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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.44%), DAX30 (0.18%), CAC40 (0.63%)

Jul 28 ,2023

  • Synopsis

    • European indices are set to open lower, reversing earlier gains.

    • Asian equities traded mixed Friday. Volatile session with Greater China markets rebounding from earlier losses with tech stocks rallying. Tokyo core CPI came in higher than expected for July while ex-food and energy inflation topping 4.0% for first time since Jan-1982

    • US equities finished lower in Thursday trading, ending near worst levels. S&P declined after earlier crossing above the 4600 mark; DJIA dropped after a record-tying streak of 13 straight sessions higher.

    • A Bloomberg source said the majority of UK Chancellor Hunt's Economic Advisory Council are worried the BoE may raise rates too much and push the UK into an unnecessary recession.

    • Economic data due today include: Germany/Spain Jul preliminary CPI, France Q2 preliminary GDP, Jul preliminary CPI, Jun consumer spending, Jun PPI, Spain Q2 preliminary GDP, Switzerland Jul KOF leading indicators, Italy Jun PPI.

    • Earnings reports today included: (HEIJM.NA) Heijmans reports H1 EPS €0.77 vs year-ago €1.31. (AF.FP) Air France-KLM reports Q2 net income attributable €604M vs consensus €387M. (SAN.FP) Sanofi reports Q2 business EPS €1.74 vs consensus €1.67; expects FY23 business EPS to grow mid single-digit at CER from prior guidance for business EPS to grow low single digit at CER.

    • (RXL.FP) Rexel reports H1 net income €428.4M vs consensus €407.0M; raises FY adjusted EBITA margin guidance

    • (CLN.SW) Clariant reports H1 EBITDA CHF319M ex-items, (29%) vs year-ago CHF448M; reiterates FY guidance which was lowered on 7-Jul. (DG.FP) VINCI SA reports H1 attributable net income €2.09B vs FactSet €2.05B [4 est, €1.95-2.20B]; reaffirms FY23 guidance. (FPE3.FR) FUCHS SE reports H1 EPS €1.03 vs year-ago €0.92; raises FY23 free cash flow before acquisitions expectations to ~ €300M from previously: ~ €250M

    • Trading Update due on top of the hour: YouGov (YOU.LN), Paragon Banking (PAG.LN)

  • Politics/Macro/World News

    • UK Home Sellers More Open to Price Cuts as Costly Mortgages Hit Demand (BBG)

    • BOJ Loosens Grip on Yields as Ueda Risks Fanning Tightening Talk (BBG)

    • Bank of England set to raise rates to 5.25% as high inflation persists (Reuters)

    • French Economy Grows More Than Expected in Boost to Euro Zone (BBG)

  • Top company news

    • Earnings/updates

      • KER.FP (Kering) -- reports H1 net income €1.85B, (10%) vs year-ago €2.04B; becomes significant shareholder of Valentino

      • OR.FP (L'Oreal) -- reports H1 EPS €6.73 ex-items vs consensus €6.50

      • GMAB.DC (Genmab) -- reports H1 preliminary operating income DKK1.93B, +10% vs year-ago DKK1.76B

      • VIV.FP (Vivendi) -- reports H1 net income €324M ex-items vs year-ago €54M

      • CAP.FP (Capgemini) -- reports H1 EPS €5.80 vs consensus €5.50

      • FR.FP (Valeo SE) -- reports H1 revenue €11.21B vs consensus €11.10B

      • AMS.SW (ams-OSRAM) -- reports Q2 EPS €0.12 ex-items vs FactSet (€0.02) [4 est, (€0.09)-0.04]; announces strategic re-alignment

      • DUFN.SW (Dufry) -- awarded new contracts in Spain by Aena S.M.E.; value undisclosed

      • EVT.GR (Evotec) -- guides FY23 adjusted EBITDA €60M-80M vs prior guidance €115M-130M and FactSet €120.2M [10 est, €109.0-129.1M]

      • EOAN.GR (E.ON SE) -- reports preliminary H1 EPS €0.88 ex-items vs year-ago €0.54

      • STAN.LN (Standard Chartered) -- reports Q2 underlying EPS $0.37 vs FactSet $0.35 [6 est, $0.30-0.44]

