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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.26%), DAX30 flat, CAC40 (0.60%), IBEX (0.2%), FTSE MIB (0.2%)

Jul 26 ,2023

  • Synopsis

    • European equities are set to open flat to lower amid Asian equities mixed Wednesday. Hang Seng leading declines across Greater China markets following Tuesday's Politburo-driven rally. ASX outperforming after CPI data led markets to pare RBA hike odds.

    • On today's agenda, US interest rate decision (25-bp hike expected). 20th Backnang Economic Talks,

    • Macro data releases out today include France Jul consumer confidence, Switzerland Jul ZEW expectations, Sweden Jun trade balance, Eurozone Jun M3 money supply

    • On the reporting front, a busy morning for earnings kicked off with results from DACHs companies, DWS Group (DWS.GR), Deutsche Bank (DBK.GR), RWE (RWE.GR), Deutsche Börse (DB1.GR), Telefonica Deutschland Holding (O2D.GR), and ALSO Holding (ALSN.SW). In France, LVMH (MC.FP), Worldline (WLN.FP), Nexans (NEX.FP), Lagardere (MMB.FP), EssilorLuxottica (EL.FP), Bureau Veritas (BVI.FP), Eurofins Scientific (ERF.FP), Danone (BN.FP), and Orange (ORA.FP) reported H1/Q2 updates.

    • In Southern Europe, Gestamp Automoción (GEST.SM), Banco Santander (SAN.SM), and UniCredit (UCG.IM) updated investors with their latest numbers with the latter upgrading its outlook for FY23 with net revenues above €21.5B (vs prior guidance for Net revenue > €20.3B) and net profit at or above €7.25B (vs prior guidance for Net income > €6.5B). In Benelux, ASM International (ASM.NA), Elia Group (ELI.BB), Econocom Group (ECONB.BB), Just Eat Takeaway.com (TKWY.NA) reported Q2/H1 updates.

    • In Nordics, Equinor (EQnR.NO) reported Q2 earnings. Also reporting today, in the UK, Rio Tinto (RIO.LN), British American Tobacco (BATS.LN), GSK (GSK.LN), Reckitt Benckiser (RKT.LN), Lloyds Banking Group (LLOY.LN), RHI Magnesita (RHIM.LN).

  • Politics/Macro/World News

    • Bill for Bank of England money printing balloons by £50bn - The Telegraph

    • Norway Struggles to Pull the Plug on EV Subsidies - Bloomberg

    • Sadiq Khan calls on UK government for extra Ulez funding - FT

    • Turkish economy past 'the worst', says Erdoğan business ally - FT

  • Top company news

    • Earnings/updates

      • DACHs

        • DB1.GR (Deutsche Börse) -- reports Q2 EPS €2.52 ex-items vs FactSet €2.36

        • RWE.GR (RWE) -- reports preliminary H1 adj EBIT €3.5B

        • UN01.GR (Uniper) -- reports preliminary H1 adjusted EBIT €3.70B vs year-ago (€757M)

        • COPN.SW (Cosmo Pharmaceuticals) -- reports H1 net income €1.5M vs year-ago €7.9M

        • DWS.GR (DWS Group) -- reports Q2 net income €145M vs consensus €137M

        • EFGN.SW (EFG International) -- reports H1 net income CHF147.6M, +45% vs year-ago CHF101.6M

        • DBK.GR (Deutsche Bank) -- reports Q2 net income €753M vs consensus €713M

        • TOHN.SW (Tornos Holding) -- reports H1 net income CHF6.2M, (30%) vs year-ago CHF8.8M

        • ALSN.SW (ALSO Holding) -- reports H1 net income attributable €52.5M, (17%) vs year-ago €62.9M

        • O2D.GR (Telefonica Deutschland Holding) -- reports Q2 OIBDA €646M vs consensus €645M; narrows its FY23 outlook

