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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.11%), DAX30 (0.17%), CAC40 +0.12%

Jul 20 ,2023

  • Synopsis

    • European equities are set to open mixed amid Asian equities mixed Thursday. Momentum turning on Greater China markets with Hang Seng erasing early gains and mainland stocks weaker. Nikkei underperforming while ASX off initial highs. S&P 500 and Nasdaq futures weaker afterhours

    • On today's agenda, Germany's Ministry of Finance monthly report and EU Foreign Affairs Council; starts with an exchange of views on the Russian aggression against Ukraine. UK by-elections in Selby and Ainsty, Somerton and Frome as well as Uxbridge and South Ruislip.

    • Macro data releases out today include Switzerland Jun trade balance (as well as watch data), Germany Jun PPI, France Jun business survey, Spain May trade balance, Netherlands Jun unemployment rate, Eurozone Jul flash consumer confidence

    • On the reporting front, a busy morning for earnings kicked off with results from DACHs companies, ABB Limited (ABBN.SW), Givaudan (GIVN.SW), HelloFresh (HFG.GR), Daimler Truck Holding (DTG.GR) and Georg Fischer (GF.SW). In France Gecina (GFC.FP), Maurel et Prom (MAU.FP) and Publicis Groupe (PUB.FP) reported H1 updates

    • In Nordics, Nokia (NOKIA.FH), Telia Co. (TELIA.SS), Essity (ESSITY.B.SS), Billerud (BILL.SS), Alfa Laval (ALFA.SS), Intrum (INTRUM.SS), Telenor (TEL.NO), Volvo Car (VOLV.B.SS) and Saab (SAAB.B.SS) updated investors with their latest numbers with the latter upgrading its outlook for FY23 with organic sales growth expected between to 16-20% vs prior ~15%. In Southern Europe, Enel (ENEL.IM) and NOS SGPS (NOS.PL) reported Q2/H1 updates.

    • Also due to report today, in the UK, Howden Joinery Group (HWDN.LN), IG Group Holdings (IGG.LN), Babcock International Group (BAB.LN).

  • Politics/Macro/World News

    • EU trade chief warns US over compromise on steel dispute - FT

    • Spain's Election Frontrunner Heads For a Deal With the Far-Right - Bloomberg

    • Ramsden Says BOE Could Step Up the Pace of Shrinking Balance Sheet - Bloomberg

    • ECB's Stournaras: next week's interest rate hike would be enough- CGTN - Reuters

    • Sunak tries to rally weary Tories ahead of by-elections - FT

    • Voters go to the polls in three by-elections in England - BBC

    • Netherlands Jun Unemployment Rate 3.5% vs consensus 3.5% and prior 3.5%

  • Top company news

    • Earnings/updates

      • DACHs

        • ABBN.SW (ABB Limited) -- reports Q2 EPS $0.48 vs consensus $0.47

        • GIVN.SW (Givaudan) -- reports H1 net income CHF449M vs consensus CHF424M

        • HFG.GR (HelloFresh) -- guides Q2 AEBITDA €185-195M

        • DTG.GR (Daimler Truck Holding) -- reports preliminary Q2 adj. EBIT €1.43B vs FactSet €1.28B [4 est, €1.01-1.38B]

        • GF.SW (Georg Fischer) -- reports H1 net income CHF123M vs consensus CHF144.0M

        • BOSN.SW (Bossard Holding) -- reports H1 net income CHF49.9M, (17%) vs year-ago CHF59.9M

        • MEDX.SW (medmix) -- reports H1 net income CHF7.3M, (21%) vs year-ago CHF9.2M

        • MIKN.SW (Mikron Holding) -- reports H1 net income CHF13.9M, +32% vs year-ago CHF10.5M

        • ARBN.SW (Arbonia) -- trading update; reports preliminary H1 revenue down (10%) y/y to CHF570M; suspends guidance due to unpredictability of volumes in H2 of 2023

        • CMBN.SW (Cembra Money Bank) -- reports H1 EPS CHF2.55 vs year-ago CHF3.08

        • LEON.SW (Leonteq) -- reports final H1 EPS CHF1.53 vs FactSet CHF1.60 [1 est]; reaffirms FY guidance

      • Nordics

        • NOKIA.FH (Nokia) -- reports Q2 comparable EPS €0.07 vs FactSet €0.08 [19 est, €0.05-0.09]

        • TELIA.SS (Telia Co.) -- reports Q2 EPS SEK0.19 vs consensus SEK0.32; FY outlook unchanged

        • ESSITY.B.SS (Essity) -- reports Q2 Adj. EPS SEK4.33 vs consensus SEK4.32

        • PGS.NO (PGS ASA) -- reports Q2 net income ($9.3M) vs FactSet ($5.9M) [7 est, ($35)-24M]

