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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.01%), DAX30 (0.26%), CAC40 (0.10%)

Jun 08 ,2023

  • Synopsis

    • European equity markets indicate a lower open amidst weaker session in Asia and mixed close on Wall Street overnight. S&P 500 futures lower at this time. Bond markets under pressure with Treasury curve bear flattening. Australian and New Zealand yields experiencing double-digit increase. Dollar weaker against other currencies. Mild declines in energy and base metals markets.

    • On the agenda for today, Italy's PM hosts Chancellor Scholz, post meeting press conf. ~15:00CET. In UK, following Transport questions, MPS debate the work of the council of Europe. In central banks, Bank of Finland's Rehn speech at 8:30EET at RiskLab/BoF/ESRB Conf on Systemic Risk Analytics. Bank of Spain's Gavilán participates at 9:30CET at event organized by the Instituto Español de Analistas and Delgado speech at 13:10 CET at 7th ICO Sustainable Bond Forum. Capital Link Sustainability Forum.

    • Light earnings calendar with Wizz Air Holdings (WIZZ.LN), MITIE Group (MTO.LN), RWS Holdings (RWS.LN), FirstGroup (FGP.LN), Crest Nicholson Holdings (CRST.LN), Idox (IDOX.LN) due to report from the UK, as well as Systemair (SYSR.SS), Clas Ohlson (CLAS.B.SS) in the Nordics. M&G (MNG.LN), SAS (SAS.SS) are scheduled to post trading updates and Novartis (NOVN.SW), Orsted (ORSTED.DC), Renishaw (RSW.LN), Soitec (SOI.FP), Volvo Car (VOLCAR.B.SS) host CMDs/ events today.

    • Subdued macro calendar as well with Eurozone Q1 final GDP, UK May house price balance - RICS and Ireland May CPI due.

  • Macro/ Politics/ World News

    • UK

      • Britain's labor supply grows most in 2 1/2 years, survey says - Bloomberg

      • Momentum in UK labour market fades further in May: KPMG/REC - Reuters

      • UK housing market improves but slowdown seen as rates rise-RICS -- Reuters

      • UK's Sunak seeks stronger economic ties with U.S. on Washington trip -- Reuters

      • Sunak kills talk of US-UK trade deal as digital hopes grow - Politico

    • Brussels seeks fresh start for Balkan Six in their bid to join the EU - FT

    • EU ministers desperately seek deal on migration reforms -- FT

    • Russia aims to block EU from hosting COP29 climate summit, emails show -- Reuters

  • Top company news

    • Earnings/updates

      • CLAS.B.SS (Clas Ohlson) -- Q4 EPS (SEK0.36) vs year-ago (SEK0.25)

      • NOVN.SW (Novartis) -- Sandoz expects core EBITDA margin to expand to 24-26% in the mid term; sets FY23 divi payout at 20-30% -- CMD

      • AIR.FP (Airbus SE) -- Airbus reports May gross orders 17 aircrafts, deliveries 63 aircrafts

      • ORSTED.DC (Ørsted) -- confirms goal of ~50 GW renewable capacity by 2030 and strong financial outlook

      • SOI.FP (SOITEC) -- FY net income €233M vs FactSet €225.8M [14 est, €212-249.1M]

    • M&A

      • UCG.IM (UniCredit) -- considering acquisition of OTB Bank's Romanian branch worth up to €400M - Milano Finanza

      • HUR.LN (Hurricane Energy) -- and Prax announce acquisition sanctioned by Court

      • WKL.NA (Wolters Kluwer) -- acquires U.S. AI-enabled drug diversion detection software Invistics Corporation; price not disclosed

      • MOWI.NO (Mowi) -- Geveran Trading Co. Limited has today settled a total return swap agreement in Mowi ASA with underlying financial exposure to 4.0M shares in Mowi expiring today

      • OMV.AV (OMV) -- not planning on selling majority stake in Borealis - Reuters, citing CEO

