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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.36%, DAX30 +0.28%, CAC40 +0.32%

Jul 03 ,2023

  • Synopsis

    • European equity markets set to open broadly higher, extending gains from last week/month. In June, markets were volatile throughout the month but found a modicum of support after the benchmark STOXX 600 registered its longest losing streak since mid-March and hit three-month lows.

    • Asian equities advancing Monday. Widespread gains on regional benchmarks with Chinese, Japanese and Korean stocks outperforming. Busy day of Asian economic data. BOJ Tankan showed larger than expected rise in large manufacturer and non-manufacturer sentiment, and surge in projected capex. China Caixin manufacturing PMI fell by less than expected with sector remaining in expansion. However, Asia ex-China PMIs deteriorated amid weak external demand.

    • Should be a relatively quiet start to the week and month as US markets close early on Mon (and are closed all day Tue for Independence Day holiday).

    • European macro data releases out today include Italy, Norway, Spain, Sweden, Switzerland, others Jun manufacturing PMI as well as final reads for Eurozone, France, Germany, UK, Switzerland Jun CPI, Austria Jun unemployment rate. France, Italy and Spain Jun new car registrations also out today.

    • Today's agenda also sees Frankfurt Euro Finance Summit; speakers include Bundesbank's Nagel at 14:00CET. BOE's Benjamin speech at 14:00BST at UK Finance event. ECB publishes the Macroprudential Bulletin Issue 22 at 10:00CET. One of the topics at Mercosur Summit (Argentina, Brazil, Paraguay and Uruguay) (thru Tue) is likely to be the free trade agreement with the EU. Brazil's President da Silva has said country cannot agree to EU's proposal for Mercosur trade deal. EU's Borrell participates in the visit of the College of Commissioners to mark to start of the Spanish Presidency of the Council of the European Union. EU's Breton, Wojciechowski participate in High-Level Trade Mission to Japan (thru Fri). Deutsche Börse reception for the 35th Dax anniversary. Forum IAA - Mobility in transition.

  • Macro/politics

    • Spanish election favourite Alberto Núñez Feijóo vows to overhaul windfall tax - FT

    • Leading economists piled pressure on BoE chief Bailey and Chancellor Hunt to shake up monetary system and help savers - Telegraph

    • UK Business Confidence Slumps After Inflation Shock, IoD Says - Bloomberg

    • EU, Japan to deepen chip cooperation - Breton - Reuters

    • In Kyiv, Sánchez says Ukraine's EU candidacy to be a priority of Spain Council presidency - POLITICO

    • France protests ease as Macron prepares to meet leaders of parliament - Guardian

    • Sweden's Debt-Laden Landlords Are Veering Closer to Forced Sales - Bloomberg

  • Top company news

    • Earnings/updates

      • DOKA.SW (dormakaba Holding) -- launching transformation program, expects cost savings ~CHF170M by 2025/26

      • PEAB.B.SS (Peab) -- contract with Unibail Rodamco Westfield for Mall of Scandinavia concluded

      • RENEW.SS (Re:NewCell) -- reports June total production output ~2,300 metric tons of dissolving pulp

      • Also reporting today

        • Earnings: Porvair (PRV.LN), Wynnstay Group (WYN.LN)

        • Trading Update: Repsol (REP.SM)

    • M&A

      • ABCM (Abcam) -- reportedly getting takeover interest from Danaher and Agilent, while also approaching Merck KGaA to gauge interest - Bloomberg, citing people with knowledge of the matter

      • CLNX.SM (Cellnex Telecom) -- acquires 30% stake held by Iliad in On Tower Poland sp. z o.o. for €510M

      • TE.FP (Technip Energies) -- acquires Processium for an undisclosed sum

      • AGL.IM (Autogrill) -- Dufry to initiate squeeze-out procedure for Autogrill

      • SFSN.SW (SFS Group) -- acquires certain businesses from Connective Systems & Supply, Inc

      • G.IM (Generali) -- Italy insurance regulator IVASS authorises Del Vecchio's Delfin to hold more than 10% of Generali -- Repubblica

    • Healthcare

      • ROG.SW (Roche Holding) -- Roche's Genentech announces four-year follow-up data for Evrysdi

      • UCB.BB (UCB) -- presents latest data from generalized myasthenia gravis (gMG) portfolio at European Academy of Neurology (EAN) Meeting

      • ZEAL.DC (Zealand Pharma) -- submits New Drug Application for dasiglucagon to treat hypoglycemia to FDA

      • ORX.SS (Orexo) -- wins patent litigation for ZUBSOLV in the US

    • Other

      • NOKIA.FH (Nokia) -- and Apple sign long-term patent license agreement

      • TSCO.LN (Tesco plc) -- Tesco confirms appointment of Gerry Murphy as chair, effective 1-Sep

      • UBSG.SW (UBS Group) -- UBS drops idea of listing CS Switzerland - Schweiz am Wochenende

      • UBSG.SW (UBS Group) -- UBS hopes to say it won't use Swiss government CHF9B backstop for Credit Suisse purchase - FT

      • BARC.LN (Barclays) -- looking to terminate corporate banking partnership with Odey Asset Management -- FT, citing sources

      • BMW.GR (Bayerische Motoren Werke) -- BMW urges UK to prepare for hydrogen cars - Sunday Times

      • VWS.DC (Vestas Wind Systems) -- wins 423 MW order in the USA

      • DIE.BB (D'Ieteren Group) -- appoints Edouard Janssen to Group CFO

      • SFER.IM (Salvatore Ferragamo) -- announces resignation of CFO Alessandro Corsi, effective 30-Sep

      • CO.FP (Casino Guichard-Perrachon) -- Casino and Prosol announce memorandum of understanding for partnership (Friday, 14:21 ET)

      • Estimated weekend box office revenues in US, Canada $123.8M, (34.8%) y/y - Box Office Mojo

      • France Jun new passenger car registration +11.6% y/y to 190,848 vehicles -- PFA (1-Jul)

      • Reliance Jio Infocomm in advanced talks with foreign banks to raise $1-1.5B to buy 5G network gear from Ericsson (ERIC.B.SS) -- The Economic Times

      • NTGY.SM (Naturgy Energy Group) -- shareholders propose Ignacio Gutiérrez-Orrantia as main candidate to become CEO - Cinco Dias, citing sources

  • Key rating changes

    • Upgrades

      • GALP.PL (Galp Energia) -- to outperform from neutral at BNP Paribas exane

      • ENGI.FP (ENGIE) -- to buy from add at AlphaValue

    • Downgrades

      • ANE.SM (Corporación Acciona Energías Renovables) -- to neutral from overweight at JPMorgan

    • Initiations

      • CDA.FP (Compagnie des Alpes) -- buy at Stifel

      • AKVA.NO (AKVA Group) -- hold at DnB Markets

  • Data

    • Nikkei +1.65% to 33737.63

    • Hang Seng +1.85% to 19265.56

    • Shanghai Composite +1.39% to 3246.47

    • S&P futures (0.3) vs prior close of 4488.3

    • €-$ (0.0016) or (0.15%) to 1.0908

    • $-¥ +0.22 or +0.16% to 144.53

    • €-¥ +0.21 or +0.13% to 157.65

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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