M [4 est, €18.2-20.8M]

      • Nordics:

        • SOBI.SS (Swedish Orphan Biovitrum) -- announces FY 2024 revenue ~SEK 26.00B vs FactSet SEK 25.45B

    • M&A

      • OLTH.GA (Thessaloniki Port Authority Leonidsport B.V.) -- (owned by members of Louis Dreyfus family) announces tender offer to acquire up to 2.1M Thessaloniki Port Authority shares at €27/share

      • WHATS.BB (What's Cooking Group) -- completes sale of its Savoury business unit

      • BIM.FP (bioMerieux) -- announces it has entered an agreement to acquire SpinChip Diagnostics for an undisclosed sum

      • HOOK (Hookipa Pharma) -- discloses update on potential combination with Poolbeg - 8-K

      • SAX.GR (Stroeer SE & Co. KGaA) -- Ströer confirms discussions with interested parties regarding Ströer's core assets

      • ELIS.FP (Elis) -- acquires Wäscherei Bodensee in Switzerland; terms undisclosed

      • BAMI.IM (Banco BPM) -- Italy preparing formal review of UniCredit's offer for Banco BPM under golden power regulations - La Stampa

      • PVN.IM (Piovan) -- Automation Systems obtains all authorizations for acquisition of Piovan stake

    • Healthcare

      • NOVN.SW (Novartis) -- Appeals Court reverses-in-part, affirms-in-part district court ruling of Novartis' '659 Entresto patent; reverses finding patent invalid for lack of written description

      • SAN.FP (Sanofi) -- Sanofi's Sarclisa receives first approval in China for the treatment of adult patients with relapsed or refractory multiple myeloma

      • ROG.SW (Roche Holding) -- Roche receives FDA clearance for new, highly-sensitive test to aid clinicians in diagnosing B-cell lymphoma

      • BPMC (Blueprint Medicines) -- now estimates peak revenue for systemic mastocytosis franchise is $4B, with $2B in annual revenues expected by AYVAKIT by 2030, reports positive BLU-808 trial data

      • GLPG.NA (Galapagos) -- SEC filing: SCHEDULE 13D/A (Filed by GILEAD SCIENCES, INC.)

      • MREO (Mereo BioPharma Group) -- provides update on lead clinical programs

      • IDIA.SW (Idorsia) -- to call for a bondholder meeting

      • MOLN.SW (Molecular Partners) -- and Orano Med expand partnership to develop Targeted Alpha Radio-Therapies for cancer

      • FYB.GR (Formycon) -- Teva becomes strategic commercialization partner for Formycon's biosimilar candidate FYB203 (Eylea/ aflibercept) in major parts of Europe and Israel

    • Other

      • NDX1.GR (Nordex) -- receives 247 MW wind turbine orders from Canada

      • STAN.LN (Standard Chartered) -- faces sanctions from Zambia's SEC over mis-selling of Chinese property bonds - Reuters

      • GALP.PL (Galp Energia SGPS) -- appoints Maria João Carioca and João Diogo Marques da Silva as interim co-CEOs

      • NEL.NO (NEL ASA) -- subsidiary awarded up to ~$29M in investment tax credits as part of Qualifying Advanced Energy Project Tax Credit (48C) program

      • Estimated weekend box office revenues in US, Canada $76.6M, (21.1%) y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • BNP Paribas Exane upgrades BIRG.ID; downgrades A5G.ID

      • AMBU.B.DC (Ambu) -- buy from hold at Danske Bank

      • GRNG.SS (Gränges) -- buy from hold at ABG Sundal Collier

      • SVT.LN (Severn Trent) -- outperform from market perform at Bernstein

      • Autonomous Research upgrades INGA.NA, LLOY.LN; downgrades BKT.SM, BMPS.IM, HSBA.LN

      • Jefferies upgrades IFCN.SW, NEL.NO, S92.GR, and TPE.GR; downgrades FTK.GR, HUSQ.B.SS, SGL.GR, and VBK.GR; others

      • CFR.SW (Richemont) -- to buy from hold at TD Cowen

      • PPC.GA (Public Power Corp.) -- to buy from neutral at Goldman Sachs

      • YAR.NO (Yara International) -- to buy from neutral at Sparebank 1 Markets

    • Downgrades

      • CORE.B.SS (Corem Property Group) -- hold from buy at Nordea

      • BIOT.SS (Biotage) -- short-term recommendation downgraded to hold from buy at Handelsbanken

    • Initiations

      • MRN.FP (Mersen) -- re-initiated neutral at BNP Paribas Exane

      • CEZ.CP (CEZ) -- reduce at Kepler Cheuvreux

      • EBS.AV (Erste Group Bank) -- overweight at Morgan Stanley

      • ELI.BB (Elia Group SA/NV) -- buy at UBS

    • Other Actions

      • KEMIRA.FH (Kemira -- resumed buy at Nordea

  • Data

    • Nikkei closed

    • Hang Seng (1.22%) to 18830.95

    • Shanghai Composite (0.64%) to 3148.31

    • S&P futures (22.0) vs prior close of 5866.3

    • €-$ (0.0027) or (0.26%) to 1.0217

    • $-¥ (0.26) or (0.16%) to 157.56

    • €-¥ (0.66) or (0.41%) to 160.99

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