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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.02%, DAX30 +0.10%, CAC40 +0.05%

Jun 21 ,2023

  • Synopsis

    • European equity market futures point to a slightly positive open. Asian equities trading lower Wednesday. Hang Seng continues its recent retreat with index down ~4% week-to-date. Mainland China equities pulling lower. Australia, Korea, and Taiwan equities also experiencing declines. S&P 500 futures flat afterhours.

    • On today's agenda: EU's von der Leyen speech at the Ukraine Recovery Conf, hosted jointly by the United Kingdom and Ukraine and EU's Timmermans and Borrell participate in the High-level event 'A Transatlantic Conversation: Climate and Security - The New Nexus'. After questions on Northern Ireland, there's weekly PMQs at 12noon BST, then Strikes (Minimum Service Levels) Bill continues its passage, and there's Opposition half day debate (topic tbc), Committee topics include rail services and infrastructure, defence equipment and support as well as innovations and technology that are capable of improving cancer outcomes. Ifo releases latest economic forecast and European Automobile Manufacturers' Association (ACEA) May new passenger car registrations are out. Second day of three of Marine Money Week, speakers include execs from Maersk, TORM, d'Amico International Shipping.

    • In central banks, ECB's Isabel Schnabel, Bundesbank's Nagel panellist at 15:45CET at event hosted by the Economic Advisory Council. Slovak Central Bank's Kazimir press conf at 10:00CET in connection with new economic forecasts.

    • Macro data releases out today include, UK May CPI/RPI/PPI output/input, public sector net borrowing, Jun industrial trends orders - CBI, and Sweden May unemployment rate.

    • On the corporate front, Gecina (GFC.FP) reported €1B of sales YTD, all of the sales secured this year have achieved a premium versus the latest appraisal values, with an average premium of around +10%. Still in France, Alan Allman Associates (AAA.FP) raised its 2025 revenue target to €550M vs prior guidance €480M. In Sweden, Assa Abloy (ASSA.B.SS) reported a one-off non-cash costs of SEK 2.2B in Q2 in its Global Technologies Division, primarily related to the Citizen ID business. These one-off costs are attributable to impairment of goodwill and other intangible assets.

    • In M&A, Bloomberg reported that ENI (ENI.IM) is nearing deal to acquire Neptune Energy for ~$5B (€4.58B). People familiar with the matter say that Eni beat out suitors including TotalEnergies for Neptune, and could announce a deal as early as this week. In Germany, Lufthansa (LHA.GR) signed an agreement with SEB Kort Bank AB of Stockholm for the sale of Lufthansa AirPlus Servicekarten GmbH for around €450M. The transaction is expected to have a positive effect on the Lufthansa Group's operating margin (Adjusted EBIT) and, also given the capital-intensive business model of AirPlus, its return on capital employed (Adjusted ROCE).

  • Politics/Macro/World News

    • Downing Street dismisses Gove's call for long-term mortgage deals - The telegraph

    • SNB Won't Let Slowing Inflation Stop a Rate Hike: Decision Guide - Bloomberg

    • Czechs to Hold Rates as Focus Shifts to Cuts: Decision Guide - Bloomberg

    • Big UK retailers named and shamed for failing to pay minimum wage - FT

  • Top company news

    • Earnings/updates

      • ASSA.B.SS (Assa Abloy) -- reports Q2 one-off costs of SEK 2.2B in the Global Technologies Division

      • GFC.FP (Gecina) -- reports €1B of sales YTD

      • STB.NO (Storebrand) -- ASA announces full consent in ruling from Tax Appeals Committee gives tax income of NOK 440M

      • MMK.AV (Mayr-Melnhof Karton) -- expects H1 operating profit €90M-110M vs year-ago €285M

      • AAA.FP (Alan Allman Associates) -- raises revenue target for 2025

      • BETCO.SS (Better Collective) -- raises FY revenue, Adj. EBITDA guidance

      • GAM.SW (Gam Holding) -- issues interim financial report in connection with Liontrust Asset Management offer; at 31-Mar-23, underlying loss before tax (CHF11.2M)

    • M&A

      • ENI.IM (Eni) -- nearing deal to acquire Neptune Energy for ~$5B (€4.58B) - Bloomberg

      • LHA.GR (Deutsche Lufthansa) -- SEB to acquire Lufthansa AirPlus Servicekarten for €450M; deal to affect SEB's CET1 ratio negatively by ~35-40 bps at closing

      • BZU.IM (Buzzi SpA) -- Buzzi agrees to sell its Ukrainian business and ready-mix concrete assets in Slovakia to CRH for €100M (post EU close 20-Jun)

      • 8.HK (PCCW Ltd) -- Vivendi indirect subsidiary Canal+ to invest up to $300M for a stake in PCCW Ltd subsidiary Viu

      • VOW.GR (Volkswagen) -- Volkswagen's MAN Energy Solutions to sell gas turbine business to CSIC Longjiang GH Gas Turbine Co; terms undisclosed - Reuters, citing statement

