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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.14%), DAX30 (0.14%), CAC40 +0.06%

Jul 25 ,2023

  • Synopsis

    • European equity markets set to open mixed to lower amidst mostly higher trading in Asia at this time. S&P 500 futures little changed afterhours. Bond markets mixed with Treasury curve bear flattening and JGB yields nudging higher. Offshore yuan strengthening against other currencies, Aussie and kiwi pushing higher, dollar weaker elsewhere. Base metals and bulk commodities lifting alongside Chinese markets. WTI crude up 0.3%.

    • Another busy day for earnings; of note, reporting out of DACHs so far this morning, Bayer AG (BAYN.GR) released prelim Q2 numbers with Core EPS ~€1.20 vs FactSet €1.35; Adidas (ADS.GR) reports preliminary Q2 EBIT €176M vs year-ago €392M, reflecting an operating margin of 3.3% vs year-ago 7.0%. Logitech International (LOGN.SW) reports Q1 non-GAAP EPS $0.65 vs StreetAccount $0.46. In France, Alstom (ALO.FP) posts Q1 sales of €4.18B vs cons €4.17B and confirms FY outlook and mid-term objectives. Remy Cointreau (RCO.FP) Q1 sales came in at €257.5M vs cons €247.7M and 2023-24 outlook confirmed. Elior Group (ELIOR.FP) posts Q3 revenue €1.42B vs year-ago €1.18B and revises FY outlook for organic revenue growth of at least 10% vs prior "of about 10%" and adj EBITA margin of around 1% vs vs prior "towards the lower end of the initial range of 1.5% to 2%". Dassault Systemes (DSY.FP) sees Q2 non-IFRS EPS at €0.28 vs cons €0.27 and guides Q3 and FY23 numbers.

    • On the macro front, Economic: Germany Jul Ifo survey due at 9:30 BST, Sweden Jun PPI due at 7:00 BST; UK Jul industrial trends orders - CBI also pending release. Light events calendar with IMF World Economic Outlook update and EU's Agriculture and Fisheries Council meeting scheduled for today.

  • Politics/ Macro/ World News:

    • Catalan fugitive emerges as potential kingmaker in Spain's election stalemate - FT

    • UK set to incur highest debt interest costs in developed world - FT

    • Rishi Sunak signals he could abandon green policies that cost consumers - The Guardian

    • Finland Jun Unemployment Rate 7.2% vs consensus 7.7% and prior 9.0%

  • Top company news

    • Earnings/updates

      • BAYN.GR (Bayer AG) -- prelim Q2 Core EPS ~€1.20 vs FactSet €1.35 [7 est, €0.99-1.93]; lowers FY outlook

      • ADS.GR (Adidas) -- prelim Q2 EBIT €176M

      • ALO.FP (Alstom) -- Q1 sales €4.18B vs cons €4.17B; FY outlook and mid-term objectives confirmed

      • RCO.FP (Remy Cointreau) -- Q1 sales €257.5M vs cons €247.7M; 2023-24 outlook confirmed

      • ELIOR.FP (Elior Group) -- Q3 revenue €1.42B vs year-ago €1.18B; revises FY outlook

      • LOGN.SW (Logitech International) -- Q1 non-GAAP EPS $0.65 vs StreetAccount $0.46

      • DSY.FP (Dassault Systemes) -- Q2 non-IFRS EPS €0.28 vs cons €0.27; guides Q3 and FY23

      • AKZA.NA (Akzo Nobel) -- Q2 adjusted EPS €0.93 vs year-ago €0.84

      • RAND.NA (Randstad) -- Q2 underlying EPS €1.01 vs cons €1.03; challenging macroeconomic conditions experienced in Q2 have continued in early July

      • TNET.BB (Telenet Group Holding) -- Q2 adj EBITDAaL €337.3M vs FactSet €337.6M [1 est]

      • CMCOM.NA (CM.com) -- H1 net income (€18.1M) vs year-ago (€21.8M)

