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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.18%, DAX30 +1.17%, CAC40 +0.75%

Feb 13 ,2025

  • Synopsis

    • European equity markets are set to open higher amidst Asian equities mostly higher Thursday. Hong Kong outperforming as tech extends bull run. Japan and Korea the other notable gainers while Australia and Taiwan little changed and Mainland China weaker. US contracts advancing in postmarket trade. Treasuries stabilizing following earlier bear flattening. JGB and Aussie rates remain higher. Dollar weakening against other currencies. Crude extending overnight sell-off amid Trump push to end Ukraine war. Gold and copper firming. Bitcoin steady.

    • Geopolitical developments in focus with Trump moving to negotiate end to Ukraine war following his phone calls with Putin and Zelensky. Trump said both leaders want peace, praising Putin and eyeing a meeting with him in Saudi Arabia (Politico).

    • In central banks today, Riksbank's Jansson will discuss at 8:00CET trust and flexibility going forward at Handelsbanken (SHB.A.SS). Frankfurt Digital Finance conf sees ECB's Cipollone pre-recorded interview at 9:40CET and Bundesbank's Balz speech at 9:55. Bundesbank's Nagel speech at 17:00GMT at Univ. of Glasgow. ECB's Economic Bulletin published at 10:00CET. Norges Bank's Bache gives her annual address at 18:00CET title "Economic perspectives". Estonia central bank's deputy governor Kaasik participates in the meeting of representatives of the IMF Estonian mission and the Competitiveness Expert Group. IEA monthly oil market report.

    • On the political front, German federal election tv debate at 19:25CET on ZDF with CDU's Merz, SPD's Scholz, Green's Habeck and AfD's Weidel. 61st Munich Security Conf (through Sat) participants include EU's von der Leyen, Virkkunen, Lahbib, Zaharieva and Kubilius. Chancellor Scholz to deliver speech on Sat. Norway's minister of energy Aasland participates at 11:00CET in Formannskapskonferansen 2025 and will give a presentation on energy policy. NATO Defence Ministerial, participants include EU's Kallas. Frances's President Macron hosts a conf. on Syria.

    • From a macro calendar perspective, updates today include: Germany Jan final CPI, UK Q4 preliminary GDP, Jan house price balance - RICS, monthly GDP tracker - NIESR, Dec trade balance, manufacturing/industrial production, construction output, Switzerland Jan CPI, Netherlands Jan final CPI, Eurozone Dec industrial production

    • A busy day for earnings, DACHs names releasing updates included Nestle (NESN.SW), Commerzbank (CBK.GR), thyssenkrupp (TKA.GR), with the latter raising FY FCF before M&A guidance and reaffirms adj EBIT guidance. Siemens (SIE.GR), also out with earnings, confirmed its FY outlook. In the Benelux, Galapagos (GLPG.NA), KBC Group (KBC.BB) and ARCADI (ARCA.NA) released FY/Q4 earnings, with the latter saying it is positioned well to deliver on 2024-2026 strategic targets. Still in the Benelux, DSM-Firmenich (DSFIR.NA) reported Q4 Adjusted EBITDA €601M vs consensus €511M and announced €1B share buyback program. In France, Orange (ORA.FP) reports Q4 adjusted EBITDAaL €3.25B vs FactSet €3.21B. Legrand (LR.FP) reports Q4 net income €332.7M vs FactSet €276.3M and guides FY25 Sales growth (organic and acquisitions) +6-10%. EssilorLuxottica (EL.FP) reported yesterday after the close FY adjusted net income €3.12B ex-items vs StreetAccount €2.81B. Unibail-Rodamco-Westfield (URW.FP) posted FY earnings and hikes divi by 40%. In the UK, Unilever (ULVR.LN), British American Tobacco (BATS.LN), Barclays (BARC.LN) are due to update investors with their latest numbers.

    • First day of trading of HBX Group (HBX.SM) on Spanish Stock Exchanges and Ferrari Group (FERGR.NA) on Euronext Amsterdam.

