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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.01%, DAX30 +0.04%, CAC40 +0.10%

Jul 18 ,2023

  • Synopsis

    • European equity markets are set for a firmer open amidst mixed markets in Asia Tuesday. Hang Seng back under pressure after resuming trade following cancellation of Monday trading session. Property developers under pressure amid renewed concerns about funding shortfalls. Korean and Australian stocks pulling lower while Japan flat after erasing earlier gains. S&P 500 futures steady afterhours.

    • Reuters reports, French President Macron said on Mon he has decided to keep PM Borne in her role, rejecting pressure to give a new direction to his government after a tumultuous few months. In the UK, parliament committee topics include use of smartphone emergency alerts as well as 2026 review of the UK-EU Trade and Cooperation agreement at 10:00BST, Ofwat (10:15). Black Sea Grain Initiative expiration date. A YouGoy survey said more Brits than ever, 55%, say Brexit was wrong choice and they would now vote to rejoin the EU, against 31% who said they would stay out, if a referendum were to be held today.

    • In central banks, Estonia Central Bank's Müller meets with representatives from Capital Group, deputy governor Kaasik meets with representatives from the Estonian Infra Construction Assn

    • A light macro calendar sees Portugal Jun PPI due to be released.

    • A busy earnings front, kicked off with reports out from Novartis (NOVN.SW) reported Q2 Core EPS $1.83 vs consensus $1.70 and raised FY guidance including for sales growth to be in the high single-digit percentage range vs mid-single-digit percentage range. Company added it supports separation from Sandoz through a 100% spin-off. ATOSS Software (AOF.GR) guided 2023 revenue of at least €142M vs prior €135M. A slew of Nordic companies already reported including Husqvarna (HUSQ.B.SS) reported Q2 EPS SEK2.46 vs consensus SEK2.65 whilst Tele2 (TEL2.B.SS) reported Q2 adjusted net income SEK887M vs consensus SEK830M and raised FY end-user service revenue growth guidance. Also out with earnings are Swedbank (SWED.A.S), SEB (SEB.A.SS), Schibsted (SCHA.NO), NCC (NCC.B.SS), Tele2 (TEL2.B.SS). Also due to report today are Swedish Orphan Biovitrum (SOBI.SS) and Getinge (GETI.B.SS) whilst VINCI (DG.FP) and Rio Tinto (RIO.LN) are due to release trading updates.

  • Macro

    • UK Food and Drink Makers Cut Prices for First Time Since 2020 - Bloomberg

    • Public sector pay rises of 10% would add little to inflation, says UK thinktank - Guardian

    • Illegal Migration Bill: UK government sees off final Lords challenge - BBC; Evening Standard

    • Macron decides to keep French PM in role despite pension unrest, riots - Reuters

    • More Brits than ever say Brexit was wrong choice: YouGov survey - Reuters

    • Big Investors Steer Clear Of Gilts As High UK Inflation Lingers - FT

  • Top company news

    • Earnings/updates

      • DACHs:

        • NOVN.SW (Novartis) --

          • reports Q2 Core EPS $1.83 vs consensus $1.70. Raises FY forecast. Company supports separation from Sandoz through a 100% spin-off

          • to initiate up-to $15B share buyback to be completed by year-end 2025, following completion of previously announced share buyback in June 2023

        • AOF.GR (ATOSS Software) -- guides 2023 revenue of at least €142M vs prior €135M

        • SFSN.SW (SFS Group) -- reports H1 net income CHF134.5M, +2% vs year-ago CHF131.5M

        • DKSH.SW (DKSH Holding) -- reports H1 EPS CHF1.59 vs consensus CHF1.46; confirms outlook for 2023

        • ZUGER.SW (Zuger Kantonalbank) -- reports H1 net income CHF62.7M, +20% vs year-ago CHF52.3M

      • France:

        • ARAMI.FP (Aramis Group) -- reports Q3 revenue €489M, +7% vs year-ago €458M; confirms FY guidance

      • Nordics:

        • NCC.B.SS (NCC) -- reports Q2 EPS SEK4.17 vs FactSet SEK3.64 [4 est, SEK2.96-4.33]

        • HUSQ.B.SS (Husqvarna) -- reports Q2 EPS SEK2.46 vs consensus SEK2.65

        • SWED.A.SS (Swedbank) -- reports Q2 EPS SEK8.09 vs consensus SEK7.21

        • SEB.A.SS (Skandinaviska Enskilda Banken) -- reports Q2 EPS SEK4.62 vs consensus SEK4.03

        • KEMIRA.FH (Kemira) -- reports Q2 EPS €0.42 vs FactSet €0.49 [6 est, €0.40-0.58]; outlook for 2023 unchanged

        • ENEA.SS (Enea) -- reports Q2 EPS from cont ops (SEK28.70) vs year-ago SEK2.15; 2023 will be a challenging year in terms of growth and profit

        • BRG.NO Borregaard reports Q2 EPS NOK2.84 vs FactSet NOK2.51 [6 est, NOK2.00-2.80]

        • NEL.NO (NEL ASA) -- reports Q2 EPS (NOK0.20) vs FactSet (NOK0.16) [7 est, (NOK0.22)-(0.09)]

        • CAMX.SS (Camurus) -- reports Q2 EPS SEK5.24 vs year-ago SEK0.14; reaffirms 2023 financial outlook

        • ATEA.NO (Atea) -- reports Q2 EPS NOK1.73 vs FactSet NOK1.80 [6 est, NOK1.58-2.08]

        • AFRY.SS (AFRY AB) -- reports Q2 EPS SEK1.77 vs FactSet SEK2.62 [5 est, SEK2.29-3.10]

    • M&A

      • MTRS.SS (Munters Group) -- initiates strategic review of equipment offering in FoodTech

      • SCYR.SM (Sacyr Vallehermoso) --EU sets a provisional deadline of 22-Aug to rule on Sacyr Vallehermoso's sale of Valoriza Servicios Medioambientales, S.A.

