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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.08%, DAX30 +0.29%, CAC40 +0.26%

Jul 07 ,2023

  • Synopsis

    • European indices are set to open in positive territory as Asian equities remain weaker again today. Hang Seng leading China markets lower with property stocks under pressure. Semis weighing on Kospi following Samsung's earnings. ASX down to its lowest since late March. S&P 500 futures flat afterhours with US equities lower in Thursday trading, though finished a bit off best levels.

    • Hotter-than-expected US ADP payrolls data fueling concerns of a drawn out tightening cycle with central banks having recently resumed or reaccelerated rate hikes amid still-high inflation. While resilient economic data has strengthened soft landing expectations, prospect of ongoing rate hikes also heightening concerns of a policy mistake as yields push higher and curves remain inverted.

    • In Central banks today, Bundesbank's Nagel panellist at 14:00CET at event organised by the bank title Central Banks' Battle Against Inflation: Implications for Monetary Policy. ECB's de Guindos at workshop at ~9:30BST "Examining the inflationary surge affecting economies around the world" organised by King's College in London. ECB's Lagarde panellist at 18:45CET at 23rd edition of Les Rencontres Economiques d'Aix-en-Provence 2023 (thru Sun)

    • Earnings reported so far today: Eastnine (EAST.SS) reports Q2 EPS (€1.57) vs year-ago €3.45 whilst Clas Ohlson (CLAS.B.SS) is out with June sales. Clariant (CLN.SW) reports preliminary Q2 revenue CHF1.08B vs FactSet CHF1.16B [3 est, CHF1.10-1.23B]. Sulzer (SUN.SW) reports H1 order intake CHF1.99B y/y vs FactSet CHF1.98B; raises FY order intake growth guidance. Yesterday after market close, Repsol (REP.SM) reported Q2 upstream production 595 Kboe/d vs year-ago 540 Kboe/d and Euronext (ENX.FP) released June trading activity

    • Earnings to be published: ABG Sundal Collier Holding (ABG.NO), Catena (CATE.SS), Q-Free (QFR.NO)

      • Trading Update: MJ Gleeson (GLE.LN), Porsche (P911.GR)

      • Traffic: Finnair (FIA1S.FH), Icelandair Group (ICEAIR.IR), SAS (SAS.SS)

    • Economic calendar: Germany May industrial production, Switzerland Jun unemployment rate, France May trade balance, Italy May retail sales, Sweden May industrial production, Denmark May manufacturing production, Norway May industrial production, UK Jun house price index - Halifax, Greece Jun CPI, May trade balance

  • Politics/Macro/World News

    • Small Banks Don't Like High Rates (BBG)

    • IAEA chief Grossi nods to discord among its Fukushima report experts (Reuters)

  • Top company news

    • Earnings/updates

      • REP.SM (Repsol) -- Q2 trading update: upstream production 595 Kboe/d vs year-ago 540 Kboe/d

      • ENX.FP (Euronext) -- June trading activity

      • CLN.SW (Clariant) -- reports preliminary Q2 revenue CHF1.08B vs FactSet CHF1.16B [3 est, CHF1.10-1.23B]

      • SUN.SW (Sulzer) -- reports H1 order intake CHF1.99B y/y vs FactSet CHF1.98B; raises FY order intake growth guidance

      • OSB.LN (OSB Group) -- remains on track for 7% growth for 2023 net loan book

      • LMKG.SS (LMK Group) -- reports preliminary Q2 revenue SEK230.5M vs FactSet SEK239.6M [1 est]

      • CLAS.B.SS (Clas Ohlson) -- reports June sales +5% to SEK 748M; in local currency +7%

      • FABG.SS (Fabege) -- reports Q2 EPRA NRV per share SEK161, (12%) vs year-ago SEK183

      • EAST.SS (Eastnine) -- reports Q2 EPS (€1.57) vs year-ago €3.45

    • M&A

      • YOU.LN (YouGov) -- announces acquisition of the Consumer Panel Business of GfK SE for €315M

      • ORA.FP (Orange) -- may seek to buy 45% of Ethio Telecom - Bloomberg

      • SPIE.FP (SPIE) -- enters into exclusive negotiations for the acquisition of AVM Up

      • HOME.SM (Neinor Homes) -- agrees to transfer Europa Homes to a Harrison Street, DeA Capita JV for an undisclosed sum (post EU close 6-Jul)

      • CLA.FP (Claranova) -- enters exclusive discussions with Encore software for the sale of Avanquest's Home design activities

      • BLC.FP (Bastide Le Confort Medical) -- finalizes two acquisitions

      • BULTEN.SS (Bulten) -- to acquire Exim & Mfr Holdings Pte Ltd for enterprise value SG$66.3M (SEK530M)

      • BRKN.SW (Burkhalter Holding) -- completes purchase of Riggenbach AG, Lüftungs- und Klimatechnik

      • Blackstone and TPG said to be weighing offers for fund administrator Standish Management -- Reuters

    • Healthcare

      • BIOA.B.SS (BioArctic) --

        • US FDA converts leqembi for treatment of adult patients with Alzheimer's Disease to traditional approval

        • issues press release on FDA's granting of traditional approval for LEQEMBI to treat Alzheimer's disease

    • Other

      • STLAM.IM (Stellantis) -- Stellantis, NioCorp sign rare earth offtake term sheet to develop Stellantis' mineral supply chain

      • PUM.GR (Puma) -- commits to deforestation-free leather by 2030

      • SGO.FP (Compagnie de Saint-Gobain) -- Saint-Gobain announces $235Ms investment to double production capacity of its Florida gypsum facility

      • KGX.GR (Kion Group) -- announces departure of CFO Marcus Wassenberg, effective immediately

      • DANSKE.DC (Danske Bank) -- provides update on status of remediation of errors in debt collection systems

      • NXI.FP (Nexity) -- Carrefour and Nexity plan to upgrade 76 Carrefour sites in France as part of property JV

      • DOCM.SW (DocMorris) -- files complaint against the prescription medicines (Rx) bonus ban with the European Commission

      • Schweiter Technologies appoints Urs Scheidegger as CFO; effective 1-Sep

      • Uber Technologies, DoorDash file lawsuits against New York City over minimum wage law

      • Verimatrix XTD selected by Crédit Agricole Payment Services to secure "Paiement Mobile" app

  • Key rating changes

    • Upgrades

      • ELM.LN (Elementis) -- to overweight from neutral at JPMorgan

      • ROR.LN (Rotork) -- to buy from hold at Jefferies

    • Downgrades

      • UTDI.GR (United Internet) -- to hold from buy at HSBC

  • Data

    • Nikkei (0.41%) to 32640.27

    • Hang Seng (0.13%) to 18509.35

    • Shanghai Composite +0.12% to 3209.30

    • S&P futures (2.0) vs prior close of 4447.0

    • €-$ +0.0003 or +0.03% to 1.0893

    • $-¥ (0.42) or (0.29%) to 143.64

    • €-¥ (0.39) or (0.25%) to 156.47

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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