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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.61%), DAX30 (0.54%), CAC40 (0.70%)

Aug 08 ,2024

  • Synopsis

    • European equity markets are set to open lower amid Asian equities mostly higher Thursday. Nikkei swinging into positive territory following opening sell-off. Greater China markets outperforming. Taiwan lagging amid weakness in semis. Shares in Australia and Korea flat. S&P 500 futures turning higher after recouping earlier losses. Bonds mixed with JGB curve bear steepening while Treasury yields lower. Yen erased earlier gains while Aussie strongest against dollar. Crude and gold seeing minor gains. Bitcoin sharply higher.

    • In central banks, Norges Bank releases its survey of bank lending for Q2 at 10:00CET

    • Macroeconomic data include: France Jun trade balance, Ireland Jul CPI and UK Jul house price balance - RICS

    • In corporate news, DACHs region companies kicked off the session with Siemens AG (SIE.GR) Q3 EPS pre-PPA €2.66 vs consensus €2.43 and confirms FY outlook. Allianz (ALV.GR) reports Q2 core net income €2.54B vs consensus €2.36B and affirms FY24 outlook. Knorr-Bremse (KBX.GR) confirms previously reported H1 numbers. Sandoz Group (SDZ.SW) reports H1 net income $484M ex-items vs FactSet $435M [1 est]. Rheinmetall (RHM.GR) reports final Q2 numbers: EPS pre PPA from continuing operations €3.61 vs year-ago €1.49; current annual guidance confirmed.

    • From the Benelux, Corbion (CRBN.NA) reports H1 EPS (cont ops) €0.38 vs year-ago €0.26 and confirms FY24 outlook. SBM Offshore (SBMO.NA) reports H1 Directional EPS $0.71 vs consensus $0.63. In the UK, CRH (CRH.LN), Spirax Group (SPX.LN), Persimmon (PSN.LN), Beazley (BEZ.LN) are amongst other companies in the region expected to update the market with their latest numbers.

  • Macro/Politics/World News

    • Trump's Return Would Be 'Serious Issue' for Europe, Donohoe Says - Bloomberg

    • Slumping US tech stocks tempt some buyers to brave rocky market - Reuters

    • UK Jul house price balance (19%) vs consensus (10%) and prior (17%) - RICS

    • Chancellor eyes Canada-style pension reform to drive UK investment - Sky News

    • Italy doubles tax for wealthy foreigners - FT

  • Top company news

    • Earnings/updates

      • DACHs

        • ZURN.SW (Zurich Insurance Group) -- reports H1 net income attributable $3.03B vs consensus $2.93B; On track to exceed all the 2023-25 financial targets

        • ALV.GR (Allianz) -- reports Q2 core net income €2.54B vs consensus €2.36B; affirms FY24 outlook

        • SIE.GR (Siemens AG) -- reports Q3 EPS pre-PPA €2.66 vs consensus €2.43; confirms FY outlook

        • SDZ.SW (Sandoz Group) -- reports H1 net income $484M ex-items vs FactSet $435M [1 est]

        • VIJ.GR (Viemed Healthcare) -- reports Q2 EPS $0.04 vs year-ago $0.06

        • FNTN.GR (Freenet) -- reports H1 EBITDA €252.2M vs year-ago €255.2M

        • BSL.GR (Basler) -- reports H1 pretax income (€2.3M) vs year-ago €0.2M; narrows FY guidance

        • LMN.SW (lastminute.com) -- reports H1 net income €10.0M vs year-ago €7.4M; guides FY24

        • VTSC.GR (Vitesco Technologies Group) -- reports Q2 EBIT €81.7M vs preliminary €82M

        • S24.GR (Scout24) -- reports Q2 Ordinary operating EBITDA €87.0M vs consensus €85.4M; confirms FY guidance

        • UTDI.GR (United Internet) -- confirms prelim H1 figures and FY24 outlook as per 2-Aug update

        • PSM.GR (ProSiebenSat.1 Media) -- reports Q2 adjusted net income €25M vs FactSet €13.2M

        • GFT.GR (FT Technologies) -- reports H1 EPS €0.81 vs year-ago €0.80; Lowers FY guidance

