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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.3%), DAX30 (0.2%), CAC40 flat

Jul 31 ,2023

  • Synopsis

    • European equity markets set to open broadly lower after last week's gains. Equity markets last week were supported by expectations that major central banks are moving closer to the end of their tightening cycles with peak Fed narrative gaining traction after it raised rates by 25 bps and a dovish ECB rate hike after it tweaked its policy guidance. ECB's Lagarde cited in French press over the weekend saying September meeting could see rate increase or a hold. This week sees Bank of England meeting, with traders split on 25-bp or 50-bp hike, although inflation appears to be slowing

    • Asian equities advancing Monday. Nikkei continues post-BOJ rebound, trading near four-week high. Hang Seng extending last week's rally. Authorities in China beginning to rollout of measures to boost economy with NDRC today publishing measures ranging from boosting auto consumption to supporting housing demand. Officials to hold press conference at 15:00 HKT discussing the policies. Meanwhile, China PMIs showed manufacturing remained in contraction and further slowdown in non-manufacturing activity. Declines in new factory orders eased though exports extended declines and construction activity slowed sharply.

    • European macro data releases include Eurozone Q2 preliminary GDP, Jul preliminary CPI,Germany Jun retail sales, Italy Q2 preliminary GDP, Jul preliminary CPI, UK Jul house price index - Nationwide, Jun mortgage approvals, M4 money supply, Denmark Jun unemployment rate, Austria Jul preliminary CPI, Portugal Q2 preliminary GDP, Jul preliminary CPI, Greece May retail sales, Belgium Jun PPI. Netherlands Jul preliminary CPI, Jun retail sales already on the tape: CPI +4.6% y/y vs consensus +4.0% and prior +5.7%, Retail Sales y/y +8.1% vs consensus +3.6% and prior revised +5.2% from +4.6%

    • Also on today's agenda: EU's von der Leyen will be in the Philippines and meets with President Marcos with the aim of moving forward the partnership between the EU and the Philippines, press conf ~5:15CET, then delivers speech at a business event at ~9:25CET. There's an informal Meeting of EU Foreign Ministers. Swiss National Bank (SNB) releases its interim results at 7:25CET. Also, ECB publishes (10:00CET) Survey of Monetary Analysts, while Italy's European affairs minister, Raffaele Fitto, addresses parliament on recovery plan

    • On the corporate front, it's another busy earnings week. Heineken (HEIA.NA) out with weaker-than-expected H1 results and says overall updated expectation for the full year of 2023 is stable to a mid-single-digit operating profit (beia) organic growth vs prior "to grow organically mid- to high-single-digit". Legrand (LR.FP) reports Q2 net income €320.4M vs consensus €298.3M; raises FY Sales growth (excluding exchange rates and Russia) guidance to +5-8% vs prior guidance +2-6%. Leonardo (LDO.IM) reports H1 net income €208M vs consensus €219M; reaffirms FY guidance. Pearson (PSON.LN) and Galp (GALP.PL) among other companies reporting today.

    • Banks eyed after the ECB published the results of its 2023 stress test, which show that the euro area banking system could withstand a severe economic downturn.

  • Politics/Macro/World News

    • Ben Bernanke to lead review into forecasting at Bank of England - link

    • Bank of England poised to raise rates to a fresh 15-year high - FT

    • ECB's Lagarde says September meeting could see rate increase or a hold - Le Figaro

    • Stress test shows euro area banking sector could withstand severe economic downturn - link

    • ECB needs more 'critical mindset' on banks, says Bundesbank deputy - FT

    • Sunak to Outline UK Energy Security Plan Amid Green Backlash - BBG

    • China hopes France can help take heat out of relations with EU - Reuters

    • Vladimir Putin says African and Chinese initiatives could be basis for peace in Ukraine - Sky News

  • Top company news

    • Earnings/updates

      • HEIA.NA (Heineken) -- reports H1 EPS (beia) €2.03 vs consensus €2.17; Revenue, Organic Growth +6.6% vs StreetAccount +8.5%; updates FY23 expectation

      • LR.FP (Legrand) -- reports Q2 net income €320.4M vs consensus €298.3M; raises FY Sales growth (excluding exchange rates and Russia) guidance to +5-8% vs prior guidance +2-6%

      • LDO.IM (Leonardo) -- reports H1 net income €208M vs consensus €219M; reaffirms FY guidance

      • BOL.FP (Bolloré) -- reports H1 net income €114M vs year-ago €562M

      • STM.GR (Stabilus) -- reports Q3 net income €21.7M, (11%) vs year-ago €24.3M; specifies FY23 revenue guidance of €1.2B vs prior range €1.1-1.2B and FactSet €1.22B

      • NEM.GR (Nemetschek) -- reports Q2 EPS €0.28 vs FactSet €0.31 [4 est, €0.28-0.35]; Reiterates FY Guidance and FY24-25 ambitions confirmed

      • ALPIX.FP (Pixium Vision) -- announces implementation of bridge financing with Bpifrance and Sofinnova and 1-for-50 reverse stock split

      • Also reporting today

        • Earnings:

          • Benelux: Tetragon Financial Group (TFG.NA), Groupe Bruxelles Lambert (GBLB.BB), Retail Estates (RET.BB)

