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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.2%), DAX (0.2%), CAC (0.2%), IBEX (0.7%), SMI (0.1%)

Jul 24 ,2023

  • Synopsis

    • European equity markets set to open broadly lower, with Spain's IBEX expected to underperform. Focus on political uncertainty in Spain. BBC notes the leader of Spain's opposition conservative party Alberto Núñez Feijóo has claimed victory in a snap election, but without the result he needed. Notes that even with the support of the far right, his Popular Party (PP) has fallen short of a majority in parliament. Bloomberg notes while the center-right People's Party won the most seats, the right-wing bloc has only 170 in total and needed 176 to oust Socialist PM Sanchez. Adds with a wider range of potential partners, Sanchez could potentially muster 172 votes. The FT notes the deadlock leaves Spain in limbo and opens the door to weeks or months of messy negotiations over voting alliances - or repeat elections.

    • Meanwhile, Q2 earnings season and central bank policy to dominate European markets in the week ahead. EPS beats in Europe relatively subdued so far and cyclicals lagging defensives. Analysts see potential for more downbeat statements on outlook as stronger euro becomes a headwind and companies protect margins. Fed and ECB decision on Wednesday and Thursday and both tipped to hike rates 25-bps. This week may also see the release of EU Commission's Summer economic forecasts, with European Banking Authority (EBA) stress test results also expected by the end of the month.

    • Asian equities mixed Monday. Hang Seng leading declines across Greater China. Property developers under pressure with Country Garden sinking amid concerns over its debt. Bloomberg previewed China Politburo meeting which economists say will likely provide more pro-growth signals and support for private sector after Beijing's recent pledges. However authorities seen unlikely to deliver large-scale stimulus that markets were expecting to counter economic downturn.

    • Macro data releases out today include Eurozone/France/Germany/UK Jul flash manufacturing/services PMIs, Spain Jun PPI. Note that Finland Jun PPI (9.5%) y/y vs consensus (8.3%) and prior (6.5%)

    • In corporate highlights today, Philips (PHIA.NA) out with better than expected Q2 results and raises FY outlook. Ryanair (RYA.ID) Q1 numbers; says it expects FY24 traffic to grow to approx. 183.5M (up 9%), which is slower than the 185M originally expected, due to Boeing delivery delays in spring and in autumn 2023. Julius Baer (BAER.SW) reports H1 adjusted net income CHF541M vs consensus CHF536.7M; AuM CHF440.7B vs consensus CHF435.15B. Also reporting today are the likes of SGS (SGSN.SW), Software (SOW.GR) and Plastic Omnium (POM.FP). Note that Vodafone (VOD.LN) is due to release its Q1 Trading Update.

    • Uk telco sector in further focus amid report 24.5% holder Patrick Drahi considering raising his stake in BT Group (BT.A.LN) to 29.9%.

    • Ocado (OCDO.LN) eyed as it settles patent litigation; AutoStore will pay £200M to Ocado in installments over 2 years

  • Politics/Macro/World News

    • Spain

      • Spain plunged into political uncertainty after election deadlock - FT

      • Spain's conservatives miss out on all-out victory as left celebrates - BBC

      • Sanchez Holds Upper Hand After Late Surge Thwarts Spanish Right - Bloomberg

    • Germany

      • Center-right leader mulls cooperation with far right at municipal level - POLITICO

    • UK

      • Sunak Renews UK Housebuilding Pledge, Relaxes Planning Rules - Bloomberg

      • UK Job Vacancies Rise for Fifth Month, Adding to Pressure on Pay - Bloomberg, citing Adzuna data

    • Italy

      • Italy Intends to Exit China Belt and Road Pact as Ties Sour - Bloomberg

  • Top company news

    • Earnings/updates

      • PHIA.NA (Koninklijke Philips) -- reports Q2 adjusted EPS from cont ops €0.28 vs consensus €0.26; FY Outlook raised to mid-single-digit comparable sales growth and an Adjusted EBITA margin at the upper end of the high-single-digit range.

      • RYA.ID (Ryanair Holdings) -- reports Q1 EPS €0.58 vs consensus €0.42; guides Q2/H1

      • BAER.SW (Julius Baer Group) -- reports H1 adjusted net income CHF541M vs consensus CHF536.7M; AuM CHF440.7B vs consensus CHF435.15B; Net New Money +CHF7.1B vs consensus +CHF5.40B; BIS CET1 Ratio 15.5% vs consensus 15.0%

      • SGSN.SW (SGS) -- reports H1 adjusted EPS CHF1.64 vs year-ago CHF1.61

      • BAVA.DC (Bavarian Nordic A/S) -- Bavarian Nordic provides update on RSV vaccine program; did not meet all endpoints, to discontinue; no impact for 2023 financial guidance

      • SOW.GR (Software) -- reports Q2 EBITA (non-IFRS) €54.3M vs consensus €33.4M; reiterates FY23 guidance

      • MBTN.SW (Meyer Burger Technology) -- reports preliminary H1 earnings; to open a high performance solar cell manufacturing facility in USA; CCO to leave

