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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.27%, DAX30 +0.28%, CAC40 +0.27%

Jun 30 ,2023

  • Synopsis

    • European indices are set to open higher, ahead of the release of EZ flash CPI for June later today. Consensus suggests core inflation rate rose from 5.3% to 5.5% even as headline inflation seen declining from 6.1% to 5.6%. Note that yesterday, German state inflation rate showed an acceleration in June, bucking cooling trends seen in Italy and Spain, pushing back against the notion that inflation may have peaked.

    • Asian equities are trading mixed today with mainland China equities outperforming while Hang Seng flat. Nikkei and Taiex recording biggest declines.

    • US equities finished mostly higher yesterday in relatively quiet trading. S&P 500 futures are little changed

    • Among central banks updates Friday sees Bank of Spain's Delgado panellist at 9:45CET at Conf on Prevention of Money Laundering and Financing of Terrorism. Bundesbank's Balz speech title Central Bank Digital Currency at 11:00CET at Univ. of Cape Town.

    • In Corporate News: SW.FP (Sodexo) reported Q3 revenue €6.03B vs consensus €6.00B; refines FY guidance to reflect the strong Pluxee performance. ENGIE.FP (ENGIE) -- upgrades its 2023 guidance due to strong results recorded by GEMS

    • On the macro side, Netherlands posted June preliminary CPI +5.7% y/y vs consensus +5.8% and prior +6.1%

    • Other Macroeconomic releases due today include: Germany Jun unemployment change, May retail sales, Switzerland Jun KOF leading indicator, May retail sales, France Jun preliminary CPI, May consumer spending, PPI, UK Q1 final GDP. Eurozone Jun preliminary CPI, May unemployment rate

  • Politics/Macro/World News

    • Bank of England risks 'over-tightening' in battle with inflation (DT)

    • Bank of England's Tenreyro warns against rate rises, says cuts may be needed (Reuters)

    • ECB hawks take aggressive stance on rates after UK inflation wake-up call (FT)

    • UK Business Confidence Rebounds to a 13-Month High, Lloyds Says (BBG)

    • EU leaders to pledge de-risk from China and debate what this means (Reuters)

  • Top company news

    • Earnings/updates

      • AGN.NA (Aegon) -- Aegon's supervision to transfer from Dutch Central Bank to Bermuda Monetary Authority; financial targets for 2025 are unchanged

      • LEG.GR (LEG Immobilien) -- guides FY AFFO €165-180M vs prior guidance €125-140M

      • RENEW.SS (Re:NewCell) -- guides June production 2,200-2,400 metric tons

    • M&A

      • K.CN (Kinross Gold) -- rejected takeover approach from Endeavour Mining in recent months - Bloomberg

      • ERG.IM (ERG) -- announces sale of Priolo Gargallo thermoelectric plant

      • STLAM.IM (Stellantis) -- and Kuniko sign agreement securing 35% future production offtake of nickel sulphate and cobalt sulphate; invests in Kuniko

      • SOW.GR (Software) -- Silver Lake secures majority in Software AG with more than 63% of shares secured during Initial Acceptance Period

      • BHG.SS (BHG Group) -- enters into agreement on share sale in Furniture1; reduces BHG's acquisition related liabilities by SEK 450M

      • ISB.IR (�?slandsbanki) -- says discussions with Kvika (KVIKA.IR) discontinued

      • ALMA.FH (Alma Media) -- Otava Ltd commences the mandatory public tender offer for shares in Alma Media Corporation on 30-Jun-23

      • DUST.SS (Dustin Group) -- Axel Johnson announces a mandatory public offer SEK28.50/sh to the shareholders of Dustin

      • ENENTO.FH (Enento Group) -- notes recent movement in company's share price

      • ECIT.NO (ECIT AS) -- announces acquisition of 50.1% of the shares in ECIT Sustainability

      • BRKN.SW (Burkhalter Holding) -- acquires Riggenbach AG, Lüftungs- und Klimatechnik, in Olten. Terms were not disclosed

    • Healthcare

      • IPN.FP (Ipsen) -- and GENFIT Phase III ELATIVE trial of elafibranor in patients with primary biliary cholangitis met its primary endpoint

      • RENX.LN (Renalytix) -- notes US FDA grant of De Novo marketing authorization for KidneyIntelX.dkd prognostic test

    • Other

      • BG.AV Petrus Advisers writes letter to European Banking Authority highlighting red flags in BAWAG's business model

      • UCG.IM (UniCredit) -- concludes first tranche of buyback program

      • SUBC.NO (Subsea 7) -- Seaway7 awarded "very large" offshore wind contract in UK by ScottishPower Renewables

      • PGHN.SW (Partners Group Holding) -- appoints Joris Gröflin as new CFO, with effect from 1-Feb-24 at the latest

      • EDF.FP (Electricite de France) -- to reorganise nuclear activities to overcome recurring problems - Reuters

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- Signs LOA for Proprietary Node Survey in North Sea

      • MMB.FP (Lagardere) -- Lagardère SA extends the maturity of its financial liquidity

      • ADJ.GR (ADLER Group) -- and ADLER Real Estate express full confidence in Chief Legal Officer Sven-Christian Frank amid investigation by Frankfurt public prosecutor's office

      • PDG.LN (Pendragon) -- board chair Ian Filby said to be planning to step down -- Sky News

      • TechnipFMC awarded iEPCI for OMV's Berling Gas Development

      • UK May car manufacturing +26.9% y/y to 79,046 units -- SMMT

      • US, Netherlands set to further restrict sales of chipmaking equipment to China - Reuters

  • Key rating changes

    • Upgrades

      • Van Lanschot Kempen upgrades BLND.LN, ECMPA.NA, LMP.LN

      • AC.FP (Accor) -- to neutral from sell at Goldman Sachs

      • ALFA.SS (Alfa Laval) -- to buy from hold at DnB Markets

      • AV.LN (Aviva) -- to buy from hold at HSBC

      • DRX.LN (Drax Group) -- to outperform from neutral at Credit Suisse

      • GLE.FP (Societe Generale) -- to buy at Deutsche Bank

      • PGS.NO (PGS ASA) -- to hold from sell at SEB (29-Jun, 15:00 CET)

    • Downgrades

      • APAM.NA (Aperam) -- to underperform from neutral at Oddo

      • FEVR.LN (Fevertree Drinks) -- to underperform from neutral at BofA

      • Van Lanschot Kempen downgrades LAND.LN

    • Initiations

      • NDX1.GR (Nordex) -- buy at Deutsche Bank

  • Data

    • Nikkei (0.35%) to 33118.54

    • Hang Seng +0.32% to 18995.70

    • Shanghai Composite +0.86% to 3209.85

    • S&P futures +5.3 vs prior close of 4435.8

    • €-$ +0.0009 or +0.08% to 1.0876

    • $-¥ (0.10) or (0.07%) to 144.67

    • €-¥ +0.01 or +0.01% 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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