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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.0%), DAX30 +0.2%, CAC40 +0.1%

Jul 04 ,2023

  • Synopsis

    • European equity markets are set to open mixed amid Asian equities mixed Tuesday. S&P 500 futures flat afterhours ahead of US Independence Day holiday on Tuesday. Aussie pulling lower, euro seeing minor losses, dollar steady elsewhere. Commodities mixed with crude pushing higher, gold flat and base metals drifting lower.

    • On today's agenda, EU-UK Parliamentary Partnership Assembly concludes; address by EP President Metsola opens session.EU Commission set to unveil new legislation that boosts enforcement of European privacy investigations; press conf 11:00CET. In Germany, Chancellor Scholz hosts Romanian PM Ciolacu whilst Irish government is set to publish the Summer Economic Statement. Elsewhere, 10th EU-Chile Joint Consultative Committee takes place. In central banks, Bank of Italy's Financial Intelligence Unit (FIU) presents Annual Report at 11:30CET.

    • In the UK, House of Commons gets underway with MP's topical questions on Energy Security and Net Zero, whilst PM Sunak answers questions from Liaison Committee at 14:00BST and other committee topics include Bank of England: how is independence working? 15:00 (Treasury officials).

    • Other events see Paris Europlace forum panellists today include execs from Amundi, Axa, BNP Paribas, Rothschild & Co.

    • Macroeconomic releases due today include: Germany May trade balance and Spain Jun unemployment change.

    • On a light earnings/trading updates front, Flow Traders (FLOW.NA) expects Q2 2023 Normalized Net Trading Income of approx. €49M and Normalized Other Income of approx.€2M. ActiveOps (AOM.LN), FastPartner (FPAR.B.SS), Kitwave Group (KITW.LN), Solid State (SOLI.LN) are expected to update the market today.

  • Politics/Macro/World News

    • Why Ukraine's accession and EU enlargement loom over Spain's presidency - FT

    • After the riots, Macron must fix a broken France - Politico

    • Tory MPs issue plan for Rishi Sunak to slash migration - BBC

    • UK major banks summoned to meet financial watchdog over 'measly' easy access savings rates - Sky

    • Turkish state banks resume supporting lira as rout deepens - Bloomberg

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

  • Top company news

    • Earnings/updates

      • VIRP.FP (Virbac) -- guides FY revenue 0%-4% y/y vs prior guidance 4%-6% and FactSet 3.4%

      • WDP.BB (Warehouses de Pauw) -- provides update on policy regarding Dutch FBI status; impact on results and guidance for 2023

      • FLOW.NA (Flow Traders) -- Q2 2023 NTI preview: Flow Traders expects Q2 2023 Normalized Net Trading Income of approximately €49M and Normalized Other Income of approximately €2M

    • M&A

      • TEN.IM (Tenaris) -- Tenaris' Brazilian subsidiary completes the acquisition of additional participation in Usiminas Control Group

      • HLN.LN (Haleon) -- exploring sale of smoking cessation products - Bloomberg

      • ANOD.B.SS (Addnode Group) -- completes acquisition of Team D3 in the US and Symetri becomes Autodesk's largest partner globally

      • NANOV.NO (Nordic Nanovector) -- completes Thor Medical acquisition

    • Healthcare

      • VSC.GR (4SC AG) -- RESMAIN study results to be presented at the EORTC Cutaneous Lymphoma Tumour Group Annual Meeting 23-Sep-23

    • Other

      • STLA.IM (Stellantis) -- to invest ~€100M to reduce emissions at its Mirafiori plant in Italy

      • SIM.DC (SimCorp) -- holder Bank of America informs company it holds 4.24% stake

      • CINE.LN (Cineworld Group) -- identifies Cinepolis executive Eduaro Acuna as candidate to take over as CEO - Sky News

      • ADJ.GR (ADLER Group) -- signs loan agreement for up to €75M through 30-Jun-25

  • Key rating changes

    • Upgrades

      • BOL.SS (Boliden) -- to outperform from market perform at Bernstein

      • CAST.SS (Castellum AB) -- Castellum AB reinstated buy at DnB Markets; prior rating was hold

      • KIND.SS (Kindred Group) -- to buy from hold at ABG Sundal Collier

      • RBI.AV (Raiffeisen Bank International) -- to hold from reduce at Kepler Cheuvreux

      • WCH.GR (Wacker Chemie) -- to buy from hold at HSBC

      • CPC.LN (City Pub Group) -- to buy from hold at Panmure Gordon

    • Downgrades

      • AZN.LN (AstraZeneca) -- to hold from buy at Deutsche Bank

      • PSN.LN (Persimmon) -- to neutral from overweight at JPMorgan

      • GF.SW (Georg Fischer) -- to Add from Buy at Baader Helvea

      • DNLM.LN (Dunelm Group) -- to underperform from sector perform at RBC Capital Markets

      • TOBII (Tobii) -- short-term recommendation downgraded to hold from buy at Handelsbanken

    • Initiations

      • KBX.GR (Knorr-Bremse) -- re- neutral at BNP Paribas Exane

      • FUR.NA (Fugro) -- outperform at BNP Paribas Exane

    • Other Actions

      • VRLA.FP (Verallia) -- resumed buy at Deutsche Bank; prior rating was buy

  • Data

    • Nikkei (0.94%) to 33436.68

    • Hang Seng +0.39% to 19382.82

    • Shanghai Composite (0.07%) to 3241.77

    • S&P futures (0.3) vs prior close of 4492.3

    • €-$ (0.0017) or (0.16%) to 1.0898

    • $-¥ (0.06) or (0.04%) to 144.63

    • €-¥ (0.29) or (0.18%) to 157.60

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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