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StreetAccount Summary - Europe Pre-Open: FTSE +0.2%, DAX +0.1%, CAC +0.2%, IBEX +0.2%, MIB +0.3%

Jan 15 ,2025

  • Synopsis

    • European equity markets set to open broadly higher

    • European macro data releases out today include Eurozone Nov Industrial Production, UK/Sweden/Spain/France Dec CPI, UK Dec Input/Output PPI, Norway Dec Trade Balance, Sweden Dec Unemployment

    • Among stocks in focus: Bureau Veritas (BVI.FP) confirms media reports that it is in discussions with SGS (SGSN.SW) regarding potential business combination; Pfizer (PFE) intends to sell ~700M Haleon (HLN.LN) ordinary shares, equivalent to ~7.7% of Haleon's issued share capital; Cellnex (CLNX.SM) to implement share buyback program of up to €800M; Partners Group (PGHN.SW) out with a softer than expected AuM update.

    • In central banks, ECB's de Guindos speech at 9:00CET at 15th Spain Investors Day (through Thu and also includes several company CEOs). Also, Riksbank's Bunge discusses the economic situation, financial stability and macroprudential measures at 9:10CET at Bopol Live, Bank of France's Villeroy speaks to the Senate Finance Committee at 9:30CET, the same day Finance Bill and the review of session amendments on the "Recovery Plan" and "Investing for France in 2030" continues. Croatia Central Bank's Vujcic panellists at 9:35CET at Invisso, Thedéen discusses at 15:30CET the economic situation and current monetary policy at an event organised by Swedbank and BoE's Benjamin delivers a speech at TheCityUK on "The Future of Stress Testing" at 16:00GMT and Taylor gives a speech at Leeds Univ. on "Inflation Dynamics and Outlook" at 16:30. World Economic Forum publishes its annual global risks report and IEA its latest monthly oil market report. In Greece, IOBE hosting event at 15:00CET title "European Economies and New Challenges" (livestream), speakers include CEBR's Vicky Price and DIW's Alexander Kritikos.

    • In Germany, Chancellor Scholz attends German Trade Union Confederation (DBG) meeting, whilst VDMA and German Wind Energy Assn host press conf on onshore wind energy expansion. .

  • Politics/Macro/World News

    • UK

      • Business morale sank to 2-year low in late 2024, accountants say -- Reuters

      • Two-thirds of retail respondents say they will raise prices in response to increased NI costs -- BRC

    • ECB

      • ECB betting on services prices to get inflation back to target, Lane says -- Reuters

    • Geopolitics

      • Israel and Hamas agree in principle to ceasefire and hostage deal -- CBS News, citing sources

  • Top company news

    • Earnings/updates

      • PGHN.SW (Partners Group Holding) -- Partners Group reports AuM of $152B per end of 2024

      • JMT.PL (Jeronimo Martins) -- reports preliminary Q4 revenue €8.70B vs StreetAccount €8.62B

      • FHZN.SW (Flughafen Zuerich) -- reports Dec traffic statistics

      • ALESK.FP (Esker) -- reports preliminary Q4 revenue €55.1M vs FactSet €54M [1 est] and expects operating margin to exceed the previously announced range; guides 2025

      • BOSN.SW (Bossard Holding) -- reports Q4 revenue CHF236.6M vs year-ago CHF242.2M

      • HAUTO.NO (Höegh Autoliners) -- Dec trading update: transported 1.2M cbm of cargo on prorated basis

      • NDX1.GR (Nordex Group) -- reports FY24 order intake of 8.3 GW

      • Also reporting today

        • Earnings: Victorian Plumbing Group (VIC.LN), Gateley (Holdings) (GTLY.LN), BRAIN Biotech (BNN.GR)

        • Trading Update:

          • France: CATANA Group (CATG.FP)

          • UK: Experian (EXPN.LN), Vistry (VTY.LN), Hays (HAS.LN), Currys (CURY.LN), Ashmore (ASHM.LN), Liontrust Asset Management (LIO.LN), Brooks MacDonald (BRK.LN), Xaar (XAR.LN)

