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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.31%, DAX +0.37%, CAC +0.38%, MIB +0.43%, OMX +0.30%, STOXX +0.45%

Jun 28 ,2023

  • Synopsis

    • European equity markets are set to open in positive territory following a mixed session for Asian equities on Wednesday. Mainland China equities hitting fresh lows following latest US curbs on tech exports. Korean stocks also weaker while Nikkei and ASX outperforming. S&P 500 and Nasdaq futures lower afterhours.

    • In central banks today, SNB and BOE release quarterly bulletins. ECB's Enria before Committee on Economic and Monetary Affairs of the EU Parliament at 14:30CET whilst ECB's de Guindos chairs sessions at 10:00CET and 11:00 at ECB Forum on Central Banking, Lane chairs panel at 12:30CET, Lagarde panellist 15:30CET and makes closing remarks at 17:00CET. BOE's Pill panellist at 11:30BST, Bailey panellist at 14:30BST. BOE's Cleland panellist ay 10:25BST at the Central Bank Payments Conf. Bank of France's Villeroy speaks at Paris School of Economics conf. Bank of Latvia's economist Oļegs Krasnopjorovs participates in LTV7/rus.LSM discussion

    • Macro data releases out today include, Germany Jul consumer climate - GfK, France Jun consumer confidence, Spain May retail sales, Italy Jun preliminary CPI, May PPI, Norway May retail sales, Switzerland Jun ZEW economic sentiment, Eurozone May M3 money supply, Ireland May retail sales, Denmark May retail sales.

    • Also on today's agenda: EU Commission to present legislative proposal for digital euro; press conf schedule for after the read-out of the College meeting. EU's Timmermans, others press conf on the Joint Communication on climate change, environmental degradation, and security and defence. Chancellor Scholz hosts the PM of North Macedonia, Dimitar Kovacevski, joint press conf. planned for ~19:30CET following the meeting. German finance minister Linder speech at 16:40CET at hub.berlin technology festival. In the UK, following MPs questions on Scotland, there's PMQs at 12noon BST.

    • On the corporate front, Swiss Life (SHLF.SW) confirms its business strategy and implementation and is well on track to achieve or exceed the Swiss Life 2024 Group financial targets. Still, in Switzerland, Bloomberg reported that UBS Group (UBSG.SW) is preparing to cut more than half of Credit Suisse workforce starting next month In the Netherlands, DSM-Firmenich (DSFIR.NA) issued a Q2 trading update indicating to a Q2 adj EBITDA in a range of €400 - 420M. Moreover, The company guided a FY adj. EBITDA of between €1.8B -1.9B vs year-ago €2.28B.

  • Politics/Macro/World News

    • UK manufacturers warn Brexit is undermining their place in EU supply chains - FT

    • Some ECB officials weigh faster reduction of bond portfolio - Bloomberg

    • Sunak Seeks to Deflect Blame for Cost-of-Living Crisis Onto Corporate Britain - Bloomberg

    • House Price Cuts Point to Start of Downturn, Zoopla Says - Bloomberg

  • Top company news

    • Earnings/updates

      • SLHN.SW (Swiss Life Holding) -- Swiss Life is well on track to achieve or exceed the Swiss Life 2024 financial targets; publishes financial figures for FY22 in accordance with new IFRS accounting standards

      • ELG.GR (Elmos Semiconductor) -- to sell Dortmund wafer fab to Littelfuse for ~€ 93M

      • DSFIR.NA (DSM-Firmenich) -- expects Q2 adj. EBITDA to be in a range of €400 - 420M; guides FY adj. EBITDA of between €1.8B -1.9B vs year-ago €2.28B

      • GEA.FO (Grenobloise d'Electronique et d'Automatismes) -- reports H1 net income €1.3M, (13%) vs year-ago €1.5M

      • PARP.FP (Groupe Partouche) -- reports H1 net income €18.8M, (24%) vs year-ago €24.6M

      • ALESE.FP (Entech Smart Energies) -- reports final FY net income (€0.7M) vs year-ago (€0.3M)

