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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.05%), DAX30 (0.10%), CAC40 +0.07%

Aug 01 ,2023

  • Synopsis

    • European equity markets set to open mixed amidst mostly higher trading in Asia at this time and S&P 500 futures steady afterhours. US equities were modestly higher in very quiet Monday trading, ending just off best levels. Japan, Korean and Australian markets outperforming but relatively lackluster elsewhere with Greater China indexes little changed. RBA left cash rate unchanged vs slim majority of economists who expected a 25 bp rate hike. JGB volatility ebbing with10Y yield little changed following recent backup. Aussie bonds rallying following RBA hold. Dollar seeing widespread gains, strongest against AUD. Yen at its lowest since early July. Crude peeling lower after capping off best monthly performance since Jan-22. Copper also pulling back from its highest level since April.

    • The agenda for today sees France - CCFA, Italy - UNRAE and Spain - ANFAC Jul new car registrations; on the macroeconomics calendar, Denmark/Italy/Norway/Spain/Sweden Jul manufacturing PMIs and final reads for Eurozone/France/Germany/UK are due throughout the morning; Germany and Italy Jun unemployment rates are out at 9:00 BST, followed by Eurozone Jun unemployment rate at 10:00 BST.

    • On the earnings front, out of DACHs, Deutsche Post (DHL.GR) releases Q2 numbers and now anticipates FY23 EBIT between €6.2-7.0B vs previous guidance for group EBIT €6.0-7.0B. Daimler Truck Holding (DTG.GR) reports final Q2 numbers, in line with prelim, and confirms FY outlook. Covestro (1COV.GR) reports Q2 net income of €46M vs FactSet €70.3M and confirms FY23 guidance and provides Q3 guidance. Further, HSBC Holdings (HSBA.LN) reports Q2 EPS $0.34 vs consensus $0.30; to initiate a further share buy-back of up to $2B,expected to commence shortly and complete within three months. Out of France, DBV Technologies (DBV.FP) reports Q2 EPS of ($0.26), vs FactSet estimate of ($0.21).

    • In M&A, Atos (ATO.FP ) to sell Tech Foundations to EPEI in deal worth ~€2.0B (EV basis); changes name to Eviden and announces capital increases for a total of €900M.

  • Politics/ Macro/ World News:

    • UK: Food price inflation slows to lowest level this year, according to BRC -- BBC

    • Italy: Giorgetti still sees 2023 GDP Ggowth after setback -- Bloomberg

  • Top company news

    • Earnings/updates

      • DPW.GR (DHL Group) -- Q2 EPS €0.82 vs cons €0.83; anticipates FY23 EBIT between €6.2B and €7.0B vs FactSet €6.86B

      • HSBA.LN (HSBC Holdings) -- Q2 EPS $0.34 vs cons $0.30

      • DTG.GR (Daimler Truck Holding) -- Q2 EPS €1.11 vs year-ago €1.12; confirms FY outlook

      • NEXI.IM (Nexi) -- H1 normalized net income €295.0M vs FactSet €310.9M; confirms FY23 guidance in line with CMD medium-long term growth ambition

      • DBV.FP (DBV Technologies) -- Q2 EPS ($0.26) vs FactSet ($0.21) [3 est, ($0.25)-(0.15)]

      • 1COV.GR (Covestro) -- Q2 net income €46M vs FactSet €70.3M [4 est, €57-77.3M]; confirms FY23 guidance and guides Q3

      • TMV.GR (TeamViewer) -- Q2 adj EPS €0.22 vs FactSet €0.21 [2 est, €0.19-0.24]; on track to reach full year guidance

      • UN01.GR (Uniper) -- H1 adj net income €2.49B (matching preliminary number) vs year-ago (€490M)

      • RDC.GR (Redcare Pharmacy) -- Q2 Net loss (€4.1M) vs year-ago (€24.8M)

      • PFV.GR (Pfeiffer Vacuum Technology) -- Q2 EPS €1.72 vs FactSet €1.94 [1 est]; reaffirms FY guidance

      • EUROB.GA (Eurobank Ergasias Services & Holdings) -- Q2 adj net income €343.2M; raises FY financial goals (post EU close 31-Jul)

      • MEL.SM (Melia Hotels International) -- Q2 net income €43.0M vs FactSet €37.6M [3 est, €32.7-41M]

      • EAPI.FP (Euroapi) -- H1 EPS €0.66 vs year-ago €0.18

      • KRN.GR (Krones) -- Q2 EPS €1.83 vs FactSet €1.60 [3 est, €1.36-1.75]

      • ATS.AV (AT & S Austria Technologie & Systemtechnik) -- Q1 EPS (€0.18) vs year-ago €2.35

      • RBI.AV (Raiffeisen Bank International) -- Q2 Consolidated profit €578M vs cons €584M; raises FY Net interest income guidance excl. Russia and Belarus to €3.8-4.0B vs prior €3.6-3.7B

      • GBLB.BB (Groupe Bruxelles Lambert) -- H1 cash earnings €388M vs year-ago €384M (post EU close 31-Jul)

