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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.5%), DAX (0.7%), CAC (0.7%), IBEX (0.7%), MIB (0.7%)

Aug 02 ,2023

  • Synopsis

    • European equity markets are set to open lower amidst a lower session in Asia Wednesday. Major benchmarks all in negative territory with Hang Seng, Nikkei and Kospi recording biggest losses. S&P 500 futures extending losses afterhours.

    • Attention also on today's Fitch downgrade of US credit rating to AA+ from AAA after agency put US on Watch Negative in May. Based downgrade on expected fiscal deterioration over coming years. Early reactions downplayed significance of Fitch's' downgrade, pointing to stronger-than-expected US growth and lack of alternatives. Also, thoughts resulting risk-off move could fuel demand for Treasuries given their haven appeal.

    • Russian President Putin expected to hold a telephone conversation with Turkish President Erdoğan, during which they're expected to decide on date for a bilateral meeting

    • In central banks, London Times shadow MPC backed smaller BoE rate increase on Thursday.

    • Main macro releases include Switzerland consumer confidence and manufacturing PMI (the later after markets being closed yesterday for National Day holiday) and Spain unemployment change

    • On the earnings front, Hugo Boss (BOSS.GR) reported Q2 EPS €1.09 vs consensus €0.99 raised FY23 sales outlook to €4.1-4.2B from €4B whilst Siemens Healthineers (SHL.GR) reported Q3 adj EPS €0.53 vs consensus €0.43 and confirmed FY23 expectations. Also from the DACHs region, Fresenius (FRE.GR) reported Q2 EPS €0.67 vs consensus €0.62 and raised revenue outlook ex Fresenius Medical Care whilst keeping EBIT outlook ex Fresenius Medical Care. Fresenius Medical Care (FME.GR) also reported Q2 and narrowed operating income target range for 2023 whilst Kloeckner & Co. (KCO.GR) and Symrise (SY1.GR) are out with H1 results.

    • Elsewhere, Klepierre (LI.FP) and JDE Peet's (JDEP.NA) reported H1

    • Also reporting today are Wolters Kluwer (WKL.NA), Schaeffler (SHA.GR), Telecom Italia (TIT.IM) and BAE Systems (BA.LN).

  • Macro

    • EU and Turkey Discuss Easing Trade Relations Amid Warmer Ties - Bloomberg

    • Meloni under fire as Italy's economic recovery falters - FT

    • Michel Barnier calls for post-Brexit UK-EU defense treaty - politico

    • Renzi presents bill for direct election of premier - ansa

  • Top company news

    • Earnings/updates

      • Benelux:

        • JDEP.NA (JDE Peet's) -- reports H1 underlying EPS €0.85 vs year-ago €1.05; lowers adjusted EBIT outlook

        • MELE.BB (Melexis) -- reports Q2 EPS €1.28 vs FactSet €1.27 [4 est, €1.20-1.33]; guides Q3 Sales €245-250M vs FactSet €240.27M; specifies FY Sales growth guidance to +14-16% vs prior +11-16%

        • DSFIR.NA (DSM-Firmenich) -- reports Q2 pro-forma adjusted EBITDA €408M vs guidance between €400-420M and FactSet €409.5M [2 est, €402-417M]

        • AED.BB (Aedifica) -- reports H1 EPRA EPS €2.76 vs year-ago €2.36

      • DACHs:

        • SY1.GR (Symrise) -- reports H1 EPS €1.34 vs consensus €1.52

        • BOSS.GR (Hugo Boss) -- reports Q2 EPS €1.09 vs consensus €0.99; raises FY23 outlook

        • FME.GR (Fresenius Medical Care) -- reports Q2 EPS €0.48 vs consensus €0.27; narrows operating income target range for 2023

        • FRE.GR (Fresenius) -- reports Q2 EPS €0.67 vs consensus €0.62; Group revenue outlook ex Fresenius Medical Care improved, EBIT outlook ex Fresenius Medical Care confirmed

        • SHL.GR (Siemens Healthineers) -- reports Q3 adj EPS €0.53 vs consensus €0.43; confirms FY23 expectations

        • KCO.GR (Kloeckner & Co.) -- reports H1 EPS €0.04 vs year-ago €3.18

        • INRN.SW (Interroll Holding) -- reports H1 net income CHF22.0M vs FactSet CHF28.4M [2 est, CHF26.1-30.6M]