        • VAR1.GR (VARTA) -- reports preliminary Q2 adjusted EBITDA ~(€5M) vs year-ago €30.8M; adjusts annual forecast amid continuing challenges

      • France

        • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- reports H1 net income €8.48B vs consensus €8.06B, sales organic growth +17% vs StreetAccount +17.2%

        • EL.FP (EssilorLuxottica) -- reports H1 adj net income €1.66B vs FactSet €1.62B

        • WLN.FP (Worldline) -- reports H1 comparable EPS €0.84 vs consensus €0.89; 2023 objectives confirmed and 2024 ambition reiterated

        • SOI.FP (SOITEC) -- reports Q1 revenue €157.0M, (23%) vs year-ago €203.0M

        • NEX.FP (Nexans) -- reports H1 net income from cont. operations €134M vs consensus €121M; FY 2023 Guidance upgraded

        • MMB.FP (Lagardere) -- reports H1 adjusted net income €45M vs year-ago (€45M)

        • MMT.FP (M6-Metropole) -- reports H1 net income €106.5M, +15% vs year-ago €93.0M

        • IPS.FP (Ipsos) -- reports H1 adjusted net income €70.1M, (28%) vs year-ago €97.5M

        • VRLA.FP (Verallia) -- reports H1 net income €311M, +79% vs year-ago €174M

        • FII.FP (Lisi) -- reports H1 EPS €0.29 vs year-ago €0.62

        • S30.FP (Solutions 30) -- reports Q2 revenue €263.4M, +19% vs year-ago €221.7M

        • LNA.FP (LNA Santé) -- reports preliminary Q2 revenue €180.9M vs year-ago €180.3M

        • ADOC.FP (Adocia) -- reports Q2 revenue €0.8M vs year-ago €6.8M; concludes €10M financing package

        • CDA.FP (Compagnie des Alpes) -- reports Q3 revenue €215.2M, +6% vs year-ago €203.5M

        • ERF.FP (Eurofins Scientific) -- reports H1 net income €261M ex-items; lowers FY guidance ranges

        • BN.FP (Danone) -- reports preliminary Q2 revenue €7.24B vs consensus €7.21B

        • BVI.FP (Bureau Veritas) -- reports H1 EPS €0.61 vs consensus EPS €0.57

        • ORA.FP (Orange) -- reports Q2 EBITDAaL €3.31B vs consensus €3.31B; reconfirms financial targets

      • Nordics

        • EQNR.NO (Equinor) -- reports Q2 adjusted net income $2.25B vs consensus $2.32B; to initiate third tranche of share buybacks

        • SANOMA.FH (Sanoma) -- reports Q2 EPS €0.14 vs FactSet €0.21

        • KCR.FH (Konecranes) -- reports Q2 adj. EPS €0.71 vs consensus €0.68

        • KAMBI.SS (Kambi Group) -- reports Q2 EPS €0.08 vs FactSet €0.08

      • Benelux

        • ASM.NA (ASM International) -- reports Q2 net income €160.7M vs consensus €153.2M

        • ELI.BB (Elia Group) -- reports H1 net income attributable €162.5M, +3% vs year-ago €157.4M; reaffirms FY guidance

        • ECONB.BB (Econocom Group) -- reports H1 consolidated net income €24.7M, (27%) vs year-ago €33.8M

        • TKWY.NA (Just Eat Takeaway.com) -- reports H1 net income (€241M) vs consensus (€262M)

      • Southern Europe

        • PRS.SM (Promotora de Informaciones) -- reports Q2 net income (€41M) vs year-ago (€14M)

        • GEST.SM (Gestamp Automoción) -- reports H1 net income €162M, +38% vs year-ago €117M

        • UCG.IM (UniCredit) -- reports Q2 net income €2.12B ex-items vs consensus €1.86B; FY23 guidance upgrade with net profit of at least €7.25B

