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Back to Daily DR Market Summary

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

Jun 29 ,2023

  • Synopsis

    • European equity markets are set to open mixed amid Asian equities mixed Thursday. S&P 500 futures higher with US banks also higher afterhours following Fed stress test result. Bond markets mixed with Treasuries little changed. AUD strengthening against other currencies, dollar steady elsewhere. Crude, base and precious metals little changed.

    • On today's agenda, EU Council meeting takes place (through Fri). Ahead of the EU Council meeting, EU Leaders will lunch with NATO's Stoltenberg. Norway's PM Jonas Gahr Støre holds half-yearly summary press conf at 11:00CET. EU's Simson speech at the European Association for the Promotion of Cogeneration Europe's (COGEN) Annual Conf.

    • Elsewhere, International Cannabis Business Conf, includes panel discussion at 10:40CET with reps of political parties about the status of cannabis legalization in Germany. Furthermore, Economic resilience and renewal: an Irish perspective conf from 13:30BST, speakers from Ireland's Central Bank, ESRI, IBEC, others. Irish Association of Investment Managers Annual Dinner, Federal Reserve Bank of Atlanta President Bostic speaks, then in conversation with Sky News' Alison Comyn.

    • In central banks, ECB economic bulletin released at 10:00CET. Riksbank policy decision at 9:30CET, with benchmark interest rate expected to be increased +25bps, with signal for further tightening.

    • In corporate news, Baloise (BALN.SW) updates on new financial reporting under IFRS 17/9. In France, Renault (RNO.FP) guides H1 operating margin superior to 7% and upgrades its FY23 financial outlook. OVHCloud (OVH.FP) reports Q3 revenue €228M, +13.2% like-for-like y/y vs FactSet €239.9M and confirms FY outlook. Casino Group (CO.FP) proposes to convert debt into equity; current holders to be massively diluted.

    • On M&A front, Orange Group (ORA.FP) announced yesterday night completion of strategic review of Orange Bank and opening of exclusive negotiations with BNP Paribas (BNP.FP). Keysight intends to acquire ESI Group (ESI.FP) for a total of €913M.

  • Politics/Macro/World News

    • EU summit to offer 'security commitments' to Ukraine - FT

    • Migration money feud infiltrates EU summit - Politico

    • UK Government accused of ignoring international law during House of Lords defeats - Sky

    • Covid to blame for inflation - not Brexit, says BoE Andrew Bailey - Telegraph

    • Study shows 130 countries exploring central bank digital currencies - Reuters

  • Top company news

    • Earnings/updates

      • RNO.FP (Renault) -- guides H1 operating margin superior to 7%; upgrades its FY23 financial outlook

      • OVH.FP (OVHCloud) -- reports Q3 revenue €228M, +13.2% like-for-like y/y vs FactSet €239.9M [2 est, €227-252.7M]

      • ZG.AV (Zumtobel Group) -- reports FY net income €60M vs FactSet €52.5M [1 est]

    • M&A

      • ORA.FP (Orange) -- Group announces completion of strategic review of Bank and opening of exclusive negotiations with BNP Paribas

      • ESI.FP (ESI Group) -- Keysight intends to acquire ESI Group for €155/share in cash or €913M ($995.8M) total

      • GN.DC (GN Store Nord) -- to divest BelAudição to MCH Private Equity

      • H24.GR (Home24) -- SE bidders announce decision to make public delisting offer

      • ALSN.SW (ALSO Holding) -- acquires value add distributor Commaxx; terms undisclosed

    • Healthcare

      • IPN.FP (Ipsen) -- FDA panel votes to support evidence of treatment effect with palovarotene

        • FDA panel votes to support the risk-benefit profile of palovarotene

      • FYB.GR (Formycon) -- announces submission of the BLA for FYB203 to the FDA

      • SAN.FP (Sanofi) -- hosts Vaccines Investor Event today; reaffirms ambition to deliver >€10B in annual vaccines sales by 2030

      • EVT.GR (Evotec) -- receives €2M milestone payment for first patient dosed in Phase I study of Bayer kidney disease programme

      • COPN.SW (Cosmo Pharmaceuticals) -- announces beginning of phase III trials of clascoterone solution in males for treatment of androgenetic alopecia

      • APPH.GR (APONTIS PHARMA) -- launches Single Pill Finder and distribution of Single Pill Rosazimib

    • Other

      • SOLB.BB (Solvay) -- Specialty Polymers USA, a subsidiary of and the New Jersey Department of Environmental Protection announced an agreement resolving certain PFAS related claims in New Jersey.

      • DRX.LN (Drax Group) -- welcomes Climate Change Committee report; confirms decommissioning of coal units will continue (28-Jun)

      • SPM.IM (Saipem) -- awarded ~$1B in new contracts

      • CO.FP (Casino Guichard-Perrachon) -- Casino Group proposes to convert debt into equity; current holders to be massively diluted

      • GIMB.BB (Gimv) -- updates on Capital Dividend Rights; main shareholder VPM to contribute 63% of its Rights

  • Key rating changes

    • Upgrades

      • ALLFG.NA (Allfunds Group) -- to buy from hold at HSBC

      • GBF.GR (Bilfinger) -- to buy from neutral at UBS

      • GBG.LN (GB Group) -- to buy from hold at Jefferies

    • Downgrades

      • ADYEN.NA (Adyen) -- to equal weight from overweight at Barclays

      • KER.FP (Kering) -- to hold from buy at HSBC

      • AHT.LN (Ashtead Group) -- to neutral from outperform at BNP Paribas Exane

    • Initiations

      • TEP.FP (Teleperformance) -- buy at Berenberg

      • AKAST.NO (Akastor) -- buy at Sparebank 1 Markets

      • MELE.BB (Melexis) -- reinitiated buy at Van Lanschot Kempen Wealth Management N.V.

      • NEOEN.FP (Neoen) -- initiated hold at Deutsche Bank

  • Data

    • Nikkei +0.32% to 33300.66

    • Hang Seng (1.25%) to 18931.49

    • Shanghai Composite (0.14%) to 3184.80

    • S&P futures +1.0 vs prior close of 4417.5

    • €-$ (0.0029) or (0.27%) to 1.0888

    • $-¥ +0.06 or +0.04% to 144.51

    • €-¥ (0.35) or (0.22%) to 157.32

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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