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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.69%, DAX +0.53%, CAC +0.13%

Feb 06 ,2025

  • Synopsis

    • European equity markets are set to open higher mirroring Asian equities trading mostly higher Thursday. Australia closed near its day-long highs, Japan markets also with solid gains. South Korea and Taiwan higher; Greater China benchmarks being led by Shenzhen. India slightly weaker, Southeast Asia seeing some losses. US futures higher. US dollar flat to follow overnight weakness, more strength in ten crosses but AUD and NZD trending lower. Treasury yields higher across tenors. Crude blends higher, precious metals off recent highs, copper and iron ore higher. Cryptocurrencies continuing their recent recovery.

    • In central banks, BoE is expected to lower its benchmark interest rate by (25bps) to 4.5% when it announces its decision at 13:00GMT. Riksbank's Thedéen, at 8:30CET, will discuss the economic situation and current monetary policy at an event organised by Lannebo Fonder, whilst Bunge will participate ay 15:15 in SUERF´s online event 'Where do Banks end and NBFIs begin?'. Bank of Spain's Gavilán speech at 11:30CET title 'The housing market in Spain: recent developments, risks and accessibility problems'. ECB's Lagarde video message ~17:00CET at Austria central banks Women's Forum. Chapultepec Conf organised by BIS sees Bundesbank's Nagel speech 17:15CET, Bank of Spain's Escrivá speech at 21:15CET. Bundesbank's Lienenkämper speech at 18:00CET, the same time as Balz speech at event hosted by Oldenburg Economic Assn. Visit of the EU's College of Commissioners to mark the start of the Polish EU Council Presidency, Gdansk (through Fri). In Germany, the election campaign trail continues and there's town hall events with Chancellor Olaf Scholz (through Fri). As election day draws nearer, Jefferies are hosting an expert call at 14:00GMT: Germany's Path Forward: Coalition Scenarios & Policy Implications. EU's Kallas meets NATO's Rutte. FT's Clean Power and Net-Zero: What's Next for the UK?. Economist's Carbon Capture Summit

    • On macro front, updates include: Germany Dec factory orders, Jan construction PMI, Switzerland Jan unemployment rate, Sweden Jan preliminary CPI, UK Jan construction PMI, Eurozone Dec retail sales, Ireland Jan unemployment rate

    • In corporate news, ArcelorMittal (MT.NA) reports Q4 adj EPS $0.52 vs consensus $0.54 and hikes divi by 10%. ING Groep (INGA.NA) reports Q4 net income €1.15B vs consensus €1.22B. In France, SOITEC (SOI.FP) reports Q3 revenue €226M vs FactSet €250.9M [3 est, €247-256M]; lowers FY25 guidance. Societe Generale (GLE.FP) Q4 net income €1.04B vs consensus €814M; proposes distribution of €2.18/sh. In the DACH region, Siemens Healthineers (SHL.GR) reports Q1 EPS €0.51 ex-items vs consensus €0.47. Aurubis (NDA.GR) reports Q1 Operating Net Income €99M vs consensus €98M. Out of the Nordics, Ørsted (ORSTED.DC) announces adjustments to business plan and provides updated financial targets and policies. Telenor (TEL.NO), Volvo Car (VOLCAR.B.SS), GN Store Nord (GN.DC) are also out with their respective earnings update. Other companies in the region expected to update the market include: AstraZeneca (AZN.LN), Compass Group (CPG.LN) and Anglo American (AAL.LN).

  • Politics/Macro/World News

    • Prosecutors probe Russian role in buying software for EU border system - FT

    • France's 2025 budget finally set to become law as government survives no-confidence votes - France24

    • Here's what Germany's next government will look like - Politico

    • Egypt pushes against Gaza displacement call with rebuilding plan - Bloomberg

  • Top company news

    • Earnings/updates

      • DACHs

        • SHL.GR (Siemens Healthineers) -- reports Q1 EPS €0.51 ex-items vs consensus €0.47

        • RAA.GR (Rational) -- reports preliminary FY EBIT €314M vs FactSet €307.5M [16 est, €301-311.7M]

        • B4B.GR (METRO) -- reports Q1 EPS €0.21 vs year-ago €0.36

        • DAE.SW (Dätwyler Holding) -- reports FY adjusted net income CHF69.0M vs FactSet CHF65.0M [5 est, CHF40.7-93.2M]

        • WSU.GR (Washtec) -- reports preliminary FY EBIT €45M vs FactSet €45.0M [3 est, €44.1-46M]

        • NDA.GR (Aurubis) -- reports Q1 Operating Net Income €99M vs consensus €98M

        • HNR1.GR (Hannover Re) -- reports prelim FY net income €2.30B vs guidance €2.30B and FactSet €2.36B; confirms FY25 guidance

      • Benelux

        • MT.NA (ArcelorMittal) -- reports Q4 adj EPS $0.52 vs consensus $0.54; hikes divi by 10% and guides FY25

        • INGA.NA (ING Groep) -- reports Q4 net income €1.15B vs consensus €1.22B

      • Nordics

        • ORSTED.DC (Ørsted) -- announces adjustments to business plan; provides updated financial targets and policies

        • TEL.NO (Telenor) -- reports Q4 Attributable Net Income NOK1.74B vs consensus NOK1.91B

        • MIPS.SS (MIPS) -- updates long-term financial target; pushes back net sales target

