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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.47%), DAX (0.41%), CAC (0.30%)

Jul 17 ,2023

  • Synopsis

    • European equity markets set to open broadly lower following last week's gains when the STOXX Europe 600 closed up +2.9%. Recall the biggest tailwind for stocks last week came from the softer-than-expected US CPI print. Disinflation traction and a dovish repricing in the Fed rate path saw a moderation in ECB and BoE rate hike expectations, though both Banks' tightening cycles are still likely to end after the Fed. Bloomberg cites a survey saying economists expects the ECB boost borrowing costs to a peak of 4% in September.

    • Asian equities mostly weaker Monday. Note Japan closed for a holiday, Hong Kong closed on a typhoon warning. Mainland China trading lower following GDP and economic activity data. China Q2 GDP growth slowed in-line with expectations (q/q) while annual growth undershot forecasts. Activity figures mixed with industrial production and fixed asset investment growth beating, but retail sales growth missing. Property data weak with new home prices stalling for first time in 2023, real estate investment contracting by more than expected, and property sales by floor area falling sharply.

    • In central banks today, 9th ECB conf on central, eastern and south-eastern European (CESEE) countries takes place; speakers include ECB's Lagarde 10:10CET, Lane 10:30, Bank of Croatia's Vuj�?ić panellist at 14:15. Bundesbank's monthly report published at 12:00CET. Bank of Portugal's Official Bulletin. Munich Economic Debates, speaker ifo's Fuest (18:00CET)

    • Today's agenda also sees EU summit with Latin American and Caribbean countries (through Tue) and informal meeting of EU agriculture and fisheries ministers (through Tue). UK parliament sees Illegal Migration as well as Strikes (Minimum Service Levels) Bills continuing its passage.

    • Macro data releases out today include Italy Jun final CPI, Ireland May trade balance

    • On the corporate front, luxury sector eyed after weaker than expected Q1 sales from Richemont (CFR.SW); in Nordic banking sector, Nordea Bank (NDA.SE.SS) reports Q2 EPS €0.37 vs consensus €0.35; updates FY outlook

  • Macro/politics

    • ECB to Bring Rates to 4% Peak in September, Economists Say - Bloomberg

    • UK Economy Is Likely to Fall Further Behind Euro Area Next Year - Bloomberg

    • UK Property Sellers Cut Asking Prices for First Time This Year - Bloomberg

    • Inheritance tax could be scrapped in Tory bid for votes - Times (14-Jul, 2100 UK time)

    • Fitch Revises Ireland's Outlook to Positive; Affirms at 'AA-' - link

    • French Government Lays Out €4 Billion Spending Cut to Close Gap - Bloomberg

  • Top company news

    • Earnings/updates

      • CFR.SW (Richemont) -- reports Q1 revenue €5.32B vs consensus €5.47B

      • IBE.SM (Iberdrola) -- reports provisional Q2 net electricity production 39,661 GWh, (2.7%) y/y

      • NDA.SE.SS (Nordea Bank) -- reports Q2 EPS €0.37 vs consensus €0.35; updates FY outlook

      • TOM2.NA (TomTom) -- reports Q2 net income (€4.5M) vs consensus (€5.0M); increases 2023 outlook

      • DRW3.GR (Drägerwerk) -- reports preliminary Q2 EBIT €19M vs year-ago (€76.6M)

      • GAM.SW (Gam Holding) -- expects H1 underlying pretax loss of ~ (CHF23M) vs year-ago (CHF15.4M); board continues to strongly recommend Liontrust offer to all shareholders

      • BAKKA.NO (Bakkafrost) -- reports preliminary Q2 EBIT DKK353M vs FactSet DKK582.9M [9 est, DKK511.6-720.0M]

      • Also reporting today

        • Earnings:

          • Nordics: Investor (INVE.B.SS), Sagax (SAGA.B.SS), Softronic (SOF.B.SS), Orion (ORNBV.FH), Biotage (BIOT.SS), Volati (VOLO.SS), Gofore (GOFORE.FH), Bong (BONG.SS)

          • UK: Brickability Group (BRCK.LN),

        • Trading Update: Galp Energia (GALP.PL), Richemont (CFR.SW), Alphawave IP Group (AWE.LN), Aramis Group (ARAMI.FP), CATANA Group (CATG.FP), DFS (DFS.LN)

        • Traffic: Aeroport de Paris ADP (ADP.FP)

    • M&A

      • PROX.BB (Proximus), 543228.IN (Route Mobile) -- Proximus to acquire a 57.6% controlling stake in Route Mobile for initial consideration INR59.22B (€643.0M) cash at INR1,626.40/share

