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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE 100 +1.27%, DAX +1.08%, CAC +1.18%, MIB +1.17%, IBEX +0.92%

Aug 07 ,2024

  • Synopsis

    • European equity markets are set to open in positive territory amidst strengthening equities in Asia Wednesday. Nikkei swinging sharply higher following dovish remarks from BOJ's Uchida. Front-end JGB yields extending lower and yen selling off following his comments. Big gains in semis driving rally in Korea and Taiwan. Hang Seng leading China markets. US contracts also turning positive.

    • ECB's McCaul panellist at 21:30CET at 2024 Yale Program on Financial Stability Financial Crisis Forum

    • On the macro front, Germany Jun trade balance and industrial production, Norway/Denmark Jun manufacturing production and UK Jul house price index - Halifax are due to be released.

    • In earnings, DACHs region companies kicked off the session with Evotec (EVT.GR) expecting FY adjusted EBITDA €15-35M vs FactSet €85.0M and Siemens Energy (ENR.GR) reporting Q3 EPS (€0.16) vs FactSet (€0.10). Commerzbank (CBK.GR) reports Q2 net income €538M vs consensus €539M and announces further share buyback with first tranche totalling €600M whilst Continental (CON.GR) reports Q2 net income €305M vs consensus €359.2M and adjusts FY24 sales guidance range downward but keeps EBIT margin unchanged. In the Nordics, Novo Nordisk (NOVO.B.DC) reported Q2 EPS DKK4.49 vs consensus DKK4.60 and guides FY Sales growth to be between +22-28% vs prior guidance +19-27% at CER. ABN AMRO Bank (ABN.NA) reported Q2 net income €642M vs consensus €590M whilst Ahold Delhaize (AD.NA) reports Q2 EPS from cont. ops. €0.65 ex-items vs consensus €0.60 and reaffirms FY guidance

    • Also due to report today are Glencore (GLEN.LN), Legal & General Group (LGEN.LN), Coca-Cola HBC (CCH.LN), WPP (WPP.LN), A.P. Møller-Mærsk (MAERSK.B.DC), Beiersdorf (BEI.GR) and PUMA (PUM.GR).

  • Top company news

    • Earnings/updates

      • Benelux:

        • NYXH.BB (Nyxoah) -- reports Q2 EPS (€0.43) vs FactSet (€0.42) [7 est, (€0.50)-(0.29)]

        • ABN.NA (ABN AMRO Bank) -- reports Q2 net income €642M vs consensus €590M

        • AD.NA (Ahold Delhaize) -- reports Q2 EPS from cont. ops. €0.65 ex-items vs consensus €0.60; reaffirms FY guidance

      • France:

        • ALCLS.FP (Cellectis SA) -- reports Q2 EPS ($0.27) ex-items vs FactSet ($0.29) [7 est, ($0.36)-(0.19)]

      • DACHs:

        • CON.GR (Continental) -- reports Q2 net income €305M vs consensus €359.2M; adjusts FY24 sales guidance range downward but keeps EBIT margin unchanged

        • UBXN.SW (u-blox Holding) -- reports H1 adj. net income (CHF21.7M) vs FactSet (CHF32.1M) [1 est]; guides Q3; will review strategic options for Connectivity business by end 2024

        • EVT.GR (Evotec) -- expects FY adjusted EBITDA €15-35M vs FactSet €85.0M

        • ENR.GR (Siemens Energy) -- reports Q3 EPS (€0.16) vs FactSet (€0.10) [5 est, (€0.26)-(0.04)]; comments on FY24 outlook

        • CBK.GR (Commerzbank) -- reports Q2 net income €538M vs consensus €539M; announces further share buyback with first tranche totalling €600M; confirms FY guidance

        • KTN.GR (Kontron) -- reports Q2 net income €21.6M vs FactSet €19.9M [1 est]

