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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.34%, DAX +0.34%, CAC +0.35%, IBEX +0.29%, MIB +0.4%

Aug 14 ,2024

  • Synopsis

    • European equity markets are set to open higher amidst mixed Asian equities Wednesday. Nikkei erased initial gains with Korean and Taiwan markets also off highs following initial tech-driven rally. Greater China markets gravitating lower. S&P 500 futures flat afterhours. Bonds firming with long end JGB curve flattening while NZ curve bull steepening following RBNZ rate cut.

    • Macro focus in Europe on UK inflation data. Analysts forecast an acceleration in headline rate. Comes after wage growth eased on Tuesday. Besides, UK Jul CPI/RPI/PPI output/input, Eurozone Q2 GDP (2nd estimate) and Jun industrial production are also out for release alongside France and Sweden Jul CPI, Finland and Netherlands Q2 preliminary GDP, Finland Jul CPI and Switzerland Jul PPI.

    • In earnings, UBS Group (UBSG.SW) reported Q2 EPS $0.34 vs consensus $0.15 whilst Straumann Holding (STMN.SW) is out with H1 core net income CHF282.1M vs consensus CHF246.7M; adjusts FY24 outlook upward and E.ON (EOAN.GR) reports H1 adjusted net income €1.80B vs FactSet €1.71B. RWE (RWE.GR) is out with H1 adjusted net income €1.36B vs consensus €1.28B whilst K+S (SDF.GR) reported Q2 EPS €0.04 vs FactSet €0.04 and narrowed its FY24 EBITDA range forecast. In the Nordics, Carlsberg (CARL.B.DC) reported H1 EPS DKK28.60 vs consensus DKK29.30 and raised FY outlook for organic growth in operating profit to 4-6% vs prior guidance of 1-5%. Vestas Wind Systems (VWS.DC) reported Q2 EBIT before special items (€185M) vs year-ago (€70M)

    • Also due to report today are Demant (DEMANT.DC) and Aviva (AV.LN).

  • Politics/Macro/World News

    • Eurozone rate cut questioned as German wages soar - FT

    • Finland Jul CPI +1.0% y/y vs consensus +1.2% and prior +1.3%

  • Top company news

    • Earnings/updates

      • Benelux:

        • EVS.BB (EVS Broadcast Equipment) -- reports H1 EPS €1.54 vs year-ago €1.52; raises FY revenue and EBIT guidance

        • SHUR.BB Shurgard Self Storage reports Q2 adj EPRA EPS €0.45 vs year-ago €0.47; improves FY24 revenue guidance

        • SIP.BB (Sipef) -- reports H1 net income $25.0M vs year-ago $31.2M

      • DACHs:

        • UBSG.SW (UBS Group) -- reports Q2 EPS $0.34 vs consensus $0.15

        • STMN.SW (Straumann Holding) -- reports H1 core net income CHF282.1M vs consensus CHF246.7M; adjusts FY24 outlook upward

        • EOAN.GR (E.ON SE) -- reports H1 adjusted net income €1.80B vs FactSet €1.71B

        • TKA.GR (ThyssenKrupp) -- reports Q3 EPS (€0.09) vs FactSet €0.20 [2 est, €0.16-0.25]; confirms FY guidance

        • EVT.GR (Evotec) -- reports H1 adjusted EBITDA (€0.5M) vs year-ago €33.9M

        • WIE.AV (Wienerberger) -- reports Q2 EBIT €121.5M including items and unclear if comparable to FactSet €200.1M [2 est, €199.4-200.8M]

        • SDF.GR (K+S) -- reports Q2 EPS €0.04 vs FactSet €0.04 [3 est, (€0.07)-0.18]; narrows FY24 EBITDA range forecast

        • FHZN.SW (Flughafen Zuerich) -- reports July traffic statistics

        • CEC.GR (CECONOMY) -- reports Q3 adjusted EPS (€0.31) vs year-ago (€0.32)