      • HYQ.GR (Hypoport) -- preliminary Q2 EBIT (€2.5M) vs year-ago €13M

      • IPCO.SS (International Petroleum Corp) -- Q2 net income $32.0M vs FactSet $37.7M [4 est, $29-50.6M]; specfies FY23 guidance

      • ORDI.NA (Ordina) -- Q2 net income €5.6M, +19% vs year-ago €4.7M

      • EXAE.GA (Hellenic Exchanges-Athens Stock Exchange) -- reports H1 net income €6.6M, +22% vs year-ago €5.4M (post EU close 31-Jul)

      • MEDCL.FP (MedinCell) -- receives last tranche of €10M from EIB loan

    • M&A

      • ATO.FP Atos to sell Tech Foundations to EPEI in deal worth ~€2.0B (EV basis); changes name to Eviden and announces capital increases for a total of €900M

      • SHEL.LN (Shell Plc) -- Shell reportedly resumes process to sell Nigerian oil field to local firm ND Western -- Bloomberg

      • BHP.AU (BHP Group) -- extends bid deadline for Daunia and Blackwater mines - The Australian

      • RIO.LN (Rio Tinto) -- looking at numerous potential lithium acquisitions - Bloomberg

      • AALB.NA (Aalberts) -- agrees to divest Disptek Group for an undisclosed sum

      • IMCD.NA (IMCD) -- to acquire 100% of the shares of Sachs Chemical, Inc. for an undisclosed sum

      • MOL.HB (MOL Hungarian Oil & Gas) -- takes over municipal waste companies in line with concession terms

      • UPG.BB (Unifiedpost Group) -- announces planned divestment of stand-alone products FitekIN and ONEA for cash value of €7.2M

      • 517334.IN (Samvardhana Motherson International) -- completes acquisition of SAS from Faurecia

      • ALVIV.FP (Visiativ) -- acquires EBM GmbH

    • Healthcare

      • GSK.LN (GSK Plc) -- GSK announces FDA approves new use for Jemperli plus chemo

      • ANAB (AnaptysBio) -- anticipates top-line data from two GSK Phase 3 studies that include JEMPERLI to read out in 2024: the FIRST study in first-line ovarian cancer (H1 2024) and the COSTAR study in second-line NSCLC (H2 2024)

      • DBV.FP (DBV Technologies) -- SEC filing: 10-Q

      • EFYA.GR (PharmaCyte Biotech) -- SEC filing: 10-K

      • SFL.IM (Safilo Group) -- and Alpargatas announce renewal of licensing agreement for the design, manufacturing and distribution of havaianas branded optical frames and sunglasses until 31st December 2028

    • Other

      • BRE.IM (Brembo) -- launches up to €144M share buyback program (post EU close 31-Jul)

      • LDO.IM (Leonardo) -- Orizzonte Sistemi Navali signs contract for new Italian Navy OPVs with overall value of €925M

      • GBLB.BB (Groupe Bruxelles Lambert) -- discloses re-increase of buyback program and share cancellations

      • BORR.NO (Borr Drilling) -- secures two letters of awards for premium jack-up drilling rigs

      • AML.LN (Aston Martin Lagonda Global Holdings) -- Aston Martin Lagonda Glob.Hldgs PLC to raise ~£210M to accelerate net leverage reduction and support longer term growth

      • QDT.FP (Quadient) -- and Yamato Transport unveil new JV ambitions to expand their leadership for Japan in the coming years

      • VOW3.GR (VW) -- Exxon Mobil (XOM) in talks with Tesla (TSLA), Ford (F), and Volkswagen regarding the supplying of lithium - Bloomberg

      • RIO.LN (Rio Tinto) -- commits $150M to Centre for Future Materials led by Imperial College London

  • Key rating changes

    • Upgrades

      • GETI.B.SS (Getinge) -- to buy from hold at Kepler Cheuvreux

      • BSS.IM (Biesse) -- to buy from accumulate at Banca Akros

      • A2A.IM (A2A) -- to buy from accumulate at Banca Akros (31-Jul CET, timing uncertain)

      • BAS.GR (BASF SE) -- to Add from Reduce at Baader Helvea

      • BFIT.NA (Basic-Fit) -- Basic-Fit transferred buy at Berenberg; prior rating was hold

      • DLG.IM (De'Longhi) -- to outperform from neutral at Intermonte (31-Jul CET, timing uncertain)

    • Downgrades

      • TEP.FP (Teleperformance) -- to hold from buy at Kepler Cheuvreux

      • REC.IM (Recordati) -- to accumulate from buy at Banca Akros

      • TELIA.SS (Telia Co.) -- to hold from buy at Berenberg

      • IFCN.SW (Inficon Holding) -- to hold from buy at Berenberg

      • MAERSK.B.DC (Maersk) -- to sell from hold at SEB (31-Jul, timing uncertain)

  • Data

    • Nikkei +0.88% to 33464.96

    • Hang Seng (0.39%) to 20000.03

    • Shanghai Composite (0.21%) to 3284.22

    • S&P futures +1.0 vs prior close of 4614.5

    • €-$ (0.0000) or (0.00%) to 1.0997

    • $-¥ +0.51 or +0.36% to 142.78

    • €-¥ +0.58 or +0.37% to 157.03

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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