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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.28%, DAX30 +0.63%, CAC40 +0.44%

Jun 01 ,2023

  • Synopsis

    • European equity markets are set to open higher amidst mostly higher trading in Asia. Major indexes have reversed earlier weakness following passage of US debt ceiling legislation and latest China manufacturing PMI. Tech driving rebound in Hong Kong after Chinese equites fell into bear market. Nikkei also outperforming. S&P 500 futures steady afterhours. Turnaround in risk sentiment corresponding with reversal higher in Treasury, JGB and Australian yields. Base metals and crude also rebounding. Dollar weakest against Aussie and yen, steady elsewhere.

    • Of note, US House of Representatives passed debt ceiling legislation as expected. Legislation was passed with a comfortable majority. Bill now heads to the Senate giving lawmakers only few days to pass legislation before 5-Jun X-date. However, last-minute agreement has always been consensus and focus continues to shift to subsequent liquidity drag from looming TGA rebuild. Further in support of global sentiment, China Caixin manufacturing PMI showed May factory activity unexpectedly swung into expansion, contrasting with official gauge that showed manufacturing activity fell by most since December. Caixin PMI components showed notable improvements in production and demand though business outlook dropped to seven-month low. PMI upswing not considered strong enough to shift the bearish narrative on China, where slowing external and domestic demand is keeping pressure on authorities to further loosen policy. Focus will shift onto Manufacturing PMIs from across Europe and UK today as well as Unemployment Rate from Italy and Eurozone, UK M4 and BoE mortgage approvals and Germany Apr retail sales. France, Italy, Spain May new car registrations are also due.

    • On the agenda for today, of note, second meeting of the European Political Community, Chancellor Scholz among the attendees, and meeting of EU Transport Ministers. Russian Foreign Minister Lavrov will visit South Africa; South Africa will host a meeting of the foreign ministers of BRICS nations. Germany's Foreign Minister Baerbock hosts Baltic Sea Council meeting. In central banks, Bank of Ireland's Cross speech at 8:50BST at IoD event whilst Riksbank Financial Stability Report 2023:1 published at 9:30CET, press conf 11:00 as well as ECB minutes. ECB's Enria speech at 14:45CET at 22nd Annual International Conf. on Policy Challenges for the Financial Sector. German Savings Banks Day speakers include ECB's Legarde 11:30CET, Federal Minister of Finance Lindner 12:30 CET.

    • In corporate news, Remy Cointreau (RCO.FP) posted better-than-expected FY net income at €293.8M vs consensus €290.0M, whilst Current Operating Profit came in at €429.6M vs consensus €434.1M. SAS (SAS.SS), Solstad Offshore (SOFF.NO) due to report out of Nordics, Auto Trader Group (AUTO.LN), Pennon Group (PNN.LN), Dr. Martens (DOCS.LN) scheduled out of the UK. Epiroc (EPI.A.SS), Dottikon ES Holding (DESN.SW), Netcompany Group (NETC.DC) host CMD/ events today.

  • Politics/ Macro/ World News

    • Debt ceiling deal: US House overwhelmingly passes bill -- BBC

    • UN tries to save Black Sea grain deal with 'mutually beneficial' proposal - Reuters

    • Italy approves bill to set up $1.1B fund for strategic firms - Reuters

    • UK executives not yet convinced worst is over, survey finds - Bloomberg

    • Brussels plans four-year financial support for Ukraine - FT

  • Top company news

    • Earnings/updates

      • RCO.FP (Remy Cointreau) -- FY net income €293.8M vs consensus €290.0M

      • QDT.FP (Quadient) -- reports Q1 revenue €256M vs FactSet €257.7M [3 est, €250.5-263.6M]; confirms FY 2023 guidance

      • TENERGY.GA (Terna Energy) -- reports Q1 adjusted net income €17.5M, (45%) vs year-ago €31.8M

      • OVS.IM (OVS) -- reports that despite unfavourable weather in May, the positive trend in sales is continuing - AGM

      • MKEA.FP (Mauna Kea Technologies) -- Mauna Kea Technnologies secures equity line financing with Vester Finance; receives payment from JV with Tasly

    • M&A

      • LONN.SW (Lonza Group) -- Lonza to acquire Synaffix for initial financial consideration of €100M in cash and up to €60M in additional performance-based consideration