      • ASSA.B.SS (Assa Abloy) -- completes acquisition of HHI and the divestment of Emtek and the Smart Residential business

      • SDRL.NO (Seadrill) -- agrees to sell the tender-assist units known as the West Vencedor, T-15 and T-16 to Energy Drilling Pte. Ltd for $85M

      • ENGI.FP (ENGIE) -- and Meridiam acquire BTE Renewables

      • ANE.SM (Corporación Acciona Energías Renovables) -- Acciona Energías indirectly increases its stake in Energías Renovables Mediterráneas, S.A. up to 75% for an undisclosed sum (post EU close 20-Jun)

      • HOME.SM (Neinor Homes) -- Neinor Homes's Rental Homes Propco has agreed to sell both Sky Rental Homes PropCo, S.L.U. and of Sky Coliving Homes PropCo, S.L.U. to Savills Investment Management for €66M

      • GHH.LN (Gooch & Housego) -- acquires GS Optics for total consideration of up to $15.7M

      • FROY.NO (Frøy ASA) -- Frøy provides update on regulatory approvals for acquisition by Goldman Sachs Asset Management of shares and subsequent mandatory offer

      • HABA.GR (Hamborner REIT) -- acquires two retail properties in Hanau and Offenburg for ~€23.6M

    • Healthcare

      • LLY (Eli Lilly) -- FDA approves Jardiance and Synjardy for type 2 diabetes in pediatric patients 10 years and older

      • ERYP.FP (ERYTech Pharma) -- announces the filing of a new lawsuit by Akkadian Partners

      • ORNBV.FH (Orion) -- NICE recommends Orion's Nubeqa with docetaxel to treat hormone-sensitive metastatic prostate cancer

    • Other

      • AIR.FP (Airbus SE) -- Air India firms up its order for 250 Airbus aircraft (20-Jun)

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for May

      • PNDORA.DC (Pandora) -- initiates new DKK 2.6B share buy-back to reach up to DKK 5.0B in total

      • BOSS.GR (Hugo Boss) -- Michael Ashley holds 24.39% of voting rights attached to shares and through instruments in Hugo Boss vs prior 27.59% as of 16-Jun

      • UCG.IM (UniCredit) -- considers shareholder payouts to be sustainable - Reuters

      • GALP.PL (Galp Energia SGPS) -- Galp Energia SGPS, TotalEnergies explore offshore wind opportunities in Portugal

      • SAGA.B.SS (Sagax) -- completes directed issue of 10.0M shares at SEK206/share to raise SEK2.06B through ABG Sundal Collier and JP Morgan

      • SAGA.B.SS (Sagax) -- has mandated ABG Sundal Collier AB and J.P. Morgan SE to explore conditions for carrying out directed issue of common shares in amount of SEK 2.0B

      • EURN.BB (Euronav) -- files mixed securities shelf of indeterminate amount - F-3ASR

      • BRE.IM (Brembo) -- proposes to relocate its registered office to the Netherlands, taking the legal form of an NV company under Dutch law

      • Credit Suisse's Katerra lawsuit against SoftBank in doubt following UBS deal - FT

  • Key rating changes

    • Upgrades

      • ADS.GR (Adidas) -- to buy from neutral at UBS (timing uncertain)

      • HUSQ.B.SS (Husqvarna) -- to hold from sell at DnB Markets

      • MNDI.LN (Mondi) -- to neutral from underperform at Credit Suisse

      • STJ.LN (St. James's Place) -- to overweight from equal weight at Barclays

      • AJB.LN (AJ Bell) -- to equal weight from underweight at Barclays

      • ENT.LN (Entain) -- to outperform from neutral at BNP Paribas Exane

    • Downgrades

      • LXS.GR (Lanxess) --

        • to hold from buy at Jefferies

        • to hold from buy at HSBC

        • to hold from buy at Stifel

      • LOOK.LN (Lookers) -- to hold from buy at Liberum Capital

      • RAT.LN (Rathbones Group) -- to underweight from equal weight at Barclays

    • Initiations

      • EVO.SS (Evolution) -- neutral at JPMorgan

      • OXB.LN (Oxford BioMedica) -- neutral at JPMorgan

      • MUM.GR (Mensch & Maschine Software) -- buy at Berenberg

    • Others

      • DIM.FP (Sartorius Stedim Biotech) -- reinstated buy at Kepler Cheuvreux

      • SRT3.GR (Sartorius) -- reinstated hold at Kepler Cheuvreux

  • Data

    • Nikkei +0.64% to 33603.74

    • Hang Seng (2.12%) to 19191.26

    • Shanghai Composite (0.63%) to 3219.87

    • S&P futures (1.8) vs prior close of 4434.8

    • €-$ (0.0008) or (0.07%) to 1.0914

    • $-¥ +0.31 or +0.22% to 141.75

    • €-¥ +0.26 or +0.17% to 154.68

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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