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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.2%), DAX30 (0.1%), CAC40 +0.1%

Jul 14 ,2023

  • Synopsis

    • European equity markets are set to open mixed amid Asian equities trading higher Friday. S&P 500 futures flat afterhours. Bond markets mixed with Treasuries little changed. Yen advancing against other currencies, dollar slightly weaker elsewhere. Of note, it's Bastille Day in France.

    • On today's agenda, EU's von der Leyen hosts the European Commission-United Nations Retreat. ECOFIN meeting; exchange views on financial support to Ukraine and will seek to approve conclusions on the 2023 in-depth reviews under the macroeconomic imbalance procedure, amongst other topics; ECB's de Guindos participates

    • Elsewhere, G7 and G20 Finance Ministers, Central Bank Governors, and their deputies' working groups meet ahead of formal meetings. In Germany, Ministry of Economics monthly report. Chancellor Scholz hosts Finland's PM Petteri Orpo.

    • Macroeconomic releases due today include: Sweden Jun CPI, Finland Jun CPI, Norway Jun trade balance, Switzerland Jun PPI, Italy May trade balance

    • In corporate news, Telefonaktiebolaget LM Ericsson (ERIC.B.SS) reported Q2 EPS (SEK0.21) vs FactSet (SEK0.42) and said it expects Q3 EBITA margin in line with or slightly higher than Q2, also confirmed 2024 guidance. Nokia (NOKIA.FH) reported prelim Q2 net sales of €5.7B vs FactSet €6.04B; lowers FY Net sales guidance to €23.2-24.6B vs prior €24.6-26.2B and FactSet €25.58B.

    • Still in the Nordics, EQT AB (EQT.SS) reported H1 adjusted EPS €0.38 vs FactSet €0.41; Gjensidige Forsikring (GJF.NO) reported Q2 net income attributable NOK1.04B vs consensus NOK1.61B and reaffirmed 2023 financial targets; XXL ASA (XXL.NO) posted Q2 EPS (NOK0.63) vs FactSet (NOK0.47). Pandox (PNDX.B.SS) reported Q2 EPS SEK2.77 vs FactSet SEK2.83. Elisa (ELISA.FH), Elkem (ELK.NO), Arjo (ARJO.B.SS), Norske Skog (NSKOG.NO), Orkla (ORK.NO) also released their respective earnings.

    • In the UK, Burberry Group (BRBY.LN), Ashmore Group (ASHM.LN), McBride (MCB.LN), Liontrust Asset Management (LIO.LN) are expected to provide market updates.

    • In other corporate developments, Fresenius Medical Care (FME.GR) EGM on the unbundling of Fresenius (FRE.GR). Volkswagen Group (VOW.GR) Jun deliveries

    • Sovereign credit rating reviews due after the close include DBRS (Austria), Fitch (Ireland, Slovakia, EFSF, ESM) and Moody's (Iceland, Spain)

  • Macro/ Politics

    • EU and Tunisia in 'difficult' negotiations over migration deal Premium - FT

    • Euro zone ministers agree on gradual wind-down of spending - Reuters

    • UK Doctors urged to accept pay rise of up to £7,000 and end strikes - Telegraph

    • UK Water Regulator Gets Trapped in a Crisis of its Own Making - Bloomberg

    • Nervous France braced for violence on Bastille Day - Times

  • Top company news

    • Earnings/updates

      • Nordics

        • ERIC.B.SS (Telefonaktiebolaget LM Ericsson) -- reports Q2 EPS (SEK0.21) vs FactSet (SEK0.42) [11 est, (SEK0.74)-(0.10)]; expects Q3 EBITA margin in line with or slightly higher than Q2, confirms 2024 guidance

        • MOWI.NO (Mowi) -- Q2 trading update: harvest volumes 107.5K tonnes vs guidance 104.5K tonnes

        • FLS.DC (FLSmidth & Co.) -- FLSmidth sells AFT business to Micronics; terms undisclosed, but net gain of DKK100M expected

        • ORK.NO (Orkla) -- reports Q2 EPS NOK1.55 ex-items vs FactSet NOK1.25 [7 est, NOK1.12-1.42]

        • EQT.SS (EQT AB) -- reports H1 adjusted EPS €0.38 vs FactSet €0.41 [5 est, €0.38-0.48]

        • TOM.NO (Tomra Systems) -- reports Q2 EPS NOK1.04 vs FactSet NOK1.10 [9 est, NOK1.02-1.20]

        • EMSN.SW (EMS-Chemie Holding) -- reports H1 net sales CHF1.18B vs FactSet CHF1.17B [2 est, CHF1.17-1.18B]

        • ARJO.B.SS (Arjo) -- reports Q2 EPS SEK0.37 vs FactSet SEK0.36 [4 est, SEK0.31-0.41]

        • ELK.NO (Elkem) -- reports Q2 EPS NOK0.06 vs FactSet NOK0.79 [6 est, NOK0.48-1.28]

