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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.28%, DAX (0.04%), CAC (0.13%)

Aug 01 ,2024

  • Synopsis

    • European equity markets are set to open mixed mirroring Asian equities. Nikkei selling off amid latest yen volatility. Greater China markets reversing lower following best day in four months. Taiwan outperforming amid positive leads from overnight US tech rally. Shares in Australia and Korea also higher. US equity futures advancing on post-earnings rally in META. JGB curve flattening following post-BOJ yield spike. Australian bond rally continues amid RBA rate cut bets. Treasury yields up 1-2 bp. Yen off earlier highs, dollar steady elsewhere. Crude extending gains amid ramp in Middle East tensions. Gold near two-week high. Bitcoin now down 10% from Monday high

    • Focus on BOE interest rate decision, MPC minutes at 12noon BST. The decision is seen as to close to call, but a slight majority of economists back a 25bps cut in the benchmark rate to 5.00%. Also on today's agenda, BOE's Decision Maker Panel (DMP) survey published at 14:00 and BOE Pill virtual Q+A following the policy decision at 17:15. ECB economic bulletin released at 10:00CET. Elsewhere, there's OPEC+ ministerial panel meeting to review oil policy. Also see the release of France, Italy and Spain Jul new car registrations

    • Macroeconomic data include: Italy, Norway, Spain, Sweden Jul manufacturing PMIs and final reads for Eurozone, France, Germany and UK, Italy Jun unemployment rate, Eurozone Jun unemployment rate, UK Jul house price index - Nationwide, Netherlands Jun retail sales, Austria Jul unemployment rate

    • In corporate news, Wendel (MF.FP) reported H1 net income €388.2M vs year-ago €39.6M yesterday after the close. Still in France, Societe Generale (GLE.FP) reports Q2 numbers and reaffirms FY revenue, C/I ratio and net cost of risk targets. Credit Agricole (ACA.FP) reports Q2 underlying net income €1.82B ahead of StreetAccount €1.64B. Arkema (AKE.FP), Veolia (VIE.FP) and Bic (BB.FP) are also out with Q2 earnings.

    • From the DACH region, Merck KGaA (MRK.GR) confirms Q2 preliminary results and FY guidance. Daimler Truck Holding (DTG.GR) confirms prelim Q2 and updated its FY24 guidance after the close yesterday. Bayerische Motoren Werke (BMW.GR) reports Q2 EPS €4.15 vs consensus €4.06. In the Netherlands, ArcelorMittal (MT.NA) reports Q2 EPS $0.63 vs consensus $0.80; continues to expect Capex within range $4.5B-$5.0B

    • In Southern Europe, Telecom Italia (TIT.IM) reports Q2 EBITDA €1.12B vs FactSet €1.36B. Mediobanca (MB.IM) reports Q4 net income €327.3M vs FactSet €300.8M and announces final divided, proposes share buyback, provides guidance highlights. Cellnex Telecom (CLNX.SM) is due to update the market.

    • In the UK, Shell (SHEL.LN), Barclays Bank (BARC.LN) and Rolls-Royce Holdings (RR.LN) are among other companies in the region expected to update investors with their latest numbers.

    • On M&A front, DEUTZ (DEZ.GR) completes acquisition of Rolls-Royce Power Systems; expects additional annual revenue of ~€300M and EBIT margin above the group's current margin.

  • Politics/Macro/World News

    • Brussels issues UK list of demands if it wants better relationship - FT

    • Giorgia Meloni sours on Brussels - FT Poised for victory, Germany's center right dithers - Politico

    • Bank of England close to cutting rates from 16-year high - Reuters

    • Surge in Foreign Buying Drove China Stocks' Best Day in Months - Bloomberg

    • Netherlands Jun Retail Sales (0.7%) y/y vs consensus +3.5% and prior revised +2.4% from +2.9%

  • Top company news

    • Earnings/updates

      • Benelux

        • MT.NA (ArcelorMittal) -- reports Q2 EPS $0.63 vs consensus $0.80; continues to expect Capex within range $4.5B-$5.0B

        • INGA.NA (ING Groep) -- reports Q2 net income €1.78B vs StreetAccount €1.69B

        • GBLB.BB (Groupe Bruxelles Lambert) -- reports H1 net income attributable €279.0M, (38%) vs year-ago €450.3M

        • APAM.NA (Aperam) -- reports Q2 EPS €0.82 vs year-ago €0.59

      • DACHs

        • MRK.GR (Merck KGaA) -- confirms Q2 preliminary results and FY guidance

        • DTG.GR (Daimler Truck Holding) -- Daimler Truck confirms prelim Q2 and FY24 outlook

          • guides FY24 revenue €53B-55B vs prior guidance €55B-57B and FactSet €53.87B [15 est, €48.85-55.76B]

        • SY1.GR (Symrise) -- reports H1 EPS €1.71 vs consensus €1.80; confirms FY guidance

        • KCO.GR (Kloeckner & Co.) -- reports H1 EPS cont ops (€0.56) vs year-ago €0.04

        • EVK.GR (Evonik Industries) -- reports final Q2 numbers with adjusted EPS €0.50 vs FactSet €0.43 [5 est, €0.41-0.46]

        • BOSS.GR (Hugo Boss) -- reports full Q2 numbers with net income €39M, (50%) vs year-ago €78M; confirms prelim Q2 sales and EBIT

