Jan 22 ,2025
Synopsis
European equity markets are set for a positive open amidst mixed trading in Asia Wednesday. Japan's Nikkei leading the region's gainers alongside the Kospi and Taiex. Solid gains for Australia, India and most of Southeast Asia. Greater China markets lower with worst of the falls in Hong Kong. US futures higher led by Nasdaq.
French President Macron hosts Chancellor Scholz, with a post meeting press conf. scheduled. In UK, following MPs questions on Scotland there's weekly PMQs at 12noon GMT, whilst committee topics include GB Energy and the net zero transition 9:30, Shadow Great British Railways 9:15, FCA and PRA's secondary competitiveness and growth objective 10:15, work of the Dept for Energy Security and Net Zero 15:00, (Ofgem execs). Norway's Minister of Energy Aasland and Aker BP's (AKRBP.NO) CEO panellists in debate (livestream) at 9:00CET organised by the Norwegian Confederation of Trade Unions, topic "Petroleum - resource or oil scandal?".
In central banks, Bundesbank latest monthly report at 12noon CET and Bundesbank's Nagel panellist at 19:30CET in Bundesbank Invited Speakers Series title: "Still Too Big to Fail? Lessons from the Failure of Credit Suisse".
On the macro front, UK Dec public Sector Net Borrowing (PSNB) and Ireland Dec PPI are due to be released.
In earnings, Barry Callebaut (BARN.SW) reports Q1 revenue CHF3.45B vs consensus CHF2.88B and lowers FY 2024/25 sales volume guidance whilst Adidas (ADS.GR) reports preliminary Q4 EBIT €57M vs FactSet. Schaeffler (SHA.GR) announces prelim results with EBIT margin before special items below group guidance. Elsewhere, DFDS (DFDS.DC) reports preliminary FY EBIT DKK1.50B vs FactSet DKK1.48B and Alstom (ALO.FP) reports Q3 revenue €4.67B vs StreetAccount €4.43B and confirms FY guidance.
Also due to release reports/updates today are easyJet (EZJ.LN), Intermediate Capital Group (ICG.LN) and Quilter (QLT.LN).
Politics/Macro/World News
Top company news
Earnings/updates
Benelux:
GIMB.BB (Gimv) -- launches capital increase to raise up to €247M to accelerate growth strategy; provides trading update
DACHs:
BARN.SW (Barry Callebaut) -- reports Q1 revenue CHF3.45B vs consensus CHF2.88B; FY 2024/25 sales volume guidance lowered
ADS.GR (Adidas) -- reports preliminary Q4 EBIT €57M vs FactSet (€66.3M) [10 est, (€130)-(18M)]
SHA.GR (Schaeffler) -- announces prelim results; EBIT margin before special items for FY24 below group guidance
SBO.AV (Schoeller-Bleckmann Oilfield Equipment) -- reports preliminary FY EBIT €69M vs FactSet €72.4M [4 est, €67.9-82.7M]
France:
ALO.FP (Alstom) -- reports Q3 revenue €4.67B vs StreetAccount €4.43B; confirms FY guidance
Nordics:
TRUE.B.SS (Truecaller) -- reports year-end MAUs 435M
DFDS.DC (DFDS) -- reports preliminary FY EBIT DKK1.50B vs FactSet DKK1.48B [4 est, DKK1.08-1.64B]
SEA1.NO (Sea1 Offshore) -- reports preliminary Q4 revenue $68M vs FactSet $67.2M [4 est, $65.6-70M]
Southern Europe:
ELN.IM (El.En.) -- reaffirms 2024 guidance - conference slides (post EU close 21-Jan)
M&A
CBK.GR (Commerzbank) -- evaluating smaller bolt-on acquisitions - Bloomberg (21-Jan, 15:44 CET)
IDS.LN (International Distribution Services) -- IDS and Bidco announce EU FSR condition has been satisfied following closure of European Commission's preliminary review
RLF.SW (RELIEF THERAPEUTICS Holding) -- announces sale of its intellectual property and commercialization rights for GOLIKE outside the United States to Nutrisens
CICN.SW (Cicor Technologies) -- responds to press reports regarding a potential acquisition of Éolane France businesses
Major airlines reportedly in discussions to invest in Gol in Chapter 11 bankruptcy proceedings according to Valor Economico - Reuters
Healthcare
SAN.FP (Sanofi) -- Sarclisa approved in the EU as the first anti-CD38 therapy in combination with standard-of-care VRd to treat transplant-ineligible newly diagnosed multiple myeloma
ROG.SW (Roche Holding) -- Roche receives FDA clearance with CLIA waiver for cobas liat molecular tests to diagnose sexually transmitted infections at the point of care
Other
AMSC.NO (Solstad Maritime Holding) -- to apply for Euronext Oslo Børs listing during Q2 2025
TTE.FP (TotalEnergies) -- further delays LNG project in Mozambique amid security concerns and political uncertainty - FT
HLN.LN (Haleon) -- SEC filing: SCHEDULE 13D/A (Filed by PFIZER INC)
PROX.BB (Proximus) -- extends maturity of its €700M Revolving Credit Facility
Meta working on upgrades to smart glasses and is exploring watches and camera-equipped earbuds as it embeds AI features into more products - Bloomberg (15:01 ET)
Patriot Battery Metals closes previously announced C$69M ($48M) private placement to Volkswagen Group
Regional Gaming Revenues - Massachusetts December 2024
Rio Tinto expects Resolution copper mine in Arizona to be given green light under new Trump administration after being delayed for 12 years over permits - FT, citing CEO
Key rating changes
Upgrades
COR.PL (Corticeira Amorim SGPS) -- buy from neutral at JB Capital Markets
LDA.SM (Linea Directa Aseguradora) -- neutral from underweight at JB Capital Markets
Berenberg upgrades BMW.GR; downgrades MBG.GR, PAH3.GR
Berenberg upgrades HLMA.LN; downgrades VID.LN
BYG.LN (Big Yellow Group) -- buy from hold at Berenberg
HSBC upgrades HNR1.GR, MUV2.GR; downgrades SREN.SW
AAK.SS (AarhusKarlshamn) -- to buy from hold at ABG Sundal Collier
AV.LN (Aviva) -- to overweight from neutral at JPMorgan
COLO.B.DC (Coloplast) -- to buy from hold at HSBC
VWS.DC (Vestas Wind Systems) -- to buy from hold at Jefferies
Downgrade
SHA.GR (Schaeffler) -- hold from buy at Deutsche Bank
CA.FP (Carrefour) -- underperform from neutral at BNP Paribas Exane
STMPA.FP (STMicroelectronics) -- underweight from equal weight at Barclays
Initiations
DSY.FP (Dassault Systemes) -- outperform at Santander
Barclays initiates PPGN.SW; upgrades BANB.SW
GEBN.SW (Geberit) -- underweight at JPMorgan
Other Actions
DG.FP (VINCI) -- transferred buy at Stifel
RNO.FP (Renault) -- transferred hold at Deutsche Bank; prior rating was hold
Data
Nikkei +1.58% to 39646.25
Hang Seng (1.78%) to 19748.81
Shanghai Composite (0.89%) to 3213.74
S&P futures +17.3 vs prior close of 6084.3
€-$ (0.0025) or (0.24%) to 1.0405
$-¥ +0.34 or +0.22% to 155.85
€-¥ (0.03) or (0.02%) to 162.13
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