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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.22% , DAX30 +0.28% , CAC40 +0.24%

Jul 27 ,2023

  • Synopsis

    • European equities are set to open in positive territory mirroring Asian equities trading higher Thursday. Nasdaq futures up slightly with META rallying following revenue beat on ad turnaround and AI momentum. Bond markets mixed with Australian yields extending lower following Wednesday's CPI miss. Dollar strengthening against most other currencies. Crude and base metals advancing alongside equities.

    • On today's agenda, ECB interest rate decision at 14:15CET followed by a press conf at 14:45CET (25-bp hike expected). Informal meeting of EU health ministers (through Fri). Salzburg Summit 2023, speakers include Austria's Chancellor Nehammer, EU's Hahn, Breton, Gentiloni, Deutsche Bank's (DBK.GR) Sewing, Verbund's (VER.AV) Strugel. UK Jun car production.

    • Macroeconomic releases due today include: Germany Aug GfK consumer confidence, Spain Q2 unemployment rate, Jun retail sales, Italy Jul business/consumer confidence, Norway Jun unemployment rate, UK Jul distributive trades - CBI

    • On a busy earnings morning, ArcelorMittal (MT.NA) posted Q2 EPS $2.20 vs consensus $1.69. BE Semiconductor Industries (BESI.NA), Fugro (FUR.NA), Aalberts (AALB.NA), Arcadis (ARCAD.NA) earnings are also out.

    • In the DACH region, Mercedes-Benz Group reported Q2 EPS €3.34 vs consensus €3.16; Holcim Ltd. (HOLN.SW) posted Q2 recurring EBIT CHF1.55B vs StreetAccount CHF1.46B; Nestle (NESN.SW), Roche (ROG.SW), Mercedes-Benz (MBG.GR), Volkswagen (VOW3.GR),VERBUND (VER.AV), Heidelberg Materials (HEI.GR), VAT Group (VACN.SW), Wacker Chemie (WCH.GR), Bachem (BANB.SW), Andritz (ANDR.AV), KION GROUP (KGX.GR), Bucher Industries (BUCN.SW) are also on the tape.

    • In France, NP Paribas (BNP.FP) reported Q2 net income €2.81B vs consensus €2.47B; L'Air Liquide (AI.FP), JCDecaux (DEC.FP), Accor (AC.FP), Casino Guichard-Perrachon (CO.FP), Schneider Electric (SU.FP) are also out. Other earnings due today in Fance include L'Oreal (OR.FP), TotalEnergies (TTE.FP), Kering (KER.FP), Safran (SAF.FP).

    • Out of the Nordics, STMicroelectronics (STMPA.FH), Neste Corp. (NESTE.FH), Kesko (KESKOB.FH), Metsa Board (METSB.FH), Millicom International Cellular (TIGO.SS), Paradox Interactive (PDX.SS), Swedencare (SECARE.SS) are expected to update the market.

    • In Southern Europe, Iberdrola (IBE.SM), Cellnex Telecom (CLNX.SM), Telefonica (TEF.SM), EDP-Energias de Portugal (EDP.PL), Repsol (REP.SM) are due to report.

  • Politics/Macro/World News

    • Italy's relationship with China leads agenda in Meloni-Biden talks - FT

    • Treasury Advisers Worry the Bank of England May Overdo Inflation Fight - Bloomberg

    • ECB to hike rates again but keep options open for September - Reuters

    • UK car output rises for a fifth straight month in June - SMMT

  • Top company news

    • Earnings/updates

      • DACHs

        • ROG.SW (Roche Holding) -- reports H1 Core EPS CHF10.10 vs consensus CHF10.10

        • MBG.GR (Mercedes-Benz Group) -- AG reports preliminary Q2 results and raises full-year guidance

        • HOLN.SW (Holcim) -- reports Q2 recurring EBIT CHF1.55B vs StreetAccount CHF1.46B

        • VACN.SW (VAT Group) -- reports H1 EPS CHF2.81 vs year-ago CHF4.92, preparations on track for return to growth in 2024

