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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open Futures: FTSE +0.0%, DAX30 +0.1%, CAC40 +0.3%

Jun 07 ,2023

  • Synopsis

    • European equity markets are set open in positive territory amid Asia equities trading mostly higher Wednesday. US futures still generally steady, following a moderate overnight bounce in an uneventful session. Nasdaq strength continued though more of the attention went to recent Russell 2000 outperformance. Treasury yields easing in Asia trading. Dollar mostly on the soft side amid yen strength. Crude oil, gold and Bitcoin futures lower.

    • On today's agenda, UK PM Sunak beginning a 2-day visit to Washington D.C. so deputy likely to be at PMQs at 12noon BST, with Opposition Day debate (topic tbc) following. In central banks, ECB's de Guindos speech at 9:50CET at conf on financial integration, Panetta moderating a panel including Fernandez-Bollo at 11:10, EU's McGuinness speech. Bundesbank's Wuermeling speech at 12:30CET on the digital euro at event hosted by VM Value Management.

    • Macroeconomic releases include: Germany Apr industrial production, Switzerland May unemployment rate, UK May house price index - Halifax, France Apr trade balance, Italy Apr retail sales, Norway Apr manufacturing production, Greece Q1 preliminary GDP, Apr trade balance, Denmark Apr manufacturing production.

    • In corporate news, Danske Bank (DANSKE.DC) announced new Forward '28 strategy and financial targets for 2026; on a clear trajectory to exceed original 2023 financial targets, to exit market for personal customers in Norway. In France, Atos' Tech Foundations unit expects revenue back to growth in 2026 and upgrades FY23 ambitions. Fabasoft (FAA.GR) posted this morning FY EPS €0.57 vs year-ago €0.68. Also in the DACH region, voestalpine (VOE.AV) posted net income €1.18B vs FactSet €987.9M and expects for the full year an EBITDA between €1.7B and €1.9B. Further earnings/trading updates are expected from Soitec (SOI.FP), discoverIE Group (DSCV.LN), Vp (VP.LN), Ramsdens Holdings (RFX.LN) and Finnair (FIA1S.FH)

    • CMD/events: Alpha Services & Holdings (ALPHA.GA), Atos (ATO.FP), Sitowise Group (SITOWS.FH), X-FAB Silicon Foundries (XFAB.FP)

  • Macro/Politics

    • Europeans view EU more positively than their home countries - FT

    • Rishi Sunak seeks Joe Biden's help to counter China and AI - The Times

    • Lithuanian Premier Walks Back on Quitting as Election Bid Fails - Bloomberg

    • Defiant Ukraine says dam carnage won't stop counteroffensive - Politico

  • Top company news

    • Earnings/updates

      • ICEAIR.IR (Icelandair Group) -- reports May traffic +21.0% y/y

      • VOE.AV (Voestalpine) -- reports FY EPS €6.01 vs FactSet €5.64 [10 est, €4.90-6.46]

      • DANSKE.DC (Danske Bank) -- announces new Forward '28 strategy and financial targets for 2026; on a clear trajectory to exceed original 2023 financial targets, to exit market for personal customers in Norway

      • ATO.FP (Atos) -- Atos' Tech Foundations unit expects revenue back to growth in 2026; upgrades FY23 ambitions -- CMD

      • FAA.GR (Fabasoft) -- reports FY EPS €0.57 vs year-ago €0.68

    • M&A

      • LLOY.LN (Lloyds Banking Group) -- threatens to put Telegraph Media Group owner into administration - London Times

      • TALO (Talos Energy) -- reported to be in talks to merge with Harbour Energy -- Reuters

      • NANOV.NO (Nordic Nanovector) -- announces agreement to acquire Thor Medical

      • BARC.LN (Barclays) -- looking to sell ~€5B of Italian mortgage loans amid plans to exit retail banking in the country - Bloomberg

      • SBS.GR (Stratec) -- acquire Natech Plastics, Inc for $30M (plus earn out)

      • SWP.FP (Sword Group) -- to put AAA subsidiary up for sale

      • CLA.FP (Claranova) -- Claranova's subsidiary Avanquest has entered into discussions with several potential investors for the sale of its non-core activities in Europe

    • Healthcare

      • BAYN.GR (Bayer AG) -- announces agreement with Acuitas Therapeutics regarding lipid nanoparticle technology

      • ALONX.FP (Valerio Therapeutics) -- Onxeo changes name to Valerio Therapeutics following approval by AGM

      • SPEX.SW (Spexis) -- publishes promising results for novel class of macrocyclic, peptidomimetic antibiotics in Science Advances

      • ALTHX.FP (Theranexus) -- Theranexus and BBDF granted positive opinion by EMA for the design of Phase III trial to evaluate Batten-1 in CLN3 Batten disease

    • Other

      • NESN.SW (Nestle) -- piloting plan to provide cash support for farmers to transition to sustainable practices

      • MT.NA (ArcelorMittal) -- North America announces supply agreement with General Motors for North American-sourced sustainable XCarb steel

      • STLA.IM (Stellantis) -- and LG Energy Solution consider offer from Canada to re-start battery plant after construction halted last month

      • REL.LN (RELX) -- launches aviation analytics to improve carbon emissions forecasting

      • FORTUM.FH (Fortum) -- and Westinghouse to explore possibilities for new nuclear in Finland and Sweden

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- TGS announces first 2D-cubed project in Brazil

      • 888.LN (888 Holdings) -- FS Gaming Investments discloses 6.57% stake in 888 Holdings

      • Goldman Sachs and Jefferies provide takeaways from recent beer distributor surveys

  • Key rating changes

    • Upgrades

      • AMP.IM (Amplifon) -- to hold from reduce at HSBC

      • GFC.FP (Gecina) -- to buy from hold at HSBC

      • NDA.GR (Aurubis) -- to buy from add at Baader Helvea

      • VER.AV (Verbund) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • AMS.SM (Amadeus IT Group) -- to neutral from buy at UBS

      • CRDA.LN (Croda International) -- to neutral from buy at Goldman Sachs

      • VPLAY.B.SS (Viaplay Group) -- to hold from buy at SEB ; to hold from buy at Berenberg; to hold from buy at Carnegie Securities

    • Initiations

      • BOSS.GR (Hugo Boss) -- buy at UBS

      • EG7.SS (Enad Global 7) -- buy at ABG Sundal Collier

      • OVS.IM (OVS) -- buy at Stifel

  • Data

    • Nikkei (1.24%) to 32103.70

    • Hang Seng +1.15% to 19319.28

    • Shanghai Composite +0.21% to 3201.95

    • S&P futures +1.8 vs prior close of 4289.8

    • €-$ (0.0006) or (0.06%) to 1.0689 $-¥ (0.46) or (0.33%) to 139.20

    • €-¥ (0.60) or (0.40%) to 148.76

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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