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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.12%), DAX30 (0.09%), CAC40 +0.09%

Jun 14 ,2023

  • Synopsis

    • European indices are set to open mostly slightly lower. US equities finished higher in Tuesday trading, having stayed in largely the same range throughout the session. Sentiment was supported overnight by confirmation of softer US CPI inflation, supporting expectations Fed will leave rates unchanged at today's meeting. Asia equities trading mostly higher Wednesday. Japan leading with sharp gains. Mainland China moderately higher, followed by Australia and Taiwan. Hong Kong swung to marginal losses despite tech strength. South Korea lagging.

    • UK PMQs will take place at 12noon with main business being an Opposition Day debate (subject to be announced), followed by a debate on defence policy. MEPs will debate and outline their demands and expectations for the 29-30 June European Council

    • Notable Earnings this morning: KTCG.AV (Kapsch TrafficCom) reports FY EPS (€1.91) vs year-ago (€0.72). FRA.GR (Fraport) -- reports May Frankfurt Airport traffic statistics: passengers 5.1M, +12.2 y/y. WAC.GR (Wacker Neuson) announces new Strategy 2030; targets revenue of €4B by 2030. COLR.BB (Colruyt) -- reports FY EPS €1.57 vs FactSet €1.54 [6 est, €1.46-1.59]; announces Stefan Goethaert to succeed Jef as CEO as of 1-Jul

    • UK earnings at 7am will include:: Safestore (SAFE.LN), Severfield (SFR.LN), Castings (CGS.LN), Eckoh (ECK.LN), Marks Electrical Group (MRK.LN)

    • Monthly Traffic numbers: Flughafen Wien (FLU.AV)

    • Economic data: Sweden May CPI, Portugal prelim May CPI, Eurozone/UK Apr Industrial Production, UK Apr Construction Output, GDP and Balance of Trade

    • Notable M&A news: Trio of Niel, Pigasse, Zouari submit offer of €1.0B to increase the capital of Casino -- Les Echos / Challenges.

  • Politics/Macro/World News

    • The Great Inflation Scare Reaches Its Final Phase (Bloomberg)

    • Safran (SAF.FP) expects "unprecedented crisis of supply" in aerospace industry to stretch into 2024 - (FT)

    • France Adds Buffer for Bank Exposure to Leveraged Companies (Bloomberg)

  • Top company news

    • Earnings/updates

      • BOL.SS (Boliden) -- announces est. Q2 EBIT impact of (SEK700M) due to Rönnskär fire, lower grades at Kevitsa and Tara; call tomorrow at 8:30CET

      • EVE.SW (Evolva Holding) -- renegotiates financing arrangement, initiates review of strategic alternatives and revokes guidance

    • M&A

      • ENT.LN (Entain) -- announces tender offer to acquire 100% of STS Holdings SA for a total consideration of £750M

      • EDF.FP (Electricite de France) -- discloses French State request for conversion of the remaining outstanding EDF OCEANES due 2024 after 8-Jun squeeze-out

      • SOW.GR (Software) -- Silver Lake waives Software AG minimum acceptance threshold; acceptance period extended until 28-Jun (13-Jun, intraday)

      • ELIS.FP (Elis) -- acquires Gruppo Indaco in Italy; terms undisclosed

      • ICAD.FP (Icade) -- signs binding sale and purchase agreement with Primonial REIM and the minority shareholders of both Santé and IHE

      • UPONOR.FH (Uponor) -- Aliaxis planning to abandon pursuit of Uponor following Georg Fischer bid - Bloomberg (13-Jun, 16:30 CEST)

      • EVE.SW (Evolva Holding) -- renegotiates financing arrangement, initiates review of strategic alternatives and revokes guidance

      • MAU.FP (Maurel et Prom) -- is in advanced discussions to acquire all the shares of Assala in Gabon

      • NORBT.NO (Norbit) -- co-invests in EV charger company Enua

      • HLG.GR (Highlight Communications) -- announces examination of strategic options for further development or sale of Sport1 Media Group

    • Healthcare

      • IPN.FP (Ipsen) -- announces U.S. FDA approves Bylvay for patients living with cholestatic pruritus due to Alagille syndrome

      • IVA.FP (Inventiva) -- announces topline results from the investigator-initiated Phase II clinical trial evaluating lanifibranor in patients with T2D and NAFLD

      • BGBIO.NO (BerGenBio) -- announces preliminary results of previously announced rights issue; indicating oversubscribed of gross NOK 250M

    • Other

      • LOGN.SW (Logitech International) -- Logitech announces departure of CEO Bracken Darrell to pursue another opportunity, effective today, names board member as interim CEO

      • MBG.GR (Mercedes-Benz Group) -- targets usage of 200K tons of low carbon steel per year by 2030

      • BATS.LN (British American Tobacco) -- shareholder launches sale of 7.7M shares in the company -- Market source, citing terms

      • ENT.LN (Entain) -- announces ~£600M placing of new ordinary shares through BofA and Morgan Stanley

      • HEXA.B.SS (Hexagon) -- partners with Sony Semiconductor Solutions to enhance reality capture

      • BARN.SW (Barry Callebaut) -- Unilever extends its long-term global strategic agreement for the supply of cocoa and chocolate from the Barry Callebaut Group

      • NDA.GR (Aurubis) -- reiterates long term Operating ROCE at least 15% - CMD 2023

      • CINE.LN (Cineworld Group) -- preparing to go into administration - Sky News

      • BOL.SS (Boliden) -- announces Tara mine placed under care and maintenance

  • Key rating changes

    • Initiaed

      • PAH3.GR (Porsche Automobil Holding SE) initiated buy at Berenberg

    • Upgrades

      • SOLB.BB (Solvay) upgraded to buy from hold at Kepler Cheuvreux

      • UBS upgrades LUMI.SS, LUN.CN

      • AML.LN (Aston Martin Lagonda Global Holdings) -- to hold from underperform at Jefferies

      • ASC.LN (Asos) -- to neutral from sell at Arete Research (13-Jun BST, timing uncertain)

      • WIZZ.LN (Wizz Air Holdings) -- to buy from neutral at UBS

      • ADS.GR (Adidas) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • BOL.SS (Boliden) -- to hold from buy at DnB Markets

      • COP.GR (CompuGroup Medical) -- to underweight from equal-weight at Morgan Stanley

  • Data

    • Nikkei +1.83% to 33622.87

    • Hang Seng (0.26%) to 19471.04

    • Shanghai Composite +0.28% to 3242.78

    • S&P futures (0.5) vs prior close of 4416.8

    • €-$ (0.0016) or (0.15%) to 1.0782

    • $-¥ (0.14) or (0.10%) to 140.07

    • €-¥ (0.36) or (0.24%) to 151.01

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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