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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.3%, DAX +0.3%, CAC +0.4%, MIB +0.3%, IBEX +0.2%, STOXX +0.3%

Jun 27 ,2023

  • Synopsis

    • European equity markets are set to open in positive territory amidst mixed markets in Asia on Tuesday. Greater China equities leading gains with property and tech stocks driving Hang Seng's outperformance. Nikkei and Taiex lagging while ASX on track to snap four-day losing streak. S&P 500 futures edging up afterhours.

    • Italy confirmed its 2023 debt guidance despite an increase in the state budget deficit reported in the first five months of this year. Elsewhere, Netherlands PM Rutte hosts a working dinner with PMs, heads of State from Albania, Belgium, Lithuania, Poland and Romania, as well as NATO's Stoltenberg in The Hague; topics include the war in Ukraine and the NATO summit in July. EU Council of Ministers for General Affairs. UK's House of Commons sees opposition day debates on mortgage and rental costs as well as repurposing Russian assets to rebuild Ukraine, with committee topics including Food and fuel price inflation: will prices come down this year? 10:10BST and the work of the Payment Systems Regulator 10:15.

    • In central banks, ECB's Lagarde introductory speech at 10:00CET at ECB Forum on Central Banking, Panetta panellist at 10:30CET, Elderson chairs session at 11:30CET, Schnabel chairs panel at 14:00CET. BOE's Tenreyro panellist at 9:30BST. Norges Bank's Bache panellist at 12:00CET. BOE's Dhingra speech at 9:15BST at UK Women in Economics Network whilst BOE's Stimson speech at 16:25BST on the Bank's Climate Transition Plan.

    • Also, Politico's Competitive Europe Summit, Almedalen Week and Sustainability summit organised by Süddeutsche Zeitung

    • In macro, Italy Jun business/consumer confidence and Sweden May PPI, trade balance are due to be released. BRC announced UK Jun shop prices were up +8.4% y/y vs prior +9.0% and food inflation decelerated to +14.6% in Jun, from +15.4% in May.

    • On a light earnings front, Trigano (TRI.FP) reported Q3 revenue €1.03B, +12% vs year-ago €921.2M. Esker (ALESK.FP) confirmed growth momentum for 2023 and MedinCell (MEDCL.FP) reported FY earnings. In M&A, Sonic Healthcare (SHL.AU) announced it will to acquire SYNLAB Suisse (SYAB.GR) for CHF150M in cash. Synlab reaffirmed FY revenue guidance €2.70B vs FactSet €2.69B.

    • Ferretti (YACHT.IM) is due to start trading on Euronext Milan.

  • Macro

    • ECB's Kazaks sees rate hikes past July even as economy softens - Reuters

    • Economy at critical juncture in inflation fight: central-bank body - Reuters

    • UK could be starved of energy, warns North Sea boss - BBC; Evening Standard

    • Mitsotakis sworn in as Greek PM, promises more jobs and 'big changes' - Reuters

    • Italy confirms 2023 debt guidance despite ballooning state budget deficit - Reuters

    • Italy's Economy Shows Signs of Slowing Down, Business Lobby Says - Bloomberg

    • UK Jun shop prices +8.4% y/y vs prior +9.0%, food inflation decelerated to +14.6% in Jun, from +15.4% in May - BRC

  • Top company news

    • Earnings/updates

      • France:

        • TRI.FP (Trigano) -- reports Q3 revenue €1.03B, +12% vs year-ago €921.2M

        • ALESK.FP (Esker) -- confirms growth momentum for 2023

        • MEDCL.FP (MedinCell) -- reports FY net income (€29.5M) vs FactSet (€25.5M) [4 est, (€28.5)-(20.6M)]

      • DACHs:

        • HELN.SW (Helvetia Holding) -- issues financial implications for implementing IFRS 17/9 accounting principles, underlying business activities and strategy remain unchanged

        • SYAB.GR (Synlab) -- comments on Suisse divestment, reaffirms FY revenue guidance €2.70B vs FactSet €2.69B [7 est, €2.58-2.90B]

    • M&A

      • UNI.SM (Unicaja Banco) -- to sell non-performing loans valued at over €100M - El Confidencial, citing sources

      • SHL.AU (Sonic Healthcare) -- to acquire SYNLAB Suisse for CHF150M in cash

      • SYAB.GR (Synlab) -- comments on Suisse divestment, reaffirms FY revenue guidance €2.70B vs FactSet €2.69B [7 est, €2.58-2.90B]

