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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.3%, DAX +0.6%, CAC +0.5%, MIB +0.5%, IBEX +0.4%, STOXX +0.7%

Jun 13 ,2023

  • Synopsis

    • European equity markets are set for a positive open amidst higher markets in Asia on Tuesday. Mainland China turned mixed from a weaker open as Hong Kong and Australia swung to gains. Japan and Taiwan strength also building. US contracts advanced following cash session gains.

    • Today sees OPEC monthly oil market report and the Joint Expeditionary Force's defence ministers meet in Amsterdam. European Parliament (EP) discussing latest developments concerning Russia's invasion of Ukraine. A resolution on rebuilding Ukraine will be put to the vote on Thur. Meanwhile, MEPs will debate their negotiating position on the first rules for safe and transparent AI (vote and press conf with EP President Metsola on Wed)

    • In central banks, ECB's Enria fireside chat at 11:45CET at European Financials Conf. BOE's Bailey testifies to parliamentary economic affairs committee at 15:00BST, Meghan Greene (set to join the BOE's MPC), testifies to parliamentary treasury committee at 10:15BST whilst BOE's Dhingra speech at 16:00BST at Manchester Metropolitan University

    • Economic data will feature Germany prelim May CPI and Jun ZEW Economic Sentiment, UK Apr Unemployment Rate, UK May Claimant Count Change

    • In earnings, Continental (CON.GR) CFO told Börsen-Zeitung the company is on track to achieve EBIT margin of 2-3% in 2023 and 6-8% in 2025 or 2026 in automotive segment whilst Flughafen Zuerich (FHZN.SW) is out with May traffic statistics. Earnings out today include Ashtead Group (AHT.LN), Oxford Instruments (OXIG.LN) and CMC Markets (CMCX.LN)

  • Macro

    • Demand for Europe factory space rises 29% amid 'nearshoring' rush - FT

    • UK exports in last decade worse than any G7 country except Japan- Guardian

    • UK employers offer record pay awards in three months to April - IDR survey

  • Top company news

    • Earnings/updates

      • CON.GR (Continental) -- on track to achieve EBIT margin of 2-3% in 2023 and 6-8% in 2025 or 2026 in automotive segment - Börsen-Zeitung, citing interview with CFO Katja Dürrfeld

      • DUE.GR (Duerr) -- acquires the BBS Automation Group for an enterprise value of €440-480M

      • FHZN.SW (Flughafen Zuerich) -- reports May traffic statistics

      • HSHP.NO Himalaya Shipping achieved average time charter equivalent earnings of ~ $28,300 per day, gross, in May

    • M&A

      • ALERS.FP (Eurobio-Scientific) -- agrees to acquire Diagnostic International Distribution SPA for an undisclosed sum in cash

      • SOW.GR (Software) -- Silver Lake likely to drop Software AG acceptance threshold - Bloomberg, citing sources

      • SGO.FP (Compagnie de Saint-Gobain) -- Saint-Gobain signs definitive agreement to acquire Building Products of Canada Corp for C$1.325B (~€925M) in cash

      • DUE.GR (Duerr) -- acquires the BBS Automation Group for an enterprise value of €440-480M

      • GAM.SW (Gam Holding) -- Liontrust publishes prospectus for offer for GAM shares

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- Monte dei Paschi does not believe it needs a rescue buyer - Reuters

      • PSG.SM (Prosegur Compania de Seguridad) -- ACCC authorises Prosegur Compania de Seguridad's Australian subsidiary merger with Armaguard, subject to undertaking

      • ASPO.FH (Aspo) -- announces sale and lease back agreement for property in Tyresö, Sweden

      • SRNKE.B.SS (SERNEKE Group) -- Doxa Aktiebolag calls for compulsory redemption and Serneke applies for delisting

      • Macquarie Group, BP and APA Group among shortlisted parties competing for Alinta's West Australian assets - The Australian

    • Healthcare

      • ROG.SW (Roche Holding) -- Roche awarded WHO prequalification for the cobas HPV test

      • KDNY (Chinook Therapeutics) -- to present updated data from zigakibart (BION-1301) Phase 1/2 trial in patients with IgA nephropathy at the 60th ERA Congress

      • ALM.SM (Almirall) -- announces launch of a €200M non pre-emptive share capital increase

      • VLA.FP (Valneva) -- Valneva's phase 3 data for Chikungunya vaccine published in The Lancet

      • IBAB.BB (Ion Beam Applications) -- signs contract with partner CGN Medical Technology for the installation of a ProteusPLUS system in China

    • Other

      • ALM.SM (Almirall) -- places 24.4M new shares at €8.2/share through JPMorgan and BNP Paribas

      • NSKOG.NO (Norske Skog) -- receives consent from group of lenders to make shareholder distribution in amount up to NOK 472M

      • TKWY.NA (Just Eat Takeaway.com) -- Grubhub is planning to lay off ~15% of staff (400 jobs) -- media reports

      • RIO.LN (Rio Tinto) -- to partner with Gemco Rail to bring local iron ore rail car manufacturing to Pilbara

      • VOW3.GR (Volkswagen) -- CEO Oliver Blume buys ~€505K worth of pref shares -- filing

      • BA.LN (BAE Systems) -- Australia includes Hunter project into existing inquiry into defence major projects - The Australian

      • ENEL.IM (Enel) -- announces appointment of CFO Stefano De Angelis in replacement of Alberto De Paoli

      • YAR.NO (Yara International) -- approves dividend of NOK 55/share

      • CBK.GR (Commerzbank) -- hopes to announce new, "significantly larger" buyback after H1 results - FT

      • BNZL.LN (Bunzl) -- "de-risking" supply chain by shifting some sourcing from China amid geopolitical concerns - FT

      • 888.LN (888 Holdings) -- FS Gaming Investments puts itself forward as presumed new management team at 888 Holdings - London Times

      • GAM.SW (Gam Holding) -- GAM CFO Sally Orton steps down; previous CFO Richard McNamara to become new CFO

  • Key rating changes

    • Upgrades

      • NESTE.FH (Neste) -- outperform from sector perform at RBC Capital Markets

      • VOD.LN (Vodafone Group) -- hold from reduce at Kepler Cheuvreux

    • Downgrades

      • AAL.LN (Anglo American) -- underperform from outperform at Oddo

    • Initiations

      • AIR.FP (Airbus) -- overweight at Morgan Stanley

      • SAF.FP (Safran) -- overweight at Morgan Stanley

      • MTX.GR (MTU Aero Engines) -- equal-weight at Morgan Stanley

      • RR.LN (Rolls-Royce Holdings) -- equal-weight at Morgan Stanley

      • FRA.GR (Fraport) -- hold at Societe Generale

  • Data

    • Nikkei +1.90% to 33050.99

    • Hang Seng +0.20% to 19442.98

    • Shanghai Composite (0.13%) to 3224.71

    • S&P futures +8.3 vs prior close of 4388.0

    • €-$ +0.0027 or +0.25% to 1.0788

    • $-¥ (0.19) or (0.14%) to 139.47

    • €-¥ +0.22 or +0.15% to 150.42

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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