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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.2%, DAX +0.3%, CAC +0.5%, STOXX +0.4%

Jul 12 ,2023

  • Synopsis

    • European equity markets set to open broadly higher, extending gains seen in Tuesday's session. Asian equities mixed Wednesday. Hang Seng extending recent gains with tech stocks outperforming. US equities finished higher in Tuesday trading, ending just off best levels after rallying in the last hour of trading. There was much anticipation ahead of today's US June CPI report at 8:30am Eastern time. Also looking to start of bank earnings season on Friday. Disinflation traction still seems to be a positive following outsized drop in Manheim used-vehicle price index and lowest one-year inflation expectations in over two years on Monday.

    • On today's European agenda:, BOE publishes Financial Policy Summary and Record, Financial Stability Report and the results of the 2022/23 stress test of the UK banking system at 7:00BST. OMFIF event at 9:00BST title Economic resilience in Spain and the euro area, speaker Bank of Spain's �?ngel Gavilán. ECB's Lane panellist at 15:45CET at the NBER conf (livestream). After EU close there's the release of Fed's Beige Book. Concluding day of NATO Summit; Stoltenberg kicks-off round of press confs at ~14:30CET

    • Also today, Spain's ANFAC presents its Annual Report 2022 at 12noon CET and Made in Italy pre-Summit event organised by Il Sole 24 Ore, FT and Sky TG24. It is Opposition Day debate in the UK (topic tba) follows weekly PMQs that begins at 12noon BST, committee topics Thames Water (company management 9:15), Energy Security and Net Zero (13:15), Ofcom (14:30).

    • Macro data releases include Spain Jun final CPI, Portugal Jun final CPI

    • On the corporate front highlights, Thales (HO.FP) enters into exclusive negotiation to acquire Cobham Aerospace Communications for ~$1.1B (EV, debt free/cash free). AXA (CS.FP) reportedly weighing options for its XL Re unit. Close Brothers (CBG.LN) reportedly exploring options for its wealth-management arm. DNB (DNB.NO) kicking off the reporting season for the Nordic banks with Q2 EPS NOK5.93 vs consensus NOK5.79, Revenue NOK20.20B vs consensus NOK19.47B and CET1 (Basel III) 18.9% vs consensus 18.5%. Also out with Q2 numbers are the likes of Kongsberg Gruppen (KOG.NO), Telekom Austria (TKA.AV), while in the UK JD Wetherspoon (JDW.LN), Tullow Oil (TLW.LN) are among those out with updates

  • Macro/politics

    • Sunak Says UK Inflation Battle Takes Priority Over Tax Cuts - Bloomberg

    • UK's Inflation Crisis Expected to Last Another 10 Months - Bloomberg

    • Hunt orders ministers to find £2bn savings for public sector pay rises - FT

  • Top company news

    • Earnings/updates

      • DNB.NO (DNB Bank) -- reports Q2 EPS NOK5.93 vs consensus NOK5.79

      • TKA.AV (Telekom Austria) -- reports Q2 net income €166M vs year-ago €167M

      • KOG.NO (Kongsberg Gruppen) -- reports Q2 EPS NOK4.38 vs FactSet NOK4.36 [6 est, NOK4.18-4.48]

      • WITH.FH (WithSecure) -- lowers 2023 cloud ARR, cloud revenue, total revenue, and profitability outlook

      • BNOR.NO (BlueNord) -- reports Q2 EPS $0.7 vs FactSet $0.24 [4 est, $0.00-0.48]

      • UBXN.SW (u-blox Holding) -- reports preliminary Q2 revenue CHF166M vs FactSet CHF164.0M

      • Also reporting today

        • Earnings:

          • DACH: ABOUT YOU Holding (YOU.GR)

          • France: Kaufman & Broad (KOF.FP)

          • Nordics: JM (JM.SS), Bulten (BULTEN.SS), HEBA Fastighets (HEBA.B.SS), Elanders (ELAN.B.SS), BioArctic (BIOA.B.SS)

          • Southern Europe: Unieuro (UNIR.IM)

          • UK: Loungers (LGRS.LN), Renold (RNO.LN), ECO Animal Health Group (EAH.LN), Knights Group Holdings (KGH.LN)

