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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.06%), DAX30 (0.09%), CAC40 +0.01%

Jun 20 ,2023

  • Synopsis

    • European equity market futures point to a weaker open amidst mostly lower markets in Asia Tuesday. Greater China markets extending declines with property stocks under pressure in Hong Kong. S&P 500 futures remain lower as US markets resume trade tonight following Monday public holiday.

    • Nordic defence ministers' meeting takes place in Iceland (through Wed). Elsewhere, EU environment ministers meeting whilst German-Chinese Forum for Economic and Technological Cooperation continues; Chancellor Scholz and Premier Li have press confs at the conclusion of the Forum. In UK, MPs questions on HM Treasury kicks-off proceedings, that then sees Finance (No.2) Bill's remaining stages; committee business includes The Post Office, NHS and social care. Also, UK Chancellor Hunt answers questions from Treasury select committee members (13:00 BST private meeting).

    • In central banks, Bank of Finland's Rehn press conf at 11:00EET on the outlook for the Finnish economy whilst Estonia Central Bank's Muller press conf at 11:00EET on Estonian economic forecasts. ECB's Enria introductory remarks at 10:00CET at conf on Counterparty Credit Risk, McCaul chair panel at 13:45CET at same conf as well as delivers speech at 15:45CET at annual Workshop of the Council for the US and Italy. ECB's de Guindos remarks at 19:10CET on the occasion of the awarding of the German Bernacer prize. BOE's Mackinnon speech at 14:15BST at event organised by Infosecurity Europe (through Thu) and Hall speech at 15:00 at event organised by NIESR. Riksbank's Thedéen panellist at 15:40CET at event organised by Norway's FSA, Norges Bank's Bache speech at 15:00

    • In macro, Germany May PPI, Switzerland May trade balance and Eurozone Apr construction output are due to be released.

    • On the corporate front, Lanxess (LXS.GR) says it expects Q2 adjusted EBITDA of around ~€100M vs FactSet €213.8M and downgrades FY guidance. In France, Renault (RNO.FP) outlines financial targets for Ampere and appoints CEO Luca de Meo as future chairman and CEO of Ampere. Neoen (NEOEN.FP) now expects adjusted EBITDA to exceed €700M as early as in 2025 whilst Aeroport de Paris (ADP.FP) reports Total Paris Aeroport May traffic 8.9M, +13.5% y/y. In the Nordics, Yit (YIT.FH) announces it is evaluating further opportunities to improve efficiency and has initiated strategic review regarding certain assets and operations whilst Elekta (EKTA.B.SS) releases a CMD update.

    • Paris Air Show continues, as does BDI Day of German Industry, the latter sees speech at 16:45CET by Germany's minister of economics Habeck.

    • Bayer (BAYN.GR) hosts Crop Science Innovation Summit.

  • Politics/Macro/World News

    • Macron's Paris summit seeks new life for global finance agenda - Reuters

    • First-time buyers struggle as mortgage products cut by 40% - FT

    • MPs overwhelmingly back report finding Boris Johnson deliberately misled Parliament over Partygate - Evening Standard

    • UK economy in growth 'doom loop' after decades of underinvestment - Guardian

    • EU Council reaches agreement on parts of electricity market reform (post EU close 19-Jun)

    • Finland May Unemployment Rate 9.0% vs consensus 8.5% and prior 7.9%

  • Top company news

    • Earnings/updates

      • DACHs:

        • LXS.GR (Lanxess) -- expects Q2 adjusted EBITDA of around ~€100M vs FactSet €213.8M [5 Est]; downgrades FY guidance

      • France:

        • RNO.FP (Renault) -- outlines financial targets for Ampere; appoints CEO Luca de Meo as future chairman and CEO of Ampere

        • NEOEN.FP (Neoen) -- now expects adjusted EBITDA to exceed €700M as early as in 2025

        • ADP.FP (Aeroport de Paris) -- reports Total Paris Aeroport May traffic 8.9M, +13.5% y/y

      • Nordics:

        • EKTA.B.SS (Elekta) -- provides update on progress on the company's strategy, ACCESS 2025 - CMD

        • SKIS.B.SS (SkiStar) -- reports Q3 EPS SEK3.43 vs FactSet SEK5.05 [4 est, SEK4.57-5.72]

    • M&A

      • YIT.FH (Yit) -- evaluating further opportunities to improve efficiency; has initiated strategic review regarding certain assets and operations

      • HOLN.SW Afrimat agrees to acquire Lafarge South Africa

      • TIT.IM (Telecom Italia) -- Telecom Italia's board reaffirms examination of the offers received for Netco will end on 22-Jun (post EU close 19-Jun)

      • 500010.IN (Housing Development Finance) -- HDFC Bank to sell of 90% of HDFC Credila to BPEA EQT-led consortium for INR90.60B (€1.01B)

