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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open Futures: FTSE (0.7%), DAX30 (0.6%) , CAC40 (0.1%)

Jun 22 ,2023

  • Synopsis

    • European equity markets are set to open lower amid Asian equities mixed Thursday. S&P 500 futures flat afterhours. Dollar stronger against Aussie and yuan, weaker vs yen. Crude peeling lower after climbing towards a two-week high. Base and precious metals little changed.

    • On today's agenda, focus on central banks interest decisions from BOE, SNB and Norges Bank. SNB released its latest Financial Stability Report, and announces policy decision at 9:30CET, expected to raise benchmark rate +25bps to 1.75%. Norges Bank interest rate decision at 10:00CET followed by a press con at 10:30CET, expected to raise benchmark interest rate +25bps to 3.50% and lift the rate path for 2023-24 with a new peak rate seen at 4.25%. BOE interest rate decision at 12noon BST along with meeting minutes, an increase in the benchmark interest rate of +25bps to 4.75% is expected. Turkey Central Bank interest rate decision also at 12noon BST, with the benchmark interest rate expected to be increased to 21% from its current 8.5%

    • Other events include NBER's International Seminar (through Fri) on Macroeconomics, speakers include ECB's Georgiadis. New Global Financing Pact Summit (through Fri), speakers include President Macron, Chancellor Scholz, EU's von der Leyen and Bundesbank's Mauderer. Elsewhere, the State of the Crypto Summit hosted by FT

    • Macroeconomic releases due today include: France Jun business confidence, Eurozone Jun flash consumer confidence and Norway May unemployment rate

    • In corporate news, Aegon (AGN.NA) presents the next chapter of its transformation during its CMD, Transamerica's strategic plan and update on on the a.s.r. transaction. BerGenBio (BGBIO.NO) reports Q1 EPS (NOK0.81) vs year-ago (NOK0.92) and said that with net proceeds from the NOK 250M rights issue and the actions taken post quarter to significantly reduce the operating costs, the company is now well positioned to advance bemcentinib withing the defined strategy. In the UK, DS Smith (SMDS.LN), Serco Group (SRP.LN), Mulberry Group (MUL.LN) and NCC Group (NCC.LN) are expected to update the market today. On M&A front, SES (SESG,FP) confirmed that discussions regarding possible combination with Intelsat have ceased and Telecom Italia is reportedly renewing efforts to sell minority stake in enterprise unit.

  • Politics/Macro/World News

    • EU battle over gig economy worker rights to intensify - FT

    • Bundesbank lessons for today's central bankers - FT

    • German opposition 'disrupter' battles rising far right and internal rivalry - FT

    • Interest rates in the UK set to rise for 13th time in a row - BBC

    • Another Sunak priority in doubt as national debt reaches 100% of GDP - Sky

    • Sunak struggles to contain Tory anxiety over UK mortgages - Bloomberg

    • Turkish central bank to hike rates sharply in post-election pivot - Reuters

  • Top company news

    • Earnings/updates

      • AGN.NA (Aegon) -- presents the next chapter of its transformation, Transamerica's strategic plan and update on on the a.s.r. transaction -- CMD

      • DTG.GR (Daimler Truck Holding) -- on track to achieve FY25 profitability ambitions - AGM 2023

      • BGBIO.NO (BerGenBio) -- reports Q1 EPS (NOK0.81) vs year-ago (NOK0.92)

      • GAV.SW (Carlo Gavazzi Holding) -- reports final FY earnings in line with prelim release; net income CHF28.2M

    • M&A

      • TIT.IM (Telecom Italia) -- renewing efforts to sell minority stake in enterprise unit - Bloomberg

      • ELUX.B.SS (Electrolux) -- Midea reportedly ends pursuit to acquire Electrolux -- Bloomberg

      • SESG.FP (SES) -- SES confirms that discussions regarding possible combination with Intelsat have ceased

