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StreetAccount Summary - EU Pre-Open Indications: FTSE +0.16%, DAX30 +0.04%, CAC40 +0.13%

Jan 31 ,2025

  • Synopsis

    • European indices are set to open higher as Asian equities also mostly trade higher. Japan and Australia higher for a third consecutive session, New Zealand also higher while there are gains in Singapore and India. South Korea lower as it reopens and marks-to-market the tech rout earlier in the week with SK weighing the most.

    • US equities were higher in Thursday trading as stocks a bit off best levels. Nevertheless, S&P and Nasdaq both still on pace for weekly declines. S&P futures +17.0 to 6,116.3, +0.28% vs settlement

    • On the macro front, inflation updates due from France and Portugal after firmer Spanish reading on Thursday. Despite the recent pickup in inflation, ECB sounded confident on meeting its inflation target later this year. Cut key rate by 25 bps as expected.

    • French PM Bayrou faces potential government collapse due to his use of the word "submersion" to describe migration in Mayotte, despite 74% of French people agreeing with Bayrou's observation

    • In central banks, Bundesbank's Köhler-Geib speech at 10:45CET at Digital Excellence Forum (Thu-Fri)

    • Economic data to be published today: Germany Jan unemployment change, preliminary CPI, Dec retail sales, France Jan preliminary CPI, Dec PPI, Italy Dec PPI, Switzerland Jan economic sentiment, Dec retail sales, Spain Dec retail sales, UK Jan house price index - Nationwide, Austria Jan preliminary CPI, Norway Jan manufacturing PMI, unemployment rate, Greece Nov retail sales, Ireland Jan preliminary HICP, Portugal Jan preliminary CPI

    • Early morning earnings reports included: HOLM.B.SS. LIFCO.B.SS. LHYFE.FP. SFER.IM, CRAYN.NO, SKF.B.SS

  • Politics/Macro/World News

    • ECB May Drop 'Restrictive' Label on Stance as Soon as March (BBG )

  • Top company news

    • Earnings/updates

      • NOVN.SW (Novartis) -- reports Q4 Core EPS $1.98 vs consensus $1.81

      • SKF.B.SS (SKF) -- reports Q4 Adj. EPS SEK4.20 vs FactSet SEK3.20 [13 est, SEK2.65-3.78]; expects Q1 2025 organic sales to weaken somewhat, y/y

      • SFER.IM (Salvatore Ferragamo) -- reports preliminary Q4 revenue €291M vs FactSet €274.3M [3 est, €259.0-282M]

      • ELIS.FP (Elis) -- reports FY revenue €4.57B vs FactSet €4.58B [12 est, €4.53-4.62B]

      • PHXM.FP (Phaxiam Therapeutics) -- PHAXIAM issues update on deployment of its strategy; cash of €3.6M as of 31-Dec-24

      • PUIG.SM (Puig Brands) -- reports Q4 revenue €1.36B vs FactSet €1.18B [3 est, €946-1.31B]

      • VETO.FP (Vetoquinol) -- reports preliminary FY revenue €539.2M vs FactSet €538.0M [7 est, €535-542.0M]

      • CRAYN.NO (Crayon Group Holding) -- reports prelim FY adj EBITDA NOK1.17B vs FactSet NOK1.21B [7 est, NOK1.12-1.28B]; guides FY25

      • KOF.FP (Kaufman & Broad) -- reports FY net income €45M vs FactSet €41.8M [5 est, €38.4-45.5M]

      • CGM.FP (Cegedim) -- reports Q4 revenue €178.7M vs FactSet €180.0M [1 est]

      • ICEAIR.IR (Icelandair Group) -- reports FY net income ($30.6M) vs year-ago ($37.8M)

      • ALTHX.FP (Theranexus) -- reports total available funds €1.0 M as of 31-Dec-24 vs €1.9 M on 30-Sep-24

    • M&A

      • SPG (Simon Property Group) -- Kering and Simon announce the completion of the sale of 'The Mall Luxury Outlets'

      • MBG.GR (Mercedes-Benz Group) -- exploring sale of Athlon car-leasing business - Bloomberg

      • SOP.FP (Sopra Steria Group) -- Sopra Steria announces proposed acquisition of management consulting firm Aurexia

      • TIP.IM (Tamburi Investment Partners) -- exercies pre-emption right on Alpitour

      • MCAP.SS (MedCap) -- to acquire 85% stake in Danrehab for DKK51M (SEK78.5M) up front in cash

      • MCAP.SS (MedCap) -- reports Q4 EPS SEK2.8 vs FactSet SEK2.80 [1 est]

      • EOS.AU (Electro Optic Systems Holdings) -- completes sale of EM Solutions; deal announced 21-Nov

    • Healthcare

      • NOVN.SW (Novartis) -- and MSN Pharma settle, dismiss litigation over MSN's proposed generic Kisqali -- court filing

      • SAN.FP (Sanofi) -- Sanofi's Sarclisa is the first anti-CD38 treatment approved in China for patients with newly diagnosed multiple myeloma ineligible for transplant

      • UCB.BB (UCB) -- announces CHMP issued positive opinion for the self-administration of RYSTIGGO (rozanolixizumab)

      • ALCLS.FP (Cellectis SA) -- SEC filing: SCHEDULE 13D/A (Filed by Bpifrance Participations SA)

      • VLA.FP (Valneva) -- wins New IXIARO Supply Contract with the U.S. Government Worth a Minimum of $32.8M

      • GALD.SW (Galderma Group) -- announces results from its new phase IIIb RELAX clinical of RelabotulinumtoxinA to treat frown lines

      • PHXM.FP (Phaxiam Therapeutics) -- and Technophage enter collaboration on individualized GMP phages therapies

    • Other

      • BORR.NO (Borr Drilling) -- agrees with major Mexican customer to receive payment settlement for ~$125M related to outstanding receivables

      • KAMBI.SS (Kambi Group) -- secures licensing approval in Nevada

      • SCYR.SM (Sacyr Vallehermoso) -- to appoint Pedro Sigüenza Hernández as CEO of Sacyr

      • SAP.GR (SAP) -- Street Takeaways - SAP Q4 Earnings

      • BA.LN (BAE Systems) -- awarded $1.19B USAF contract modification

      • ZURN.SW (Zurich Insurance Group) -- Zurich Insurance Group, Nellie Technologies enter offtake agreement for carbon removal certs.

      • Switzerland approves new climate targets and DOJ to block Hewlett Packard acquisition of Juniper Networks in intraday thematic developments (30-Jan)

  • Key rating changes

    • Upgrades

      • FBK.IM (FinecoBank) -- to outperform from underperform at Autonomous Research

      • SAN.FP (Sanofi) -- to hold from sell at Deutsche Bank (timing uncertain)

      • Next (NXT.LN)-- to buy from neutral at UBS

      • Pennon Group (PNN.LN) to hold from sell at Deutsche Numis

    • Downgrades

      • ADM.LN (Admiral Group) -- to reduce from hold at Peel Hunt

      • DWL.LN (Dowlais Group Plc) -- to hold from buy at Peel Hunt

  • Data

    • Nikkei +0.39% to 39669.71

    • Hang Seng +0.00% to 20225.11

    • Shanghai Composite +0.00% to 3250.60

    • S&P futures +18.0 vs prior close of 6099.3

    • €-$ +0.0002 or +0.02% to 1.0395

    • $-¥ +0.42 or +0.27% to 154.71

    • €-¥ +0.48 or +0.30% to 160.80

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