Live Markets: Europe set for steady start; M&A eyed

Calliditas Therapeutics AB

28/05/2024 07:41

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    EUROPE SET FOR STEADY START; M&A EYED
    European shares were set for a slightly positive start on Tuesday, as investors geared up
for Friday's inflation data ahead of an expected rate cut by the European Central Bank next
week.
    EuroSTOXX50  STXEcv1  futures added 0.1% and S&P 500  ESc1  contracts also inched higher,
with Wall Street reopening after a long holiday weekend, kicking off a shorter one-day
settlement period for trades. London also reopens.
    Corporate news was thin, given that over 90% of companies in Europe have released their
earnings updates.
    There was some fresh M&A and IPO activity to focus on.
    Dutch lender ABN Amro  ABNd.AS  agreed to buy private bank Hauck Aufhäuser Lampe for 672
million euros ($730 million), strengthening its position as one of the top three wealth
management firms in Germany.  
    Japan's Asahi Kasei  3407.T  will buy Sweden's Calliditas Therapeutics  CALTX.ST  for an
equity value of 11.8 billion Swedish crowns ($1.12 billion).
    Over in the UK, investors will watch Persimmon  PSN.L  after Sky News reported on Saturday
the homebuilder was weighing a 1-billion pound ($1.28 billion) bid for Legal & General's
 LGEN.L  Cala unit.  
    In new listings, German wheelchair maker Sunrise Medical said it planned to raise 250
million euros ($271.85 million) in an initial public offering in Frankfurt this summer.
    Endesa  ELE.MC , Iberdrola  IBE.MC  and other energy stocks in Madrid were also on the radar
after reports Spain is mulling scrapping a windfall tax for energy firms.
    
    (Danilo Masoni)
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    FOR TUESDAY'S OTHER LIVE MARKET POSTS:
    INFLATION EXPECTATIONS CLICK HERE 


($1 = 10.5684 Swedish crowns)

($1 = 0.7831 pounds)

($1 = 0.9196 euros)