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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.3%, DAX +0.3%, CAC40 +0.3%

Aug 13 ,2024

  • Synopsis

    • European equity markets set to open mostly higher following mostly higher levels on Monday. Asian markets mixed. Quiet elsewhere. Very modest gains for ASX. Kospi flat. Greater China markets mixed. US equity futures higher with S&P up ~0.3%. Follows mixed close for US markets.

    • Nikkei rally has brought it back to levels prior to historic 5-Aug sell-off. Rebound has dovetailed with flurry of sell-side commentary highlighting cheaper valuations, earnings traction, yen stabilization, retail buying, less stretched positioning, fall in BOJ rate hike expectations, and US tech rally. At same time, some strategists have recently downgraded year-end targets for Nikkei and TOPIX amid yen appreciation headwinds and US recession risk.

    • Middle East tensions also in focus amid a report late Monday that Iran could attack Israel within next 24 hours. UK PM Starmer spoke with Iran President Pezeshkian on Monday and warned against attacking Israel. Meanwhile, Ukraine's incursion in Russia's Kursk region extended to a week. Ukraine President Zelensky warned war was coming home to Russia's Putin. Russian president blamed the help of the West and said Kyiv was trying to gain a bargaining chip for future negotiations to end the war.

    • On today's agenda, IEA monthly oil market report and meeting of the finance ministers of Germany, Austria, Switzerland, Luxembourg and Liechtenstein in Bregenz, Austria (through Wed). Finland's PM Orpo hosts his Estonian counterpart Michal (thru Wed). Kantar latest UK grocery market share figures for the 12 weeks ending 4 August 2024.

    • Macroeconomic releases due today include, Germany Aug ZEW survey, UK Jul claimant count change, Jun unemployment rate, Spain Jul final CPI, Sweden Jul unemployment rate

    • In earnings news, DACHs names kicked off the session with Bell Food Group (BELL.SW), HelloFresh (HFG.GR), Fraport (FRA.GR) and Henkel (HEN.GR) updating investors with their latest numbers. In Nordics, yesterday after the close, Pandora (PNDORA.DC) issued Q2 earnings and raised FY24 organic growth guidance. This morning in Nordics, Wallenius Wilhelmsen (WAWI.NO) and ISS A/S (ISS.DC) reported Q2/H1 earnings with the latter indicating that it expects EBITDA for the year to be somewhat better than 2023.

    • Notable company also due to report today includes: Porsche Automobil Holding (PAH3.GR), Vitesco Technologies Group (VTSC.GR), Bilfinger (GBF.GR), Flughafen Zurich (FHZN.SW), Synthomer (SYNT.LN), and Just Group (JUST.LN).

  • Politics/Macro/World News

    • Leasing model behind Europe's EV drive at risk of breakdown - Reuters

    • German investment in China soars despite Berlin's diversification drive - FT

    • UK Reviews Pre-Market Data Releases Traders Say Spur Volatility - Bloomberg

  • Top company news

    • Earnings/updates

      • DACHs

        • KOMN.SW Komax Holding reports H1 EAT CHF2.5M vs year-ago CHF40.7M

        • HFG.GR HelloFresh reports Q2 adjusted EBITDA €146.4M vs consensus €123.0M

        • BNR.GR (Brenntag) -- expects FY EBITA €1.10-1.20B vs prior guidance €1.23-1.43B

        • TECN.SW (Tecan Group) -- reports H1 net income CHF36.5M, (45%) vs year-ago CHF65.8M

        • FRA.GR (Fraport) -- reports Jul Frankfurt Airport traffic statistics: passengers ~6.04M, +0.5% y/y

        • TEG.GR (TAG Immobilien) -- reports H1 FFO €0.50 vs FactSet €0.52; confirm FY guidance

        • HTG.GR (HomeToGo) -- reports Q2 adjusted EBITDA €2.2M, +54.3% y/y

        • WAC.GR (Wacker Neuson) -- confirms prelim. Q2 numbers; reports Q2 EPS €0.46 vs year-ago €0.94

        • NOEJ.GR (Norma Group) -- reports Q2 EPS €0.34 ex-items vs FactSet €0.36

        • PPGN.SW (PolyPeptide Group) -- reports H1 EPS (€0.35) vs FactSet (€0.71) [1 est]; specifies FY guidance; announces new mid-term outlook

        • NCH2.GR (thyssenkrupp nucera) -- reports Q3 EPS €0.05 vs FactSet €0.01

        • BSLN.SW (Basilea Pharmaceutica) -- reports H1 net income CHF20.7M vs FactSet CHF33.6M [1 est]; raises FY guidance

        • BELL.SW (Bell Food Group) -- reports H1 net income CHF45.3M, (3%) vs year-ago CHF46.6M

        • S9I.GR (STEMMER IMAGING) -- reports Q2 EPS €0.44 vs FactSet €0.41

        • FYB.GR (Formycon) -- reports final H1 earnings inline with prelim. release: EPS (€0.58) vs year-ago €0.11; reaffirms FY guidance

        • R3NK.GR (Renk Group) -- reports Q2 EBIT €41M vs FactSet €43.1M [2 est, €40.8-45.5M]; narrows FY guidance to the upper end of the previous forecast span

        • HEN.GR (Henkel) -- confirms prelim H1 earnings and FY24 outlook as per 17-Jul update

        • GSC1.GR (GESCO SE) -- reports H1 results and outlook in line with 30-Jul prelim announcement