      • MBTN.SW (Meyer Burger Technology) -- reports prelim. H1 EBITDA (CHF42M) including impairment vs FactSet (CHF11.3M) [1 est]; refrains from providing FY EBITDA guidance

      • BEAN.SW (BELIMO Holding) -- reports H1 net income CHF65.0M, +6% vs year-ago CHF61.3M

      • POM.FP (Plastic Omnium) -- reports H1 net income €100M, (4%) vs year-ago €104M; confirms FY23 and FY25 targets

      • HLE.GR (HELLA GmbH & Co. KGaA) -- reports H1 operating income €245M, +76% vs year-ago €139M; company outlook for the FY23 confirmed

      • NVG.PL (The Navigator Co.) -- reports Q2 net income €65.7M vs FactSet €59.1M [3 est, €55-62M]

      • Also reporting today

        • Earnings:

          • Benelux: Royal KPN (KPN.NA)

          • DACHs: Logitech International (LOGN.SW) (reporting 24-Jul 2100 ET/25-Jul 0300 CET), BELIMO Holding (BEAN.SW), Daetwyler Holding (DAE.SW), ATOSS Software (AOF.GR)

          • France: Icade (ICAD.FP), ID Logistics Group (IDL.FP)

          • Southern Europe: Naturgy Energy Group (NTGY.SM), Almirall (ALM.SM)

          • UK/Ireland: Moneysupermarket.com Group (MONY.LN)

        • Trading Update: Vodafone Group (VOD.LN), Cranswick (CWK.LN), Beneteau (BEN.FP)

    • M&A

      • SWON.SW ( SoftwareONE) -- rejects revised offer from Bain Capital; initiates strategic review

      • BT.A.LN (BT Group) -- 24.5% holder Patrick Drahi considering raising his BT stake to 29.9% - Mail on Sunday, citing City sources

      • BN (Brookfield Corp) -- EQT, Antin, GIS-KSL Capital in second round for Center Parcs - Sunday Times

      • AC.FP (Accor) -- enters into exclusive negotiations with Andera Partners and associated investors to acquire 63% of Potel & Chabot

      • NMAN.SS (Nederman Holding) -- Nederman acquires Aagaard for DKK 30M

      • LLQ.SW (Lalique Group) -- Majority shareholder and Chairman Silvio Denz sells 600K Lalique Group shares to Müller Handels AG Schweiz

      • Peter Chernin's North Road expresses interest in All3Media - Sunday Times, citing City sources

    • Healthcare

      • PFE (Pfizer) -- provides update on damage to its Rocky Mount, NC facility following tornado earlier this week

      • NOVN.SW (Novartis) -- Sandoz receives positive CHMP opinion for MS biosimilar natalizumab (TYSABRI)

      • ALNY (Alnylam Pharmaceuticals) -- to partner with Roche on zilebesiran; Alnylam to receive $310M (CHF268.6M) up front

      • 4523.JP (Eisai) -- plans to launch trials for second Alzheimer's drug in 2024 -- Nikkei Asia

      • IPN.FP (Ipsen) -- has been informed of certain changes of the shareholders' agreements relating to the concert of its principal shareholders.l

    • Other

      • STLAM.IM (Stellantis) -- and Samsung SDI signs MoU to establish second battery manufacturing facility in the US

      • RTN.LN (Restaurant Group) -- TMR Capital plotting breakup of The Restaurant Group - The Telegraph

      • OCDO.LN (Ocado) -- AutoStore and Ocado settle all patent litigation; AutoStore will pay £200M to Ocado in installments over 2 years

      • Estimated weekend box office revenues in US, Canada $302.0M, +139.3% y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • FHZN.SW (Flughafen Zuerich) -- to overweight from equal weight at Barclays

      • ROCK.B.DC (Rockwool) -- to neutral from underperform at BNP Paribas Exane

      • IDS.LN (International Distributions Services) -- to hold from sell at Peel Hunt

      • DKSH.SW (DKSH Holding) -- to outperform from neutral at BNP Paribas Exane

      • BILI.A.SS (Bilia) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • EVO.SS (Evolution) -- to hold from buy at Deutsche Bank

      • NHY.NO (Norsk Hydro) -- to hold from buy at ABG Sundal Collier

      • HL.LN (Hargreaves Lansdown) -- to sell at Deutsche Bank

      • DEZ.GR (Deutz AG) -- to hold from buy at HSBC

    • Initiations

      • BEIJ.B.SS (Beijer Ref) -- buy at Jefferies

  • Data

    • Nikkei +1.14% to 32671.19

    • Hang Seng (1.59%) to 18771.16

    • Shanghai Composite +0.00% to 3167.65

    • S&P futures (1.8) vs prior close of 4564.8

    • €-$ +0.0002 or +0.02% to 1.1131

    • $-¥ (0.11) or (0.08%) to 141.55

    • €-¥ (0.06) or (0.04%) to 157.56

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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