        • IN0.GR (Uniper) -- reports H1 Revenue €31.73B, (42%) vs year-ago €54.48B; confirms FY guidance

      • Southern Europe

        • DOV.IM (doValue) -- reports H1 adjusted net income €6.9M vs FactSet €4M (post EU close 7-Aug)

        • BELA.GA (Jumbo) -- reports Jul sales ~ +2% y/y; FY guidance impacted by deteriorating conditions and is inline with company's previously disclosed scenario

      • Nordics

        • BAVA.DC (Bavarian Nordic A/S) -- receives new $156.8M (DKK1.07B) JYNNEOS order from US government

        • KOA.NO (Kongsberg Automotive) -- reports Q2 net income €3.7M vs year-ago (€21.7M)

        • MING.NO (SpareBank 1 SMN) reports Q2 net income NOK1.02B vs FactSet NOK985.1M [6 est, NOK920.6-1.05B]

        • SBO.NO (Selvaag Bolig) -- reports Q2 EPS NOK0.85 vs year-ago NOK0.55

      • Benelux

        • CTPNV.NA (CTP NV) -- reports Q2 adjusted EPRA EPS €0.20 vs year-ago €0.18; raises interim dividend +16% y/y; reaffirms FY adj EPRA EPS guidance

        • FFARM.NA (ForFarmers) -- reports Q2 EPS €0.18 vs year-ago €0.05

        • SBMO.NA (SBM Offshore) -- reports H1 Directional EPS $0.71 vs consensus $0.63

        • CRBN.NA (Corbion) -- reports H1 EPS (cont ops) €0.38 vs year-ago €0.26; confirms FY24 outlook

      • Russia

        • PHOR.RU (PhosAgro) -- reports H1 adjusted net income RUB40.64B, (27%) vs year-ago RUB55.77B

          • reports H1 agrochemical production +3.6% to 5.9M tonnes

    • M&A

      • INVE.B.SS (Investor) -- Investor's Patricia industries funds strategic add-on acquisition of Tianjin FeiYun Powder Equipment by subsidiary Piab Group

      • SHUR.BB (Shurgard Self Storage) -- acquires MietLager 365 facility in Bonn for €3.9M

      • BRNK.GR (Branicks Group) -- sells package of eight companies with nine properties from commercial portfolio to VIB Vermögen AG as part of share deals and receives cash inflow of ~ €94M

    • Healthcare

      • NOVN.SW (Novartis) -- FDA grants accelerated approval to Fabhalta for IgAN

      • SAN.FP (Sanofi) -- Sanofi's Sarclisa induction treatment in phase III trial demonstrated significantly improved progression-free survival in patients with newly diagnosed multiple myeloma eligible for transplant

    • Other

      • DSFIR.NA (DSM-Firmenich) -- concludes new €1.8B Revolving Credit Facility

      • ALV.GR (Allianz) -- expands total volume of share buybacks in FY24 to €1.5B

      • PRX.NA (Prosus) -- The Naspers and Prosus boards announce that CFO, Basil Sgourdos, will retire effective 30-Nov-24.

  • Key rating changes

    • Upgrades

      • AGS.BB (Ageas) -- to buy from hold at HSBC

      • EOAN.GR (E.ON SE) -- to outperform from market perform at Bernstein

      • EQNR.NO (Equinor) -- to neutral from sell at UBS

      • YOU.LN (YouGov) -- to buy from neutral at UBS

    • Downgrades

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

      • EVT.GR (Evotec) -- to sell from hold at Deutsche Bank

      • DNR.IM (Industrie De Nora) -- to hold from buy at Jefferies

    • Initiations

      • ENGI.FP (ENGIE) -- buy at Jefferies

    • Other Actions

      • HEXA.B.SS (Hexagon) -- transferred neutral at JPMorgan; prior rating was neutral

  • Data

    • Nikkei (0.42%) to 34942.57

    • Hang Seng +0.79% to 17011.79

    • Shanghai Composite +0.26% to 2877.43

    • S&P futures (0.8) vs prior close of 5227.5

    • €-$ +0.0010 or +0.09% to 1.0932

    • $-¥ (0.59) or (0.40%) to 146.10

    • €-¥ (0.51) or (0.32%) to 159.72

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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