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StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.33%), DAX (0.44%), CAC40 (0.01%)

Feb 05 ,2025

  • Synopsis

    • European equity markets are set for a negative open whilst Asia markets trade mixed Wednesday. Mainland China markets reopening post an extended LNY break but are now tilting lower after a bright start. Hong Kong giving up some of its recent gains. Japan and Australia both higher, strong gains in Taiwan and South Korea also notably higher. US futures lower.

    • Tariff uncertainties remain the over-riding theme. Markets have seen some reprieve from recent deals with Mexico and Canada after leaders spoke with Trump. EU preparing for tariffs but Trump decision to delay broad tariffs on Mexico and Canada has offered encouragement that bloc will be able to negotiate a deal.

    • In UK, there's weekly PMQs at 12noon GMT, whilst committee topics include nitrogen at 10:00, FCA and PRA's secondary competitiveness and growth at 10:15, environmental sustainability and housing growth at 14:30 and work of the Dept for Energy Security and Net Zero at 15:00. Other events on Wed, Global Economic Outlook Conf and UK Jan new car registrations - SMMT, who also publish new car registrations and LCV registrations outlook. Also expect Germany Jan new car registrations.

    • In central banks, Central Bank of Iceland interest rate decision at 9:30CET, along with updated economic forecast, with some analysts expecting as much as a 50bps cut in the benchmark rate to 8.0%. Poland central bank expected to leave its benchmark interest rate unchanged at 5.75% when announces decision at 15:00CET. Bundesbank's Balz speech at 13:40CET at symposium hosted by the bank. ECB's Lane fireside chat and Q&A at 15:00CET at event organised by PIIE "The euro area in 2025". On the political front, EU's Albuquerque speech at the Conf 'Shaping the Future of EU Capital Markets' organised by the European Securities and Markets Authority (ESMA).

    • Economic data due include Italy, Spain and Sweden Jan services PMI as well as final reads for Eurozone, France, Germany and UK. Also out are France Dec industrial production, Italy Dec retail sales and Eurozone Dec PPI.

    • A busy morning for earnings sees Credit Agricole (ACA.FP) reporting Q4 underlying net income €1.73B vs StreetAccount €1.37B whilst dormakaba Holding (DOKA.SW) expects to report a significant increase in H1 reported operating profit and net profit y/y. Out of the Nordics, Novo Nordisk (NOVO.B.DC) reported Q4 EPS DKK6.34 vs consensus DKK5.96 whilst hiking the total dividend by 21% and guiding FY25. Equinor (EQNR.NO) reported Q4 adjusted net income $1.73B vs consensus $2.06B, whilst Husqvarna (HUSQ.B.SS) is out with Q4 EPS (SEK1.15) vs FactSet (SEK1.38) [6 est, (SEK2.08)-(1.09)]. Svenska Handelsbanken (SHB.A.SS) reported Q4 EPS SEK3.46 vs FactSet SEK3.12 [14 est, SEK2.94-3.39] and H. Lundbeck (HLUN.B.DC) released Q4 EPS DKK1.36 ex-items vs StreetAccount DKK0.96 and raised dividend +36% y/y whilst Pandora (PNDORA.DC) issued Q4 EPS DKK35.5 vs consensus DKK35.70 and announced a new share buyback. Other Nordic companies out with earnings include Vestas Wind Systems (VWS.DC), Demant (DEMANT.DC), Alfa Laval (ALFA.SS), Wartsila (WRT1V.FH), Loomis (LOOMIS.SS), DNB Bank (DNB.NO). In Southern Europe, Banco Santander (SAN.SM) reported Q4 net income attributable €3.27B ex-items vs consensus €2.89B.

  • Politics/Macro/World News

    • US President Trump says US will "take over" and develop Gaza Strip - FT

    • OBR to slash growth forecasts in blow for Rachel Reeves - Telegraph

    • French PM François Bayrou expected to survive confidence vote - Guardian

Top company news

  • Earnings/updates

    • Benelux:

      • MELE.BB (Melexis) -- reports Q4 EPS €0.45 vs FactSet €0.73 [4 est, €0.69-0.79]

    • France:

      • ACA.FP (Credit Agricole) -- reports Q4 underlying net income €1.73B vs StreetAccount €1.37B; hikes divi by 5%

    • DACHs:

      • DOKA.SW (dormakaba Holding) -- expects to report a significant increase in H1 reported operating profit and net profit y/y

