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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE flat, DAX +0.1%, CAC +0.1%, IBEX flat, MIB +0.1%, SMI (0.1%), OMX (0.5%)

Jun 26 ,2023

  • Synopsis

    • European equity markets set to open mixed, following last week's losses when the Stoxx Europe 600 fell (2.9%). Note Finland and Sweden markets likely to play some catch up as they were closed on Friday.

    • Focus on developments in Russia over the weekend after Wagner boss Yevgeniy Prigozhin's aborted advance on Moscow. Press takeaways largely concurred insurrection attempt has weakened President Putin's grip on power. Putin yet to make a public appearance since the withdrawal and details about agreement brokered by Belarusian President Lukashenko remain unknown. From a market perspective, Prigozhin's abrupt withdrawal has avoided potential bloodshed scenario that was cited a negative risk factor.

    • In Greece, ekathimerini notes conservative New Democracy party leader Kyriakos Mitsotakis vowed to speed up reforms following his landslide victory Sunday in the country's second election in five weeks that granted him a comfortable parliamentary majority to form a government for a second four-year term (WELT, DW)

    • In Germany, the AfD has won a district council election for the first time. Voters in the central German town of Sonneberg elected AfD candidate Robert Sesselmann at the expense of incumbent district administrator Jürgen Köpper of the CDU. (DW,

    • In central banks, ECB's Lagarde gives a speech at 18:30CET at opening reception and dinner for ECB Forum on Central Banking (thru Wed), Bank of Spain's de Cos speech at 19:30CET. SNB's Jordan panellist at 10:50CET and Maechler at 15:25 at Point Zero Forum, ECB's McCaul panellist at 15:00. Initial ECB Economic Bulletin pre-releases and Bundesbank's latest monthly report.

    • On the corporate front, CBK.GR Q2 operating result to be burdened by additional provisions; LEON.SW lowers FY pre-tax income guidance; ABF.LN to issue trading update;

  • Politics/Macro/World News

    • Rouble opens at 15-month low vs dollar after aborted mutiny - Reuters

    • Greek elections: Mitsotakis hails conservative win as mandate for reform - BBC

    • Germany: Far-right AfD wins first governing post - DW

    • ECB Officials Gather in Sintra Amid Strain Over Hiking Journey's Last Mile - Bloomberg

    • ECB Is Entering Final Stretch of Interest Rate Hikes, Guindos Says - Bloomberg

    • ECB's Makhlouf undecided about rate rise beyond July - Reuters

    • Germany pushes back against EU plan to raid Russian assets - FT

  • Top company news

    • Earnings/updates

      • CBK.GR (Commerzbank) -- Commerzbank's Q2 operating result to be burdened by additional provisions for CHF loan portfolio at mBank of €342M; still aiming for a net profit in 2023 well above that of 2022

      • LEON.SW (Leonteq) -- guides FY pre-tax income between CHF40-70M vs prior guidance CHF70-100M vs FactSet CHF84.0M

      • Also reporting today

        • Earnings: MedinCell (MEDCL.FP)

        • Trading Update: Associated British Foods (ABF.LN)

        • CMD/events: Yara International (YAR.NO), Renault (RNO.FP)

    • M&A

      • BX (Blackstone) -- considering sale of Spanish unsecured loan portfolio with face value of €2B -- Reuters, citing sources (Friday intraday)

      • SBB.B.SS (Samhällsbyggnadsbolaget i Norden) -- enters into exclusive discussions to sell remaining 51% stake of EduCo to Brookfield

      • 500209.IN (Infosys) -- to acquire Danske Bank's IT center in India; terms undisclosed

      • DANSKE.DC (Danske Bank) -- Follow-up: Infosys acquisition of Danske Bank's IT center in India is subject to customary authority approval, expected in 2H23

      • RI.FP (Pernod Ricard) -- enters agreement for potential sale of Clan Campbell Blended Scotch Whisky brand to Stock Spirits

      • CO.FP (Casino Guichard-Perrachon) -- announces BRL 13.38 per share selling price for remainder of stake in Assai

      • ENR.GR (Siemens Energy) -- PE firms abandoned talks to acquire Siemens Energy stake in recent months over concerns around business risks - Bloomberg (23-Jun, 16:57 CET/10:57 ET)

      • FRAS.LN (Frasers Group) -- There is method in seeming stake-building madness at Frasers - Sunday Times