      • KER.FP (Kering) -- to acquire 100% of Creed from funds controlled by BlackRock Long Term Private Capital Europe and current Chairman Javier Ferrán

      • AC.FP (Accor) -- sells its stake in Risma; reaffirms its development ambitions in Morocco

      • SGO.FP (Compagnie de Saint-Gobain) -- completes acquisition of United Paints and Chemicals S.A.E. (Drymix)

      • COFB.BB (Cofinimmo) -- completes divestment of Woluwe 58 office building for €12M

      • EOLU.B.SS (Eolus Vind) -- BKW is acquiring three wind farms from Eolus Vind with total installed capacity of 125 MW; terms undisclosed

    • Healthcare

      • SAN.FP (Sanofi) -- announces primary endpoint was met in Phase 2B study (STREAM-AD) of amlitelimab in adults with moderate-to-severe atopic dermatiti

      • UCB.BB (UCB) --

        • announces that BLA for bimekizumab remains under review with the FDA

        • US FDA approves RYSTIGGO (rozanolixizumab-noli) for the treatment of adults with generalized myasthenia gravis

      • IDIA.SW (Idorsia) -- notes new phase 3 data with aprocitentan for patients with resistant hypertension has been presented at the European Society of Hypertension Annual Meeting 2023

      • MLTX (MoonLake Immunotherapeutics) -- Street Takeaways - MoonLake Immunotherapeutics sonelokimab Phase 2 results in HS

      • 4578.JP (Otsuka Holdings) -- attains primary endpoint in phase III trial of brexpiprazole in Alzheimer's dementia in Japan

      • AB.FP (AB Science) -- receives Notice of Allowance for European patent covering masitinib in the treatment of metastatic castrate refractory prostate cancer (mCRPC)

      • SFL.IM (Safilo Group) -- announcesearly renewal of global licensing agreement with Tommy Hilfiger

      • 2616.HK (CStone Pharmaceuticals) -- receives NMPA approval of supplemental new drug application for GAVRETO in China

    • Other

      • TE.FP (Technip Energies) -- subsidiary agrees to pay fine of €54.1M in relation to conduct on subsea projects undertaken between 2008 and 2012

      • NCC.B.SS (NCC) -- builds secure psychiatric unit in Bærum, Norway; order value is ~ SEK 1B

      • TTE.FP (TotalEnergies) --

        • partners with Petronas and Mitsui on a carbon storage hub in Malaysia

        • partners with Petronas for solar project in Australia

      • WG.LN (John Wood Group) -- John Wood Group, Centrica Storage explore low-carbon hydrogen production hub (26-Jun)

      • SPM.IM (Saipem) -- awarded two new offshore drilling contracts totaling approximately $550M

      • ADE.NO (Adevinta) -- appoints Elisabeth Peyraube as CFO, effective September

      • Lhyfe notes €20M European Commission grant award for the HOPE project consortium

  • Key rating changes

    • Upgrades

      • GSF.NO (Grieg Seafood) -- to buy from hold at DnB Markets

      • FLS.DC (FLSmidth & Co.) -- to neutral from underperform at BofA

      • LOOMIS.SS (Loomis) -- to buy from hold at ABG Sundal Collier

      • METSO.FH (Metso Corp.) -- to buy from neutral at BofA

      • NN.NA (NN Group) -- to buy from hold at Deutsche Bank

    • Downgrades

      • ESSITY.B.SS (Essity) -- to neutral from outperform at BNP Paribas Exane

      • BT.A.LN (BT Group) -- to sell from neutral at UBS

      • FLS.DC (FLSmidth & Co.) -- to neutral from buy at UBS

    • Initiations

      • SMIN.LN (Smiths Group) -- hold at HSBC

      • INF.LN (Informa) -- reinstated buy at Berenberg

    • Other Actions

      • UBSG.SW (UBS Group= -- resumed equal-weight at Morgan Stanley; prior rating was equal-weight

  • Data

    • Nikkei (0.45%) to 32552.53

    • Hang Seng +1.55% to 19085.97

    • Shanghai Composite +0.98% to 3181.38

    • S&P futures +11.5 vs prior close of 4370.3

    • €-$ +0.0016 or +0.15% to 1.0924

    • $-¥ (0.00) or (0.00%) to 143.52

    • €-¥ +0.20 or +0.13% to 156.73

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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