      • TKA.GR (Thyssenkrupp) -- Fincantieri interested in Thyssenkrupp armaments subsidiary -- Sueddeutsche Zeitung, citing interview with Fincantieri CEO

      • NOVN.SW (Novartis) -- DTx Pharma announces acquisition by Novartis (earlier, 8:00ET)

      • KRX.ID (Kingspan Group) -- announces the acquisition of a majority stake in Steico SE for an initial consideration of approx. €251.4M

      • CO.FP (Casino Guichard-Perrachon) -- receives revised offer from EP Global Commerce, Fimalac and Attestor; board makes decision to continue such negotiations

      • IPS.FP (Ipsos) -- acquires Big Village Australia; terms not disclosed

      • SOP.FP (Sopra Steria Group) -- launches recommended all-cash public offer for ordinary shares

      • SCATC.NO (Scatec) -- sells Mozambique solar power plant to Globeleq for $8.5M in line with strategy

      • TNG.FP (Transgene) -- receives $15.3M (€14.0M) as a result of the full disposal of its minority stake in a Chinese biopharmaceutical company

      • ETG.CN (Entree Resources) -- Entrée Resources provides update on Entrée/Oyu Tolgoi JV negotiations

      • (OTHER) PARKEN.DC (PARKEN Sport & Entertainment) -- announce sale of contract rights on Hakon Haraldsson to LOSC Lille

      • DBAN.GR (Deutsche Beteiligungs) -- discloses unexpected contribution to Q3 net income of €14M; updates FY23 guidance

      • ST5.GR (STEICO) -- holder Schramek selling 51% of shares

    • Healthcare

      • UCB.BB (UCB) -- announces EU regulatory filing for bimekizumab for the treatment of moderate to severe HS

      • AZN (AstraZeneca) -- FDA approves Beyfortus (nirsevimab) for RSV prevention in neonates and infants

      • NOVN.SW (Novartis) -- Novartis' Sandoz granted tentative approval for generic of AstraZeneca's Calquence (acalabrutinib)

      • SAN.FP (Sanofi) -- Follow-up: Sanofi, AstraZeneca issue press release on FDA approval of Beyfortus (nirsevimab); plan to make available in US ahead of 2023/24 RSV season

      • SAN.FP (Sanofi) -- CDC ACIP meeting on 3-Aug to consider and vote on nirsevimab for prevention of RSV (earlier)

      • PHARM.NA (Pharming Group) -- to nominate Richard Peters as new Chairman at EGM

      • BCART.BB (Biocartis Group) -- appoints George Cardoza as CFO, effective 7-Aug

      • MITRA.BB (Mithra Pharmaceuticals) -- notes adjustment of conversion price of €125.M senior unsecured convertible bonds due 2025

      • ALBPS.FP (Biophytis) -- signs a framework agreement with SEQENS on the production of the active ingredient of Sarconeos (BIO101)

    • Other

      • ENEA.SS (Enea) -- initiates up to 10% repurchase program

      • SGSN.SW (SGS) -- CFO Dominik de Daniel to step down to pursue other career opportunities, effective end of January 2024

      • HL.LN (Hargreaves Lansdown) -- has commenced an exercise to determine the attributes of any successor Chair candidate

      • ADP.FP (Aeroport de Paris) -- reports Total Paris Aeroport Jun traffic 9.0M, +10.5% y/y

      • SEB.A.SS (Skandinaviska Enskilda Banken) -- announces Swedish FSA makes its preliminary decision regarding the 2023 SREP (post EU close 17-Jul)

      • SEB.A.SS (Skandinaviska Enskilda Banken) -- completes SEK 1.25B share buyback programme; initiates new SEK 1.25B programme

      • NEL.NO (NEL ASA) -- receives purchase order for 40 MW electrolyser equipment from Bondalti

      • SGSN.SW (SGS) -- notes Rhode Island has delayed the effective date for the prohibition of PFAS in food packaging; new law will now become effective on 31-Jul-24

      • MAREL.IR (Marel) -- announce two-year extension to €700M sustainability-linked revolving credit facility; signs new €150M term loan

      • FGP.LN (FirstGroup) -- FirstGroup's South Western Railway net zero targets approved by SBTi

      • EU Commission doesn't object to FI's intention to introduce risk weight floors for bank loans secured against real estate (17-Jul)

      • Regional Gaming Revenues - Massachusetts June 2023

  • Key rating changes

    • Upgrades

      • SAGA.B.SS (Sagax) -- buy from hold at Kepler Cheuvreux

      • INVE.B.SS (Investor) -- Investor long-term recommendation upgraded to outperform from market perform at Handelsbanken

      • KINV.B.SS (Kinnevik) -- to hold from sell at DnB Markets

    • Downgrades

      • EDPR.PL (EDP Renovaveis) -- Hold from Buy at Mirabaud

      • ENI.IM (Eni) -- to hold from buy at HSBC

      • FDEV.LN (Frontier Developments) -- to neutral from outperform at Credit Suisse

  • Data

    • Nikkei +0.08% to 32415.60

    • Hang Seng (1.89%) to 19047.44

    • Shanghai Composite (0.29%) to 3200.30

    • S&P futures (0.5) vs prior close of 4553.8

    • €-$ +0.0011 or +0.10% to 1.1251

    • $-¥ (0.24) or (0.17%) to 138.47

    • €-¥ (0.12) or (0.08%) to 155.78

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.
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