          • DACH: Erste Group Bank (EBS.AV), MediClin (MED.GR), Surteco Group (SUR.GR), Logwin (TGHN.GR), Energiedienst Holding (EDHN.SW), Orell Füssli (OFN.SW)

          • France: Avenir Telecom (AVT.FP)

          • Nordics: MPC Energy Solutions (MPCES.NO), Oma Savings Bank (OMASP.FH)

          • Southern Europe: Nexi (NEXI.IM), Saras (SRS.IM), RCS MediaGroup (RCS.IM), CIR SpA - Cie Industriali Riunite (CIR.IM), Monrif (MON.IT), Galp Energia SGPS (GALP.PL), Meliá Hotels (MEL.SM), Prosegur Compania de Seguridad (PSG.SM), Hellenic Exchanges-Athens Stock Exchange (EXAE.GA), Piraeus Financial Holdings (TPEIR.GA), Eurobank Ergasias Services & Holdings (EUROB.GA)

          • UK/Ireland: Pearson (PSON.LN), Senior (SNR.LN), Dialight (DIA.LN), Specttis (SXS.LN), Bank of Ireland Group (BIRG.ID)

        • Trading Update: Vilmorin & Cie (RIN.FP), Berkem (ALKEM.FP), MD Medical Group Investments (MDMG.LN)

    • M&A

      • ENI.IM (Eni) -- reportedly close to deal to sell 10% stake in its Plenitude unit to Energy Infrastructure Partners (EIP) -- Reuters

      • PAAS.CN (Pan American Silver) -- Glencore in advanced talks to buy Pan American Silver out of Argentina's Mara copper project - Bloomberg

      • DFDS.DC (DFDS) -- provides update on Ekol Logistics

      • SIE.GR (Siemens) --Siemens Ltd (500550.IN) sale of low voltage motors and geared motors businesses to parent AG not approved by members

      • INH.GR (INDUS Holding) -- INDUS disposes completely of shares in SELZER Group

      • DIG.IM (Digital360) -- Three Hills Capital Partners Fund raises stake in Digital360 to 81.68%

      • TDF evaluating options for its fibre business - Reuters(

    • Healthcare

      • LLY (Eli Lilly) -- European Commission approves Eli Lilly's Jardiance (empagliflozin) for the treatment of adults with chronic kidney disease (25-Jul, pre-open)

      • REGN (Regeneron) -- presents two-year results from pivotal PHOTON trial of aflibercept 8 mg at ASRS

      • APLS (Apellis Pharmaceuticals) -- Apellis updates on review of safety events with SYFOVRE for GA

      • APLS (Apellis Pharmaceuticals) -- announces SYFOVRE (pegcetacoplan injection) continued to demonstrate increasing treatment effects over 30 months in patients with geographic atrophy (GA)l

    • Banks

      • ACA.FP (Credit Agricole) -- and Worldline sign a binding agreement to create a major player in merchant services in France

      • DANSKE.DC (Danske Bank) -- would have to draw on its capital buffers in European adverse scenario

      • BAMI.IM (Banco BPM) -- comments on EBA 2023 stress test results

      • BPE.IM (BPER Banca) -- comments on results of 2023 EU stress tests

      • EU stress test shows three banks falling short - Reuters

    • Other

      • BATS.LN (British American Tobacco) -- not looking to move primary listing to NYSE - Daily Mail

      • FLTR.LN (Flutter Entertainment) -- Flutter and Fox (FOXA) to wind down their Fox Bet online gaming business -- Bloomberg

      • HLN.LN (Haleon) -- hopes to boost productivity - Sunday Times, citing spokesperson

      • DOCS.LN (Dr. Martens) -- Sparta Capital now top-ten holder in Dr Martens - Sky News, citing City sources

      • CLNX.SM (Cellnex Telecom) -- announces CFO José Manuel Aisa Mancho resigns effective 31-Oct

      • IPS.FP (Ipsos) -- to proceed with new tranche of share repurchases for up ~€25M

      • Estimated weekend box office revenues in US, Canada $211.8M, +116.3% y/y - Box Office Mojo

      • SBTi actions last week include CDW near-term pledge, Chunghwa Telecom near-term 1.5C target approval

  • Key rating changes

    • Upgrades

      • SYAB.GR (Synlab) -- to buy from hold at Deutsche Bank; cites encouraging news from France

      • TITC.BB (Titan Cement) -- to hold from sell at Berenberg

    • Downgrades

      • BAS.GR (BASF SE) -- to neutral from outperform at BNP Paribas Exane

      • AIXA.GR (Aixtron) -- to hold from buy at Equita

      • WDP.BB (Warehouses de Pauw) -- to underweight from neutral at JPMorgan

      • ANE.SM (Corporación Acciona Energías Renovables) -- to hold from buy at Stifel

  • Data

    • Nikkei +1.33% to 33196.47

    • Hang Seng +1.39% to 20193.88

    • Shanghai Composite +0.43% to 3289.87

    • S&P futures (5.3) vs prior close of 4606.5

    • €-$ (0.0007) or (0.06%) to 1.1012

    • $-¥ +0.81 or +0.58% to 141.83

    • €-¥ +0.78 or +0.50% to 156.17

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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