      • CICN.SW (Cicor Technologies) -- H1 net income CHF4.9M vs year-ago CHF0.8M

      • KNIN.SW (Kuehne & Nagel) -- Q2 EPS CHF3.36 vs FactSet CHF2.96 [2 est, CHF2.93-2.98]

      • DSV.DC (DSV A/S) -- Q2 revenue DKK 37.73B vs cons DKK 42.66B. Upgrading full-year outlook for 2023

      • EDEN.FP (Edenred) -- H1 EBITDA €483M vs cons €475.6M; specifies FY EBITDA guidance

      • IDIA.SW (Idorsia) -- Q2 non-GAAP EPS (CHF1.01) vs year-ago (CHF1.16); Confirms FY23 guidance; suspends FY25 profitability target

      • BFIT.NA (Basic-Fit) --- H1 underlying EPS €0.04 vs year-ago (€0.31)

      • KIND.SS (Kindred Group) -- Q2 EPS 13p vs FactSet 12.4p [5 est, 11.0-14.0p]

      • SUN.SW (Sulzer) -- H1 net income CHF104.3M vs cons CHF86.5M; raises FY guidance

      • VAR.NO (Vår Energi) -- Q2 cash from operations $231M vs FactSet $209.7M

      • EXE.FP (Exel Industries) -- Q3 revenue €310.0M vs FactSet €301.9M [1 est]

      • LISN.SW (Chocoladefabriken Lindt & Spruengli) -- H1 net income CHF204.5M vs cons CHF148.3M; raises FY outlook

      • PST.IM (Poste Italiane) -- Q2 net income €601M, +22% vs year-ago €492M

      • UTG.LN (UNITE Group) -- H1 EPRA NTAPS 928p vs year-ago 940p; FY23 EPS guidance increased to upper end of 43-44p range

      • SIGN.SW (SIG Combibloc Group) -- Q2 net income €79.7M vs year-ago €80M

      • ACOMO.NA (ACOMO NV) -- H1 adj net income €27.1M, (14%) vs year-ago €31.6M

      • FTK.GR (flatexDEGIRO) -- Q2 adj EBITDA €33.9M vs FactSet €34.6M [5 est, €31-39M]; confirms its FY23 forecast

      • ACLN.SW (Accelleron Industries) -- FY revenue guidance to ~ +13% (+15% including OMT) vs prior guidance +2-4% and FactSet $826.2M [5 est, $789.3-857.7M]

      • ITP.FP (Interparfums) -- H1 sales €396.1M vs year-ago €318.7M; raises FY sales guidance to €800M

      • GALE.SW (Galenica) -- H1 consolidated net sales CHF1.85B, +5.5% y/y; lowers FY EBIT guidance

      • BEN.FP (Beneteau) -- prelim H1 revenue €1.03B vs year-ago €751.2M; FY23 outlook for revenues confirmed

      • ORY.SM (Oryzon Genomics) -- H1 net income (€0.6M) vs year-ago (€1.3M)

      • IDL.FP (ID Logistics Group) -- prelim Q2 revenue €658.2M vs year-ago €635.5M

      • LBIRD.FP (Lumibird) -- prelim Q2 revenue €56.3M vs year-ago €46.0M

    • M&A

      • HO.FP (Thales) -- acquires US-based cyber champion Imperva from Thoma Bravo for enterprise value of $3.6B

      • CRL.IM (Carel Industries) -- to acquire 82.4% stake in Kiona

      • SHEL.LN (Shell Plc) -- to sell participating interest in Indonesia's Masela Block to Pertamina Hulu Energi and Petronas Masela for $325M plus additional contingent $325M (earlier, 11:30 JST)

      • TKA.AV (Telekom Austria) -- América Móvil increases its stake in Telekom Austria to 56.55% from 51% -- filing

      • JDEP.NA (JDE Peet's) -- announces acquisition of Maratá's coffee & tea business in Brazil; price not disclosed

      • AKAST.NO (Akastor) -- completes sale of DDW Offshore vessels to OceanPact

      • IRE.IM (Iren) -- completes acquisition of stake in Sistema Ambiente SpA

      • PPC.GA (Public Power Corp.) -- agrees to acquire 84 MW wind farm in Romania from Lukoil Group fir an undisclosed sum (post EU close 24-Jul)