        • TLX.GR (Talanx) -- reports H1 net income €1.09B, +32% vs year-ago €827M

        • GYC.GR (Grand City Properties) -- reports H1 FFO €0.54 vs FactSet €0.51; raises FY FFO I guidance

        • 4FZ.GR (Orbia Advance Corp SAB de CV) -- Orbia Advance Corp SAB de CV updates on PVDF JV; revises capital investment plans

        • TTR1.GR (technotrans) -- reports H1 EPS €0.34 vs year-ago €0.48

        • FACC.AV (FACC) -- reports Q2 EBIT €12.7M vs FactSet €11.1M [1 est]

        • FQT.GR (Frequentis) -- reports H1 EPS (€0.17) vs year-ago (€0.07); expects FY24 EBIT margin of ~6%

        • EMMN.SW (Emmi) -- reports H1 net income CHF104.4M vs StreetAccount CHF100.7M; confirms 2024 outlook

        • AERO.SW (Montana Aerospace) -- reports H1 adjusted EBITDA €63.5M, +68% vs year-ago €37.8M

        • STLN.SW (Swiss Steel Holding) -- reports H1 net income (€4.1M) vs year-ago (€30.0M)

        • PBB.GR (Deutsche Pfandbriefbank) -- reports Q2 net income €11M vs year-ago €42M; strategy review is on track

        • MLP.GR (MLP) -- reports Q2 EPS €0.09 vs year-ago €0.02

        • DOU.GR (Douglas) -- reports Q3 net income (€71.6M) vs FactSet €42.2M [1 est]

        • DMP.GR (Dermapharm Holding) -- reports prelim H1 adj EBITDA €153M vs year-ago €168M; confirms FY24 guidance

        • HLAG.GR (Hapag-Lloyd) -- reports H1 net profit €0.7B vs year-ago €2.90B; EBITDA, EBIT and outlook in line with 9-Jul prelims

        • HHFA.GR (Hamburger Hafen und Logistik) -- reports Q2 net income attributable €14.3M vs year-ago €5.4M

        • MDG1.GR (Medigene) -- reports H1 net income (€6.7M) vs year-ago (€7.0M)

        • PYT.AV (Polytec Holding) -- reports H1 EPS (€0.11) vs FactSet (€0.17) [1 est]

        • ADN1.GR (adesso) -- reports final Q2 earnings in line with prelim release: net income (€6.6M) vs year-ago (€8.3M); reaffirms FY guidance

        • AAG.GR (Aumann) -- reports H1 net income €9.2M vs year-ago €3.8M

      • Nordics:

        • CARL.B.DC (Carlsberg) -- reports H1 EPS DKK28.60 vs consensus DKK29.30; raises FY outlook for organic growth in operating profit to 4-6% vs prior guidance of 1-5% (April guidance)

        • VWS.DC (Vestas Wind Systems) -- reports Q2 EBIT before special items (€185M) vs year-ago (€70M)

        • NETC.DC (Netcompany Group) -- reports Q2 net income DKK118.8M vs FactSet DKK121.8M [8 est, DKK103.2-138.3M]; initiates new share buyback programme of DKK150M

        • KESKOB.FH (Kesko) -- reports Jul sales €975.7M, +4.1% in comparable terms

        • MOBA.NO (Morrow Bank) -- reports Q2 EPS NOK0.20 vs FactSet NOK0.21 [2 est, NOK0.15-0.26]

        • EG7.SS (Enad Global 7) -- reports Q2 Adjusted EPS (SEK0.35) vs year-ago SEK0.33

        • MORG.NO (Sparebanken Møre) -- reports Q2 EPS NOK2.85 vs FactSet NOK2.47 [3 est, NOK2.42-2.54]

        • ELMRA.NO (Elmera Group) -- reports Q2 EPS NOK0.33 vs FactSet NOK0.40 [5 est, NOK0.14-0.57]

        • CTM.SS (Catena Media) -- reports Q2 EPS (€0.04) vs year-ago (€0.02)

