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Back to Daily DR Market Summary

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

Jul 19 ,2023

  • Synopsis

    • European equities are set to open mixed. Asian equities mixed Wednesday whilst S&P 500 futures unchanged afterhours. Treasury, JGB and Australian yield curves bull flattening. Short-dated New Zealand yields higher following CPI data. Dollar strengthening against yen, yuan and commodity currencies. Crude pulling lower alongside copper.

    • On today's agenda, EU's von der Leyen chairs the College seminar in preparation of the State of the Union address. In UK, PMQs at 12noon BST, committee topics include mapping the path to net zero (13:15), work of the Financial Conduct Authority (14:15), food and fuel price inflation: will prices come down this year? (Competition and Markets Authority, co-owner of Asda Mohsin Issa 16:00).

    • In political developments, Spain general election tv debate on RTVE with four main parties represented. This is final tv debate ahead of election on Sun.

    • Central banks speakers include Bundesbank's Mauderer speech at 12:15CET at University of Oxford. BOE's Ramsden speech at 17:00BST on quantitative tightening at event hosted by Money Macro and Finance Society.

    • Elsewhere, due for release, European Automobile Manufacturers' Association (ACEA) Jun new passenger car registrations for the EU + EFTA + UK

    • In corporate news, ASML Holding (ASML.NA) reported Q2 EPS €4.93 vs consensus €4.63 and raised FY Net sales growth guidance to +30% vs prior guidance +25%. Out of the Nordics, Volvo (VOLV.B.SS) reported Q2 EPS SEK5.30 vs consensus SEK6.57; SKF (SFK.B.SS) posted Q2 adj EPS SEK5.36 vs consensus SEK4.72 and maintains FY outlook of high single-digit organic sales growth. Svenska Handelsbanken (SHB.A.SS), Ratos (RATO.B.SS) also released their respective earnings updates.

    • In Southern Europe, Vidrala (VID.SM) reported H1 EPS €4.19 vs year-ago €1.81 and reiterated its FY23 guidance. In France, Vinci (DG.FP) reported yesterday after the close June airport passenger traffic +22.5% y/y.

    • In other corporate developments, Russia reportedly seized Carlsberg, Danone assets to reward Vladimir Putin's allies, according to the FT. Also in M&A news, Nordea to acquire Danske Bank's personal customer business and associated savings assets in Norway; expects positive impact on the group's EPS and ROE.

  • Politics/Macro/World News

    • EU plans €20B fund to stock Ukraine's military for years - Politico

    • Russia seized Carlsberg, Danone assets to reward Vladimir Putin's allies - FT

    • Spain's Vox party on brink of share of power - FT

    • Tory gloom ahead of triple by-election test - BBC

    • Macron blasts EU for picking American for chief competition post - Bloomberg

    • Swedish housing starts indicator hits lowest level since 2014 - Bloomberg

  • Top company news

    • Earnings/updates

      • Benelux

        • ASML.NA (ASML Holding) -- reports Q2 EPS €4.93 vs consensus €4.63; raises FY Net sales growth guidance to +30% vs prior guidance +25%

        • BAR.BB (Barco) -- reports H1 EBITDA €65M vs FactSet €67.4M [2 est, €64.8-70M]

      • UK

        • RIO.LN (Rio Tinto) -- reports Q2 production; Pilbara iron ore shipments (100% basis) 79.1Mt vs StreetAccount 80Mt

      • France

        • DG.FP (VINCI SA) -- Vinci reports June airport passenger traffic +22.5% y/y

        • VIRP.FP (Virbac) -- reports Q2 revenue €295.2M vs year-ago €298.3M, (1.0%) y/y

        • ALESK.FP (Esker) -- reports Q2 revenue €45.1M, +13% vs year-ago €39.8M; raises FY organic revenue guidance

        • BOI.FP (Boiron) -- reports Q2 revenue €107.6M, (3%) vs year-ago €111M

        • ALCOX.FP (Nicox) -- reports Q2 revenue €0.9M, +29% vs year-ago €0.7M

        • RNO.FP (Renault Group) -- reports H1 worldwide PC + LCV sales 1.13M vehicles, +12.0% y/y

      • Nordics

        • SKF.B.SS (SKF) -- reports Q2 adj EPS SEK5.36 vs consensus SEK4.72; maintains FY outlook of high single-digit organic sales growth

        • SHB.A.SS (Svenska Handelsbanken) -- reports Q2 EPS SEK3.59 vs FactSet SEK3.35 [12 est, SEK3.11-3.59]

        • CTY1S.FH (Citycon) -- reports Q2 adjusted EPRA EPS €0.12 vs year-ago €0.15

        • RATO.B.SS (Ratos) -- reports Q2 EPS SEK1.79 vs FactSet SEK1.86 [4 est, SEK1.69-2.01]