      • VATN.SW (Valiant Holding) -- reports FY net income CHF150.4M vs FactSet CHF146.5M [3 est, CHF145.1-148.3M]

      • DYVOX.GR (Dynavox Group) -- reports Q4 EPS €0.51 vs year-ago €0.43

    • Nordics:

      • NOVO.B.DC (Novo Nordisk) -- reports Q4 EPS DKK6.34 vs consensus DKK5.96; hikes total div by 21% and guides FY25

      • EQNR.NO (Equinor) -- reports Q4 adjusted net income $1.73B vs consensus $2.06B

      • PNDORA.DC (Pandora) -- reports Q4 EPS DKK35.5 vs consensus DKK35.70, raises dividend +11% y/y, announces new share buyback, guides 2025

      • HUSQ.B.SS (Husqvarna) -- reports Q4 EPS (SEK1.15) vs FactSet (SEK1.38) [6 est, (SEK2.08)-(1.09)]

      • SHB.A.SS (Svenska Handelsbanken) -- reports Q4 EPS SEK3.46 vs FactSet SEK3.12 [14 est, SEK2.94-3.39]

      • DEMANT.DC (Demant) -- reports FY net income from continuing operations DKK2.89B vs FactSet DKK2.68B

      • HLUN.B.DC (H. Lundbeck) -- reports Q4 EPS DKK1.36 ex-items vs StreetAccount DKK0.96, raises dividend +36% y/y, guides 2025

      • ALMB.DC (Alm. Brand) -- reports Q4 EPS DKK0.1 vs FactSet DKK0.19 [5 est, DKK0.16-0.23]; previously released FY revenue and 2025 guidance

      • WRT1V.FH (Wartsila) -- reports Q4 EPS €0.27 vs consensus €0.23

      • ALFA.SS (Alfa Laval) -- reports Q4 EPS SEK4.96 vs StreetAccount SEK5.55; hikes divi by 13% and guides Q1

      • VWS.DC (Vestas Wind Systems) -- reports Q4 net income €598M vs FactSet €474.5M [14 est, €429-532M]

      • DNB.NO (DNB Bank) -- reports Q4 net income attributable NOK12.18B vs consensus NOK9.51B

      • LOOMIS.SS (Loomis) -- reports Q4 EPS SEK5.88 vs FactSet SEK7.49 [4 est, SEK6.94-7.99]

      • ALIF.B.SS (AddLife) -- reports Q4 EPS SEK0.76 vs FactSet SEK1.38 [2 est, SEK1.25-1.50]

      • MTRS.SS (Munters Group) -- reports Q4 EPS SEK0.89 vs FactSet SEK1.58 [4 est, SEK1.43-1.79]

      • CTEK.SS (CTEK) -- reports Q4 EPS (SEK0.68) including items and unclear if comparable to FactSet SEK0.10 [2 est, SEK0.01-0.20]

      • NORION.SS (Norion Bank) -- reports Q4 EPS SEK1.46 vs FactSet SEK1.32 [3 est, SEK1.29-1.35]; no divi and announces SEK500M buyback

      • RILBA.DC (Ringkjøbing Landbobank) -- reports Q4 net income DKK531M vs FactSet DKK554M [3 est, DKK553-555M]

      • SF.SS (Stillfront Group) -- reports Q4 EPS (SEK14.38) vs FactSet SEK0.39 [4 est, SEK0.35-0.44]

      • ALMA.FH (Alma Media) -- updates its Long-Term Financial Targets; dividend policy remains intact

      • NOD.NO (Nordic Semiconductor) -- reports Q4 net income ($3.9M) vs FactSet ($4.4M) [7 est, ($7.4)-(2.0M)]

      • KESKOB.FH (Kesko) -- reports Q4 EPS €0.31 vs FactSet €0.30 [7 est, €0.29-0.31]

      • EMBLA.DC (Embla Medical hf) -- reports Q4 net income $19M vs FactSet $21.2M [5 est, $19.2-22M]

    • Southern Europe:

      • SAN.SM (Banco Santander) -- reports Q4 net income attributable €3.27B ex-items vs consensus €2.89B

  • M&A

    • ALFA.SS (Alfa Laval) -- to acquire NRG Marine to advance innovative anti-fouling technology; price not disclosed

    • BSLN.SW Basilea Pharmaceutica reports sales of Cresemba in Japan trigger the first sales milestone payment from Asahi Kasei Pharma