        • TLT1V.FH (Teleste) -- reports Q2 adjusted EPS (€0.01) vs FactSet (€0.03) [1 est]; specifies FY outlook

        • HAUTO.NO (Höegh Autoliners) -- reports Q2 EPS $0.91 vs FactSet $0.66 [4 est, $0.65-0.67]

        • DFDS.DC (DFDS) -- reports Q2 net income DKK288M vs FactSet DKK361M [3 est, DKK339-375M]

        • NORB.B.SS (Nordisk Bergteknik) -- reports Q2 EPS SEK0.47 vs FactSet SEK0.26 [2 est, SEK0.23-0.29]

    • M&A

      • CNS.IM (Civitanavi Systems) -- Honeywell announces final results of tender offer for Civitanavi Systems; results inline with preliminary release

      • FLTR.LN (Flutter Entertainment) -- expected to pay $1B to acquire Betnacional - London Times (13:40 ET/18:40 BST)

      • RHM.GR (Rheinmetall) -- acquires Loc Performance

      • CVC.NA (CVC Capital Partners) -- agrees to acquire a significant ownership position in Epicor (7:00ET)

      • 541988.IN (Aavas Financiers) -- CVC Capital Partners offers to acquire up to 20.7M shares of Aavas Financiers at INR1,766.69/share (earlier)

      • RIO.AU (Rio Tinto) -- seeking potential buyers or joint venture partners for Winu copper-gold project - West Australian (13-Aug, 15:51 AEST/06:51 BST)

      • AV.LN (Aviva) -- CK Infrastructure nearing deal to acquire portfolio of wind farms in the UK from Aviva Investors - Bloomberg

      • 4FZ.GR (Orbia Advance Corp SAB de CV) -- Orbia Advance Corp SAB de CV updates on PVDF JV; revises capital investment plans

    • Healthcare

      • BIOS.BB (BioSenic) -- subsidiary receives EU patent for the therapeutic development of arsenic trioxide in relapsing-remitting multiple sclerosis

      • NYKD.NO (Nykode Therapeutics) -- announces issuance of US patent covering Individualized neoantigen based vaccines

      • BAVA.DC (Bavarian Nordic A/S) --

        • Bavarian Nordic announces FDA acceptance and priority review of BLA for its Chikungunya vaccine

        • receives new order from HERA for MVA-BN vaccine

      • EFYA.GR (PharmaCyte Biotech) -- SEC filing: 10-K

    • Other

      • NWG.LN (NatWest Group) -- executes £1.1B own-asset securitisation deal as part of its renewable and transition energy lending growth ambition

      • Boeing July Net Orders +71:

      • July Komtrax North America data +1.9% y/y

      • Workers at BHP Group's Escondida Mine begin strike after ending labor talks -- Bloomberg (earlier)

  • Key rating changes

    • Upgrades

      • UTDI.GR (United Internet) -- buy from neutral at UBS

      • JUP.LN (Jupiter Fund Management) -- neutral from sell at UBS

      • ATCO.A.SS (Atlas Copco) -- to buy from hold at ABG Sundal Collier

      • BPE.IM (BPER Banca) -- to outperform from market perform at Keefe, Bruyette & Woods

      • OR.FP (L'Oreal) -- to hold from underperform at Jefferies

      • ORNBV.FH (Orion) -- to hold from underperform at Jefferies

    • Downgrades

      • AKSO.NO (Aker Solutions) -- hold from buy at Pareto

    • Initiations

      • FAG.SS (Fagerhult) -- buy at Nordea

  • Data

    • Nikkei +0.43% to 36388.96

    • Hang Seng (0.41%) to 17103.45

    • Shanghai Composite (0.42%) to 2855.99

    • S&P futures +1.0 vs prior close of 5459.0

    • €-$ (0.0001) or (0.01%) to 1.0992

    • $-¥ +0.25 or +0.17% to 147.08

    • €-¥ +0.22 or +0.14% to 161.64

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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