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StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.07%), DAX30 (0.11%), CAC40 (0.15%)

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

    • Sliding German butter prices are spreading hope of lower food inflation - FT

    • UK grocery spending soars as food prices rise - FT

    • UK's Sunak says plan stopping small migrant boats is working - Reuters

  • 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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