Jun 06 ,2023
Synopsis
European equity futures point to a negative open amidst mixed markets in Asia Tuesday. Hang Seng leading extending rebound after southbound inflows hit two-year high on Monday. Gains picking up in Japan while ASX under pressure. S&P 500 futures flat following a quiet Monday session.
Sweden is closed for its national day.
UK PM Sunak flies to Washington on a two-day trip to meet Joe Biden. On Mon, Sunak restated his case for UK defence secretary Ben Wallace to become the next secretary-general of Nato when Jens Stoltenberg steps down at the end of Sep.
Elsewhere, Chancellor Scholz delivers a speech at 11:00CET at WDR Europe Forum, hosts France's President Macron for dinner and has an interview at 22:15CET at RTL Direkt Spezial. EU's Breton speech at conf organised by Orange and Euractiv whilst EU's Timmermans speech at the EnerGreenDeal Conf, Simson participates.
In central banks, ECB Consumer Expectation Survey results at 10:00CET. Bank of Spain's Gavilán present at 11:30CET the Annual Report 2022 before the Financing Commission of the Spanish Chamber of Commerce. Bank of Italy's Visco speech at 15:00CET at event jointly hosted with Istat. Green Week 2023 conf, panellists include EU's Sinkevi�?ius and IEA's international conf on energy efficiency also take place
Macro data out includes Germany May construction PMI and Apr factory orders, Spain Apr industrial production, UK May retail sales monitor - BRC, construction PMI, Eurozone Apr retail sales, Finland Apr trade balance, Netherlands May final CPI
A light earnings front sees Burckhardt Compression Holding (BCHN.SW) reporting FY EPS CHF20.64 vs FactSet CHF22.91 and guiding FY24 Revenue CHF950M-1B vs FactSet CHF1.01B.
Macro
Top company news
Earnings/updates
BCHN.SW (Burckhardt Compression Holding) -- reports FY EPS CHF20.64 vs FactSet CHF22.91 [4 est, CHF19.52-27.12]
MEDCL.FP (MedinCell) -- postpones publication of annual results to 26-Jun from 13-Jun
ALCRB.FP (Carbios) -- provides details of its business model for 2030 and 2035
PCO.PW (Pepco Group) -- reports H1 EPS €14.00 vs year-ago €16.50; remains on track to deliver FY EBITDA growth in line with previous guidance
M&A
EQT.SS (EQT) -- CEO Christian Sinding sees consolidation wave coming in Private Equity - Bloomberg
TKA.GR (ThyssenKrupp) -- Sales process for ThyssenKrupp's Marine Systems division picking up speed - FAZ, citing sources
ANA.SM (Acciona) -- weighs acquisition of Solideo - El Confidencial, citing sources
IDIA.SW (Idorsia) -- enters into exclusive negotiations with regard to prospective strategic transaction for its Asia Pacific (ex-China) operations for up to CHF 400M
SAF.FP (Safran) -- confirms it is in discussions with Raytheon Technologies for the potential acquisition of certain flight control and actuation activities
PUB.FP (Publicis Groupe) -- announces acquisition of acquisition of Corra; terms undisclosed
ASSA.B.SS (Assa Abloy) -- receives clearance from Mexico for acquisition of HHI
KNIN.SW (Kuehne & Nagel) -- to acquire South African freight forwarder Morgan Cargo; terms undisclosed
STAN.LN (Standard Chartered) -- Saudi PIF's AviLease said to be in advanced talks to purchase Standard Chartered's aircraft leasing unit -- Bloomberg
DMP.AU (Domino's Pizza Enterprises) -- completes acquisition of Domino's Pizza Group's shares in German JV