      • JMAT.LN (Johnson Matthey) -- planning to sell medical device components business - Bloomberg

      • VTSC.GR (Vitesco Technologies) -- to invest $250M in onsemi (ON) to support SiC technology capacity expansion

      • GNFT.FP (GENFIT) -- licenses rights of ASK1 Inhibitor SRT-015

      • NETW.LN (Network International Holdings) -- Brookfield Asset Management emerges as frontrunner to acquire Network International - Bloomberg

      • GIMB.BB (Gimv) -- acquires a majority stake in ERS electronic GmbH for an undisclosed sum

      • FLS.DC (FLSmidth & Co.) -- acquires Morse Rubber for an undisclosed sum

      • PHARM.NA (Pharming Group) -- to sell its Rare Pediatric Disease Priority Review Voucher (PRV) to Novartis for a pre-agreed, one-time payment of $21.1M

      • IDL.FP (ID Logistics Group) -- completes the acquisition of Spedimex

      • FSECURE.FH (F-Secure) -- completes acquisition of mobile consumer security business of Lookout Inc.; updates FY outlook and now expects revenue to exceed €134M

      • STF.FP (Stef) -- announces the finalization of the operation to sell La Méridionale to the CMA CGM Group

      • NHOA.FP (NHOA SA) -- NHOA's Atlante completes acquisition of Ressolar EV charging network

      • Pharmanovia owner Triton hires advisors to run sale of the UK specialty pharma company - Bloomberg

      • Further speculation around potential M&A in the aged care space - The Australian

      • All3Media's owners Liberty Global and Warner Bros Discovery consider selling their stakes in the JV - Reuters

    • Healthcare

      • AZN.LN (AstraZeneca) -- FDA approves Lynparza for BRCA-mutated prostate cancer

      • ALCLS.FP (Cellectis SA) -- Cellectis publishes article demonstrating preclinical evidence of UCART20x22 product candidate to target broad spectrum of patients with B-cell malignancies

      • PHIL.IM (Philogen) -- Sun Pharmaceutical Industries (524715.IN) and Philogen enter exclusive distribution, licensing and supply agreement for commercialization of NIDLEGY in Europe, Australia and New Zealand

    • Other

      • LR.FP (Legrand) -- announces description of the share buyback program approved by the combined general meetings

      • BNR.GR (Brenntag) -- Glass Lewis backs PrimeStone's call for board overhaul at Brenntag - Bloomberg (31-May)

      • SLHN.SW (Swiss Life Holding) -- completes CHF1B share buyback programme

      • SBB.B.SS (Samhällsbyggnadsbolaget i Norden) -- SBB confirms that it meets the consolidated coverage ratio as the covenant is calculated in its outstanding Eurobonds

      • LEO.GR (Leoni) -- receives required majorities for restructuring plan

      • Index Changes: IMI confirmed to be added to FTSE 100 Index, British Land to be removed

  • Key rating changes

    • Upgrades

      • FSECURE.FH (F-Secure) -- to accumulate from reduce at Inderes

      • CTEC.LN (ConvaTec Group) -- to overweight from equal-weight at Morgan Stanley

      • WKL.NA (Wolters Kluwer) -- to outperform from neutral at BNP Paribas Exane

      • ADE.NO (Adevinta) -- to buy from hold at Danske Bank

      • HEI.GR (Heidelberg Materials) -- to overweight from neutral at JPMorgan

      • MB.IM (Mediobanca) -- to buy from hold at Jefferies

      • NESTE.FH (Neste) -- to buy from neutral at UBS

    • Downgrades

      • ARYN.SW (Aryzta) -- to Add from Buy at Baader Helvea

      • COLO.B.DC (Coloplast) -- to equal-weight from overweight at Morgan Stanley

      • FORTUM.FH (Fortum) -- to neutral from overweight at JPMorgan

  • Data

    • Nikkei +0.82% to 31140.95

    • Hang Seng +0.75% to 18371.61

    • Shanghai Composite +0.24% to 3212.11

    • S&P futures +4.3 vs prior close of 4190.5

    • €-$ (0.0008) or (0.07%) to 1.0679

    • $-¥ +0.27 or +0.19% to 139.64

    • €-¥ +0.17 or +0.11% to 149.09

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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