Jan 17 ,2025
Synopsis
European indices are set to open slightly higher as Asian equities mixed in quiet trade Friday. S&P futures +8.5 to 5,984.0, +0.14% vs settlement. Monday President-elect Donald Trump will be sworn in on Inauguration Day which coincides with Martin Luther King Day.
US equities were mostly lower in somewhat choppy Thursday trading, though breadth positive as equal weight S&P outpaced cap weighted index by ~100 bp.
Among central banks: Bundesbank's Nagel speech at 11:00CET at change of office ceremony of the Regional Office in Hesse and event hosted by Austria Central Bank at 11:00CET
Chancellor Scholz hosts Swedish PM Kristersson for a working visit. A joint press conf. is planned following the discussion. The Chancellor also due to speak at townhall meeting in Halle (Saale) and takes part in first major federal election campaign event (along with other SDP politicians and VW works council chairwoman) in Wolfsburg. Spain's Secretary General of Energy Rodríguez speaks at 9:00CET at event (livestream) hosted by Nueva Economía Fórum. International Green Week (IGW) gets underway in Berlin.
Macroeconomic releases due today includeEconomic: UK Dec Retail Sales, Eurozone/Austria Dec CPI, Spain Nov Trade Balance
In corporate news: Zehnder Group (ZEHN.SW) reports prelim FY sales (7%) lower to €705.8M vs FactSet €685.8M [5 est, €679.2-693.5M]. Ion Beam Applications (IBAB.BB) CFO Soumya Chandramouli steps down, effective 31-Jan. Flughafen Wien (FLU.AV) reports Dec Group total passenger traffic +9.5% to 3.01M; provides 2025 guidance
Trading Update: OrderYOYO (YOYO.DC)
Politics/Macro/World News
Top company news
Earnings/updates
DG.FP (VINCI SA) -- VINCI Airports Dec airport passenger traffic +8.0%
VIRP.FP (Virbac) -- reports preliminary FY revenue €1.4B vs FactSet €1.4B [8 est, €1.39-1.42B]
SMHN.GR (SÜSS MicroTec) -- reports preliminary Q4 revenue €150M; expects FY24 revenue €445M vs guidance €380M-410M
CLTN.SW (Coltene Holding) -- reports preliminary FY revenue CHF250.3M vs FactSet CHF247.6M [1 est]
M&A
GLEN.LN (Glencore) -- Glencore, Rio Tinto not currently in active talks -- Reuters
BVI.FP (Bureau Veritas) -- ended merger talks with Intertek in favor of pursuing deal with SGS - FT
BVIC.LN (Britvic) -- Carlsberg completes acquisition of Britvic
SYSR.SS (Systemair) -- completes the purchase of the final 10% of HSK Türkiye
NETEL.SS (Netel Holding) -- initiates process for sale of its Finnish operations
Palantir, Lockheed Martin among companies in talks to invest nine figures in Shield AI - The Information
Healthcare
AZN.LN (AstraZeneca) -- FDA approves Calquence for 1L mantle cell lymphoma (MCL); also converts AA for previously treated MCL
RENX.LN (Renalytix) -- discloses transition to foreign private issuer reporting; effective 1-Jan-25 - 8-K
IBAB.BB (Ion Beam Applications) -- CFO Soumya Chandramouli steps down, effective 31-Jan
Other
HLN.LN (Haleon) -- SEC filing: SCHEDULE 13D/A (Filed by PFIZER INC)
GIVN.SW (Givaudan) -- Givaudan's 2045 net-zero targets validated by SBTi
SGO.FP (Compagnie de Saint-Gobain) -- launches plasterboard made from 100% recycled material
AVOL.SW (Avolta) -- board resolves to launch up-to-CHF200M share buyback
SPM.IM (Saipem) -- completes sale of stake in KCA Deutag to Helmerich & Payne
CABK.SM (CaixaBank) -- issues new perpetual preferred securities contingently convertible; announces tender offer for similar securities (post EU close 16-Jan)
SDR.LN (Schroders) -- plans to reduce workforce by up to ~3% - Bloomberg
FUR.NA (Fugro) -- completes €50M repurchase programme announced in November
FING.B.SS (Fingerprint Cards) -- announces final terms for the partially guaranteed rights issue of up to SEK 160M
BAR.BB (Barco) -- announces deal with Regal Cineworld to install Series 4 laser projectors in the US, UK and Europe
FactSet Podcast - Evening Market Recap, 16-Jan
Regional Gaming Revenues - New Jersey December 2024
Street Takeaways - Rio Tinto Q4 production
Key rating changes
Upgrades
Oddo upgrades EPI.A.SS; downgrades DOKA.SW, SAND.SS
TD Cowen upgrades SAP, SAP.GR
UBS upgrades AZE.BB; transfers BNR.GR
ANOD.B.SS (Addnode Group) -- to buy from hold at Kepler Cheuvreux
GPE.LN (Great Portland Estates) -- to neutral from sell at UBS
ORSTED.DC (Ørsted) -- to buy from hold at ABG Sundal Collier
THULE.SS (Thule Group) -- to buy from hold at Carnegie Securities
Downgrades
VOD.LN (Vodafone Group) -- Vodafone Group resumed hold at HSBC; prior rating was buy
WISE.LN (Wise Plc) -- to add from buy at Peel Hunt
SEB.A.SS (Skandinaviska Enskilda Banken) -- to hold from buy at DnB Markets
ADDT.B.SS (Addtech) -- to hold from buy at DnB Markets
Other Actions
VIV.FP (Vivendi) -- resumed hold at HSBC; prior rating was buy
Data
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