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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.2% , DAX +0.1%, CAC +0.1%, MIB flat, IBEX +0.1%, STOXX +0.2%

Jun 16 ,2023

  • Synopsis

    • European equity markets are set to open mostly unchanged to slightly positive today following Asian equities trading mostly higher Friday whilst US futures softer following sharp gains in cash session. Dollar strength crystalizing as with yen falling back after BOJ announced no change in policy. Crude oil futures topping out after prior sharp gains. Gold little changed, while Bitcoin moderately higher.

    • On today's agenda, ECOFIN meeting takes place whilst Eurogroup released statements following yesterday's meeting.

    • In central banks, Belgium Central Bank releases its latest economic projections. Austrian National Bank's presentation of updated economic forecasts and Bundesbank's Nagel panellist at 9:00CET at Group of Thirty event title: "The Macroeconomic Outlook: Growth, Inflation and Risks" whilst Bank of France's Villeroy speech at tech conference in Paris. Also Bank of Finland and CEPR Joint Conf on Monetary Policy in Times of Large Shocks, among the speakers is Governor Rehn. In the UK, BOE's Breeden speech at 9:05BST at Westminster Business Forum.

    • In political developments, Finland agrees on new coalition government led by National Coalition (NCP); Petteri Orpo set to become next PM.

    • Macroeconomic data due include: Eurozone/Italy/Austria prelim May CPI, Portugal May PPI

    • In corporate news, Interroll Holding (INRN.SW) lowered its expectations for operating result in H1; Solvay (SOLB.BB) announced target capital structures of independent publicly traded companies, SpecialtyCo and EssentialCo, that will result from its planned separation into two industry leaders; MPC Container Ships (MPCC.NO) announced portfolio optimization measures, new financing agreements, leading to a raising in FY guidance.

    • On M&A front, Otava announces its obligation to launch a mandatory public tender offer for Alma Media (ALMA.FH) and IMCD (IMCD.NA) to acquire Brylchem Group for an undisclosed sum.

  • Politics/Macro/World News

    • How the EU's budget woes spoilt von der Leyen's 'sovereignty fund' - FT

    • Singapore warns U.S., EU chip subsidies will 'drive up costs' - Politico

    • Russia still top US uranium supplier despite efforts to wean off - Bloomberg

    • Turkey's new finance team faces huge challenge to fix economy - FT

    • Rishi Sunak facing potentially acrimonious vote on Boris Johnson partygate report - Sky

  • Top company news

    • Earnings/updates

      • DG.FP (VINCI SA) -- reports May Autoroutes and Airports traffic

      • INRN.SW (Interroll Holding) -- lowers its expectations for operating result in H1, FY vs year-ago

      • KLIN.SW (Klingelnberg) -- reports FY net income €20.8M vs year-ago (€21.7M)

    • M&A

      • TIGO.SS (Millicom International Cellular) -- announces termination of discussions on a potential transaction with Apollo Global Management

      • NHY.NO (Norsk Hydro) -- announces 68% of shares have been subscribed in tender offer for Alumetal

      • ETL.FP (Eutelsat Communications) -- has reached an agreement to sell its European broadband retail activities to an experienced private operator

      • IMCD.NA (IMCD) -- to acquire Brylchem Group for an undisclosed sum

      • MRL.LN (Marlowe) -- said to be exploring sale of TIC unit for ~£650M -- Sky News

      • TIP.IM (Tamburi Investment Partners) -- Tamburi announces partial disposal of stake held in Azimut Benetti

      • GRE.SM (Grenergy Renovables) -- agrees to sale of 150MW of solar assets in Spain for net proceeds of €83M (equity value)

      • STX.LN (Shield Therapeutics) -- AOP Health International Management's offer for Shield Therapeutics has lapsed

      • ALMA.FH (Alma Media) -- Otava announces its obligation to launch a mandatory public tender offer for Alma Media; offer price €9.10/share

    • Healthcare

      • ROG.SW (Roche Holding) -- FDA approves Columvi for the treatment of adult patients with relapsed or refractory DLBCL

      • GLPG.NA (Galapagos) -- appoints Thad Huston as CFO & COO

      • IPH.FP (Innate Pharma) -- Highlights Increased Lacutamab Clinical Activity From Interim Results of Phase 2 TELLOMAK Study With Updated Olsen Criteria

    • Other

      • SOLB.BB (Solvay) -- announces target capital structures of independent publicly traded companies, SpecialtyCo and EssentialCo, that will result from its planned separation into two industry leaders

      • ROSN.RU (Rosneft Oil) -- Russia is near a deal to sell substantial supplies of oil -- media reports

      • SAS.SS (SAS) -- provides update on timeline for equity solicitation process

      • PURP.LN (Purplebricks Group) -- confirms trading on AIM will be cancelled at 7:00 a.m. on 16-Jun-23

      • LNZ.AV (Lenzing) -- launches ~ €400M fully underwritten capital increase with subscription rights

      • DESN.SW (Dottikon ES Holding) -- majority shareholder Markus Blocher successfully places 330.3K shares at CHF260/share

  • Key rating changes

    • Upgrades

      • MOR.GR (Morphosys) -- to overweight from underweight at JPMorgan

      • SWON.SW (SoftwareONE Holding) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • STERV.FH (Stora Enso) -- to hold from buy at DnB Markets

      • NOBI.SS (Nobia) -- Nobia short-term recommendation downgraded to hold from buy at Handelsbanken

      • BC8.GR (Bechtle) -- to hold from buy at Kepler Cheuvreux

      • ELE.SM (Endesa) -- to equal weight from overweight at Barclays

    • Initiations

      • AIR.FP (Airbus SE) -- sector perform at RBC Capital Markets

      • MAERSK.B.DC (Maersk) -- short-term recommendation sell at Handelsbanken

      • ADP.FP (Aeroport de Paris) -- neutral at Mediobanca

      • NOD.NO (Nordic Semiconductor) --buy at Kepler Cheuvreux

      • DXV.DC (DSV A/S) -- short-term recommendation hold at Handelsbanken

  • Data

    • Nikkei +0.60% to 33687.07

    • Hang Seng +1.46% to 20117.66

    • Shanghai Composite +0.68% to 3275.07

    • S&P futures (2.5) vs prior close of 4471.3

    • €-$ (0.0006) or (0.05%) to 1.0940

    • $-¥ +0.42 or +0.30% to 140.71

    • €-¥ +0.40 or +0.26% to 153.95

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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