    • M&A

      • AKE.FP (Arkema) -- agrees to acquire Glenwood Private Equity's 54% stake in PI Advanced Materials for €728M enterprise value

      • ELG.GR (Elmos Semiconductor) -- to sell Dortmund wafer fab to Littelfuse for ~€ 93M

      • PNOR.NO (Petronor E&P) -- PetroNor announces farm-out of exploration licences in Guinea-Bissau for up to $85M

    • Healthcare

      • REGN (Regeneron) -- trading halted; news pending

      • REGN (Regeneron) -- FDA issues complete response letter (CRL) for Aflibercept 8 mg Biologics license application solely due to an ongoing review of inspection findings at a third-party filler; No additional clinical data or trials have been requested

      • REGN (Regeneron) -- announces top-line, two-year (96 weeks) data for aflibercept 8 mg from the pivotal PHOTON trial in patients with diabetic macular edema (DME)

      • CTLT (Catalent) -- trades lower, presumably in sympathy to FDA complete response letter (CRL) disclosed by Regeneron

      • BAYN.GR (Bayer AG) -- initiates Phase III studies with investigational contrast agent gadoquatrane

      • PRTA (Prothena Corp.) -- announces publication of Phase 3 VITAL clinical trial results showing survival benefit in patients with Mayo Stage IV AL amyloidosis treated with birtamimab

      • GMAB.DC (Genmab) -- and AbbVie report positive topline results from phase 1/2 EPCORE NHL-1 trial evaluating Epcoritamab (DuoBody CD3xCD20) in patients with relapsed/refractory follicular lymphoma

      • ORP.FP (Orpea) -- shares suspended pending publication of the results of the votes of the classes of affected parties on the accelerated safeguard plan proposed by the company.

      • ORNBV.FH (Orion) -- invests €30M to increase production capacity in Finland

    • Other

      • UBSG.SW (UBS Group) -- preparing to cut more than half of Credit Suisse workforce starting next month -- Bloomberg

      • RHM.GR (Rheinmetall) -- awarded $812.6M US Army contract

      • SAP.GR (SAP) -- CEO believes generative AI will fundamentally change how people work with the company's software - Handelsblatt

      • A5G.ID (AIB Group) -- holder Irish State to offer 132M shares by way of an accelerated book building process through BofA, Goldman Sachs, and GoodBody

      • Activist investor Blackwells urging IHS to appoint new independent directors and offer investors more transparency - media report

      • Colas acquiring two purpose-built tankers to carry bitumen

      • Rio Tinto to begin building its own batteries at a Melbourne laboratory to experiment with green technologies - Bloomberg:

  • Key rating changes

    • Upgrades

      • CEY.LN (Centamin) -- to hold from sell at Liberum Capital

      • SBB.B.SS (Samhällsbyggnadsbolaget i Norden) -- to neutral from sell at Goldman Sachs

      • SGE.LN (Sage Group) -- to overweight from neutral at JPMorgan

      • CE.IM (Credito Emiliano) -- to buy from hold at Jefferies

      • PRX.NA (Prosus) -- to buy from hold at HSBC

      • BHP.LN (BHP Group) -- to neutral from underperform at BNP Paribas Exane

      • BOL.SS (Boliden) -- to neutral from underperform at BNP Paribas Exane

    • Downgrades

      • ENR.GR (Siemens Energy) -- to neutral from buy at UBS

      • BPSO.IM (Banca Popolare di Sondrio) -- to hold from buy at Jefferies

      • AFRY.SS (AFRY AB) -- short-term recommendation downgraded to hold from buy at Handelsbanken

    • Initiates

      • TAM.LN (Tatton Asset Management) -- buy at Peel Hunt

  • Data

    • Nikkei +1.76% to 33110.30

    • Hang Seng (0.20%) to 19110.34

    • Shanghai Composite (0.29%) to 3180.10

    • S&P futures (7.3) vs prior close of 4418.8

    • €-$ (0.0011) or (0.10%) to 1.0953

    • $-¥ (0.09) or (0.06%) to 143.98

    • €-¥ (0.20) or (0.13%) to 157.69

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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