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
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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