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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.05%, DAX30 +0.40%, CAC40 +0.13%

Jul 11 ,2023

  • Synopsis

    • European equity market futures point to a positive open amidst higher Asian equities Tuesday. Hang Seng outperforming as property stocks strengthen amid latest reports of government support for the sector. Tech stocks extending Monday's rally. Australia, Korea and Taiwan the other notable gainers. S&P 500 futures flat afterhours.

    • Early attention in Europe on UK labor market data. Unlikely to lead to dramatic shift in BoE rate hike expectations. BoE Governor Bailey reiterated commitment to bringing inflation back to target in Mansion House speech. Highlighted tightness in labor market contributing to stickiness in inflation. Chancellor Hunt also said government would play its part in cutting inflation. Urged restraint on company profit margins. Other macro releases include German final CPI and ZEW sentiment.

    • Also today sees first day of the two-day NATO Summit kick off in Vilnius. Last night, Turkey's Erdogan agreed to support Sweden's membership of NATO whilst US President Biden met UK PM Sunak in London ahead of the Summit, and described relations with the UK as "rock solid".

    • Elsewhere, informal meeting of EU energy ministers (through Wed). Germany's competition authority press conf at 10:00CET in connection with release of Annual Report. EU Parliament votes on amongst other issues, new rules to reduce energy consumption as well as approval the EU Chips Act, and debates the nature restoration law. UK parliament committee topics include the impact of rising rates on the mortgage market (execs from lenders include Nationwide, Lloyds Banking Group, Santander, Paragon Banking 10:15BST).

    • In central banks, Bank of France's Villeroy speech at conf on payments security whilst Bank of Italy publishes its latest Italian economy in brief

    • BRC's UK Jun retail sales monitor was up +4.2% y/y vs consensus +4.6% and prior +3.7%. FT notes warm weather boosted UK consumer spending on clothing, in pubs and at outdoor retailers last month, but overall retail sales growth remained below the pace of inflation

    • On the earnings front, from the Nordics region, AMBU (AMBU.B.DC) reported preliminary Q3 revenue DKK 1.195B vs FactSet DKK 1.21B and raised FY22/23 EBIT margin guidance whilst Tryg (TRUG.DC) reported Q2 net income DKK922M vs consensus DKK1.06B. Yesterday post close, Topdanmark (TOP.DC) released preliminary Q2 net income DKK260M vs FactSet DKK354.7M and lowered its FY guidance. In the DACHs region, Sensirion Holding (SENS.SW) reported preliminary H1 sales CHF123M, (25%) y/y and guides FY sales CHF235-255M vs prior guidance CHF300-340M. Overnight, Daimler Truck Holding (DTG.GR) raised its FY2023 guidance and announced a €2B share buyback program

  • Politics/Macro/World News

    • Turkey agrees to back Sweden's NATO membership bid - politico

    • New prospects for money − speech by Andrew Bailey

    • Biden visits UK: President says US-UK relationship rock solid - BBC

    • UK Chancellor's Mansion House speech last night - gov

    • Andrew Bailey and Jeremy Hunt join forces to demand UK wage restraint - FT

    • Spain 2023 election: PM Sanchez and rival Feijoo in chaotic live TV debate - Reuters

    • UK Jun retail sales monitor +4.2% y/y vs consensus +4.6% and prior +3.7% - BRC

    • Netherlands Jun CPI +5.7% y/y vs preliminary +5.7%

  • Top company news

    • Earnings/updates

      • DACHs:

        • DTG.GR (Daimler Truck Holding) -- increases FY2023 guidance and announces share buyback program

        • SENS.SW (Sensirion Holding) -- reports preliminary H1 sales CHF123M, (25%) y/y; guides FY sales CHF235-255M vs prior guidance CHF300-340M

        • BST.GR (Bastei Lübbe) -- reports FY EPS €0.30 vs year-ago €0.83

      • Nordics:

        • TRYG.DC (Tryg) -- reports Q2 net income DKK922M vs consensus DKK1.06B

        • TOP.DC (Topdanmark) -- reports preliminary Q2 net income DKK260M vs FactSet DKK354.7M [5 est, DKK247.0-384.0M]; lowers FY guidance