        • BUCN.SW (Bucher Industries) -- reports H1 EPS CHF19.35 vs year-ago CHF14.97

        • GFG.GR (Global Fashion Group) -- reports preliminary Q2 results

        • VONN.SW (Vontobel Holding) -- reports H1 net income attributable CHF127.6M vs FactSet CHF137M [1 est]

        • LEHN.SW (LEM Holding) -- reports Q1 net income CHF20.5M, +39% vs year-ago CHF14.7M

        • KARN.SW (Kardex Holding) -- reports H1 net income €32.4M, +105% vs year-ago €15.8M

        • ANDR.AV (Andritz) reports Q2 Net Income (incl. non-controlling interests) €119.0M vs consensus €101.5M; confirms previously published FY23 outlook

        • WCH.GR (Wacker Chemie)-- reports Q2 EPS €2.40 vs FactSet €2.11 [4 est, €1.65-2.82]

        • WAF.GR (Siltronic) -- reports Q2 EPS €1.83 vs FactSet €1.66 [4 est, €1.47-2.02]; expects demand to remain weak in H2; outlook 2023 concretized

        • MBG.GR (Mercedes-Benz Group) -- reports Q2 EPS €3.34 vs consensus €3.16

        • AIXA.GR (Aixtron) reports Q2 EPS €0.36 vs FactSet €0.24 [5 est, €0.22-0.26]; raises FY growth guidance

      • France

        • STMPA.FP (STMicroelectronics) -- reports Q2 EPS $1.06 vs consensus $1.09

        • AIR.FP (Airbus SE) -- reports Q2 EBIT €1.85B ex-items vs consensus €1.73B

        • SAF.FP (Safran) -- reports H1 EPS €2.40 vs consensus €2.29; raises FY23 outlook and announces new €1B buyback

        • ML.FP (Cie Generale des Etablissements Michelin SA) -- reports H1 EPS €1.70 vs consensus €1.48; revises FY23 gudiance upwards

        • SGO.FP (Compagnie de Saint-Gobain) -- reports H1 operating income €2.81B vs consensus €2.61B

        • RNO.FP (Renault) -- reports H1 net income attributable €2.09B vs consensus €1.17B; reaffirms FY guidance

        • CA.FP (Carrefour) -- reports H1 recurring operating income €700M vs FactSet €666.7M [3 est, €659-679M]; con?rms FY growth objectives

        • TEP.FP (Teleperformance) -- reports H1 EPS €4.59 vs year-ago €4.60

        • ORP.FP (Orpea) -- reports Q2 revenue €1.31B vs year-ago €1.18B, +11.1% y/y

        • ELIS.FP (Elis) -- reports H1 headline net income €197.7M vs FactSet €194.4M [2 est, €182.8-206M]

        • SK.FP (SEB) -- reports H1 operating income €180M, (10%) vs year-ago €199M

        • VCT.FP (Vicat) -- reports H1 net income €94M, +21% vs year-ago €78M

        • SOP.FP (Sopra Steria Group) -- reports H1 net income attributable €112.5M vs year-ago €112.3M

        • TKTT.FP (Tarkett) -- reports H1 EPS €0.04 vs year-ago €0.19

        • ERA.FP (Eramet) -- reports H1 net income €98M vs year-ago €677M

        • NXI.FP (Nexity) -- reports H1 net income €9M vs year-ago €54M

        • LOCAL.FP (Solocal Group) -- reports H1 net income (€23.6M) vs year-ago €10.6M

        • CNV.FP (Cnova) -- reports preliminary H1 EBITDA €33.9M, +132% vs year-ago €14.6M

        • VLTSA.FP (Voltalia) -- reports Q2 revenue €100.0M, (3%) vs year-ago €102.8M

        • SRP.FP (SRP Groupe) -- reports H1 net income (€2.7M) vs year-ago €1.6M

        • AXW.FP (Axway Software) -- reports Q2 net income €3.7M, +54% vs year-ago €2.4M

        • DEC.FP (JCDecaux) reports H1 net income €37.8M vs year-ago (€11.7M)

        • AC.FP (Accor) reports H1 net income €248M vs consensus €180M; raises FY EBITDA guidance

        • SU.FP (Schneider Electric) -- reports H1 adj EPS €3.64 vs consensus €3.75; upgrades its 2023 financial target