        • LNZ.AV (Lenzing) -- reports H1 EPS (€0.89) vs year-ago €1.49; still sees EBITDA in range between €320M and €420M for 2023 vs FactSet €309.8M

      • France:

        • LI.FP (Klepierre) -- reports H1 CFPS €1.21 vs year-ago €1.13

        • BON.FP (Bonduelle) -- reports FY revenue €2.41B vs FactSet €2.41B [5 est, €2.39-2.44B]

        • ALATI.FP (Actia Group) -- reports Q2 preliminary revenue €150.5M vs year-ago €134.1M

      • Nordics:

        • RILBA.DC (Ringkjøbing Landbobank) --

          • reports Q2 net income DKK525.0M, +51% vs year-ago DKK348M

          • to implement a share buy-back programme for DKK 385M with a view to cancelling the shares at a future general meeting, as part two of a total share buy-back programme totalling DKK 770M

        • REG1V.FH (Revenio Group) -- lowers FY sales guidance: exchange rate-adjusted net sales growth is estimated to be between 1% - 5% to the previous year vs prior guidance to grow strongly y/y

      • Southern Europe:

        • IVG.IM (Iveco Group) -- reports Q2 adj EPS €0.57 vs FactSet €0.25 [3 est, €0.20-0.32]

        • ETE.GA (National Bank of Greece) -- Follow-up: National Bank of Greece guides FY EPS >€1.10 vs prior >€0.75 and FactSet €1.01 - slides

        • MFEB.IM (MFE-MEDIAFOREUROPE) -- reports H1 net income €87.1M, +3% vs year-ago €84.6M; confirms objective of maintaining a positive annual EBIT, net profit and free cash flow

    • M&A

      • SMSAAM.CI (Sociedad Matriz SAAM) -- Hapag-Lloyd completes the acquisition of SM SAAM terminal business

      • HOLN.SW (Holcim) -- acquires Cooper Standard Technical Rubber; price not disclosed

    • Healthcare

      • NOVN.SW (Novartis) -- Roche's Genentech accuses Novartis unit Sandoz of infringing patent by selling generic version of Esbriet - Reuters

    • Other

      • SAMPO.FH (Sampo) -- completes its share buyback programme

      • LUFTH.HB (Deutsche Lufthansa) -- Deutsche Lufthansa, HCS Group announce agreement for production, supply of SAF

      • CA.FP (Carrefour) -- announces next tranche of previously disclosed share buyback program

      • 1COV.GR (Covestro) -- not planning additional cost-cutting measures - Börsen-Zeitung

      • EBS.AV (Erste Group Bank) -- receives ECB approval for up to €300M share buyback

      • UN01.GR (Uniper) -- vows to learn from previous over-reliance on Russian gas - FT

      • POLY.LN (Polymetal International) -- confirms suspension of trading on LSE

      • COK.GR (CANCOM) -- appoints Jochen Borenich to the newly created position of Chief Sales Officer

      • UNI.SM (Unicaja Banco) -- Oceanwood Capital Management to explore a potential block sale of up to 117M shares in Unicaja Banco S.A. through a private placement

      • Italy Jul new passenger car registrations 119,207 units, +8.8% y/y -- UNRAE

  • Key rating changes

    • Upgrades

      • NESN.SW (Nestle) -- to buy from hold at HSBC

      • WAF.GR (Siltronic) -- to outperform from neutral at BNP Paribas Exane

    • Downgrades

      • APAM.NA (Aperam) -- to underweight from neutral at JPMorgan

    • Other Actions

      • BIG.LN (Big Technologies) -- initiated buy at Peel Hunt

      • UMI.BB (Umicore) -- assumed neutral at Goldman Sachs; prior rating was neutral

  • Data

    • Nikkei (2.12%) to 32768.08

    • Hang Seng (2.04%) to 19602.13

    • Shanghai Composite (0.82%) to 3264.10

    • S&P futures (21.8) vs prior close of 4601.3

    • €-$ +0.0011 or +0.10% to 1.0996

    • $-¥ (0.44) or (0.31%) to 142.90

    • €-¥ (0.34) or (0.22%) to 157.10

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.
Please refer to "Terms Of Use".

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