        • VOLV.B.SS (Volvo) -- reports Q2 EPS SEK5.30 vs consensus SEK6.57

        • THULE.SS (Thule Group) -- reports Q2 EPS SEK5.14 vs FactSet SEK4.86 [6 est, SEK4.58-5.13]

      • DACHs

        • WCH.GR (Wacker Chemie) -- reports preliminary Q2 adjusted EBITDA €255M vs FactSet €302.8M [3 est, €283.0-319.3M]

          • lowers FY EBITDA guidance to range between €800M and €1.0B vs 28-Apr between €1.1B and €1.4B

        • SBS.GR (Stratec) -- reports preliminary H1 revenue €125.0M vs year-ago €137.2M

      • Southern Europe

        • VID.SM (Vidrala) reports H1 EPS €4.19 vs year-ago €1.81; FY23 guidance is reiterated

    • M&A

      • 1COV.GR (Covestro) -- Adnoc reportedly increasing takeover offer for Covestro to ~ €57/share -- Bloomberg

      • CTPT.LN (CT Property Trust) -- shareholders approve company's proposed acquisition by LondonMetric Property (LMP.LN)

      • DANSKE.DC (Danske Bank) -- Nordea to acquire Danske Bank's personal customer business and associated savings assets in Norway; expects positive impact on the group's EPS and ROE

    • Healthcare

      • SANN.SW (Santhera Pharmaceuticals Holding) -- closes exclusive North America license agreement with Catalyst Pharmaceuticals for vamorolone

      • ALSEN.FP (Sensorion) -- submits Clinical Trial Application for gene therapy candidate OTOF-GT in Europe

      • RLF.SW (RELIEF THERAPEUTICS Holding) -- announces extension of distribution agreement for PKU GOLIKE in the U.S. with Pentec health

    • Other

      • KER.FP (Kering) -- announces management changes including departure of Gucci CEO Marco Bizzarri (earlier)

      • BA.LN (BAE Systems) -- awarded $21.5M USAF IDIQ contract modification

      • SHB.A.SS (Svenska Handelsbanken) -- announces receipt of preliminary 2023 SREP decision

      • STB.NO (Storebrand) -- reports board member Fredrik Åtting purchased 200K shares at NOK 86.20 per share

      • ARB.LN (Argo Blockchain) -- announces proposed placing of and retail offer for new ordinary shares

  • Key rating changes

    • Upgrades

      • SGRO.LN (Segro) -- upgraded to outperform at BNP Paribas Exane

      • AML.LN (Aston Martin Lagonda Global Holdings) -- to buy from neutral at Goldman Sachs

      • BAKKA.NO (Bakkafrost) -- to buy from hold at Carnegie Securities

      • IHP.LN (Integrafin Holdings) -- to buy from hold at Shore Capital Stockbrokers

      • NOS.PL (NOS SGPS) -- to buy from hold at Intermoney Valores

      • ZAL.GR (Zalando) -- to buy from neutral at Arete Research

      • SWEC.B.SS (Sweco) -- to hold from sell at ABG Sundal Collier

      • ADE.NO (Adevinta) -- to neutral from underperform at BofA

      • SCHA.NO (Schibsted) -- to buy from neutral at BofA

      • FEVR.LN (Fevertree Drinks) -- to outperform from underperform at BNP Paribas Exane

      • NDX1.GR (Nordex) -- upgraded to buy from hold at Kepler Cheuvreux

    • Downgrades

      • KNIN.SW (Kuehne & Nagel) -- to neutral from overweight at JPMorgan

      • EVK.GR (Evonik Industries) -- to underweight from equal-weight at Morgan Stanley

      • TEL2.B.SS (Tele2) -- to hold from buy at HSBC; to sell from hold at ABG Sundal Collier

      • NEL.NO (NEL ASA) -- to hold from buy at Arctic Securities

      • EPI.A.SS (Epiroc) -- to hold from buy at ABG Sundal Collier

    • Initiations

      • VBK.GR (VERBIO Vereinigte BioEnergie) -- buy at Jefferies

      • RWI.LN Renewi initiated buy at Berenberg

      • BBOX.LN (Tritax Big Box REIT) -- outperform at BNP Paribas Exane

      • CTPNV.NA (CTP NV) --outperform at BNP Paribas Exane

      • VGP.BB (VGP.BB) -- outperform at BNP Paribas Exane

  • Data

    • Nikkei +0.74% to 32734.59

    • Hang Seng (1.04%) to 18817.36

    • Shanghai Composite (0.37%) to 3186.07

    • S&P futures (1.3) vs prior close of 4587.8

    • €-$ +0.0000 or +0.00% to 1.1231

    • $-¥ +0.57 or +0.41% to 139.40

    • €-¥ +0.65 or +0.42% to 156.55

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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