      • MRVI (Maravai Lifesciences) -- Merck KGaA among parties looking at Maravai Lifesciences - Betaville, citing sources (roughly 11:30 ET/17:30 CET)

      • BT.A.LN (BT Group) -- Don't hold your breath for BT Group to be bought - Sunday Times

      • STAN.LN (Standard Chartered) -- enters into sale agreements with Access Bank Plc

      • CO.FP (Casino Guichard-Perrachon) -- 3F drops out; Daniel Kretínský to win control of Casino - FT

      • IMCD.NA (IMCD) -- acquires O&3 for undisclosed terms

    • Healthcare

      • FME.GR (Fresenius Medical Care) -- appoints Michael Sen as Chair of new Supervisory Board

      • STMN.SW (Straumann Holding) -- Straumann Group appoints Yang Xu as new CFO

      • CAMX.SS (Camurus) -- announces new Phase 3 data reinforcing long-term safety and efficacy of octreotide SC depot (CAM2029) in patients with acromegaly

    • Other

      • BN.FP (Danone) -- notes decision of Russian authorities aimed at placing Russia under temporary external administration of the Russian authorities

      • CARL.B.DC (Carlsberg) -- notes decree places Baltika Breweries under temporary Russian state administration

      • TSCO.LN (Tesco plc) -- Tesco pressuring suppliers to help it cut prices - Sunday Times

      • PNDORA.DC (Pandora) -- looking to expand into new countries - Sunday Times

      • AM.FP (Dassault Aviation) -- Dassault Aviation's Navy Rafale selected by Indian Navy

      • BOO.LN (boohoo Group) -- Allianz Trade slashes credit cover for Boohoo suppliers - Sunday Times

      • MBTN.SW (Meyer Burger Technology) -- Street Takeaways - Meyer Burger Technology Selected by EU Innovation Fund for €200 of funding

      • FING.B.SS (Fingerprint Cards) -- secures new financing through convertible loans and a fully guaranteed rights issue

      • Estimated weekend box office revenues in US, Canada $140.2M, +5.6% y/y - Box Office Mojo

      • Hindustan Aeronautics, Safran Helicopter Engines to set up JV; terms undisclosed

      • Odfjell Drilling signs contracts with Equinor worth ~$290M over 23 months, parties also sign stretagic collaboration agreement

      • Sovereign Metals enters investment agreement with Rio Tinto and issues 83.1M-shares priced at A$0.4869/sh, equates to 15% stake for A$40.4M

  • Key rating changes

    • Upgrades

      • ENX.FP (Euronext) -- to neutral from underperform at BNP Paribas Exane

      • ELISA.FH (Elisa) -- to hold from sell at DnB Markets, to hold from reduce at Kepler Cheuvreux

      • LIME.SS (Lime Technologies) -- to buy from hold at DnB Markets

      • BOY.LN (Bodycote) -- to neutral from underweight at JPMorgan

      • SPX.LN (Spirax-Sarco Engineering) -- to overweight from neutral at JPMorgan

      • HMS.SS (HMS Networks) -- to buy from hold at DnB Markets

      • JMAT.LN (Johnson Matthey) -- to buy at Deutsche Bank

      • MOR.GR (Morphosys) -- to hold from sell at Deutsche Bank

      • EQT.SS (EQT) -- to buy from hold at Nordea

      • VCT.LN (Victrex) -- to buy from hold at Berenberg

      • HMS.SS (HMS Networks) -- to hold from sell at ABG Sundal Collier

      • LIFCO.B.SS (Lifco) -- to hold from reduce at Kepler Cheuvreux

      • SOBI.SS (Swedish Orphan Biovitrum) --d to hold from sell at Carnegie

      • AMS.SM (Amadeus IT Group) -- to outperform from neutral at BNP Paribas Exane

    • Downgrades

      • ROR.LN (Rotork) -- to neutral from overweight at JPMorgan

      • SXS.LN (Spectris) -- to underweight from neutral at JPMorgan

      • DUNI.SS (Duni) -- short-term recommendation downgraded to hold from buy at Handelsbanken

      • KMR.LN (Kenmare Resources) -- to hold from buy at Berenberg

      • KESKOB.FH (Kesko) -- to hold from buy at ABG Sundal Collier

    • Initiations

      • CMB.IM (Cembre) -- initiated buy at Berenberg

  • Data

    • Nikkei +0.00% to 32391.26

    • Hang Seng +0.00% to 19413.78

    • Shanghai Composite (1.21%) to 3198.38

    • S&P futures (3.3) vs prior close of 4536.8

    • €-$ +0.0004 or +0.04% to 1.1234

    • $-¥ (0.21) or (0.15%) to 138.61

    • €-¥ (0.17) or (0.11%) to 155.70

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.
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