  • Politics/Macro/World News

    • Trump excludes Europe from Ukraine peace talks - FT

    • Trump and Putin stun Europe with peace plan for Ukraine - Politico

    • Trump's Ukraine Plans Mean a $3 Trillion Bill for European Allies - Bloomberg

    • Why Europe fears a Trump-Putin peace deal in Ukraine - FT

    • Netherlands Jan CPI +3.3% y/y vs preliminary +3.3%

  • Top company news

    • Earnings/updates

      • DACHs

        • NESN.SW (Nestle) -- reports FY underlying EPS CHF4.77 vs consensus CHF4.60

        • FRA.GR (Fraport) -- reports Jan Frankfurt Airport traffic statistics: 3.9M passengers, (3.1%) y/y

        • FHZN.SW (Flughafen Zuerich) -- reports Jan traffic statistics

        • BCVN.SW (Banque Cantonale Vaudoise) -- reports FY net income CHF440.6M vs FactSet CHF446.9M [1 est]

        • CBK.GR (Commerzbank) -- reports Q4 net income €750M vs FactSet €540.4M [7 est, €396.9-664M]

        • TKA.GR (ThyssenKrupp) -- reports Q1 EPS (€0.08); raises FY FCF before M&A guidance, reaffirms adj EBIT guidance

        • SIE.GR (Siemens AG) -- reports Q1 EPS pre-PPA €4.86 vs consensus €2.01; confirms FY outlook

        • SCMN.SW (Swisscom) -- reports Q4 net income CHF258M vs consensus CHF212M; guides FY25

        • DOU.GR (Douglas) -- reports Q1 net income €163.0M vs FactSet €214.0M [1 est]; expects FY adj. EBITDA at lower end of the guidance range

        • TTK.GR (Takkt) -- reports FY EPS (€0.64) vs FactSet €0.07 [3 est, (€0.24)-0.27]

        • STR.AV (TRABAG SE) -- issues preliminary FY earnings: reports output volume +1%, order backlog +8%; guides FY25

      • France

        • SAN.FP (Sanofi) -- to discontinue E.mbrace study; impairment charge before tax of $250M in Q4 and company will adjust FY24 IFRS EPS by €0.15

        • EL.FP (EssilorLuxottica) -- reports FY adjusted net income €3.12B ex-items vs StreetAccount €2.81B

        • ML.FP (Cie Generale des Etablissements Michelin SA) -- reports FY EPS €2.65 vs consensus €2.97; raises dividend +2% y/y

        • LR.FP (Legrand) -- reports Q4 net income €332.7M vs FactSet €276.3M [7 est, €236.3-310.1M]; guides FY25 Sales growth (organic and acquisitions) +6-10%

        • IPN.FP (Ipsen) -- reports FY Core EPS €10.27 vs FactSet €9.68 [12 est, €9.29-10.22]

        • RXL.FP (Rexel) -- reports FY net income €341M vs consensus €568M

        • LI.FP (Klepierre) -- reports FY CFPS €2.60 vs FactSet €2.42

        • LSS.FP (Lectra) -- reports FY net income €29.6M vs FactSet €38.5M [5 est, €34.0-45.4M]

        • MERY.FP (Mercialys) -- reports Q4 EBITDA €147.2M vs year-ago €149.4M

        • CRI.FP (Compagnie Chargeurs Invest) -- reports FY EPS €0.30 vs FactSet €0.40 [4 est, €0.33-0.52]

        • URW.FP(Unibail-Rodamco-Westfield) -- reports FY AREPS €9.85 vs FactSet €9.79 [12 est, €9.72-9.96]; hikes divi by 40% and guides FY25 AREPS

        • ORA.FP (Orange) -- reports Q4 adjusted EBITDAaL €3.25B vs FactSet €3.21B [3 est, €3.18-3.22B]

      • Benelux

        • GLPG.NA (Galapagos) -- reports Q4 EPS €1.12 vs year-ago €3.21

        • ALFEN.NA (Alfen) -- reports FY adjusted EBITDA €28.5M vs FactSet €26.7M [7 est, €20.8-33M]

        • CMCOM.NA (CM.com) -- reports FY normalized EBITDA €18.1M vs FactSet €17.9M [2 est, €17.7-18M]

        • ARCAD.NA (ARCADIS) -- reports FY EPS €2.70 vs FactSet €2.98 [9 est, €2.84-3.16]; says positioned well to deliver on 2024-2026 strategic targets

        • KBC.BB (KBC Group) -- reports Q4 net income €1.12B vs consensus €1.06B

        • DSFIR.NA (DSM-Firmenich) -- reports Q4 Adjusted EBITDA €601M vs consensus €511M; €1B share buyback program to be launched