        • FING.B.SS (Fingerprint Cards) -- reports Q2 EPS (SEK0.18) vs year-ago (SEK0.03)

        • BILL.SS (Billerud) -- reports Q2 EPS (SEK1.93) vs year-ago SEK5.81

        • VOLCAR.B.SS (Volvo Car) -- reports Q2 basic EPS SEK1.12 vs FactSet SEK1.20 [7 est, SEK1.04-1.40]

        • PRS.NO (Prosafe) -- reports Q2 fleet utilisation 33.1% vs quarter-ago 28.6%

        • TEL.NO (Telenor) -- reports Q2 net income attributable NOK821M vs consensus NOK2.02B

        • BHG.SS (BHG Group) -- reports Q2 EPS SEK0.12 vs year-ago SEK1.43

        • HNSA.SS (Hansa Biopharma) -- reports Q2 EPS (SEK4.79) vs year-ago (SEK3.82)

        • INTRUM.SS (Intrum) -- reports Q2 Adj. EPS SEK1.12 vs consensus SEK2.47

        • FSECURE.FH (F-Secure) -- reports Q2 EPS €0.04 ex-items vs FactSet €0.04 [4 est, €0.03-0.04]

        • KOMPL.NO (Komplett) -- reports Q2 EPS (NOK0.15) vs FactSet (NOK0.13) [3 est, (NOK0.15)-(0.10)]

        • ATRAV.FH (Atria) -- reports Q2 adjusted EPS €0.13 vs FactSet €0.29 [3 est, €0.27-0.32]

        • TGS.NO (TGS-NOPEC Geophysical Co.) -- reports Q2 PoC EBITDA $132M vs FactSet $124.7M [7 est, $80-165M]

        • VERK.FH (Verkkokauppa.com) -- reports Q2 EPS €0.00 vs FactSet (€0.02) [4 est, (€0.03)-(0.01)]

        • CEVI.SS (CellaVision) -- reports Q2 EPS SEK1.46 vs FactSet SEK1.25 [4 est, SEK1.00-1.50]

        • HUH1V.FH (Huhtamaki) -- reports Q2 Adj. EPS €0.55 vs FactSet €0.59 [8 est, €0.51-0.69]

        • ALFA.SS (Alfa Laval) -- reports Q2 EPS SEK3.63 vs consensus SEK3.64

        • MIPS.SS (MIPS) -- reports Q2 EPS SEK0.76 vs FactSet SEK1.18 [6 est, SEK0.70-1.58]

        • SAAB.B.SS (Saab) -- reports Q2 EPS SEK5.76 vs FactSet SEK4.73 [3 est, SEK4.25-5.04]; upgrades outlook for FY organic sales growth to 16-20% vs prior ~15%

        • BETS.B.SS (Betsson) -- reports final Q2 net income €46.9M vs FactSet €43.2M

        • KNOW.SS (Knowit) -- reports Q2 EPS SEK0.71 vs FactSet SEK2.39 [4 est, SEK2.02-3.01]

        • VPLAY.A.SS (Viaplay Group) -- reports Q2 EPS (SEK75.24) vs year-ago SEK2.25; announces new 2023 and 2024 financial targets; conducting an immediate strategic review of the entire business

        • MTG.B.SS (Modern Times Group MTG) reports Q2 adjusted EBITDA SEK397M vs FactSet SEK307.7M [5 est, SEK278-344.5M]

        • SRV1V.FH (SRV Group) -- reports Q2 net income (€4.7M) vs year-ago €51.3M; keeps FY outlook unchanged

      • Benelux

        • OBEL.BB (Orange Belgium) -- reports H1 net income (€15.4M) vs year-ago €23.4M; restates FY23 guidance

        • SLIGR.NA (Sligro Food Group) -- reports H1 EPS €0.01 vs year-ago €0.53

      • Southern Europe

        • ENEL.IM (Enel) -- Green Power & Conventional Generation H1 operational data: Group total production 108,357 GWh vs year-ago 121,092 GWh

        • NOS.PL (NOS SGPS) -- reports Q2 net income attributable €45.5M vs FactSet €39.0M [5 est, €35-42.1M] (post EU close 19-Jul)

      • France

        • GFC.FP (Gecina) -- reports H1 recurrent net income per share €2.93 vs year-ago €2.73

        • MAU.FP (Maurel et Prom) -- reports preliminary H1 sales €299M vs year-ago €355.0M

        • PUB.FP (Publicis Groupe) -- reports H1 headline EPS €3.21 vs consensus €3.02; upgrades FY23 guidance