          • reports Q4 EPS SEK1.99 vs FactSet SEK1.72 [6 est, SEK1.60-1.82], raises dividend +8% y/y

        • RECSI.NO (REC Silicon) -- reports Q4 EPS cont ops ($0.04) vs year-ago $0.31

        • CHEMM.DC (ChemoMetec) -- reports Q2 EBITDA DKK73.1M vs FactSet DKK65.7M [2 est, DKK61.6-69.7M]

        • ATEA.NO (Atea) -- reports Q4 EPS NOK2.24 vs FactSet NOK2.55 [5 est, NOK2.40-2.72]

        • BACTI.B.SS (Bactiguard Holding) -- reports Q4 EPS (SEK0.03) vs FactSet (SEK0.35) [1 est]

        • GN.DC (GN Store Nord) -- reports Q4 EPS DKK2.52 vs consensus DKK2.19

        • VOLCAR.B.SS (Volvo Car) -- reports Q4 EPS SEK0.84 vs FactSet SEK1.37 [6 est, SEK1.18-1.54]

        • BETSB.SS (Betsson) -- reports Q4 EPS €0.38 vs FactSet €0.40 [2 est, €0.36-0.45], raises ordinary dividend +2%, proposes €0.10/share special dividend

        • BUFAB.SS (Bufab) -- reports FY EPS SEK14.57 vs FactSet SEK15.64 [5 est, SEK14.41-16.70]; hikes divi by 5%

      • France

        • GLE.FP (Societe Generale) -- reports Q4 net income €1.04B vs consensus €814M; proposes distribution of €2.18/sh

        • SOI.FP (SOITEC) -- reports Q3 revenue €226M vs FactSet €250.9M [3 est, €247-256M]; lowers FY25 guidance

        • EMEIS.FP (Emeis SA) -- reports FY adjusted EBITDA €245M, +20% vs year-ago €204M

        • AYV.FP (Ayvens) -- reports FY EPS €0.73 vs FactSet €0.83 [8 est, €0.71-1.02]

      • Southern Europe

        • ANIM.IM (Anima Holding SpA) -- reports FY adjusted net income €276.5M vs FactSet €250.7M

        • FBK.IM (FinecoBank) -- reports Q4 net income €162.3M vs FactSet €154.1M [6 est, €149-158.2M]; raises dividend +7% y/y, provides 2025 guidance

    • M&A

      • TEMN.SW (Temenos) -- agrees to sell Multifonds to Montagu Private Equity for a total Enterprise Value of ~$400M including an earnout

      • TEP.FP (Teleperformance) -- completes the acquisition of 'ZP Better Together'

      • B4B.GR (METRO) -- and EPGC sign an agreement for the delisting of AG

      • MNG.LN (M&G Plc) -- M&G buys majority of European private credit firm - FT

      • CPHN.SW (CPH Group AG) -- CPH Group completes acquisition of LOG Pharma; deal was announced 4-Dec

      • INT.IM (Intermonte Partners SIM) -- Banca Generali completes squeeze out of remaining Intermonte Partners SIM holders; Intermonte shares delisted effective 5-Feb

    • Healthcare

      • IBAB.BB (Ion Beam Applications) -- signs ProteusONE system contract with AIG in Hyderabad, India

      • CANTA.SS (Cantargia) -- CEO Göran Forsberg steps down

      • FARN.LN (Faron Pharmaceuticals) -- announces proposed issue and placing of ~ €10M by way of accelerated book-building through Carnegie, Bryan Garnier as joint bookrunners

    • Other

      • MAERSK.B.DC (Maersk) -- initiates share buy-back program of up to DKK 14.4B (~ $2B) to be executed over 12 months

      • TEL2.B.SS (Tele2) -- appoints Petr Cermak as new EVP CCO as of 10-Feb; Charlotte Hansson, EVP CFO, stepping down effective immediately

      • ONTEX.BB (Ontex Group) -- to sell its Turkish subsidiary to Dilek Group; terms not disclosed

      • Google pushing for quantum applications within five years; Orsted cuts investment in intraday thematic news (5-Feb)

  • Key rating changes

    • Upgrades

      • AAK.SS (AarhusKarlshamn) -- AarhusKarlshamn short-term recommendation upgraded to buy from hold at Handelsbanken

      • EQNR.NO (Equinor) -- to buy from hold at Danske Bank

      • EQNR.NO (Equinor) -- to buy from hold at Pareto

      • IFX.GR (Infineon Technologies) -- to overweight from equal-weight at Morgan Stanley

      • RILBA.DC (Ringkjøbing Landbobank) -- to hold from sell at ABG Sundal Collier

    • Downgrades

      • AKZA.NA (Akzo Nobel) -- to hold from buy at Jefferies

      • ALFA.SS (Alfa Laval) -- to hold from buy at Pareto

      • HLMA.LN (Halma) -- to reduce from hold at HSBC

    • Initiations

      • PRY.IM (Prysmian) -- neutral at UBS

      • DOV.IM (doValue) -- re neutral at Mediobanca

  • Data

    • Nikkei +0.61% to 39066.53

    • Hang Seng +0.90% to 20782.34

    • Shanghai Composite +1.06% to 3263.84

    • S&P futures +14.5 vs prior close of 6086.5

    • €-$ (0.0014) or (0.13%) to 1.0389

    • $-¥ (0.07) or (0.04%) to 152.54

    • €-¥ (0.32) or (0.20%) to 158.44

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.
Please refer to "Terms Of Use".

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