        • TE.FP (Technip Energies) -- reports H1 adjusted net income €125.3M vs year-ago €131.5M; raises 2023 adj. rec. EBIT margin outlook

        • CO.FP (Casino Guichard-Perrachon) -- reports H1 net income attributable from cont. ops (€1.33B) ex-items vs year-ago restated(€133M)

      • Benelux

        • MT.NA (ArcelorMittal) -- reports Q2 EPS $2.20 vs consensus $1.69

        • UMG.NA (Universal Music Group) -- reports Q2 revenue €2.70B vs FactSet €2.69B [5 est, €2.54-3.18B]

        • APAM.NA (Aperam) -- reports Q2 EPS €0.59 vs FactSet €0.72 [3 est, €0.51-0.87]

        • AMG.NA (AMG Critical Materials) -- reports Q2 EPS $1.28 vs year-ago $0.91; lowers FY EBITDA guidance

      • Southern Europe

        • MONC.IM (Moncler) -- Moncler reports H1 EBIT €217.8M vs consensus €210.7M

        • ENEL.IM (Enel) -- reports H1 net income €3.28B, +52% vs year-ago €2.16B; confirms FY guidance

        • SPM.IM (Saipem) -- reports Q2 adjusted net income €40M vs consensus €0M

        • TOD.IM (Tod's) -- reports preliminary H1 revenue €569.1M vs FactSet €571.3M [5 est, €569.9-575.8M]

        • INW.IM (Infrastrutture Wireless Italiane) -- reports Q2 net income €80.8M, +9% vs year-ago €73.9M

        • BB.FP (Bic) -- reports Q2 EPS €1.76 ex-items vs consensus €1.52

        • JMT.PL (Jeronimo Martins) -- reports Q2 net income €221M vs consensus €217.1M

        • NHH.SM (NH Hotel Group) -- reports H1 EBIT €122.5M, +149% vs year-ago €49.1M

        • HOME.SM (Neinor Homes) -- reports H1 net income €5.9M vs FactSet €10.2M [3 est, €5.5-15.8M]

    • M&A

      • ORP.FP (Orpea) -- announces the sale of property portfolios in the Netherlands and Austria for a total amount of €83M

      • COLR.BB (Colruyt) -- Virya Energy finalises the sale of its offshore wind energy activities to JERA

      • THG.LN (THG Plc) -- THG agrees to purchase City AM; terms undisclosed (16:13 BST)

      • TRIFOR.DC (Trifork Holding) -- Trifork signs agreement to acquire additional 20% of Nine A/S

    • Other

      • VOD.LN (Vodafone Group) -- files automatic mixed shelf of indeterminate amount - F-3ASR

      • BNP.FP (BNP Paribas) -- receives ECB approval for €2.5B second tranche of 2023 buyback, to launch in August

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- provides additional FY23 guidance - earnings slides

      • NWG.LN (NatWest Group) -- Investor questions NatWest board's judgment - London Times

      • BA.LN (BAE Systems) -- awarded $37.7M U.S.Navy contract modification

      • VACN.SW (VAT Group) -- appoints Urs Gantner as new CEO, effective 1-Jan-24

      • PRS.NO (Prosafe) -- appoints Terje Askvig as CEO, effective 1-Nov

  • Key rating changes

    • Upgrades

      • DWS.GR (DWS Group) -- to overweight from neutral at JPMorgan

      • HEXA.B.SS (Hexagon) -- to buy from hold at DnB Markets

    • Downgrades

      • 1COV.GR (Covestro) -- to add from buy at Baader Helvea

      • SUN.SW (Sulzer) -- to reduce from add at Baader Helvea

      • AO.LN (AO World) -- to sell from hold at Shore Capital Stockbrokers

  • Data

    • Nikkei +0.76% to 32916.55

    • Hang Seng +1.11% to 19579.38

    • Shanghai Composite +0.04% to 3224.44

    • S&P futures +11.8 vs prior close of 4595.3

    • €-$ +0.0006 or +0.05% to 1.1094

    • $-¥ (0.04) or (0.03%) to 140.20

    • €-¥ +0.01 or +0.01% to 155.49

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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