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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE flat, DAX (1.76%), CAC40 +0.39%

Aug 05 ,2024

  • Synopsis

    • European equity markets set to open mixed, after last week's losses when the STOXX Europe 600 fell nearly (3%), amid notable weakness in banking shares (down (7.8%)) and EU tech sector (down (6.3%)).

    • Asian equities selling off Monday. Japan, Taiwan and Korea recording 6-7% declines with S&P 500 and Nasdaq futures gapping down 2-3%. Japan TOPIX temporarily triggered circuit breaker. Greater China markets outperforming with Hang Seng and mainland indexes little changed. Haven demand fueling rally in JGBs and Treasury yields. Yen extending rally, highest against dollar since mid-January. Crude and gold little changed while base metals gaining. Another big drop in Bitcoin, down to its lowest since late February.

    • Last week, Banks in the region marked their steepest weekly fall in 17 months, driven by disappointing earnings and the sharper re-pricing growth prospects which picked up by the end of the week after softer US data. The decline was the largest since March 2023, following Credit Suisse's collapse and concerns over US regional banks' stability. Central banks cutting interest rates, including the BoE and the anticipated Fed September rate cut, contributed to worries about reduced profitability for lenders. EU Tech sector sold off sharply on growth woes, downbeat Big Tech earnings, AI spending scepticism.

    • On today's agenda: Macro data releases include Spain, Sweden Jul services PMIs as well as final reads for Eurozone, France, Germany and UK, Spain Jun industrial production, Eurozone Jun PPI, Aug Sentix investor confidence, Switzerland Q3 employment indicator - KOF. Also Germany, Russia, UK Jul new car registrations will be released. Germany's finance minister Lindner takes part in citizens' dialogue at 12:15CET in Potsdam.

    • On the corporate front, relatively quiet. Infineon (IFX.GR) reports Q3 EPS €0.43 ex-items vs consensus €0.42; Revenue €3.70B vs consensus €3.80B; guides Q4 and FY (narrows Fy guidance). PostNL (PNL.NA) reports Q2 Normalized EBIT €18M vs consensus €14.0M; outlook 2024 reconfirmed. Aurubis (NDA.GR) reports 9M operating net income €267M vs consensus €267M; confirms FY24 outlook. 1&1 AG (1u1.GR) reports preliminary H1 EBITDA €326.6M vs prior guidance €352.0M; lowers guidance. SocGen (GLE.FP) is selling its wealth management units in the UK and Switzerland (SG Kleinwort Hambros and Societe Generale Private Banking Suisse) to Union Bancaire Privée SA. The assets under management of the businesses covered by these agreements amount to almost €25B at the end of December 2023. Also SocGen has signed an agreement with BRED Banque Populaire which would result in the total divestment of its shares (70%) in Société Générale Madagasikara, in Madagascar. RWE (RWE.GR) management states that it has "no intention to raise equity".

  • Politics/Macro/World News

    • UK chancellor to court investors in New York visit - FT

    • Starmer Calls Emergency Meeting After Riots Flare Across Britain - Bloomberg

    • German Budget Deal at Risk as Advisers Raise Legal Concerns - Bloomberg

  • Top company news

    • Earnings/updates

      • IFX.GR (Infineon Technologies)

        • reports Q3 EPS €0.43 ex-items vs consensus €0.42; Revenue €3.70B vs consensus €3.80B

        • Outlook for Q4 FY 2024: Assuming an exchange rate of $1.10 to the euro, revenue of around €4.0B expected. On this basis, the Segment Result Margin is forecast to be around 20%

        • Outlook for FY 2024: Based on the results from the first three quarters and the outlook for Q4, revenue of around €15.0B and a Segment Result Margin of around 20% is expected. Adjusted gross margin is expected to be in the low-forties percentage range. Investments are planned at around €2.8B. Adjusted FCF, which is adjusted for investments in large frontend buildings and the purchase of GaN Systems, is expected to be about €1.5B and reported Free Cash Flow about minus €200M

      • OCI.NA (OCI NV) -- reports Q2 adjusted EPS $0.02 vs year-ago ($0.03)

      • UTDI.GR (United Internet) -- reports preliminary H1 EBIT €347.4M vs year-ago €407.1M

      • PNL.NA (PostNL) -- reports Q2 Normalized EBIT €18M vs consensus €14.0M; outlook 2024 reconfirmed

      • NDA.GR (Aurubis) -- reports 9M operating net income €267M vs consensus €267M; confirms FY24 outlook

      • 1U1.GR (1&1 AG) -- reports preliminary H1 EBITDA €326.6M vs prior guidance €352.0M; cuts guidance