      • LIGHT.NA (Signify) -- reports Q2 EPS €0.32 vs consensus €0.58; lowers Adjusted EBITA margin guidance

      • AKE.FP (Arkema) -- reports Q2 EPS €2.77 ex-items vs consensus €2.41; reaffirms FY guidance

      • ENX.FP (Euronext) -- reports Q2 EPS €1.34 ex-items vs consensus €1.24; launches €200M share buyback

      • PIRC.IM (Pirelli & C.) -- reports Q2 net income €127.6M vs FactSet €102.1M [4 est, €68.5-123M]; raises FY Adjusted Ebit Margin guidance to between ~14.5% and <15%

      • ADP.FP (Aeroport de Paris) -- reports H1 net income €211M, +32% vs year-ago €160M

      • ADP.FP (Aeroport de Paris) -- reiterates FY23-25 outlook - presentation slides

      • CGG.FP (CGG) -- reports Q2 net income $39M, +144% vs year-ago $16M

      • VPK.NA (Royal Vopak) -- reports Q2 EPS €0.83 ex-items vs year-ago €0.42; reaffirms FY outlook

      • TFI.FP (TF1) -- reports Q2 net income €73.3M, (21%) vs year-ago €92.4M

      • IVA.FP (Inventiva) -- reports preliminary H1 revenue €1.9M vs year-ago €0.1M

      • GTT.FP (Gaztransport & Technigaz) -- reports H1 net income €84.03M, +32% vs year-ago €63.69M

      • ATE.FP (Alten) -- reports H1 revenue €2.05B vs year-ago €1.83B

      • FDJ.FP (La Francaise des Jeux) -- reports H1 net income €181M, +13% vs year-ago €160M

      • VANTI.FP (Vantiva) -- reports H1 net income (€227M) vs year-ago (€75M)

      • PHM.SM (Pharma Mar) -- reports H1 net income €6.4M vs year-ago €34.9M

      • COL.SM (Inmobiliaria Colonial SOCIMI) -- reports H1 recurring EPS €16.10 vs year-ago €14.10

      • MRL.SM (MERLIN Properties SOCIMI) -- reports H1 FFO €0.31

      • NEOEN.FP (Neoen) -- reports Q2 adjusted net income €63.0M vs year-ago €1.4M

      • NK.FP (Imerys) -- reports H1 Current EPS €1.76 vs year-ago €1.52

      • MF.FP (Wendel) -- reports H1 net income €354.9M, +2% vs year-ago €348.0M

      • WDP.BB (Warehouses de Pauw) -- reports H1 EPRA EPS €0.71 vs year-ago €0.61

      • CLARI.FP (Clariane) -- reports H1 net income €1.2M vs year-ago €21.7M

      • VIS.SM (Viscofan) -- reports Q2 net income €37.1M vs FactSet €33.6M [2 est, €33.3-33.8M]

      • ANE.SM (Corporación Acciona Energías Renovables) -- reports H1 net income €405M vs FactSet €311.8M [5 est, €188-361M]

      • ANE.SM (Corporación Acciona Energías Renovables) -- Follow-up: Corporación Acciona Energías Renovables reports Q2 results

      • BCP.PL (Banco Comercial Portugues) -- reports H1 net income €423.2M vs year-ago €62.2M

      • COTN.SW (COMET Holding) -- reports H1 net income CHF1.9M vs year-ago CHF23.1M

      • BEKB.BB (Bekaert) -- reports H1 underlying EBIT €226M, (10%) vs year-ago €251M

      • MCPHY.FP (McPhy Energy) -- reports H1 net income (€23.5M) vs year-ago (€19.7M)

      • XFAB.FP (X-FAB Silicon Foundries) -- reports Q2 EPS $0.30 vs year-ago $0.05; confirms FY outlook

      • SESL.FP (SES-imagotag) -- reports H1 revenue €380.1M, +33% vs year-ago €285.9M

      • FNAC.FP (Fnac Darty) -- reports H1 net income (€78M) ex-items vs year-ago (€17M)

      • LSS.FP (Lectra) -- Gimv reports Q2 net income €6.6M, (39%) vs year-ago €10.9M; confirms FY outlook

