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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.2%, DAX (0.1%), CAC (0.1%), IBEX flat, AEX +0.2%, MIB +0.1%, SMI +0.1%

Jun 05 ,2023

  • Synopsis

    • European equity markets set for a mixed open; note Denmark, Greece, Cyprus closed for holidays. Asian equities mostly higher Monday. Nikkei and ASX outperforming as Hang Seng leads gain in Greater China. Crude gapped up following Saudi production cut but has pulled back from highs. WTI Crude (Jul 23) currently +1.28% to $72.66/bbl.

    • Macro data releases out today include Germany Apr trade balance, Switzerland May CPI, Italy, Spain, Sweden May services PMIs with final reads for Eurozone, France, Germany and the UK, Eurozone Jun Sentix investor confidence, Apr PPI. Also out today are Germany and UK May new car registrations.

    • In central banks, ECB's Lagarde has quarterly meetings with MEPs on the Economic and Monetary Affairs Committee at 15:00CET. Bundesbank's Nagel delivers a speech at 16:00CET at Ruhr University Bochum. Belgium Central Bank releases its Financial Stability Report (webinar at 13:00CET) whilst Belgium Central Bank's Wunsch gives a speech at 17:15CET at event hosted by Peterson Institute. BOE's Fortune panellist at 13:15BST at the Scottish Council for Development and Industry forum. ILO, International Labour Conf. Amongst conferences, European Financial Congress (through Wed) and Capital Link Maritime Leaders Summit.

    • Deutsche Börse reviews of the composition of the indices.

    • Today's agenda also sees US President Biden hosting Denmark's PM Frederiksen. UK MPs return from a week off and following questions in Levelling Up, there are debates on the role of local government in reaching net zero and on delivering new housing supply.

    • In corporate news highlights, focus on M&A headlines as Novo Nordisk (NOVO.B.DC) acquires 45.3% in BIOCORP (ALCOR.FP) followed by a simplified tender offer at a price of €35.00 per BIOCORP shares in cash; Goldman Sachs Asset Management agrees to acquire 72.11% of the shares in Frøy (FROY.NO) at NOK 76.50/each and launch subsequent mandatory offer. ASOS (ASC.LN) back under the spotlight amid report Trendyol offered £10-12/share for Asos in December and also separate report Mike Ashley, Holch Povlsen staking out positions for battle over Asos. UBS (UBSG.SW) expects to complete acquisition of Credit Suisse (CSGN.SW) as early as 12-Jun. Viaplay (VPLAY.A.SS) lowers 2023 outlook following deterioration in operating environment and longer than expected realisation of its cost savings programme

  • Macro/politics

    • Oil Rises After Saudis Pledge Million-Barrel Cut at OPEC+ Meet - Bloomberg

    • Rishi Sunak wants 2p tax cut before next general election - Telegraph

    • Bank of England looks to broaden reform of deposit guarantee scheme - FT

    • UK auto industry body says new car sales rise in May, but below pre-COVID level - Reuters

    • Le Maire hails 'positive signal' after S&P preserves France's credit rating - POLITICO

    • ECB's Visco says falling energy prices should help tame inflation - Reuters

  • Top company news

    • Earnings/updates

      • UBSG.SW (UBS Group) -- UBS considering delaying Q2 results amid complexities of Credit Suisse deal - FT

      • VPLAY.A.SS (Viaplay Group) -- lowers 2023 outlook following deterioration in operating environment and longer than expected realisation of its cost savings programme, CEO Anders Jensen resigns

      • Also reporting today

        • Earnings: Sirius Real Estate Ltd. (SRE.LN)

        • Trading Update: Nordnet (SAVE.SS), Avanza Bank (AZA.SS)

        • CMD/events: Evotec (EVT.GR)

    • M&A

      • FROY.NO (Frøy) -- Goldman Sachs Asset Management agrees to acquire 72.11% of the shares in Frøy at NOK 76.50/each and launch subsequent mandatory offer

      • ALCOR.FP (BIOCORP) -- Novo Nordisk acquires 45.3% in BIOCORP followed by a simplified tender offer at a price of €35.00 per BIOCORP shares in cash

      • TECK.B.CN (Teck Resources) -- reportedly favoring only partial sale of coal business -- Globe & Mail, citing Pierre Lassonde

      • CSGN.SW (Credit Suisse Group) -- UBS expects to complete acquisition of Credit Suisse as early as 12-Jun

      • ASC.LN (Asos)

        • Trendyol offered £10-12/share for Asos in December - Sunday Times

        • Mike Ashley, Holch Povlsen staking out positions for battle over Asos - Telegraph

      • HEN3.GR (Henkel) -- to continue buying things even as interest rates rise - Rheinische Post