        • MZX.GR (Masterflex) -- reports H1 EPS €0.50 vs year-ago €0.44

        • POST.AV (Oesterreichische Post) -- reports Q2 EPS €0.53 vs FactSet €0.50 [1 est]; raises FY guidance

        • SIX2.GR (Sixt) -- reports Q2 EBT €62.9M vs guidance €60-90M

        • ZIL2.GR (Elringklinger) -- reports Q2 EPS €0.15 vs year-ago €0.04

        • VOE.AV (Voestalpine) -- reports Q1 net income attributable €135.2M vs StreetAccount €135.8M; EBITDA outlook at lower end of communicated range of €1.7-1.8B

      • Nordics:

        • NTG.DC (NTG Nordic Transport Group) -- reports Q2 EPS DKK4.93 vs FactSet DKK4.19 [2 est, DKK4.09-4.29]; reaffirms FY guidance

        • CLAS.B.SS (Clas Ohlson) -- reports Jul sales (ex acquired Spares Group) +10% to SEK 852M, organic sales +12% y/y

        • ICEAIR.IR (Icelandair Group) -- reports July traffic +8.0% y/y

      • Southern Europe:

        • BAMI.IM (Banco BPM) -- reports Q2 adjusted net income €399.7M vs FactSet €242.5M; raises FY net income guidance

      • Also reporting today

        • Cathay Pacific Airways (293.HK)

    • M&A

      • CALN.SW (Calida Holding) -- announces decision of the Swiss Takeover board

      • ROG.SW (Roche Holding) -- Roche exploring sale of Flatiron Health - FT

      • BLV.FP (Believe) -- acquires DMC

      • Antin Infrastructure Partners, ICAMAP and Borletti Group agree to sell Grandi Stazioni Retail to DWS and OMERS for an undisclosed sum

    • Healthcare

      • RXRX (Recursion Pharmaceuticals) -- announces exercise of option by Genentech - 8-K

    • Other

      • NDX1.GR (Nordex) -- receives two orders for a total of 57 MW in France

      • ABN.NA (ABN AMRO Bank) -- intends to appoint Serena Fioravanti as Chief Risk Officer as of 1-Oct

      • LOGN.SW (Logitech International) -- Logitech announces Matteo Anversa to join as CFO effective 1-Sep

      • REP.SM (Repsol) -- implements 20M share buyback program

      • ANDR.AV (Andritz) -- appoints Vanessa Hellwing as new CFO; will succeed Norbert Nettesheim on 28-Mar-25

      • Cathay Pacific Airways to purchase 30 Airbus A330-900 aircraft

      • NextDecade comments on today's court decision vacating FERC's remand authorization of Rio Grande LNG Facility

      • Street Takeaways - Woodside Energy Group takeover of OCI Clean Ammonia

  • Key rating changes

    • Upgrades

      • FDEV.LN (Frontier Developments) -- buy from hold at Berenberg

      • OCI.NA (OCI) -- overweight from neutral at JPMorgan

      • Barclays upgrades MNDI.LN, SIGN.SW; downgrades SMDS.LN

      • JPMorgan upgrades AG1.GR, G24.GR, JET.LN

      • UBS initiates IGG.LN, SQN.SW; upgrades ALLFG.NA; downgrades AJB.LN

      • KESKOB.FH (Kesko) -- to buy from hold at DnB Markets

      • NDX1.GR (Nordex) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

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

      • BVIC.LN (Britvic) -- to neutral from buy at Citi

    • Other Actions

      • WG.LN (John Wood Group) -- resumed equal-weight at Morgan Stanley

      • DPLM.LN (Diploma) -- reinstated neutral at JPMorgan

  • Data

    • Nikkei +1.99% to 35364.31

    • Hang Seng +1.85% to 16956.06

    • Shanghai Composite +0.48% to 2881.03

    • S&P futures +40.5 vs prior close of 5266.3

    • €-$ (0.0019) or (0.17%) to 1.0909

    • $-¥ +2.69 or +1.87% to 147.01

    • €-¥ +2.58 or +1.64% to 160.36

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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