      • APPS.SM Apax weighs selling Applus+ ITV to finance its potential takeover bid for the company - Expansion, citing market sources

      • ENX.FP (Euronext) -- announces the sale of its 11.1% stake in LCH SA to LCH Group Holdings Limited for €111M

      • RNO.FP (Renault) -- Renault Group and Alpine announce €200M investment from Otro Capital and their partner, RedBird Capital Partners, along with Maximum Effort Investments in Alpine Racing Ltd; representing a 24% equity stake

      • EVE.SW (Evolva Holding) -- signs financing agreement with Nice & Green at least until the end of 2023; continues to pursue strategic alternatives

      • PMET.CN (Patriot Battery Metals) -- responds to media speculation, hasn't initiated sale of any assets nor the listed parent

      • NB2.GR (Northern Data) -- resolves on further increase of the company's share capital by 10%

    • Healthcare

      • SAN.FP (Sanofi) -- announces ALTUVIIIO demonstrates highly effective bleed protection in children with severe hemophilia A with once-weekly dosing

      • BAYN.GR (Bayer AG) -- FDA approves Bayer's Ultravist (iopromide) injection for contrast-enhanced mammography

      • IDIA.SW (Idorsia) -- announces new Phase 3 data with aprocitentan to be presented at the European Society of Hypertension Annual Meeting 2023

      • ZEAL.DC (Zealand Pharma) -- announces additional survodutide data

      • ZEAL.DC (Zealand Pharma) -- presents results from Phase 1 clinical trial of amylin analog ZP8396

      • MLTX (MoonLake Immunotherapeutics) -- achieves positive Phase 2 results for Nanobody sonelokimab in hidradenitis suppurativa

      • IVA.FP (Inventiva) -- Poster on Inventiva's lanifibranor to be presented at ADA's Scientific Sessions 25-Jun

      • ORP.FP (Orpea) -- discloses court-appointed valuation reports

      • KZA.AU (Kazia Therapeutics) -- provides update on its clinical initiatives

      • SFL.IM (Safilo Group) -- announces licensing agreement with Jimmy Choo will not be renewed

    • Other

      • SDRL.NO (Seadrill) -- Limited announces potential sale of Qatar Jack-Up Fleet

      • 888.LN (888 Holdings) -- 888 chairman Jonathan Mendelsohn met with FS Gaming representatives in New York last week - Telegraph, seemingly citing sources

      • MAIRE.IM (Maire Tecnimont) -- wins $2B (€1.83B) of contracts at Saudi Arabia's SATORP Refinery

      • RUI.FP (Rubis) -- Chairman of the Supervisory board, Olivier Heckenroth, resigns

      • Estimated weekend box office revenues in US, Canada $109.4M, (18.7%) y/y - Box Office Mojo

      • Oil and gas majors increase efforts to break into lithium to diversify beyond fossil fuels - FT

  • Key rating changes

    • Upgrades

      • CWK.LN (Cranswick) -- to outperform from sector perform at RBC Capital Markets

      • ELE.SM (Endesa) -- to equal-weight from underweight at Morgan Stanley

      • NN.NA (NN Group) -- to overweight from neutral at JPMorgan

      • WEW.GR (Westwing Group) -- to Buy from Add at Baader Helvea

      • HYQ.GR (Hypoport) -- to neutral from underperform at BNP Paribas Exane

    • Downgrades

      • LLOY.LN (Lloyds Banking Group) -- to underweight from neutral at JPMorgan

      • BESI.NA (BE Semiconductor Industries) -- to hold from buy at Deutsche Bank

      • ENR.GR (Siemens Energy) -- to hold from buy at Jefferies

      • MNG.LN (M&G Plc) -- to hold from buy at HSBC

      • VPLAY.B.SS (Viaplay Group) -- to underperform from hold at Jefferies

    • Initiations

      • OTB.LN (On The Beach Group) -- buy at Shore Capital Stockbrokers

      • ARYN.SW (Aryzta) -- buy at Stifel

  • Data

    • Nikkei (0.09%) to 32751.14

    • Hang Seng (0.38%) to 18817.55

    • Shanghai Composite (1.23%) to 3158.56

    • S&P futures +7.5 vs prior close of 4389.0

    • €-$ +0.0005 or +0.05% to 1.0908

    • $-¥ (0.24) or (0.17%) to 143.34

    • €-¥ (0.17) or (0.11%) to 156.34

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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