        • AMBU.B.DC (Ambu) -- reports preliminary Q3 revenue DKK 1.195B vs FactSet DKK 1.21B; raises FY22/23 EBIT margin guidance

        • NOD.NO (Nordic Semiconductor) -- reports Q2 EPS $0.08 vs FactSet $0.02 [8 est, $0.00-0.03]; guides Q3 revenue of $145-165M vs FactSet $166.14M

        • ACC.NO (Aker Carbon Capture) -- reports Q2 net income (NOK46.5M) vs FactSet (NOK44.3M) [4 est, (NOK54)-(39.1M)]

        • PROT.NO (Protector Forsikring) -- reports Q2 EPS NOK2.70 vs year-ago NOK2.40

    • M&A

      • PEUG.FP (Peugeot Invest) -- completes capital reorganisation of CID and LIS

      • SIE.GR (Siemens AG) -- Siemens reportedly working with BNP to evaluate potential options for its Innomotics unit -- Bloomberg

      • RHIM.LN (RHI Magnesita) -- announces extension of acceptance period by Ignite Luxembourg

    • Healthcare

      • EVT.GR (Evotec) -- announces Bristol Myers Squibb Company (BMY) has exercised its option to enter into exclusive global licence agreement within neuroscience partnership; Evotec receives $40M payment

      • ROG.SW (Roche Holding) -- European Commission approves Roche's fixed-duration Columvi (glofitamab) for people with relapsed or refractory diffuse large B-cell lymphoma

      • COLO.B.DC (Coloplast) -- Street Takeaways - Coloplast Acquisition of Kerecis

      • IPH.FP (Innate Pharma) -- doses first patient in SAR'514/IPH6401 Phase 1/2 clinical trial in relapsed/refractory multiple myeloma

    • Other

      • MCPHY.FP (McPhy Energy) -- partners with Dyneff to equip France's first low-carbon and renewable hydrogen station on highway

      • NDX1.GR (Nordex) -- receives additional 363MW orders in Mediterranean region

      • AEVS.SW (AEVIS VICTORIA) -- Visana Beteiligungen subscribes to 2.5M shares in AEVIS VICTORIA subsidiary Swiss Medical Network at CHF60/share

      • LHYFE.FP (Lhyfe) -- to develop a 70 MW green hydrogen plant in Perl, Saarland, Germany

      • TSL.IM (Tessellis) -- announces ~61.3% of the shares offered were subscribed for in capital increase; to offer unexercised option rights

      • ACC.NO (Aker Carbon Capture) -- appoints Egil Fagerland as new CEO, effective 11-Jul-23

      • BA.LN (BAE Systems) -- awarded £280M in new munitions orders from UK government - FT

      • IMB.LN (Imperial Brands) -- FDA denies marketing of myblu Menthol 2.4% e-cigarette product by Imperial Brands' Fontem US (earlier)

      • RNO.FP (Renault) -- Follow up: Geely, Renault conditionally agree to establish JV to engage in powertrain busines

      • SCYR.SM (Sacyr Vallehermoso) -- registers capital increase

      • Geely, Renault conditionally agree to establish JV to engage in powertrain business

  • Key rating changes

    • Upgrades

      • BKT.SM (Bankinter) -- to buy from neutral at UBS

    • Downgrades

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- to hold from buy at Jefferies

      • VACN.SW (VAT Group) -- to neutral from outperform at Oddo

    • Initiations

      • ERG.IM (ERG) -- buy at Stifel

      • ORSTED.DC (Ørsted) -- hold at Stifel

      • ACLN.SW (Accelleron Industries) -- buy at UBS

  • Data

    • Nikkei +0.26% to 32272.16

    • Hang Seng +1.54% to 18764.70

    • Shanghai Composite +0.38% to 3215.75

    • S&P futures +4.0 vs prior close of 4444.3

    • €-$ +0.0008 or +0.07% to 1.1012

    • $-¥ (0.49) or (0.35%) to 140.84

    • €-¥ (0.40) or (0.26%) to 155.08

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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