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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.43%, DAX +0.37%, CAC +0.03%

Aug 15 ,2024

  • Synopsis

    • European equity markets are set to open in positive territory amid Asian equities gaining Thursday. Nikkei outperforming regional benchmarks with Greater China markets turning higher following latest activity and housing data. S&P 500 futures advancing afterhours. FX markets steady otherwise. Muted price action in oil and metals. Iron ore sell-off intensifying. Bitcoin pulling back.

    • Of note, Cyprus, Greece, Italy, and Poland markets closed for Assumption Day holiday, whilst other countries having public holidays, though markets remain open, include Austria, Belgium, France, Germany (regional observance), Luxembourg, Portugal and Spain

    • On today's agenda, Norges Bank interest rate decision will be presented at 10:30 CET at an event during Arendal Week. No change in benchmark interest rate is expected, with a neutral message anticipated following June's MPR which pushed back first interest rate cut to Q1 of 2025. The central bank will also announce the decision on the countercyclical capital buffer. Norway's PM Støre takes part in the party leader debate in the evening

    • Macroeconomic releases include UK Q2 preliminary GDP, Jun industrial/manufacturing production, trade balance, construction output, Jul monthly GDP tracker - NIESR, Netherlands Jul unemployment rate, Norway Jul trade balance

    • In corporate news, Geberit (GEBN.SW) reports Q2 net income CHF159.8M vs consensus CHF161M and reaffirms a new share buyback program is to be launched in Q3 of 2024. Also in the DACH region, METRO (B4B.GR) reports Q3 EPS €0.04 vs year-ago €0.48. In the Netherlands, NN Group (NN.NA) H1 operating capital generation €959M vs consensus €899M. Out of the Nordics, Prosafe (PRS.NO) reports Q2 EPS ($0.58) vs FactSet ($0.53) and said it is investigating potential measures to strengthen liquidity and balance sheet. Embracer Group (EMBRAC.B.SS) is out with Q1 numbers and said the process to separate into three standalone publicly listed entities is progressing according to plan. Zealand Pharma (ZEAL.DC) reports Q2 EPS (DKK4.67) vs FactSet (DKK3.19) and guides net operating expenses between DKK1.25-1.35B vs prior guidance DKK1.10-1.20B.

  • Politics/Macro/World News

    • Deals for London's luxury homes slump as buyers weigh UK taxes - Bloomberg

    • Iron ore hits lowest since 2022 as steel crisis rattles market - Bloomberg

    • US inflation hits lowest rate in three years - FT

    • Macron protégé Gabriel Attal turns into biggest threat to president - Politico

    • Netherlands Jul Unemployment Rate 3.6% vs consensus 3.5% and prior 3.6%

  • Top company news

    • Earnings/updates

      • Nordics

        • ZEAL.DC (Zealand Pharma) -- reports Q2 EPS (DKK4.67) vs FactSet (DKK3.19) [5 est, (DKK4.30)-0.00]

        • FING.B.SS (Fingerprint Cards) -- reports Q2 EPS (SEK0.25) vs year-ago (SEK0.18)

        • EMBRAC.B.SS (Embracer Group) -- reports Q1 Adj EPS SEK0.00 vs FactSet SEK0.26 [9 est, (SEK0.13)-0.56]

        • AUTO.NO (AutoStore Holdings) -- reports Q2 EPS $0.01 vs FactSet $0.01 [4 est, $0.01-0.02]

        • BORR.NO (Borr Drilling) -- reports Q2 net income $31.7M vs FactSet $43.2M [7 est, $37.6-50.6M]

        • PRS.NO (Prosafe) -- reports Q2 EPS ($0.58) vs FactSet ($0.53) [4 est, ($0.85)-(0.33)]

        • DNO.NO (DNO ASA) -- reports Q2 net income $34.5M vs FactSet $2.7M [4 est, ($31.1)-25M]

        • SHLF.NO (Shelf Drilling) -- reports Q2 net income ($14.6M) vs FactSet ($0.5M) [2 est, ($4)-3M]

        • HEX.NO (Hexagon Composites) -- reports Q2 EPS NOK2.85 vs FactSet (NOK0.17) [2 est, (NOK0.30)-(0.04)]