    • ALESK.FP (Esker) -- announces results of tender offer initiated by Boréal Bidco

    • ALTA.FP (Altarea) -- Paris Economic Activities Court rules Altarea did not proceed with any wrongful resolution regarding Primonial's claims for compensation

    • ALHRG.FP (HERIGE) -- Follow-up: HERIGE reports Q4 revenue €99.2M, (8%) vs year-ago €108.4M; announces disposal of VM Guadeloupe

    • 541988.IN (Aavas Financiers) -- receives RBI approval for Aquilo House transaction

    • Honda, Nissan may terminate merger talks - Asahi Shimbun

    • Nissan Motor to withdraw MoU for business integration with Honda - Nikkei

  • Healthcare

    • ROG.SW (Roche Holding) -- Genentech's Susvimo approved by FDA for the treatment of diabetic macular edema (DME)

    • VLA.FP (Valneva) -- Receives Marketing Authorization in the UK for the World's First Chikungunya Vaccine, IXCHIQ

  • Other

    • FCT.IM (Fincantieri) -- secures firm order for construction of four new cruise ships for Norwegian Cruise Line brand

    • UPM.FH (UPM) -- updates its Disclosure Policy and changes its method of issuing profit guidance and outlook

    • EQNR.NO (Equinor) -- First tranche of Equinor's buyback program will see $396M of shares purchased in market

    • SGO.FP (Compagnie de Saint-Gobain) -- to invest €40M to expand, decarbonize insulation plant in Spain

    • ENR.GR (Siemens Energy) -- Dan Loeb's Third Point acquired stake in Siemens Energy late in Q3 - Reuters, citing investor letter

    • HUSQ.B.SS (Husqvarna) -- announces strategic partnership with Flex, Ltd, divests South Carolina manufacturing operations; expects ~SEK350M 5 year cost savings

    • SPIE.FP (SPIE) -- completes 1.3M share buyback program

    • ELI.BB (Elia Group SA/NV) -- Elia Group temporarily postponing signing of HVDC contracts for Princess Elisabeth Island in order to discuss several options with authorities

    • New Gravity eSUV boosts Lucid Jan sales and Volvo partners on autonomous trucks in thematic intraday developments (4-Feb)

    • Pharmaceutical supply chain consortium enters into 10-year PPA for renewable energy

Key rating changes

  • Upgrades

    • SDR.LN (Schroders) -- outperform from sector perform at RBC Capital Markets

    • KINV.B.SS (Kinnevik) -- buy from hold at Carnegie Securities

    • BONAV.B.SS (Bonava) -- buy from hold at Kepler Cheuvreux

    • BGN.IM (Banca Generali) -- buy from hold at Deutsche Bank

    • Morgan Stanley upgrades CFR.SJ, CFR.SW

  • Downgrades

    • RACE.IM (Ferrari) -- equal weight from overweight at Barclays

    • SPX.LN (Spirax Group) -- hold from buy at HSBC

    • G.IM (Assicurazioni Generali) -- neutral from buy at Goldman Sachs

    • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- to hold from buy at Stifel

    • MKS.LN (Marks & Spencer Group) -- hold from buy at Jefferies

    • GSF.NO (Grieg Seafood) -- hold from buy at ABG Sundal Collier

    • RPI.LN (Raspberry Pi Holdings) -- hold from buy at Jefferies

    • KOG.NO (Kongsberg Gruppen) -- hold from buy at Carnegie Securities

    • ANORA.FH (Anora Group) -- hold from buy at SEB

    • TOBII.SS (Tobii) -- sell from hold at Handelsbanken

  • Initiations

    • ENVIP.NO (Envipco Holding) -- buy at Sparebank 1 Markets

    • ORSTED.DC (Ørsted) -- buy at Sparebank 1 Markets

  • Other Actions

    • VOD.LN (Vodafone Group) -- resumed neutral at JPMorgan; prior rating was neutral

Data

  • Nikkei +0.09% to 38831.48

  • Hang Seng (1.07%) to 20568.00

  • Shanghai Composite (0.65%) to 3229.54

  • S&P futures (32.5) vs prior close of 6063.0

  • €-$ +0.0005 or +0.05% to 1.0385

  • $-¥ (1.15) or (0.75%) to 153.19

  • €-¥ (1.10) or (0.69%) to 159.09

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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