        • NSKOG.NO (Norske Skog) -- reports Q2 EPS NOK0.48 vs FactSet NOK2.08 [3 est, NOK1.95-2.30]; to initiate a share repurchase program

        • ENTRA.NO (Entra Eiendom) -- reports Q2 cash EPS NOK1.90 vs year-ago NOK2.33

        • NOKIA.FH (Nokia) -- reports prelim Q2 net sales of €5.7B vs FactSet €6.04B; lowers FY Net sales guidance to €23.2-24.6B vs prior €24.6-26.2B and FactSet €25.58B

        • ELISA.FH (Elisa Oyj) -- reports Q2 comparable EPS €0.56 vs consensus €0.51

        • NETEL.FH (Netel Holding) -- reports Q2 EPS SEK0.07 vs year-ago SEK0.60

        • BRAV.SS (Bravida Holding) -- reports Q2 EPS SEK1.45 vs FactSet SEK1.58 [3 est, SEK1.54-1.61]

        • SHOT.SS (Scandic Hotels Group) -- reports Q2 EPS (excluding IFRS 16) SEK1.55 vs year-ago SEK2.44

        • INWI.SS (Inwido) -- reports Q2 EPS SEK3.36 vs FactSet SEK2.91 [3 est, SEK2.74-3.02]

        • BERG.B.SS (Bergman & Beving) -- reports Q1 EPS SEK1.70 vs FactSet SEK2.41 [3 est, SEK2.09-2.65]

        • STB.NO (Storebrand) -- reports Q2 Adj. EPS NOK2.16 vs consensus NOK2.31; announces share buyback

      • DACHs

        • PGHN.SW (Partners Group Holding) -- reports AuM as of 30-Jun $141.7B vs consensus $138.82B; confirms FY guidance for gross client commitments

      • France

        • VK.FP (Vallourec) -- guides Q2 EBITDA €370M vs prior guided EBITDA to be similar to Q1 (€320M) and FactSet €298.5M [2 est, €284.0-313.0M]

      • Southern Europe

        • BC.IM (Brunello Cucinelli) -- reports preliminary Q2 revenue €278.6M vs FactSet €273.0M; raises FY revenue growth forecast

      • Benelux

        • NSI.NA (NSI NV) -- reports H1 EPRA EPS €1.02 vs year-ago €0.99; decides not to proceed with sale of the company in near-term, revised strategy being discussed

        • FLOW.NA (Flow Traders) -- reports June ETP market data

    • M&A

      • SHEL.LN (Shell Plc) -- Shell reportedly evaluating options for its renewable power unit, including potential sale of minority stake -- Bloomberg (earlier, intraday UK)

      • ROIV (Roivant Sciences) -- in talks to sell stomach drug to Roche for more than $7B - media report

      • FLS.DC (FLSmidth & Co.) -- FLSmidth sells AFT business to Micronics; terms undisclosed, but net gain of DKK100M expected

      • SBB.B.SS (Samhällsbyggnadsbolaget i Norden) -- enters into LOIs with tenants to sell properties with a property value exceeding SEK 3B

      • NSI.NA (NSI NV) -- reports H1 EPRA EPS €1.02 vs year-ago €0.99; decides not to proceed with sale of the company in near-term, revised strategy being discussed

    • Healthcare

      • SYNACT.SS (SynAct Pharma) -- completes dosing for Phase 2b EXPAND study of AP1189 in early RA patients with severe disease

    • Other

      • MAERSK.B.DC (Maersk) -- awarded $182.1M US Transportation Command contract modification

      • TEMN.SW (Temenos) -- Convera chooses Temenos to modernize payments in the cloud

      • CINE.LN (Cineworld Group) -- Cineworld CEO Mooky Greidinger to step down - London Times

      • MBTN.SW (Meyer Burger Technology) -- Meyer Burger reports its application for €200M in funding from EU Innovation Fund for 3.5 GW HOPE project selected for grant preparation by EU Commission

      • STB.NO (Storebrand) -- announces up to NOK1B share buyback in two tranches; initiates first tranche of up to NOK 500M

  • Key rating changes

    • Upgrades

      • HEIA.NA (Heineken) -- to buy at Goldman Sachs

      • KBX.GR (Knorr-Bremse) -- to buy from hold at Berenberg

    • Downgrades

      • AKSO.NO (Aker Solutions) -- to hold from buy at DnB Markets

      • SIX2.GR (Sixt) -- to hold from buy at Deutsche Bank

    • Initiations

      • BEIJ.B.SS (Beijer Ref) -- buy at Berenberg

      • MGAM.LN (Morgan Advanced Materials) -- overweight at Barclays

  • Data

    • Nikkei +0.13% to 32462.73

    • Hang Seng +0.20% to 19390.03

    • Shanghai Composite +0.17% to 3241.98

    • S&P futures (4.5) vs prior close of 4543.5

    • €-$ (0.0001) or (0.01%) to 1.1227

    • $-¥ (0.15) or (0.11%) to 137.90

    • €-¥ (0.21) or (0.14%) to 154.78

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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