        • MVC.SM (Metrovacesa) -- reports H1 net income (€35.3M) vs year-ago €12.0M

        • SAN.SM (Banco Santander) -- reports Q2 net income attributable €2.67B ex-items vs consensus €2.57B

        • ENG.SM (Enagas) -- reports H1 net income €176.8M including capital gains vs year-ago €30.2M; reaffirms FY guidance

        • RED.SM (Redeia Corporacion) -- reports H1 net income attributable €354.3M, (2%) vs year-ago €363.0M

    • M&A

      • VER.AV (Verbund) -- announces acquisition of Viesgo Renovables S.L. and Viesgo Europa S.L. for ~€0.46B

      • ERA.FP (Eramet) -- receives unilateral offer from potential buyer for purchase of 100% of shares of Titanium & Iron; proposed enterprise value is $245M

      • EDPR.PL (EDP Renovaveis) -- completes sale of a 257 MW wind portfolio in Spain to Verbund for €460M (enterprise value) (post EU close 25-Jul)

      • ENBR3.BZ (EDP Energias do Brasil) -- EDP-Energias de Portugal to compulsory acquire the remaining shares in EDP Brasil

      • Nissan Motor, Renault enter definitive agreements; Nissan to invest up to €600M in Ampere

    • Other

      • AIR.FP (Airbus SE) -- Airbus announces order for 4 new Airbus A330 MRTTs from Government of Canada, plus conversion of five used A330-200s; total order valued at €2.1B

      • DBK.GR (Deutsche Bank) -- to resume share buybacks of up to €450M in 2023

      • EL.FP (EssilorLuxottica) -- announces expansion into hearing solutions market

      • EQNR.NO (Equinor) -- to commence third tranche of the 2023 share buy-back program of ~$1.67B

      • NWG.LN (NatWest Group) -- CEO Alison Rose steps down

      • TOM.NO (Tomra Systems) -- provides 25-July Update on Cyberattack

      • SCYR.SM (Sacyr Vallehermoso) -- Sacyr announces consortium selected for concession of section of the I-10 highway in Louisiana

  • Key rating changes

    • Upgrades

      • FDEV.LN (Frontier Developments) -- to buy from hold at Jefferies

      • TYMN.LN (Tyman) -- to buy from hold at Berenberg

      • VRLA.FP (Verallia) -- to outperform from neutral at BNP Paribas Exane

      • BAER.SW (Julius Baer Group) -- upgraded to market perform from underperform at Keefe, Bruyette & Woods

      • ALFA.SS (Alfa Laval) -- to equal-weight from underweight at Morgan Stanley

    • Downgrades

      • GLEN.LN (Glencore) -- to hold from buy at HSBC

      • ASSA.B.SS (Assa Abloy) -- to neutral from buy at UBS (timing uncertain)

      • DSV.DC (DSV A/S) -- to hold from buy at SEB

      • NOD.NO (Nordic Semiconductor) -- to hold from buy at Deutsche Bank

      • ROVIO.FH (Rovio Entertainment) -- to hold from buy at Jefferies

      • BFIT.NA (Basic-Fit ) -- to equal-weight from overweight at Morgan Stanley

      • ST5.GR (STEICO) -- to hold from buy at Berenberg

      • EMBRAC.B.SS (Embracer Group) -- to hold from buy at HSBC

    • Initiations

      • EMBRAC.B.SS (Embracer Group) -- hold at Jefferies

    • Others

      • SFOR.LN (S4 Capital) -- resumed buy at Peel Hunt; prior rating was buy

  • Data

    • Nikkei (0.05%) to 32665.08

    • Hang Seng (0.82%) to 19274.30

    • Shanghai Composite (0.43%) to 3217.75

    • S&P futures +0.0 vs prior close of 4596.0

    • €-$ +0.0004 or +0.04% to 1.1061

    • $-¥ +0.11 or +0.08% to 141.02

    • €-¥ +0.18 or +0.12% to 155.96

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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