      • Southern Europe

        • TIT.IM (Telecom Italia) -- reports Q2 EBITDA €1.12B vs FactSet €1.36B [2 est, €1.11-1.61B]

        • NEXI.IM (Nexi SpA) -- reports H1 adjusted net income €300.6M vs FactSet €311.3M; reaffirms FY guidance

        • MEL.SM (Melia Hotels International) -- reports Q2 net income attributable €36.3M vs FactSet €38.4M [7 est, €32.9-43.4M]; reaffirms FY guidance

        • BCP.PL (Banco Comercial Portugues) -- reports H1 net income €485.3M, +15% vs year-ago €423.2M

        • GEO.IM (Geox) -- reports H1 net income (€15.4M) vs FactSet (€13.6M) [1 est]

        • MB.IM (Mediobanca) -- reports Q4 net income €327.3M vs FactSet €300.8M [7 est, €265.2-332M]; announces final divided, proposes share buyback, provides guidance highlights

        • PRY.IM (Prysmian) -- reports H1 net income €410M vs year-ago €413M; upgrades FY guidance

      • France

        • GLE.FP (Societe Generale) -- reports Q2 net income €1.35B vs consensus €967.8M

          • Societe Generale reaffirms FY revenue, C/I ratio and net cost of risk targets - slides

        • AKE.FP (Arkema) -- reports Q2 EPS €2.87 ex-items vs consensus €2.64

        • ACA.FP (Credit Agricole) -- reports Q2 underlying net income €1.82B vs StreetAccount €1.64B

        • IVA.FP (Inventiva) -- reports no revenues recorded in H1 2024 vs year-ago €1.9M

        • BB.FP (Bic) -- reports Q2 adjusted EPS €1.92 vs consensus €1.73; confirms FY outlook

        • MF.FP (Wendel) -- reports H1 net income €388.2M vs year-ago €39.6M

        • SESG.FRP (SES) -- reports Q2 net income attributable €0M vs consensus €44M; Guides FY adj. EBITDA to upper half of the expected range

        • VIE.FP (Veolia Environnement) -- reports H1 current net income €731M vs consensus €705.6M; 2024 guidance fully confirmed

      • UK

        • ONT.LN (Oxford Nanopore Technologies) -- Follow-up: Oxford Nanopore Technologies announces £75M equity financing from

    • M&A

      • SEB.A.SS (Skandinaviska Enskilda Banken) -- SEB Group's subsidiary SEB Kort Bank completes the acquisition of AirPlus International from Lufthansa Group fro ~€450M

      • ALERS.FP (Eurobio-Scientific) -- announces consortium to file voluntary tender offer at price of €25.30 per share

      • PURMO.FH (Purmo Group) -- Project Grand Bidco (Apollo and Rettig) announce preliminary result regards offer for Purmo Group; indicates acceptances of 93.2% of the shares

      • RF.FP (Eurazeo) -- completes the acquisition of Eres Group for over €350M

      • DEME.BB (DEME Group) -- bp will acquire a 49% stake in the HYPORT Duqm project in Oman

      • CALN.SW (Calida Holding) -- completes sale of LAFUMA MOBILIER to Peugeot Frères Industrie; price undisclosed

      • DEZ.GR (DEUTZ) -- completes acquisition of Rolls-Royce Power Systems; expects additional annual revenue of ~€300M and EBIT margin above the group's current margin

    • Healthcare

      • ONT.LN (Oxford Nanopore Technologies) -- announces £75M equity financing from

      • MEDCL.FP (MedinCell) -- MedinCell's partner Teva provides update on pivotal clinical Phase 3 of investigational Olanzapine LAI and UZEDY commercial progress

    • Other

      • STLA.IM (Stellantis) -- reportedly facing delays of Citroën ë-C3 electric vehicle in Europe due to software issues - Bloomberg

      • BAS.GR (BASF SE) -- Deutsche Bank launches BASF's first sustainability-linked payables finance program in Asia

      • BA.LN (BAE Systems) -- Details reveal costs associated with Australia's Hunter-class frigate program - Australian Financial Review

      • BA.LN (BAE Systems) -- awarded $274.4M US Army contract modification

      • PRY.IM (Prysmian) -- receives letter of award for Peninsula - Baleares 2 interconnection in Spain

      • COP.GR (CompuGroup Medical) -- announces CEO Michael Rauch's contract terminated prematurely as of 31-Aug

  • Key rating changes

    • Upgrades

      • WAF.GR (Siltronic) -- to neutral from sell at UBS

      • NOD.NO (Nordic Semiconductor) -- to buy from hold at DnB Markets

    • Downgrades

      • HEI.GR (Heidelberg Materials) -- to neutral from buy at Goldman Sachs

      • AVOL.SW (Avolta) -- to equal-weight from overweight at Morgan Stanley

      • CRST.LN (Crest Nicholson Holdings) -- to hold from buy at Berenberg

      • FLS.DC (FLSmidth & Co.) -- to hold from buy at SEB

  • Data

    • Nikkei (2.65%) to 38066.33

    • Hang Seng +0.10% to 17361.49

    • Shanghai Composite +0.08% to 2940.98

    • S&P futures +33.3 vs prior close of 5558.0

    • €-$ +0.0001 or +0.01% to 1.0827

    • $-¥ +0.05 or +0.03% to 150.03

    • €-¥ +0.08 or +0.05% to 162.44

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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