      • IBE.SM (Iberdrola) -- Hydro Tasmania to sell decommissioned Bell Bay power station site to ABEL Energy - Australian Financial Review

      • LHA.GR (Deutsche Lufthansa) -- Lufthansa considers it too soon to discuss potential interest in taking over TAP - Reuters

      • AF.FP (Air France-KLM) -- shopping for replacements for aging fleet of Airbus A330 jets and Boeing 777s - Bloomberg

      • GALE.SW (Galenica) -- acquires 16% stake in AD Swiss; terms undisclosed

      • ENO.SM (Elecnor) -- closes process of incorporating partner in Enerfín; begins search for investor to take controlling stake

    • Healthcare

      • JNJ (Johnson & Johnson) -- Janssen announces new long-term data from the CHRYSALIS study that show median progression-free survival not reached after 33.6 months of follow-up with first-line use of RYBREVANT and lazertinib combination therapy

      • JNJ (Johnson & Johnson) -- Janssen presents longer-term talquetamab follow-up data showing overall response rates of more than 70% in heavily pretreated patients with multiple myeloma

      • AZN.LN (AstraZeneca) -- focused on capitalising on position in China - FT

      • AZN.LN (AstraZeneca) -- announces Imfinzi plus chemotherapy significantly improved pathologic complete response in gastric and gastroesophageal junction cancers in MATTERHORN Phase III trial

      • AZN.LN (AstraZeneca) -- LYNPARZA (olaparib) and IMFINZI (durvalumab) combination reduced risk of disease progression or death by 37% vs. chemotherapy and bevacizumab in patients with advanced ovarian cancer without tumor BRCA mutations in the DUO-O Phase III trial

      • AZN.LN (AstraZeneca) -- announces TAGRISSO achieved unprecedented survival in early-stage EGFR-mutated lung cancer, with 88% of patients alive at five years in ADAURA Phase III trial

      • INDV.LN (Indivior) -- announces agreement to resolve US Suboxone antitrust litigation with certain US states

      • ORP.FP (Orpea) -- announces the first drawdown of €200M under the "new money" financing with its core banking pool

      • CANTA.SS (Cantargia) -- publishes ASCO 2023 poster on promising nadunolimab efficacy in non-small cell lung cancer

    • Other

      • AIR.FP (Airbus SE)

        • expects long wait times and supply issues with widebody production - Bloomberg

        • emerges as frontrunner to secure order for 500 jets from IndiGo - Reuters

        • airBaltic in talks with Airbus to buy 30 more A220 passenger jets - Reuters

      • STLA.IM (Stellantis) -- Stellantis, GM paid total of $363M in civil penalties for failure to meet US fuel economy standards - Reuters

      • TIGO.SS (Millicom International Cellular) -- holder Atlas Investissement enters into Rule 10b5-1 purchase plan for up to 8.5M SDRs - 13D/A

      • 1U1.GR (1&1 AG) -- 1&1 still believes in its network despite the delay in expansion - FAZ

      • Estimated weekend box office revenues in US, Canada $203.1M, +66.9% y/y - Box Office Mojo

      • Mining companies are reconsidering investments in Mexico amid recent regulatory changes - FT

      • SBTi actions last week include 2040 net zero target approval for Renew Energy (2-Jun)

  • Key rating changes

    • Upgrades

      • RIO.LN (Rio Tinto) -- to buy from hold at Deutsche Bank

      • RTN.LN (Restaurant Group) -- to buy from hold at Deutsche Bank

      • ADEN.SW (Adecco Group) -- to hold from reduce at Kepler Cheuvreux

      • TUI.LN (TUI Group) -- to buy from hold at Deutsche Bank

      • MNG.LN (M&G) -- to outperform at Mediobanca

      • NOD.NO (Nordic Semiconductor) -- to buy from hold at Arctic Securities

    • Downgrades

      • AV.LN (Aviva) -- to neutral from outperform at Mediobanca

      • CRNA.NO (Circio Holding) -- to hold from buy at Carnegie Securities (2-Jun, 13:08 CET)

    • Initiations

      • DWL.LN (Dowlais Group Plc) -- buy at Jefferies

      • ERA.FP (Eramet) -- buy at Stifel

  • Data

    • Nikkei +1.88% to 32118.09

    • Hang Seng +0.19% to 18985.48

    • Shanghai Composite (0.10%) to 3226.97

    • S&P futures (2.8) vs prior close of 4288.0

    • €-$ (0.0007) or (0.07%) to 1.0704

    • $-¥ +0.05 or +0.04% to 140.04

    • €-¥ (0.06) or (0.04%) to 149.86

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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