        • BAMNB.NA (Koninklijke BAM Groep) -- reports FY net income €82.2M vs FactSet €93.4M [2 est, €69.8-117M]

        • SIP.BB (Sipef) -- reports FY recurring net income $71.9M; guides 2025 recurrent result to surpass 2024 (

      • Southern Europe

        • TIT.IM (Telecom Italia) -- reports Q4 EBITDA €1.09B vs FactSet €1.04B [4 est, €915-1.09B]

      • Nordics

        • SINCH.SS (Sinch) -- reassesses historical tax exposure and records SEK 700M one-time provision

        • KOJAMO.FH (Kojamo) -- reports Q4 FFO €0.14 vs FactSet €0.14

        • CAMX.SS (Camurus) -- reports FY EPS SEK7.20 vs FactSet SEK6.63 [6 est, SEK6.11-7.30]

        • STOR.B.SS (Storskogen Group) -- reports Q4 adjusted EPS SEK0.19 vs FactSet SEK0.32 [4 est, SEK0.15-0.67]

        • SINC.SS (Sinch) -- reports Q4 net loss (SEK324M) including one-time charge for historical tax exposure of SEK 700M

        • INSTAL.SS (Instalco) -- reports FY EPS SEK1.31 vs FactSet SEK1.72 [6 est, SEK1.40-2.07]; keeps divi unchanged

        • EMBRAC.B.SS (Embracer Group) -- reports Q3 adj. EBIT SEK2.12B vs prelim. SEK12.3B and FactSet SEK1.80B [10 est, SEK1.18-2.13B]

    • M&A

      • ORK.NO (Orkla) -- ITC in discussions to acquire majority stake in MTR Foods, Eastern Condiments for $1.4B (NOK15.75B/INR121.50B) - Mint

      • EXM.BB (Exmar NV) -- Saverex launches voluntary and conditional public takeover offer for remaining shares of Exmar NV

      • ACKB.BB (Ackermans & Van Haaren) -- Ackermans & Van Haaren's Delen Private Bank agrees to acquire Petram & Co. for an undisclosed sum

      • HTG.GR (HomeToGo) -- signs definitive agreement to acquire Interhome; launches accelerated bookbuild offering for ~€85M

    • Healthcare

      • ROG.SW (Roche Holding) -- FDA approves Genentech's Evrysdi tablet for Spinal Muscular Atrophy (SMA)

      • BIM.FP (bioMerieux) -- bioMérieux launches GENE-UP TYPER, a diagnostic solution for food industries to rapidly analyze the root cause of contamination of Listeria monocytogenes

      • IDIA.SW (Idorsia) -- to propose extension of convertible bond maturity by eight months to 17-Sep at upcoming bondholder meeting

      • SANN.SW (Santhera) -- announces agreement with German GKV-SV- on reimbursement amount for AGAMREE (vamorolone) for the treatment of Duchenne muscular dystrophy in Germany

    • Other

      • FING.B.SS (Fingerprint Cards) -- completes rights issue to raise SEK115.1M

      • BAS.GR (BASF SE) -- reportedly considering listing its agri chemicals unit in the US or Germany - Bloomberg

      • FGR.FP (Eiffage) -- awarded (in consortium) contract for Institute of Biology and Pathology of Bordeaux University Hospital

      • WIE.AV (Wienerberger) -- will cancel up to 2% of the share capital during the next months

      • DHER.GR (Delivery Hero) -- to buy back €1.0B of convertible bonds due in 2025, 2026 and 2027

  • Key rating changes

    • Upgrades

      • Mediobanca upgrades BCP.PL; downgrades BAMI.IM

      • UBS upgrades AZN.LN, RO.SW, ROG.SW; downgrades NOVN.SW

      • BWY.LN (Bellway) -- to add from hold at Peel Hunt

      • NSKOG.NO (Norske Skog) -- to buy from hold at DnB Markets

    • Initiations

      • EDR.SM (eDreams ODIGEO) -- market perform at Bernstein

  • Data

    • Nikkei +1.28% to 39461.47

    • Hang Seng +1.87% to 22266.10

    • Shanghai Composite (0.15%) to 3341.25

    • S&P futures +13.3 vs prior close of 6072.8

    • €-$ +0.0048 or +0.46% to 1.0431

    • $-¥ (0.33) or (0.22%) to 154.09

    • €-¥ +0.43 or +0.27% to 160.76

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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