      • ECX1.GR (Epigenomics) -- announces agreement on the acquisition of almost all assets by New Day Diagnostics LLC

      • FFARM.NA (ForFarmers) -- acquires Piast Pasze Sp. z.o.o in Poland; terms undisclosed

      • GVOLT.PL (Greenvolt Energias Renováveis) -- announces sale of 58.6 MW of assets in Poland (post EU close 24-Jul)

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- Follow-up: FDA approves additional maintenance dose for Wegovy

      • ORP.FP (Orpea) -- announces approval from Nanterre Specialised Commercial Court for Accelerated Safeguard Plan

      • AZN.LN (AstraZeneca) -- Ono Pharmaceutical (4528.JP), Bristol Myers Squibb (BMY) reach settlement with AstraZeneca over PD-L1, CTLA-4 patent case

      • B8F.GR (Biofrontera AG) -- notes capital increase resolved in Jan-23 will not be implemented

      • EVE.SW (Evolva Holding) -- has received approval for its Veri-teTM Resveratrol from the Taiwanese FDA for use as an ingredient in foods and dietary supplements.

    • Other

      • UBSG.SW (UBS Group) -- announces resolution of Credit Suisse regulatory matters related to Archegos; to pay fines totaling $388M to US Federal Reserve, UK's PRA

      • DG.FP (VINCI SA) -- VINCI Airports finalises financial structuring for Cabo Verde airport concession

      • ALO.FP (Alstom) -- to supply 40 Coradia Stream trains to NAH.SH in Germany; contract is valued at close to €900M

      • TIGO.SS (Millicom International Cellular) -- SEC filing: SC 13D/A (Filed by Atlas Investissement)

      • SW.FP (Sodexo) -- Banco Santander Brasil, Sodexo to form 80-20 JV

      • VK.FP (Vallourec) -- wins two major offshore line pipe contracts for Brazil's Buzios field

      • PIRC.IM (Pirelli & C.) -- announces adjustment to conversion price of "equity-linked" bonds due 2025

      • VPK.NA (Royal Vopak) -- H2U and Vopak to collaborate on H2-Hub Gladstone green hydrogen and green ammonia export project

  • Key rating changes

    • Upgrades

      • ADS.GR ( Adidas) -- to outperform from neutral at BNP Paribas Exane

      • ADE.NO (Adevinta) -- to buy from hold at HSBC

      • BOL.SS (Boliden) -- to neutral from underperform at Credit Suisse

      • FORTUM.FH (Fortum) -- to buy from hold at Berenberg

      • PWG.FP (Prodways Group) -- to neutral from underperform at Oddo

      • KBC.BB (KBC Group) -- to buy at Deutsche Bank

      • SAMPO.FH (Sampo) -- to buy from underperform at BofA

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

      • RENEW.SS (Re:NewCell) -- short-term recommendation to buy from hold at Handelsbanken

      • SGSN.SW (SGS) -- to hold from reduce at Kepler Cheuvreux

    • Downgrades

      • ITX.SM (Inditex) -- to neutral from outperform at BNP Paribas Exane

      • AUTO.LN (Auto Trader Group) -- to underweight from neutral at JPMorgan

      • MONY.LN (Moneysupermarket.com Group) -- to hold from add at Peel Hunt

      • OERL.SW (OC Oerlikon Corp.) -- to hold from buy at Kepler Cheuvreux

      • VPLAY.A.SS (Viaplay Group) -- to sell from hold at DnB Markets

    • Initiations:

      • UMG.NA (Universal Music Group) -- initiated outperform at TD Cowen

  • Data

    • Nikkei (0.20%) to 32634.37

    • Hang Seng +3.38% to 19300.06

    • Shanghai Composite +1.91% to 3224.70

    • S&P futures +0.3 vs prior close of 4583.5

    • €-$ +0.0009 or +0.08% to 1.1076

    • $-¥ (0.03) or (0.02%) to 141.46

    • €-¥ +0.11 or +0.07% to 156.67

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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