        • Trading Update: Grafton Group (GFTU.LN), JD Wetherspoon (JDW.LN), Tullow Oil (TLW.LN), Ten Entertainment Group (TENG.LN), PageGroup (PAGE.LN), Atalaya Mining (ATYM.LN), Hostelworld (HSW.LN)

        • Revenue/sales: DFDS (DFDS.DC), ATEME (ATEME.FP), u-blox Holding (UBXN.SW)

        • Traffic: Flughafen Zuerich (FHZN.SW)

    • M&A

      • HO.FP (Thales) -- enters into exclusive negotiation to acquire Cobham Aerospace Communications for ~$1.1B (EV, debt free/cash free)

      • NVDA (NVIDIA) -- in talks to become anchor investor for Arm IPO, which could come in September - FT

      • CS.FP (AXA) -- reportedly weighing options for its XL Re unit -- Reuters

      • CBG.LN (Close Brothers) -- exploring options for its wealth-management arm including a potential sale - Bloomberg, citing sources

      • IDR.SM (Indra Sistemas) -- reactivates acquisition of Epicom (subsidiary of Duro Felguera MDF.SM)- Expansion, citing market sources

      • 1398.HK (Industrial & Commercial Bank of China) -- UBS halts plan for new China fund unit, to keep stake in Credit Suisse joint venture with ICBC - Reuters

      • BOL.FP (Bolloré) -- signs share purchase agreement to sell 100% of Logistics to CMA CGM Group

      • BAMI.IM (Banco BPM) -- grants exclusivity for establishment of new pole in payments business

      • TXT.IM (TXT e-Solutions) -- to acquire Embedded Graphics technology from Presagis; terms not disclosed

    • Healthcare

      • 4523.JP (Eisai) -- to present latest findings on lecanemab at AAIC

      • DRW3.GR (Drägerwerk) -- awarded $60M Defense Logistics Agency contract modification

    • Other

      • RIO.LN (Rio Tinto) -- and Sumitomo to build Gladstone hydrogen pilot plant to trial lower-carbon alumina refining

      • HOLN.SW (Holcim) -- invests in Suffolk Technologies venture capital fund

      • ALO.FP (Alstom) -- announces 10y power purchase agreement to cover 80% of Europe power usage

      • SREN.SW (Swiss Re) -- proposes current Vice Chairman Jacques de Vaucleroy for election as Chairman at next AGM in April 2024

      • IDS.LN (International Distributions Services) -- International Distributions Svc PLC says it is pleased that members of CWU have voted in favour of the Royal Mail/CWU Business Recovery, Transformation and Growth agreement

      • NTGY.SM (Naturgy Energy Group) -- Citi banker Ignacio Gutierrez-Orrantia not planning to take CEO role at Naturgy Energy -- Reuters (earlier)

      • RTN.LN (Restaurant Group) -- Irenic calls on The Restaurant Group's board to replace chairman Ken Hanna due to mounting corporate governance issues

      • Neometals subsidiary Novana executes Vanadium Recovery Project Offtake with Glencore

  • Key rating changes

    • Upgrades

      • AZN.LN (AstraZeneca) -- to buy from neutral at UBS

      • IFX.GR (Infineon) -- to hold from underperform at Jefferies

      • MELE.BB (Melexis) -- to hold from underperform at Jefferies

      • STMPA.FP (STMicroelectronics) -- to hold from underperform at Jefferies

      • COFB.BB (Cofinimmo) -- to neutral from sell at Van Lanschot Kempen

      • PGS.NO (PGS ASA) -- to hold from sell at DnB Markets

    • Downgrades

      • AED.BB (Aedifica) -- to neutral from buy at Van Lanschot Kempen

      • BNZL.LN (Bunzl) -- to underperform from sector perform at RBC Capital Markets

      • YOU.GR (ABOUT YOU) -- reports Q1 EPS (€0.14) vs FactSet €0.00 [1 est]; confirms FY guidance

  • Data

    • Nikkei (0.78%) to 31951.17

    • Hang Seng +0.59% to 18769.75

    • Shanghai Composite (0.59%) to 3202.30

    • S&P futures +2.3 vs prior close of 4473.5

    • €-$ +0.0024 or +0.22% to 1.1031

    • $-¥ (0.89) or (0.64%) to 139.47

    • €-¥ (0.67) or (0.43%) to 153.80

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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