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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.08%, DAX30 +0.11%, CAC40 +0.03%

Jul 13 ,2023

  • Synopsis

    • European equity markets set to open higher amidst broad strength in Asia after strong Wall Street close. Hang Seng, Nikkei and ASX among the notable outperformers. US equity futures higher with S&P up 0.2%. Bonds mixed; US 10-year steady at 3.86% after big drop in prior session. Dollar softer versus euro and sterling, up versus Japanese yen. Oil up. Gold firmer. Industrial metals mostly higher.

    • On the agenda for today, Eurogroup meeting, ECB's Lagarde, Panetta participating. US President Biden visits Helsinki. EU-Japan summit, EU's von der Leyen participates whilst EU's Šef�?ovi�? hosts an industrial roundtable with CEOs of the European Battery Alliance.

    • Of note, in central banks, ECB publishes at 13:30CET minutes of the 14/15-Jun monetary policy meeting. Elsewhere, IEA and OPEC monthly oil market reports are due to be released. Latest RICS survey showed UK home buyers are pulling back from market after jump in rates.

    • On the macro calendar for today, a busy day for UK with May industrial/manufacturing production, trade balance, construction output, Jun house price balance - RICS, monthly GDP tracker - NIESR due. Other notable releases feature Eurozone May industrial production and France Jun final CPI. Sweden Jun unemployment rate and Ireland Jun final CPI also due.

    • On the corporate front highlights, out of DACHs, Fielmann (FIE.GR) reports H1 pretax profits of €108M vs year-ago €89M and reaffirms FY guidance; Nordex (NDX1.GR) reports Q2 order intake of 1.6 GW; Fraport (FRA.GR) reports Jun Frankfurt Airport traffic statistics: passengers 5.6M, +11.3% y/y; Barry Callebaut (BARN.SW) reports 9M sales of CHF6.29B, in line with consensus; Swatch Group (UHR.SW) reports H1 bet income ahead of consensus whilst VAT Group (VACN.SW) H1 revenue missed. In the Nordics, Bufab (BUFAB.SS) Q2 earnings beat and Aker Solutions (AKSO.NO) Q2 earnings beat and saw orders of NOK12.31B vs FactSet consensus NOK9.06B.

  • Macro/ Politics/ World News

    • UN asks Putin to extend Black Sea grain deal in return for SWIFT access, according to sources -- Reuters

    • Outlook for German companies clouds over says German Economic Institute -- Reuters

    • NATO

      • Warm words but a diplomatic reality check for Ukraine -- BBC

      • NATO allies offer Ukraine security assurances as Biden hits out at 'craven' Putin -- Reuters

      • Urging gratitude on weapons, UK tells Ukraine: 'We're not Amazon' -- Reuters

    • UK

      • Public sector pay: Government weigh up 6.5% increase - BBC

      • UK cost of living payments were ineffective sticking plaster, IFS says - The Guardian

      • Junior doctors start five-day strike with pay talks deadlocked - FT

  • Top company news

    • Earnings/updates

      • UHR.SW (Swatch Group) -- H1 net income CHF498M, +56% vs year-ago CHF320M

      • BAS.GR (BASF SE) -- prelim Q2 EBIT €1.01B ex-items vs FactSet €1.04B [7 est, €864.0-1.56B]; lowers FY guidance

      • VACN.SW (VAT Group) -- prelim H1 revenue CHF454M vs year-ago CHF549.0M

      • CO.FP (Casino Guichard-Perrachon) -- provides update on activity in France at 30-Jun-23 and next steps in conciliation process

      • NDX1.GR (Nordex) -- Q2 order intake of 1.6 GW

      • FRA.GR (Fraport) -- Jun Frankfurt Airport traffic statistics: passengers 5.6M, +11.3% y/y

      • AKRBP.NO (Aker BP) -- Q2 EPS $0.63 vs FactSet $0.77 [12 est, $0.26-0.92]; updates FY production guidance

      • BARN.SW (Barry Callebaut) -- 9M sales CHF6.29B vs consensus CHF6.29B

      • AKSO.NFactSet - Home StreamO (Aker Solutions) -- Q2 Adj. EPS NOK1.14 vs consensus NOK0.87

      • SZU.GR (Suedzucker) -- expects Q2 group EBITDA and operating result to be significantly higher y/y largely driven by sugar segment; FY forecast confirmed

      • PPGN.SW (PolyPeptide Group) -- prelim H1 revenue ~€132M vs year-ago €133.7M; expects net loss for H1 and FY

      • FIE.GR (Fielmann) -- prelim H1 pretax income €108M vs year-ago €89M; reaffirms FY guidance

      • ITAB.SS (ITAB Shop Concept) -- Q2 EPS SEK0.26 vs year-ago SEK0.07

      • FLU.AV (Flughafen Wien)-- Jun Group total passenger traffic +19.4% to 3.66M; Passenger volumes 97.2% of Jun-19