        • D6H.GR (Datagroup) -- reports H1 EBIT €32.2M vs year-ago €34.3M; FY24 guidance presented at the AGM is unchanged

        • SEM.AV (Semperit Holding) -- reports H1 EPS €0.47 vs year-ago €0.20; confirms FY24 EBITDA guidance at ~ €80M; sets 2026 targets

        • ILM1.GR (Medios) -- reports H1 EBITDA pre €31.1M vs year-ago €29.0M

        • INH.GR (INDUS Holding) -- reports H1 EPS €1.21 vs year-ago €0.80; repeats FY24 outlook as per 31-Jul update

      • Nordics

        • PNDORA.DC (Pandora) -- reports Q2 net income DKK799M vs consensus DKK794M; raises FY24 organic growth guidance

        • CALTX.SS (Calliditas Therapeutics) -- reports Q2 EPS (SEK0.88) vs FactSet (SEK0.54) [8 est, (SEK1.54)-0.16]

        • WAWI.NO (Wallenius Wilhelmsen) -- reports Q2 EPS $0.69 vs FactSet $0.58

        • SITOWS.FH (Sitowise Group) -- reports final Q2 numbers: EPS €0.00 vs year-ago €0.06

        • MAHA.A.SS (Maha Energy) -- reports Q2 EPS from cont ops ($0.13) vs year-ago $0.00

        • RVRC.SS (RVRC Holding) -- reports Q4 EPS SEK0.54 vs FactSet SEK0.55

        • SIILI.FH (Siili Solutions) -- reports Q2 Adjusted EBITA €1.7M vs year-ago €1.7M; confirms FY guidance

      • France

        • ENX.FP (Euronext) -- July trading activity

        • VLA.FP (Valneva) -- reports H1 net income €34.0M vs year-ago (€35.0M)

      • Also due to report today

        • Earnings:

          • Benelux: TKH Group (TWEKA.NA), EVS Broadcast Equipment (EVS.BB)

          • Germany: Porsche Automobil Holding (PAH3.GR), Vitesco Technologies Group (VTSC.GR), init innovation in traffic systems (IXX.GR), NEXUS (NXU.GR), Voltabox (VBX.GR), Bilfinger (GBF.GR), secunet Security Networks (YSN.GR), CANCOM (COK.GR)

          • Nordics: H+H International (HH.DC), Moberg Pharma (MOB.SS), MedCap (MCAP.SS), Awardit (AWRD.SS), Olvi (OLVAS.FH), Mandatum (MANTA.FH), Ponsse (PON1V.FH), Sparebanken Vest (SVEG.NO), Nordic Mining (NOM.NO)

          • Switzerland: Swissquote Group (SQN.SW),

          • UK: Genuit Group (GEN.LN), Synthomer (SYNT.LN), Dowlais Group (DWL.LN), Just Group (JUST.LN), Georgia Capital (CGEO.LN)

        • Trading Update: Gem Diamonds (GEMD.LN)

        • Traffic: Flughafen Zurich (FHZN.SW)

        • CMD/events: Sparebanken Vest (SVEG.NO)

    • M&A

      • VIE.FP (Veolia Environnement) -- Veolia seeking energy sector M&A opportunities in Australia - Australian Financial Review

      • BRKN.SW (Burkhalter Holding) -- Burkhalter Group buys electrical engineering company Elektro R. Räss AG; price not disclosed

      • Most Celltrion holders oppose Celltrion-Celltrion Pharm merger; deal likely to be delayed to next year - Korea Economic Daily (pre-Korean open)

    • Healthcare

      • ATXS (Astria Therapeutics) -- announces Ypsomed as development partner for development of autoinjector for STAR-0215

      • SANN.SW (Santhera Pharmaceuticals Holding) -- announces closing of two financing agreements with gross funding totaling ~ CHF 69M; expects to be cash flow break-even in 2026

      • GALD.SW (Galderma Group) -- receives FDA approval for Nemluvio (nemolizumab) for adult patients living with prurigo nodularis

      • CRNA.NO (Circio Holding) -- announces NOK 1.5M requested from Atlas under previously announced NOK 10M rights issue commitment

    • Other

      • PRY.IM (Prysmian) -- awarded $96.5M by jury in trade secrets lawsuit against Sterlite

      • General Motors looking to restructure operations in China - Bloomberg

  • Key rating changes

    • Upgrades

      • GTT.FP (Gaztransport & Technigaz) -- to buy from hold at Berenberg

      • HNR1.GR (Hannover Re) -- to buy from hold at Berenberg

      • CABK.SM (CaixaBank) -- to outperform from neutral at Autonomous Research

      • BPT.LN (Bridgepoint Group) -- to overweight from neutral at JPMorgan

    • Downgrades

      • STERV.FH (Stora Enso) -- to neutral from overweight at JPMorgan

    • Initiations

      • GALD.SW (Galderma Group) -- outperform at RBC Capital Markets

      • LTMC.IM (Lottomatica Group) -- buy at Berenberg

  • Data

    • Nikkei +2.95% to 36056.59

    • Hang Seng +0.19% to 17145.01

    • Shanghai Composite (0.06%) to 2856.45

    • S&P futures +11.0 vs prior close of 5369.8

    • €-$ +0.0010 or +0.09% to 1.0942

    • $-¥ +0.42 or +0.29% to 147.62

    • €-¥ +0.60 or +0.37% to 161.50

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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