        • Traffic: Aeroports de Paris ADP (ADP.FP)

    • M&A

      • BVI.FP (Bureau Veritas) -- confirms media reports that it is in discussions with SGS regarding potential business combination

      • GPRK (GeoPark) -- provides update on proposed acquisition of Repsol exploration and production assets in Colombia; to not proceed with previously announced transaction

      • HLN.LN (Haleon) -- Pfizer (PFE) intends to sell ~700M Haleon ordinary shares, equivalent to ~7.7% of Haleon's issued share capital

      • UN0.GR (Uniper) -- Equinor, UAE's Taqa reportedly among suitors examining potential transaction with Uniper -- Bloomberg

    • Healthcare

      • AZN.LN (AstraZeneca) -- highlights initial phase 3 data in 2025 for 7 NMEs - JPM 2025

      • NOVN.SW (Novartis) -- announces eligible patients in Ontario now have access to Pluvicto (lutetium (177Lu) vipivotide tetraxetan injection)

      • SAN.FP (Sanofi) -- outlines pipeline progress for a streamlined biopharma - JPM 2025

      • FYB.GR (Formycon) -- UK approves Formycon's Otulfi to treat serious inflammatory diseases

    • Other

      • BP.LN (BP) -- CEO Murray Auchincloss under increasing pressure as investors lose patience - FT

      • PSON.LN (Pearson) -- and Microsoft announce multi-year partnership

      • CLNX.SM (Cellnex Telecom) -- Cellnex to implement share buyback program with maximum monetary amount of €800M

      • WDP.BB (Warehouses de Pauw) -- names Michiel Assink to new position of COO

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- TGS awarded 4D Streamer Campaign offshore Norway

  • Key rating changes

    • Upgrades

      • Bernstein upgrades HAVAS.NA, PSM.GR

      • BNP Paribas Exane upgrades HFG.GR, ROO.LN, TKWY.NA

      • AG1.GR (Auto1 Group) -- to buy from neutral at Goldman Sachs

      • ORSTED.DC (Ørsted) -- to buy from hold at Arctic Securities

      • PSN.LN (Persimmon) -- to buy from hold at Peel Hunt

      • FII.FP (Lisi) -- to buy from hold at Kepler Cheuvreux

      • IVG.IM (Iveco Group) -- to buy from hold at Kepler Cheuvreux

      • CON.GR (Continental) -- to buy from hold at Kepler Cheuvreux

      • ORA.FP (Orange) -- to outperform from neutral at Oddo

      • SAX.GR (Stroeer SE & Co. KGaA) -- to overweight from neutral at JPMorgan

      • DEC.FP (JCDecaux) -- to neutral from underweight at JPMorgan

    • Downgrades

      • NN.NA (NN Group) -- to reduce from hold at Kepler Cheuvreux

      • FDJ.FP (La Francaise des Jeux) -- to reduce from hold at HSBC

      • XVIVO.SS (Xvivo Perfusion) -- to hold from buy at Pareto

      • UBXN.SW (u-blox Holding) -- to hold from buy at Kepler Cheuvreux

      • ERF.FP (Eurofins Scientific) -- to hold from buy at Berenberg

      • DHER.GR (Delivery Hero) -- to underperform from neutral at BNP Paribas Exane

      • PSON.LN (Pearson) -- to market perform from outperform at Bernstein

    • Initiations

      • UTG.LN (UNITE Group) -- buy at Goldman Sachs

      • SAVE.SS (Nordnet) -- short-term recommendation hold at Handelsbanken

  • Data

    • Nikkei (0.08%) to 38444.58

    • Hang Seng +0.18% to 19253.83

    • Shanghai Composite (0.52%) to 3224.09

    • S&P futures +3.0 vs prior close of 5882.3

    • €-$ (0.0013) or (0.13%) to 1.0297

    • $-¥ (0.62) or (0.40%) to 157.34

    • €-¥ (0.84) or (0.52%) to 162.00

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