ASII.IJ (PT Astra International) -- Zurich Insurance, BNP Paribas's Cardif unit among parties considering bids for PT Astra International's life insurance arm - Bloomberg (5-Jun, 13:42 CET/18:42 WIB)
MTAL.UT (Metals Acquisition) -- shareholders approve proposed business combination to acquire the CSA Mine and proposed merger with Limited
SECARE.SS (Swedencare) -- Symrise announces mandatory public offer to Swedencare shareholders
Healthcare
TNG.FP (Transgene) -- and NEC present new data on an Individualized Cancer Vaccine TG4050, showing it induces specific immune responses against head and neck Carcinoma at ASCO 2023
OSE.FP (OSE Immunotherapeutics) -- presents clinical abstracts on Tedopi at the ASCO 2023 Annual Meeting
JNJ (Johnson & Johnson) -- Janssen presents longer-term data for TECVAYLI
GMAB.DC (Genmab) -- NICE recommends Genmab's Darzalex with bortezomib and dexamethasone for previously treated multiple myeloma
ALCLS.FP (Cellectis SA) -- showcases preclinical data at oral presentation (UCART20x22) and two poster presentations (Talen, TALE Base Editors) at ISCT 2023
BCART.BB (Biocartis Group) -- CFO Jean-Marc Roelandt to resign
BGBIO.NO (BerGenBio) -- announces data from Bemcentinib trial in Mesothelioma presented at ASCO
ATORX.SS (Alligator Bioscience) -- to present latest clinical data from Mitazalimab OPTIMIZE-1 phase 2 trial in pancreatic cancer at ASCO annual meeting 2023
2616.HK (CStone Pharmaceuticals) -- provides update on AYVAKIT studies at ASCO
Other
CGG.FP (CGG) -- Sercel Awarded Major Contract for a GPR300 Seabed Nodal Solution for Seismic Survey in China
KNIN.SW (Kuehne & Nagel) -- to be admitted to SMI index as well as SPI 20
ULVR.LN (Unilever) --
confirms completion of third tranche of €750M buy back program
reportedly seeking candidates to succeed current board chair Nils Andersen -- Bloomberg
AMS.SM (Amadeus IT Group) -- Amadeus IT Group' board agrees to launch share repurchase program
UCG.IM (UniCredit) -- CEO Andrea Orcel expects higher interest rates to soon turn into drag on profitability; will seek another term as CEO - Bloomberg (5-Jun, 15:42 CET)
THYAO.E.TI (Turk Hava Yollari AO) -- Turkish Airlines needs more time for its 600-plane order - Reuters
PIRC.IM (Pirelli & C.) -- Italy seeking to limit Sinochem's influence on Pirelli - FT
TGS.NO (TGS-NOPEC Geophysical Co.) -- expands Multi-Client Coverage for Malvinas 3D offshore Argentina
Qontigo announces changes to MDAX and SDAX, effective 19-Jun
Key rating changes
Upgrades
AAL.LN (Anglo American) -- outperform from sector perform at RBC Capital Markets
CAML.LN (Central Asia Metals) -- outperform from sector perform at RBC Capital Markets
ASSA.B.SS (Assa Abloy (ASSA.B.SS SEK248.70) upgraded to buy from hold at HSBC
BRBY.LN (Burberry Group) -- to hold from reduce at HSBC
SOBI.SS (Swedish Orphan Biovitrum) -- to overweight from equal-weight at Morgan Stanley
UPM.FH (UPM-Kymmene) -- to buy from hold at Jefferies
Downgrades
DOCS.LN (Dr. Martens) -- hold from add at Peel Hunt
Kone (KNEBV.FH) -- hold from buy at HSBC
A5G.ID (AIB Group) -- to underweight from equal-weight at Morgan Stanley
Initiations
RNWH.LN (Renew Holdings) -- buy at Berenberg
Data
Nikkei +0.74% to 32456.50
Hang Seng +0.52% to 19208.17
Shanghai Composite (0.35%) to 3221.20
S&P futures +1.3 vs prior close of 4281.0
€-$ +0.0015 or +0.14% to 1.0730
$-¥ (0.10) or (0.08%) to 139.49
€-¥ +0.09 or +0.06% to 149.66
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