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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.09%), DAX30 (0.56%), CAC40 (0.09%)

Jul 21 ,2023

  • Synopsis

    • European indices are set to open slightly lower today as the week ends with a number of key H1-Q2 earnings reports.

    • US equities were mostly lower in Thursday trading and ended just off worst levels. Asian equities mixed Friday. Property stocks underpinning gains in Hong Kong following recent rout in developer bonds. Mixed elsewhere with mainland China flat and TSMC weighing on Taiex. S&P 500 and Nasdaq futures muted in afterhours trade.

    • High-profile tech earnings disappointments a key area of focus, though no meaningful shift in the narrative. Markets also await next week's central bank policy decisions. Fed and ECB to deliver 25-bp hikes.

    • On the data front, UK GfK consumer confidence dropped sharply as consumers feel the pressure from higher rates. June retail sales also in focus, along with public sector borrowing figures

    • In other news, UK PM Sunak's Conservatives held one seat out of the three by-elections on Thursday. All three seats were Conservative in the last election in 2019. Attention on data showing average rents in London hitting new record in Q2 on rampant demand and as higher mortgage rates prompt landlords to raise prices. Sunday's Spanish election also in focus; center-right Popular Party the favorites but polls showing unpredictable outcome and possibility of far-right party Vox in government

    • Today in the UK House of Commons is in recess and will next sit on 4-Sep, House of Lords continues through next Tue (25th).

    • Amongst central bank events, Bank of Spain's de Cos speech at 15:40CET at event organized by the Banco Central de Bolivia and Russia Central Bank policy decision at 11:30BST, press conf 13:00BST

    • In corporate news: SAP.GR (SAP) reports Q2 non-IFRS EPS from cont ops €1.07 vs consensus €1.17; updates FY23 revenue and operating profit outlook.. UBI.FP (Ubisoft Entertainment) reports Q1 net bookings €267.7M vs FactSet €247.5M; guides Q2 and FY24. HO.FP (Thales) reports H1 adj EPS €3.91 vs consensus €3.64; adjusts its targets for 2023. NHY.NO (Norsk Hydro) reports Q2 net income NOK3.41B vs FactSet NOK3.24B. DIM.FP (Sartorius Stedim Biotech) reports H1 EPS €2.62 vs year-ago €4.40. LONN.SW (Lonza Group) -- reports H1 core EPS CHF6.12 vs FactSet CHF6.72. TIETO.FH (TietoEVRY) reports Q2 adjusted EPS €0.43 vs consensus €0.45; FY outlook for 2023 unchanged; updates on strategic reviews; DANSKE.DC (Danske Bank) reports Q2 EPS DKK5.8 vs consensus DKK5.4; guides 2023 Net profit DKK 18.5-20.5B vs FactSet DKK18.81B

  • Politics/Macro/World News

    • Tories suffer two heavy by-election losses but hold Uxbridge (BBC)

    • Billionaire Sternlicht Sees 'Category 5 Hurricane' Spurred by Fed Rate Hikes (BBG)

    • UK consumer confidence plummets in July (FT)

  • Top company news

    • Other Earnings/updates

      • SRT3.GR (Sartorius) -- reports H1 EPS €2.95 vs year-ago €4.88; confirms FY guidance

      • TEMN.SW (Temenos) -- reports Q2 non-IFRS EPS $0.87 vs consensus $0.72; raises FY23 guidance for ARR and FCF

      • SCHP.SW (Schindler Holding) -- reports Q2 EPS CHF2.15 vs StreetAccount CHF1.67

      • FGR.FP (Eiffage) -- Eiffage's APRR reports H1 revenue ex construction €1.45B vs year-ago €1.35B

      • AM.FP (Dassault Aviation) -- reports H1 revenue €2.30B vs consensus €2.40B

      • COV.FP (Covivio) -- reports H1 EPRA EPS €2.36 vs year-ago €2.37

      • SF.SS (Stillfront Group) -- reports Q2 EPS (SEK0.11) vs year-ago SEK0.23

      • GBT.FP (Guerbet) -- reports H1 revenue €378.6M, +2% vs year-ago €371.1M

    • M&A

      • NOS.PL (NOS SGPS) -- Sonaecom SGPS to acquire 58.2M shares of NOS SGPS for €3.6527 per share from Sonae SGPS

      • TIETO.FH (TietoEVRY) -- acquires MentorMate from Taylor Corp.; terms undisclosed

      • IPS.FP (Ipsos) -- acquires Omedia from Médiamétrie; terms not disclosed

      • MERY.FP (Mercialys) -- becomes leading shareholder in DEPUR by investing €1.1M

      • ALQGC.FP (Quantum Genomics) -- enters into exclusive negotiations with Vistacare Medical with the ambition of creating a benchmark player in the management of complex wounds

      • TNXT.IM (Tinexta) -- finalized acquistion of 65% of Ascertia Limited

      • FROY.NO (Frøy ASA) -- Update on regulatory approvals for the acquisition by Goldman Sachs Asset Management of 72.11% of the shares in Frøy and subsequent mandatory offer

      • Syndicate of investors working on $125M deal for CoinDesk - media report

    • Healthcare

      • IDIA.SW (Idorsia) -- announces cost reduction initiative to be implemented by the end of 2023; 500 jobs affected

      • REC.IM (Recordati) -- announces agreement with GSK to commercialize Avodart (dutasteride) and Combodart/Duodart (dutasteride/tamsulosin)

      • 2096.HK (Simcere Pharmaceutical Group) -- obtains clinical trial approval from NMPA for daridorexant hydrochloride tablets in insomnia

    • Other

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for June

      • SBB.B.SS (Samhällsbyggnadsbolaget i Norden) -- subsidiary to issue SEK2.36B of preference shares to MSREI

      • DOC.AV (DO & CO) -- approves proposed €1.00 dividend for the 2022/2023 business year at annual meeting

  • Key rating changes

    • Upgrades

      • HL.LN (Hargreaves Lansdown) -- to buy from underperform at Jefferies

      • VOLCAR.B.SS (Volvo Car) -- to outperform from underperform at BNP Paribas Exane

      • BHG.SS (BHG Group) -- to hold from sell at Danske Bank

      • BZU.IM (Buzzi SpA) -- to neutral from underweight at JPMorgan

      • GALE.SW (Galenica) -- to neutral from underperform at Credit Suisse

      • EZJ.LN (easyJet) -- to buy from hold at Stifel

      • TGS.NO (TGS-NOPEC) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • MIPS.SS (MIPS) -- to hold from buy at Jefferies

      • DSFIR.NA (DSM-Firmenich) -- to underweight from neutral at JPMorgan

      • MBG.GR (Mercedes-Benz Group) -- to neutral from outperform at BNP Paribas Exane

    • Initiations

      • SAMPO.FH (Sampo) -- buy at Goldman Sachs

  • Data

    • Nikkei (0.61%) to 32293.19 Hang Seng +0.37% to 18998.88

    • Shanghai Composite (0.18%) to 3163.89

    • S&P futures +3.8 vs prior close of 4565.5

    • €-$ +0.0006 or +0.05% to 1.1137

    • $-¥ +0.17 or +0.12% to 140.24

    • €-¥ +0.16 or +0.10% to 156.16

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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