      • MIDW.LN (Midwich Group) -- PLC acquires S.F. Marketing, Inc. for C$44.3M (£26.7M); announces £50M placing

      • FTON.SW (Feintool International Holding) -- completes sale of capital goods business to Certina Group

      • NRG.FP (NRJ Group) -- finalises acquisition de RadioKing

      • STRLNG.SS (Swedish Stirling) -- has entered into agreement with TEXEL Technologies AB on sale of company assets

    • Healthcare

      • IPH.FP (Innate Pharma), SAN.FP (Sanofi) -- announces the FDA has granted Fast Track Designation for SAR'579/IPH6101 for the treatment of hematological malignancie

      • BSLN.SW (Basilea Pharmaceutica) -- receives $26.3M milestone payment from Pfizer

      • IMMU.SS (Mendus) -- Mendus, NorthX Biologics to enter into strategic cell therapy manufacturing alliance supported by new investor Flerie; announces directed share issue and fully secured rights issue of units totaling ~ SEK 317M in financing

      • IVA.FP (Inventiva) -- announces five scientific presentations at the EASL International Liver Congress 2023

    • Other

      • BNP.FP (BNP Paribas) -- reportedly to stop arranging bond deals for fossil fuel exploration and production - Bloomberg

      • ZURN.SW (Zurich Insurance Group) -- Zurich completes CHF1.8B share buyback program

      • FERG.LN (Ferguson) -- SEC filing: 10-Q

      • DEC.FP (JCDecaux) -- commits to set science-backed targets to achieve net zero carbon emissions by 2050

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- TGS and SLB announce engagement phase 4 in the US Gulf of Mexico

      • PSH.LN (Pershing Square Holdings) -- Pershing Square Holdings, Ltd. announces additional share buyback program of $100.0M

      • ICAD.FP (Icade) -- provides leasing update for Origine building in Nanterre

      • SCST.SS (Scandi Standard) -- CFO Julia Lagerqvist to step down to pursue an opportunity outside the group

      • GAM.SW (Gam Holding) -- notes request from shareholder Rock Investment SAS to hold an EGM

  • Key rating changes

    • Upgrades

      • VAR.NO (Vår Energi) -- to overweight from equal-weight at Morgan Stanley

      • CKN.LN (Clarkson) -- to overweight from neutral at JPMorgan

      • RCO.FP (Remy Cointreau) -- to hold from reduce at Kepler Cheuvreux

      • SALM.NO (Salmar) -- to buy from hold at Sparebank 1 Markets (7-Jun, timing uncertain)

    • Downgrades

      • VOE.AV (Voestalpine) -- to neutral from outperform at Oddo

      • ITH.LN (Ithaca Energy) -- to equal-weight from overweight at Morgan Stanley

      • VPLAY.B.SS (Viaplay Group) -- to hold from buy at DnB Markets

      • PCO.PW (Pepco Group) -- to neutral from overweight at JPMorgan

    • Initiations

      • LTMC.IM (Lottomatica Group) -- outperform at BNP Paribas Exane; buy at Deutsche Bank; overweight at Barclays

    • Other Actions

      • CTEC.LN (ConvaTec Group) -- transferred overweight at JPMorgan; prior rating was overweight

      • KOG.NO (Kongsberg Gruppen) -- reinstated buy at DnB Markets

      • AGN.NA (Aegon) -- resumed outperform at RBC Capital Markets

      • NN.NA (NN Group) -- resumed outperform at RBC Capital Markets

      • AGS.BB (Ageas) -- resumed sector perform at RBC Capital Markets

  • Data

    • Nikkei (0.63%) to 31713.33

    • Hang Seng +0.29% to 19306.96

    • Shanghai Composite +0.72% to 3220.77

    • S&P futures (7.0) vs prior close of 4274.3

    • €-$ +0.0014 or +0.13% to 1.0713

    • $-¥ (0.30) or (0.21%) to 139.81

    • €-¥ (0.11) or (0.07%) to 149.75

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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