        • GET.FP (Getlink) -- reports H1 net income €159M vs FactSet €121M [1 est]

        • ALVU.FP (Vente-Unique.com) -- reports 9M revenue €107.4M, (10%) vs year-ago €118.9M

    • M&A

      • CBOX.LN (Cake Box Holdings) -- said to receive takeover offer of 160p per share from Australia-based River Capital -- Sky News

      • KER.FP (Kering) -- Activist Bluebell acquires stake in Kering, seeks changes at Gucci - Bloomberg

      • TNET.BB (Telenet Group Holding) -- Liberty Global acquires 93.23% of Telenet Group Holding NV and will reopen its offer on 24-Aug

      • ESSITY.B.SS (Essity) -- reports Q2 Adj. EPS SEK4.33 vs consensus SEK4.32

      • IMCD.NA (IMCD) -- announces acquisition of Chilean speciality distributor MAPRIN

      • ICP.LN (Intermediate Capital Group) -- reportedly near agreement to sell With Intelligence to Motive Partners for £400M -- Sky News

      • 402340.KS (SK Square Co.) -- completes sale of 28.82% of Korea Security Holdings to EQT for KRW859.97B (€607.1M)

    • Healthcare

      • ROG.SW (Roche Holding) -- Genentech will be highlighting data from its ophthalmology portfolio in 25 abstracts at the 2023 American Society of Retina Specialists (ASRS) Annual Meeting, which will be held from 28-Jul to 1-Aug in Seattle, WA

      • ROG.SW (Roche Holding) -- Roche notes new clinical and real-world data for Vabysmo at ASRS reveal improved outcomes for people with two leading causes of vision loss

      • 4523.JP (Eisai) -- presents detailed analysis of Lecanemab at Alzheimer's Association International Conference

      • IPN.FP (Ipsen) -- announces European Commission determines not to grant marketing authorization for palovarotene for treatment of FOP

      • NANO.FP (Nanobiotix) -- announces first patient injected in new Phase 1/2 study evaluating radiotherapy-activated NBTXR3 plus anti-PD-1 for patients with advanced cancers

      • ALBPS.FP (Biophytis) -- requests pre-submission FDA meeting for EUA of Sarconeos (BIO101) to treat COVID-19

    • Other

      • BAS.GR (BASF SE) -- BASF CEO Martin Brudermüller backing director Markus Kamieth as his successor - FT

      • QDT.FP (Quadient) -- applies to Public Finance Department pilot phase to become a Partner Dematerialization Platform (PDP) in 2024

      • Federal Reserve announces two enforcement actions against Deutsche Bank

      • Orizzonte Sistemi Navali signs maintenance in operational conditions framework agreement with max total value of €190M

      • Street Takeaways - Rio Tinto Q2 Production

  • Key rating changes

    • Upgrades

      • GEBN.SW (Geberit) -- to buy from neutral at Goldman Sachs

      • KESKOB.FH (Kesko) -- to buy from hold at Danske Bank

      • LAGR.B.SS (Lagercrantz Group) -- to hold from sell at SEB (timing uncertain)

      • ABI.BB (Anheuser-Busch InBev) -- to overweight from equal-weight at Morgan Stanley

      • NTGY.SM (Naturgy Energy Group) -- to neutral from underperform at BNP Paribas Exane

      • LAGR.B.SS (Lagercrantz Group) -- to hold from sell at ABG Sundal Collier

      • SDF.GR (K+S) -- to buy from hold at Societe Generale

    • Downgrades

      • MOVE.SW (Medacta Group) -- to equal-weight from overweight at Morgan Stanley

      • RI.FP (Pernod Ricard) -- to equal-weight from overweight at Morgan Stanley

      • DGE.LN (DIageo) -- to underweight from equal-weight at Morgan Stanley

      • EMBELL.SS (Embellence Group) -- to market perform from outperform at Handelsbanken

      • DIM.FP (Sartorius Stedim Biotech) -- to neutral from outperform at Oddo

    • Initiations

      • IDIA.SW (Idorsia) -- reduce at Kepler Cheuvreux

      • BANB.SW (Bachem Holding) -- underweight at Morgan Stanley

      • EAPI.FP (Euroapi) -- equal-weight at Morgan Stanley

  • Data

    • Nikkei (1.12%) to 32527.99

    • Hang Seng +0.27% to 19003.29

    • Shanghai Composite (0.15%) to 3194.07

    • S&P futures (6.5) vs prior close of 4597.0

    • €-$ +0.0013 or +0.12% to 1.1217

    • $-¥ (0.27) or (0.19%) to 139.41

    • €-¥ (0.07) or (0.04%) to 156.34

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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