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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.4%, DAX +0.6%, CAC +0.5%, IBEX +0.5%, FTSE MIB +0.5%

Jun 02 ,2023

  • Synopsis

    • European equity markets set to open broadly higher, extending gains from Thursday's session. Asian equities advancing Friday. Property and tech driving Hang Seng's outperformance. US debt ceiling legislation cleared Senate on Thursday night with a comfortable majority. Bill now heads to President Biden for signature into law. This was a quicker timeline than what had been discussed in press and came about after Senate leaders agreed to expedite the vote. Passage was always expected after Biden and McCarthy struck their deal last weekend and focus had already turned to potential liquidity implications from TGA rebuild (though Deutsche downplayed likely drag).

    • Quiet session in store heading into the weekend. US Nonfarm Payrolls due later. In Europe, France Apr industrial production, Spain May unemployment change, Austria/Ireland Q1 final GDP are due.

    • Today's agenda also sees meeting of EU Telecom Ministers and Asset Management Day 2023, speakers include SNB's Schlegel, UBS CEO Ermotti. Chancellor Scholz hosts the third meeting of the Alliance for Transformation, discuss how a faster expansion of renewable energies can be achieved, press conf ~15:00CET. EU's Timmermans participates in Conférence Jacques Delors 2023.

    • Sovereign credit rating reviews due after the close include DBRS (Germany), Fitch (UK), Moody's (Finland), S&P (France)

    • On the corporate front, EQT reportedly nearing agreement to acquire Dechra Pharmaceuticals (DPH.LN); NatWest Group (NWG.LN) announces placing of ~33M shares of Permanent TSB (IL0A.ID). CECONOMY (CEC.GE) presents new business model and mid-term financial targets in connection with today's CMD

  • Macro/politics

    • Brussels urges UK to join trade pact to ease risk of post-Brexit car tariffs - FT

    • Swedish Home Prices Continue Downward Trend as Rate Hikes Bite - BBG

    • ECB's Fabio Panetta: 'I don't think this is the time to be too hasty in raising interest rates' - Le Monde

  • Top company news

    • Earnings/updates

      • CEC.GR (CECONOMY) -- presents new business model and mid-term financial targets in connection with today's CMD

    • M&A

      • DPH.LN (Dechra Pharmaceuticals) -- EQT nearing agreement to acquire Dechra Pharmaceuticals - Bloomberg

      • FCC.SM (Fomento de Construcciones y Contratas) -- FCC agrees to sell 24.99% interest in FCC Servicios Medio Ambiente Holding to CPP Investments for €965M

      • ENEL.IM (Enel) -- EU sets a provisional deadline of 5-Jul to rule on PPC's acquisition of Enel's Romanian operations

      • NXI.FP (Nexity) -- is announcing the sale of its development activities in Poland to Develia, a Polish developer

      • ANOD.B.SS (Addnode Group) -- acquires Team D3

      • IDR.SM (Indra Sistemas) -- to acquire Park Air; terms undisclosed

    • Healthcare

      • 1801.HK (Innovent Biologics) -- enters into clinical trial collaboration with Merck KGaA investigating combination therapy IBI351 and Cetuximab for KRASG12C-mutated NSCLC in China

      • AB.FP (AB Science) -- announces issuance of Canadian patent for masitinib in the treatment of ALS

    • Other

      • NWG.LN (NatWest Group) -- announces placing of ~33M shares of Permanent TSB

      • EDPR.PL (EDP Renovaveis) -- awarded a 20-year feed-in-tariff of 65.17€/MWh for 159MW of renewable capacity in Italy's auction (post EU close 1-Jun)

      • DWNI.GR (Deutsche Wohnen) -- Glass Lewis backs Elliott's call for investigation into loan Deutsche Wohnen made to top shareholder Vonovia - Reuters

      • AGL.IM (Autogrill) -- announces approval of €700M intercompany facility agreement with Dufry Financial Services

      • UNI.SM (Unicaja Banco) -- announces resignation of CEO Manuel Menéndez

      • Italy May new passenger car registrations 149,411 units, +23.1% y/y -- UNRAE

  • Key rating changes

    • Upgrades

      • MTO.LN (Mitie Group) --to buy from add at Numis

    • Downgrades

      • MOH.GA (Motor Oil (Hellas) Corinth Refineries) -- to neutral from buy at UBS

      • MAJ.NA (Majorel Group Luxembourg) -- to hold from buy at Berenberg

      • PMI.LN (Premier Miton Group) -- to add from buy at Peel Hunt

    • Initiations

      • NEM.GR (Nemetschek) -- hold at Societe Generale (timing uncertain)

  • Data

    • Nikkei +1.07% to 31480.49

    • Hang Seng +3.62% to 18876.58

    • Shanghai Composite +0.67% to 3226.24

    • S&P futures +9.3 vs prior close of 4228.0

    • €-$ +0.0007 or +0.07% to 1.0772

    • $-¥ +0.10 or +0.07% to 138.93

    • €-¥ +0.20 or +0.13% to 149.62

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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