      • OCDO.LN (Ocado Group) -- Rumour: Amazon, other tech heavies considering 800p/share bid for Ocado - London Times

      • ELUX.B.SS (Electrolux) -- Follow-up: Midea ends pursuit to acquire Electrolux - Bloomberg

      • AGN.NA (Aegon) -- presents the next chapter of its transformation, Transamerica's strategic plan and update on on the a.s.r. transaction -- CMD

      • BAMI.IM (Banco BPM) -- seeking new commercial deal for payments business; has no plans to sell part of it - Reuters, citing CEO Giuseppe Castagna

      • RIN.FP (Vilmorin & cie) -- Limagrain Participations launches tender offer for Vilmorin & cie shares

      • VLX.LN (Volex) -- Volex to raise funds so as to buy Murat Ticaret for $175M (£137M) - Sky News

    • Healthcare

      • GSK.LN (GSK Plc) -- CDC ACIP votes in favor of recommending the use of AREXVY in adults aged 60 and older

      • COLO.B.DC (Coloplast) -- Coloplast's largest shareholder to form new holding company

      • ORP.FP (Orpea) -- provides update on addendum to Independent Expert's Report drawn up in context of restructuring of S.A.

      • MITRA.BB (Mithra Pharmaceuticals) -- obtains access to new €12.5M tranche of Highbridge/Whitebox loan facility

      • CRNA.NO (Circio Holding) -- doses first Oslo patient with TG01 in multiple myeloma trial

    • Other

      • LOGN.SW (Logitech International) -- Logitech's board approves new $1B share buyback program

      • VOLV.B.SS (Volvo) -- announces Nova Bus ends bus production in the US

      • TKA.GR (ThyssenKrupp) -- Nucera expected to be valued at more than €3B in IPO - Reuters

      • ENGI.FP (ENGIE) -- warns that energy demand in Europe must decline by 34% by 2050 to achieve net zero - Handelsblatt

      • CO.FP (Casino Guichard-Perrachon) -- provides update on conciliation proceedings

      • CIE.SM (CIE Automotive) -- to pay complementary interim dividend of €0.419/share (gross)

      • VLA.FP (Valneva) -- recommends shareholders to approve a governance transition to a one-tier model led by a Board of Directors

      • ORA.FP (Orange) -- Orange set to transfer Orange Bank customer portfolio to BNP Paribas -- Le Figaro

  • Key rating changes

    • Upgrades

      • SHEL.LN (Shell) -- to equal-weight from underweight at Morgan Stanley

      • ABI.BB (Anheuser-Busch InBev) -- to buy from hold at Deutsche Bank

      • BOL.SS (Boliden) -- to equal-weight from underweight at Morgan Stanley

      • ISS.DC (ISS A/S) -- to buy from neutral at UBS

      • SAP.GR (SAP) -- to hold from underperform at Jefferies

      • SRT3.GR (Sartorius) -- to buy from hold at Berenberg

      • NDX1.GR (Nordex) -- to outperform from neutral at BNP Paribas Exane

    • Downgrades

      • VALMT.FH (Valmet) -- to hold from buy at Danske Bank

      • EQNR.NO (Equinor) -- to underweight from equal-weight at Morgan Stanley

      • MCPHY.FP (McPhy Energy) -- to sell from hold at Panmure Gordon

    • Other Actions

      • ALPHA.GA (Alpha Services & Holdings) -- resumed outperform at NBG Securities

      • IDIA.SW (Idorsia) -- resumed underweight at Morgan Stanley

  • Data

    • Nikkei (0.73%) to 33330.99

    • Hang Seng +0.00% to 19218.35

    • Shanghai Composite +0.00% to 3197.90

    • S&P futures (7.8) vs prior close of 4409.3

    • €-$ +0.0003 or +0.03% to 1.0990

    • $-¥ (0.01) or (0.00%) to 141.81

    • €-¥ +0.01 or +0.01% to 155.80

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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