      • QLINEA.SS (Q-linea) -- Q2 EPS (SEK2.23) vs year-ago (SEK2.51)

      • XVIVO.SS (Xvivo Perfusion) -- Q2 EPS SEK0.23 vs FactSet SEK0.35 [3 est, SEK0.10-0.50]

      • BUFAB.SS (Bufab) -- Q2 EPS SEK5.37 vs year-ago SEK3.43

      • COLL.SS (Norion Bank AB) -- Q2 EPS SEK1.60 vs FactSet SEK1.38 [3 est, SEK1.33-1.44]

      • FHZN.SW (Flughafen Zuerich) -- reports Jun traffic statistics

      • VPLAY.A.SS (Viaplay Group) -- withdraws FY23 outlook; Q2 guidance remains unchanged

      • AKAST.NO (Akastor) -- Q2 net income from continuing operations (NOK93M) vs year-ago NOK60M

      • VAR.NO (Vår Energi) -- Q2 net production 202.5Kboepd vs quarter-ago 214.4Kboepd

      • CNV.FP (Cnova) -- Q2 revenue €289.0M vs year-ago EUR427.7M

      • KOF.FP (Kaufman & Broad) -- H1 net income attributable €38.5M, +70% vs year-ago €22.7M

      • EPR.NO (Europris) -- Q2 EPS NOK1.61 vs FactSet NOK1.60 [6 est, NOK1.52-1.64]

      • TFBANK.SS (TF Bank) -- Q2 EPS SEK4.26 vs FactSet SEK4.03 [3 est, SEK3.92-4.20]

    • M&A

      • ENT.LN (Entain) -- receives antitrust approval for the acquisition of STS Holding SA

      • CS.FP (AXA) -- completes the acquisition of Groupe Assurances du Crédit Mutuel España

      • CA.FP (Carrefour) -- enters agreement to acquire Cora and Match banners in France

      • TE.FP (Technip Energies) -- invests in Evok innovation's Fund II

      • TYMN.LN (Tyman) -- signs agreement to acquire Barry G Lawrence, Inc

      • TNXT.IM (Tinexta) -- exercises option to purchase remaining 40% of capital of CertEurope S.A.S for €30.6M

    • Healthcare

      • ROG.SW (Roche Holding) -- Phase III OCARINA II trial of Genentech's Ocrevus meets primary, secondary endpoints

      • NOVO.B.DC (Novo Nordisk) -- NICE terminates appraisal of Novo Nordisk's Wegovy to manage obesity in 12-17-year old

    • Other

      • BBY.LN (Balfour Beatty) -- awarded ~ $320M to deliver new prison in Georgia

      • VPLAY.A.SS (Viaplay Group) -- Chair Pernille Erenbjerg to step down for health reasons, effective immediately

      • WIHN.SW (WISeKey) -- announces pivotal shift in strategic direction by adopting holding company structure

      • ACKB.BB (Ackermans & Van Haaren) -- Van Moer Logistics obtains extension concession container terminal in Port of Brussels

      • TOD.IM (Tod's) -- announces Walter Chiapponi will step down as Creative Director; new creative direction to be announced in the coming months

      • IVG.IM (Iveco Group) -- announces final meeting of tender committee held for the supply of 225 new electric buses for €150M in funding from the Italian National Recovery and Resilience Plan (PNRR)

      • BCP.PL (Banco Comercial Portugues) -- is notified by Banco de Portugal of MREL requirements

      • Germany's Federal Network Agency announces results of tenders for four offshore wind farm with total capacity of 7GW; Raises €12.6B

  • Key rating changes

    • Upgrades

      • BOSS.GR (Hugo Boss) -- to outperform from neutral at BNP Paribas Exane

      • MAERSK.B.DC (Maersk) -- to buy from neutral at UBS

      • FR.FP (Valeo SE) -- to buy from hold at Stifel

      • HTG.LN (Hunting) -- to buy from hold at Berenberg

      • ORSTED.DC (Ørsted) -- to neutral from underperform at Credit Suisse

      • SDR.LN (Schroders) -- to overweight from equal weight at Barclays

    • Downgrades

      • AMUN.FP (Amundi) -- to equal weight from overweight at Barclays

      • S92.GR (SMA Solar Technology) -- to hold from buy at Jefferies (timing uncertain)

      • DNB.NO (DNB Bank) -- to hold from buy at Pareto

      • ACS.SM (ACS SA) -- to neutral from buy at UBS

    • Initiations

      • ROCK.B.DC (Rockwool) -- neutral at UBS

  • Data

    • Nikkei +1.43% to 32399.51

    • Hang Seng +2.61% to 19353.62

    • Shanghai Composite +1.24% to 3235.71

    • S&P futures +10.0 vs prior close of 4507.5

    • €-$ +0.0004 or +0.04% to 1.1138

    • $-¥ +0.33 or +0.24% to 138.77

    • €-¥ +0.42 or +0.27% to 154.57

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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