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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.07%), DAX30 (0.15%), CAC40 (0.07%)

Jul 05 ,2023

  • Synopsis

    • European equity markets are set to open lower amidst benchmarks in Japan, Korea and Australia recording mild losses. S&P 500 futures little changed. Crude steady near earlier highs in the wake of Saudi and Russian production cut announcement.

    • On today's agenda, Chancellor Scholz answer questions from the members of the Bundestag in the plenary session. Following MPs questions on Wales, there's PMQs at 12noon BST, whilst committee topics include work of the Government Chief Scientific Adviser 9:30 (Angela McLean replaced Patrick Vallance in Feb), negotiations with the EU in respect of Gibraltar 13:30 (Gibraltar's Chief Minister), review of the Digital Markets, Consumer and Competition Bill 14:00 and inflation 14:15 (Charles Bean former member of BOE's MPC). There's Euromed Summit dedicated to "Energy transition in the Euro-Mediterranean region" (thru Thu) and OPEC International Seminar (thru Thu); EU's Simson participates. Also, Eurobörsentag 2023 organised by Börsen-Zeitung. Germany and UK Jun new car registrations. After the EU close there's the release of FOMC meeting minutes. 14:15CET Germany's finance minister Lindner presents draft 2024 federal budget and the financial plan up to 2027.

    • In Central Banks, Bundesbank symposium 'Banking supervision in dialogue' speakers include Nagel 9:00CET and Buch 9:30 (also closing remarks at 16:00), as well as Bafin's President Branson 10:00. Bundesbank's Nagel attends German cabinet meeting on the budget. ECB's Consumer Expectation Survey results for May released at 10:00CET. Bank of France's Villeroy speaks at 13:00CET at Paris Europlace forum. Bank of Spain's de Cos speech at 20:00CET at event organized by the Foro La Toja.

    • Macroeconomic releases due today include: Italy, Spain, Sweden, others Jun services PMIs as well as final reads for Eurozone, France, Germany, UK, France May industrial production, Spain May industrial production, Eurozone May PPI, Ireland Jun unemployment rate.

    • On the corporate front, GRENKE (GLJ.GR) reported Q2 new leasing business +10.7% y/y to €650.3M vs year-ago €587.4M. Still, in Germany, Cropenergies (CE2.GR) reported Q2 earnings with a revenue of €321.4M, (19%) vs year-ago €398.9M and reaffirmed its FY guidance. In Norway, Aker BP (AKRBP.NO) reported Q2 production of 480.7 Mboe/d vs FactSet 459.9 Mboe/d. Also due to report earnings today AO World (AO.LN), Redde Northgate (REDD.LN) and Supreme (SUP.LN).

  • Politics/Macro/World News

    • Cash buyers snapping up more high-end London property, research shows - FT

    • UK's June new car sales rise 25% -SMMT - Reuters

    • Biden pushes for Von der Leyen to be Nato chief - The Telegraph

    • Bank of England considers forcing foreign banks to replace branches with subsidiaries -- FT

  • Top company news

    • Earnings/updates

      • AKRBP.NO (Aker BP) -- reports Q2 production 480.7 Mboe/d vs FactSet 459.9 Mboe/d

      • GLJ.GR (GRENKE) -- reports Q2 new leasing business +10.7% y/y to €650.3M vs year-ago €587.4M

      • CE2.GR (Cropenergies) -- reports Q1 EBITDA €25.1M vs year-ago €97.8M; reaffirms FY guidance

    • M&A

      • BN (Brookfield Corp) -- Center Parcs sale in doubt as several prospective bidders drop out - London Times

      • ENI.IM (Eni) -- to reduce exposure to oil partly through asset sales - Reuters (4-Jul, 14:53 CET)

      • LIFCO.B.SS (Lifco) -- agrees to acquire a majority stake in Emilplastica for an undisclosed sum

      • NOTE.SS (NOTE) -- acquires electronics manufacturer DVR Ltd for £9M plus upto £3M based on future growth & profit milestones

      • IPEL.LN (Impellam Group) -- responds to media speculation; confirms in discussions with HeadFirst Global regarding possible offer

    • Healthcare

      • AZN.LN (AstraZeneca) -- NICE approves AstraZeneca's Lynparza for maintenance treatment of relapsed, platinum-sensitive ovarian, fallopian tube or peritoneal cancer after two or more courses of platinum-based chemotherapy

      • MOVE.SW (Medacta Group) -- reports the successful completion of the first MyPAO surgeries in Europe

    • Other

      • AGN.NA (Aegon) -- La Banque Postale and Aegon extend their partnership in asset management

      • BAER.SW (Julius Baer Group) -- announces capital reduction by cancelling 7.8M shares

      • SKA.B.SS (Skanska) -- builds hospital in Lakeland, Florida, USA, for $109M (~SEK 1.1B)

      • CO.FP (Casino Guichard-Perrachon) -- In response to rumours in the press, Casino Guichard-Perrachon decides to accelerate timetable for distribution proposals

  • Key rating changes

    • Upgrades

      • BBOX.LN (Tritax Big Box REIT) -- to buy from hold at Liberum Capital

      • GLE.FP (Societe Generale) -- to outperform from neutral at Oddo

      • NESTE.FH (Neste) -- to buy from hold at Jefferies

      • PSON.LN (Pearson) -- to buy from neutral at UBS

      • CON.GR (Continental) -- to outperform from neutral at BNP Paribas Exane

      • VPK.NA (Royal Vopak) -- to overweight from equal-weight at Morgan Stanley

    • Downgrades

      • WINE.LN (Naked Wines) -- to sell from hold at Liberum Capital

      • VOE.AV (Voestalpine) -- to neutral from outperform at BNP Paribas Exane

      • ABDN.LN (abrdn Plc) --to hold from buy at Panmure Gordon

      • INW.IM (Infrastrutture Wireless Italiane) -- to neutral from buy at Van Lanschot Kempen

    • Initiations

      • GET.FP (Getlink) -- overweight at JPMorgan

    • Others

      • EL.FP (EssilorLuxottica) -- assumed overweight at Morgan Stanley

  • Data

    • Nikkei (0.36%) to 33303.54

    • Hang Seng (1.30%) to 19162.96

    • Shanghai Composite (0.53%) to 3228.28

    • S&P futures (3.3) vs prior close of 4492.3

    • €-$ (0.0003) or (0.03%) to 1.0880

    • $-¥ +0.16 or +0.11% to 144.63

    • €-¥ +0.11 or +0.07% 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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