      • MAU.FP (Maurel et Prom) -- reports H1 net income €105M, +98% vs year-ago €53M

      • Also reporting today

        • Earnings:

          • DACHs: Infineon Technologies (IFX.GR), WashTec (WSU.GR), Bertrandt (BDT.GR)

          • France: Coface (COFA.FP), Clariane (CLARI.FP)

          • Nordics: Coinshares International Ltd. (CS.SS)

          • Southern Europe: Banca Monte dei Paschi di Siena (BMPS.IM), Credito Emiliano (CE.IM), ENAV (ENAV.IM), BFF Bank (BFF.IM)

          • UK: Senior (SNR.LN)

        • Trading Update: Nordnet (SAVE.SS), flatexDEGIRO (FTK.GR)

    • M&A

      • IBE.SM (Iberdrola) -- releases presentation material in connection with the acquisition of an ~88% interest in Electricity North West

      • GLE.FP (Societe Generale)

        • and UBP sign agreement for the sale of SG Kleinwort Hambros and Private Banking Suisse operating respectively in the United Kingdom and Switzerland

        • signs agreement with Bred Banque Populaire to sell its subsidiary in Madagascar

      • OR.FP (L'Oreal) -- announces acquisition of a 10% stake in Galderma Group AG from Sunshine SwissCo AG, Abu Dhabi Investment Authority, Auba Investment Pte. Ltd., for a non-disclosed amount.

      • IAG.LN (IAG) -- International Consolidated Airlines Group looking harder at TAP Air Portugal - Telegraph

      • RWE.GR (RWE) -- has a strict 'no comment' policy on M&A market rumours. Currently have no intention to raise equity

      • NTG.DC (NTG Nordic Transport Group) -- acquires SCHMALZ+SCHÖN Holding GmbH

      • HER) EVS.BB (EVS Broadcast Equipment) -- announces strategic investment in TinkerList

      • EVS.BB (EVS Broadcast Equipment) -- acquires MOG Technologies

      • Neuberger Berman in talks to buy minority stake in Nord Anglia Education at $15B valuation - Bloomberg

      • Abu Dhabi's MGX joins forces with IFM-DigitalBridge-GIP consortium in bidding for AirTrunk - Australian Financial Review

    • Healthcare

      • UCB.BB (UCB) -- announces EU Commission approval for 320 mg device presentations of bimzelx; follows previous positive CHMP opinion

    • Other

      • TEN.IM (Tenaris) -- complete the fourth and last tranche of its $1.2B share buyback program (4-Aug)

      • DG.FP (VINCI SA) -- VINCI to implement €200M share buyback program

      • AENA.SM (Aena S.M.E.) -- notes arbitral awards rendered in arbitration proceedings initiated by NextEra against the Kingdom of Spain in respect of Spain's holding in Luton airport (3-Aug)

      • ABDN.LN (abrdn Plc) -- expected to name CFO Jason Windsor CEO this week - FT

      • VPK.NA (Royal Vopak) -- and Northern Territory Government sign MoU to cooperate on CO2 infrastructure hub in Australia; terms undisclosed

      • RECSI.NO (REC Silicon) -- enters into a $25M short-term loan

      • WA EPA preliminarily rules that Browse project presents 'unacceptable risks'- The Australian

  • Key rating changes

    • Upgrades

      • VACN.SW (VAT Group) -- to equal weight from underweight at Barclays

      • GSF.NO (Grieg Seafood) -- short-term recommendation upgraded to hold from sell at Handelsbanken

    • Downgrades

      • PRU.LN (Prudential) -- to hold from buy at Deutsche Numis

      • VOD.LN (Vodafone Group) -- downgraded to neutral from buy at UBS

      • LLOY.LN (Lloyds) -- to neutral from buy at Citi

      • GRG.LN (Greggs) -- to hold from buy at HSBC

      • HLE.GR (HELLA GmbH & Co. KGaA) -- to reduce from hold at Kepler Cheuvreux

      • INRN.SW (Interroll Holding) -- to underperform from neutral at BNP Paribas Exane

      • KEMPOWR.FH (Kempower) -- to neutral from outperform at BNP Paribas Exane

  • Data

    • Nikkei (12.28%) to 31499.02

    • Hang Seng (2.24%) to 16566.60

    • Shanghai Composite (0.92%) to 2878.46

    • S&P futures (150.0) vs prior close of 5376.0

    • €-$ (0.0008) or (0.07%) to 1.0915

    • $-¥ (3.94) or (2.69%) to 142.50

    • €-¥ (4.41) or (2.76%) to 155.55

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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