      • LOOK.LN (Lookers) -- Alpha Auto Group to acquire Lookers in deal worth ~120p/share - Sky News

      • FMG.AU (Fortescue Metals Group) -- back in contention for stake in Alinta assets - The Australian

      • SOW.GR (Software) -- Bain Capital, Rocket Software sell Software shares to Silver Lake for €32 each

      • SPIE.FP (SPIE) -- to acquire Enterprise Communications & Services GmbH for an undisclosed sum

      • COFB.BB (Cofinimmo) -- divests the Brand Whitlock 87-93 office building for ~€12M

      • MWTR.NO (Meltwater) -- Voluntary offer for all outstanding shares in Meltwater N.V declared unconditional

    • Healthcare

      • CAMX.SS (Camurus) -- announces octreotide SC depot (CAM2029) achieves superior treatment response compared to placebo in Phase 3 acromegaly trial

      • SAN.FP (Sanofi ) -- Arbitral tribunal dismisses claim brought by Boehringer Ingelheim against Sanofi for indemnification of potential liabilities related to the ongoing Zantac litigation in the U.S

      • COPN.SW (Cosmo Pharmaceuticals) -- announces approval of Winlevi in Canada

      • UCB.BB (UCB) -- to present latest data from its epilepsy and rare epilepsy syndrome portfolio at the European Pediatric Neurology Society Annual Congress, June 20-24, 2023

      • SANN.SW (Santhera Pharmaceuticals Holding) -- has signed exclusive license and collaboration agreement for vamorolone in North America with Catalyst Pharmaceuticals, Inc. (CPRX)

      • SAN.FP (Sanofi) -- NICE unable to make recommendation on Sanofi's Libtayo to treat recurrent or metastatic cervical cancer

      • ARGX.BB (argenx) -- After IDMC meeting, argenx to initiate second cohort of ARDA study of empasiprubart in MMN

      • IDIA.SW (Idorsia) -- secures bridge financing in the amount of CHF75M; extends the company's cash runway until the end of July

    • Other

      • UBSG.SW (UBS Group) -- Fines could be in the hundreds of millions of dollars as regulators complete investigations into Credit Suisse's Archegos issues - FT

      • HO.FP (Thales) -- holds preliminary talks with Adani Group and Reliance Industries on drone traffic-management system - Mint, citing unnamed officials

      • SWED.A.SS (Swedbank) -- announces agreement with US Treasury's Office for Foreign Assets Control

      • RS1.LN (RS Group plc) -- releases ESG report

      • DEC.FP (JCDecaux) -- wins 6-year OOH/DOOH advertising contract in Norway with Oslo Sporveien

      • TMV.GR (TeamViewer) -- commences previously announced €75M share buyback to acquire treasury shares for the group

      • CURY.LN (Currys) -- Frasers Group discloses 8.9% stake in Currys - filing

      • NEOEN.FP (Neoen) -- awarded 197 MW / 4-hour capacity services contract for Western Australia's South-West Interconnected System (SWIS)

      • TWEKA.NA (TKH Group) -- awarded cable supply contract with Ørsted for offshore wind park in Taiwan

      • SUSE.GR (SUSE SA) -- CFO Andy Myers to step down, effective end of Jun-2023

      • Regional Gaming Revenues - New Jersey May 2023

  • Key rating changes

    • Upgrades

      • VLA.FP (Valneva) -- buy from hold at Kepler Cheuvreux

      • GPE.LN (Great Portland Estates) -- buy from add at Peel Hunt

      • CAL.LN (Capital & Regional) -- add from hold at Peel Hunt

      • HEI.GR (Heidelberg Materials) -- to outperform from neutral at BNP Paribas Exane

    • Downgrades

      • KNOW.SS (Knowit) -- short-term recommendation downgraded to sell from hold at Handelsbanken

      • MITRA.BB (Mithra Pharmaceuticals) -- hold from buy at ING

      • HEXA.B.SS (Hexagon) -- to hold from buy at DnB Markets

      • GETI.B.SS (Getinge) -- to hold from buy at DnB Markets

    • Initiations

      • CA.FP (Carrefour) -- buy at Kepler Cheuvreux

      • AD.NA (Ahold Delhaize) -- buy at Kepler Cheuvreux

      • EMG.LN (Man Group) -- buy at Peel Hunt

      • NKT.DC (NKT A/S) -- buy at Carnegie Securities

  • Data

    • Nikkei (0.18%) to 33311.29

    • Hang Seng (1.57%) to 19600.23

    • Shanghai Composite (0.27%) to 3246.87

    • S&P futures (12.0) vs prior close of 4453.8

    • €-$ +0.0001 or +0.01% to 1.0925

    • $-¥ +0.08 or +0.05% to 142.01

    • €-¥ +0.14 or +0.09% to 155.14

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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