        • YUBICO.SS (Yubico) -- reports Q2 EPS SEK1.17 vs year-ago SEK1.52

        • PEXIP.NO (Pexip Holding) -- reports Q2 revenue NOK266M vs FactSet NOK254.5M [3 est, NOK250.4-260M]

        • VEI.NO (Veidekke) -- reports Q2 EPS NOK2.70 vs FactSet NOK2.31 [3 est, NOK2.20-2.37]

        • DEMANT.DC (Demant) -- confirms Q2 EBIT DKK2.07B, in line with preliminary as of 16-Jul

        • FLS.DC (FLSmidth & Co.) -- reports Q2 earnings inline with prelim. release; net income attributable DKK181M vs FactSet DKK230.1M [9 est, DKK200-327M]; reaffirms FY guidance

        • LUMI.NO (Lumi Gruppen) -- reports H1 net income NOK2.9M vs year-ago (NOK264.7M)

      • DACHs

        • GEBN.SW (Geberit) -- reports Q2 net income CHF159.8M vs consensus CHF161M

        • ECV.GR (Encavis AG) -- reports H1 Operating adjusted EBIT €65.3M, (30%) vs year-ago €93.5M; reaffirms operational guidance for FY24

        • BSKP.SW (Basler Kantonalbank) -- reports H1 net income CHF80.3M, +6% vs year-ago CHF75.5M

        • B4B.GR (METRO) -- reports Q3 EPS €0.04 vs year-ago €0.48

        • DEQ.GR (Deutsche EuroShop) -- reports H1 FFO €79.0M vs year-ago €87.5M

        • MMV1.GR (MVV Energie) -- reports 9M adjusted net income €252M vs year-ago €577M

      • Benelux

        • NN.NA (NN Group) -- reports H1 operating capital generation €959M vs consensus €899M

        • ADYEN.NA (Adyen) -- reports H1 revenue €913.4M vs FactSet €914.2M [10 est, €902-925M]

    • M&A

      • EXPN.LN (Experian) -- ACCC will not oppose Experian's acquisition of Credit Data Solutions Pty Ltd (illion)

      • DEMANT.DC (Demant) -- announce initiation of restructuring plan for EPOS to obtain profitability; reaffirm commitment to divest the business

      • AV.LN (Aviva) -- Consortium comprising CKI, CK Asset and Power Assets to acquire portfolio of operating onshore wind farms in UK for £350M (HK$3.5B) (14-Aug, 9:45 BST/16:45 HKT)

      • RF.FP (Eurazeo) -- EU clears Oakley Capital's acquisition of a stake in I-TRACING

        • EU clears Eurazeo's acquisition of a stake in Etix Everywhere

      • PNDX.B.SS (Pandox) -- evaluating the possibilities for acquisition of a hotel portfolio in London

      • AEDAS.SM (AEDAS Homes) -- formalizes acquisition of Promociones y Propiedades Inmobiliarias Espacio

    • Other

      • HELN.SW (Helvetia Holding) -- Helvetia appoints Bernhard Kaufmann as Group Chief Risk Officer

      • BORR.NO (Borr Drilling) -- approves cash distribution of paid-in capital of $0.10/share for Q2

      • ALMB.DC (Alm. Brand A/S) -- launches new share buyback program up to a maximum of DKK 150M

  • Key rating changes

    • Upgrades

      • VWS.DC (Vestas Wind Systems) -- to buy from hold at Carnegie Securities

    • Downgrades

      • AAF.LN (Airtel Africa) -- to neutral from buy at Goldman Sachs

      • 1U1.GR (1&1 AG) - to neutral from outperform at BNP Paribas Exane

      • UTDI.GR (United Internet) -- to neutral from outperform at BNP Paribas Exane

  • Data

    • Nikkei +0.67% to 36687.06

    • Hang Seng +0.11% to 17132.98

    • Shanghai Composite +0.75% to 2872.05

    • S&P futures +9.3 vs prior close of 5477.0

    • €-$ +0.0000 or +0.00% to 1.1013

    • $-¥ (0.19) or (0.13%) to 147.14

    • €-¥ (0.22) or (0.14%) to 162.03

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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