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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.40%, DAX30 +0.36%, CAC40 +0.15%

Jun 12 ,2023

  • Synopsis

    • European equity markets are set to open broadly higher having registered a small weekly loss last week with the STOXX Europe 600 down (0.5%). Oil prices lower Monday with WTI Crude (Jul 23) down (1.18%) to $69.34/bbl. Bloomberg notes iron ore down nearly 5%; cites Goldman's China property warning. Asian markets mixed.

    • Key week ahead with central bank decisions in US, Europe, and Japan in the wake of a wave of recently hawkish market surprises from the RBA, Bank of Canada and even RBI forward guidance. Volatility may increase as a result. Markets expecting "hawkish hold" with the Fed, a hawkish 25bps hike from the ECB and no change from BoJ. UK labour market data (due tomorrow) a key input in BoE decision later this month, given the focus on wage price developments. Quiet macro data calendar today with just Denmark May CPI due.

    • Also on today's agenda: BOE's Mann webinar at 15:00BST hosted by Signum Chairman Charles Myers; Irish Taoiseach Varadkar 10:05BST, finance minister McGrath 10:20 among the speakers at national economic dialog (thru Tue); NATO's Stoltenberg visits Washington to meet President Joe Biden and Secretary of State Antony Blinken (thru Tue)

    • Focus this morning on M&A headlines. Novartis (NOVN.SW) to acquire Chinook Therapeutics (KDNY) for $40/share in cash or $3.2B total; Georg Fischer (GF.SW) announces recommended offer for Uponor (UPONOR.FH) at €28.85/share in cash. Bloomberg reports Nordic Capital is one of the last suitors for Temenos (TEMN.SW) after rival buyout firms dropped out of the race to buy the group. In UK retail sector, Frasers Group (FRAS.LN) reportedly takes 18.9% stake in AO World (AO.LN).

  • Macro/politics

    • UK Forecasters See Stronger Growth and Less Risk of Recession - Bloomberg

    • BOE's Catherine Mann Says UK Government Needs Longer-Term Agenda - Bloomberg

  • Top company news

    • Earnings/updates

      • RHM.GR (Rheinmetall) -- 2025 operating income "should be €1.5B, maybe even €1.7B" - RND

      • VTBR.RU (VTB Bank) -- VTB net income to be not less than RUB400B this year - Reuters

    • M&A

      • TECK.B.CN (Teck Resources) -- Glencore to present Teck with alternative proposal to acquire Teck's coal assets - media reports

      • KDNY (Chinook Therapeutics) -- Novartis (NOVN.SW) to acquire Chinook Therapeutics for $40/share in cash or $3.2B total

      • UPONOR.FH (Uponor) -- Georg Fischer (GF.SW) announces recommended offer for Uponor at €28.85/share in cash

      • BG (Bunge Ltd) -- Bunge purchase of Viterra to be paid 70% in Bunge shares - Bloomberg

      • RIO.LN (Rio Tinto) -- unlikely to chase megadeals right now - Sunday Times

      • VIV.FP (Vivendi) -- has received approval from the European Commission to complete its proposed transaction with Lagardère

      • TIT.IM (Telecom Italia)

        • announces two new non-binding offers for Netco received from CdP-Macquarie consortium and KKR

        • Raised bid means KKR may have edge in competition for Telecom Italia's network - Bloomberg

      • ASC.LN (Asos) -- Battle for Asos developing - Mail on Sunday

      • FRE.GR (Fresenius) -- to seek to sell Australian private day hospitals business Cura - The Australian

      • TEMN.SW (Temenos) -- Nordic Capital in, EQT out of race for Temenos - Bloomberg

      • UBSG.SW (UBS) -- announces legal completion of the merger with Credit Suisse - FuW

      • ESSITY.B.SS (Essity) -- divests Russian operations; terms undisclosed, but no material financial impact expected

      • AO.LN (AO World) -- Frasers Group takes 18.9% stake in AO World - Telegraph

      • SCYR.SM (Sacyr Vallehermoso) -- Morgan Stanley Infrastructure set to acquire Sacyr's Servicios Medioambientales business - Reuters

      • 600745.CH (Wingtech Technology) -- STMicroelectronics, GlobalFoundries likely to have expressed interest in Newport Wafer Fab - Telegraph

      • WEN.LN (Wentworth Resources) -- provides update on offer from Maurel & Prom

    • Healthcare

      • ERYP.FP (ERYTECH Pharma) -- reacts to a series of disinformation attempts by Akkadian Partners to try and destabilize ERYTECH

      • ALLO (Allogene Therapeutics) -- Announces Oral Presentation of Phase 1 Data on ALLO-501/501A in Large B Cell Lymphoma at ICML Lugano

      • ALCLS.FP (Cellectis SA) -- presents updated clinical and translational data on BALLI-01 at EHA 2023

      • IPN.FP (Ipsen) -- to present new data on clinical outcomes and patient validation tools from growing rare liver disease portfolio at EASL 2023

      • IDIA.SW (Idorsia) -- launches QUVIVIQ (daridorexant) in Switzerland

      • IPH.FP (Innate Pharma) -- provides updated data on IPH6501 at EHA

      • BIOA.B.SS (BioArctic) -- issues press release on FDA panel's vote to confirm overall benefit-risk assessment for LEQEMBI to treat Alzheimer's Disease

      • BIOA.B.SS (BioArctic) -- FDA panel supports overall benefit-risk assessment for LEQEMBI solution for intravenous infusion

    • Other

      • TEL.NO (Telenor) -- Court of Appel has decided in favor of Telenor ASA in a tax case concerning losses on settlement under guarantees for financing in the Indian subsidiary Unitech Wireless

      • ENX.FP (Euronext) -- CEO talks LSE down - Sunday Times

      • SESG.FP (SES) -- CEO Steve Collar, will be stepping down at the end of June 2023 to pursue other professional and personal endeavours

      • GRG.LN (Greggs) -- on track to open 150 new doors this year - Sky News

      • FRAS.LN (Frasers Group) -- announces joint venture for expansion in Indonesia -- RetailWeek

      • Estimated weekend box office revenues in US, Canada $163.2M, (24.0%) y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • ADS.GR (Adidas) -- to outperform from market-perform at Bernstein

      • REG1V.FH (Revenio Group) -- to buy from hold at Danske Bank

      • OCDO.LN (Ocado Group) -- to neutral from underperform at BNP Paribas Exane

      • SLR.SM (Solaria Energia) -- to outperform from sector perform at RBC Capital Markets

    • Downgrades

      • NHH.SM (NH Hotel Group) -- to underperform from neutral at Oddo

    • Other Actions

      • FNAC.FP (Fnac Darty) -- reinitiated buy at Kepler Cheuvreux

      • CEC.GR (CECONOMY) -- initiated hold at Kepler Cheuvreux

  • Data

    • Nikkei +0.51% to 32428.56

    • Hang Seng (0.21%) to 19349.01

    • Shanghai Composite (0.02%) to 3230.67

    • S&P futures +5.3 vs prior close of 4304.8

    • €-$ +0.0001 or +0.01% to 1.0751

    • $-¥ +0.14 or +0.10% to 139.53

    • €-¥ +0.15 or +0.10% to 149.98

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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