      • SMCP.FP (SMCP) -- reports H1 net income €14.0M, (32%) vs year-ago €20.7M

      • MRN.FP (Mersen) -- reports H1 net income €43.9M, +25% vs year-ago €35.1M

      • FORN.SW (Forbo Holding) -- reports H1 EPS CHF40.54 vs year-ago CHF42.60

      • CGM.FP (Cegedim) -- reports H1 revenue €301.0M, +12% vs year-ago €267.6M

      • TLGO.SM (Talgo) -- reports H1 net income €7.0M, +32% vs year-ago €5.3M

      • GEO.IM (Geox) -- reports H1 EBIT €3.6M vs FactSet (€3.0M) [1 est]

      • MTU.FP (Manitou BF) -- reports Q2 net income €62.5M, +115% vs year-ago €29.1M

      • PAT.GR (Patrizia) -- reports preliminary H1 adjusted EBITDA €28.4M; AUM of €57.9B

      • RAL.FP (Rallye) -- reports H1 net income from cont. ops. (€356M) vs year-ago €91M

    • M&A

      • KODK (Eastman Kodak) -- and EssilorLuxottica announce perpetual worldwide brand license agreement

      • PROX.BB (Proximus) -- looking at options for euro data center business - Reuters

      • BAM.CN (Brookfield Asset Management) -- Warburg Pincus in advanced talks with Brookfield to acquire Everise Holdings - Economic Times

      • FDJ.FP (La Francaise des Jeux) -- acquires Premier Lotteries Ireland. Terms were not disclosed

      • MF.FP (Wendel) -- completes acquisition of 82% Scalian Group for €557M

      • GRIN (Grindrod Shipping Holdings) -- Grindrod Shipping announces ship sales and other transactions

      • SAVE.LN (Savannah Energy) -- issues South Sudan acquisition update

      • DIG.IM (Digital360) -- Three Hills Capital Partners Fund completes acquisition of majority stake in Digital360

      • Goldman Sachs is considering selling its 70% stake of Good Host Spaces to Brookfield Asset Management, Alta Capital, or Keppel Corp - Economic Times

    • Healthcare

      • PHXM.FP (Phaxiam Therapeutics) -- announces 10-for-1 reverse share split effective 16-Aug-23

      • ^HEALTH (Healthcare sector summaries) -- StreetAccount Sector Summary - Healthcare Post-Market

      • BICO.SS (BICO Group) -- initiates next phase in integration process

    • Other

      • EL.FP (EssilorLuxottica) -- and Kodak Announce Perpetual Worldwide Brand License Agreement

      • HSBA.LN (HSBC Holdings) -- concludes $2.00B share buyback (00:56 HKT/17:56 BST)

      • HEIA.NA (Heineken) -- reportedly facing Dutch criminal investigation over failure to conform to new can deposit rule - Bloomberg

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- appoints Luisa Gómez Bravo as CFO

      • BA.LN (BAE Systems) -- awarded $89.0M US Army contract

      • AF.FP (Air France-KLM) -- Air France KLM announces exclusive discussions with Apollo on Loyalty Program

      • RXL.FP (Rexel) -- announces Agnès Touraine to succeed Ian Meakins as Chairman effect on 31-Aug

      • SLR.SM (Solaria Energia) -- reaches initial in-principle and non-binding agreement with Banco Santander and the European Investment Bank (EIB) for the long-term financing of 1,085MW of solar PV plants in Spain.

      • Chart of the week: EV shares soar in China while battery suppliers languish (27-Jul)

  • Key rating changes

    • Upgrades

      • DEMANT.DC (Demant) -- to neutral from underperform at Credit Suisse

    • Downgrades

      • CPR.IM (Davide Campari-Milano) -- to hold from buy at EquitaAV.LN (Aviva) -- to market perform from outperform at Keefe, Bruyette & Woods

      • PDX.SS (Paradox Interactive) -- to hold from buy at SEB Enskilda

  • Data

    • Nikkei (1.45%) to 32413.60

    • Hang Seng +0.95% to 19825.28

    • Shanghai Composite +1.52% to 3265.71

    • S&P futures +11.8 vs prior close of 4564.3

    • €-$ (0.0020) or (0.18%) to 1.0960

    • $-¥ (0.43) or (0.31%) to 139.07

    • €-¥ (0.70) or (0.46%) to 152.43

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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