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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.1% , DAX (0.1%), CAC (0.2%)

Aug 03 ,2023

  • Synopsis

    • European equity markets are set to open mixed to lower amid Asian equities trading lower Thursday with Nikkei underperforming. S&P 500 futures slightly higher afterhours. Bond selloff continues with Treasury, JGB and Australian yield curves all steepening. FX markets steady after dollar hit one-month high against yen.

    • Focus on BOE policy decision, release of MPC minutes at 12noon BST, with consensus now for a +25bps increase in benchmark interest rate, expectations having been trimmed from a +50bps increase in recent days. Also on today's agenda, ECB Economic Bulletin pre-release at 10:00CET and ECB Panetta speech at 11:00CET title "Getting disinflation right" at event organised by Bocconi Univ. Also, Germany Jul new car registrations - VDIK

    • Economic releases due today include: Germany Jun trade balance, Italy/Spain/Sweden Jul services PMI, final reads for Eurozone/France/Germany/UK, Switzerland Jul CPI, Italy Jun retail sales, Eurozone Jun PPI, retail sales

    • In corporate news, Anheuser-Busch InBev (ABI.BB) reported Q2 underlying EPS $0.72 vs consensus $0.67 and expects FY23 EBITDA to grow in line with medium-term outlook of between 4-8%. ING Groep (INGA;NA) reports Q2 net income €2.16B vs consensus €1.70B; Solvay (SOLB.BB) reports Q2 underlying net profit €426M vs consensus €377M; confirms FY EBITDA guidance.

    • Out of the DACH region, Zalando (ZAL.GR) posted Q2 net income €56.0M vs year-ago €14.0M and narrows FY Adjusted EBIT guidance; Adecco Group (ADEN.SW) reports Q2 EPS €0.67 ex-items vs consensus €0.72; Deutsche Lufthansa (LHA.GR) reports Q2 EPS €0.74 vs consensus €0.62 and updates FY Adjusted EBIT guidance; Infineon Technologies (IFX.GR) reported Q3 adj EPS €0.68 ahead of consensus €0.63; Merck KGaA (MRK.GR) reports Q2 EPS €2.20 ex-items vs consensus €2.16; lowers FY guidance. Further in the DACHs, BMW Group and Adidas confirmed their respective prelim Q2/H1 earnings.

    • In France, Societe Generale (GLE.FP) reported Q2 net income €1.18B vs consensus €670M; Veolia Environnement (VIE.FP) reports H1 current net income €662M vs consensus €634.6M and confirms FY targets with organic EBITDA growth now expected to be at upper end of +5-7% range; AXA (CS.FP) reports H1 net income €3.83B vs consensus €3.83B; on track to meet its FY23 underlying earnings target of above €7.5B; SES reports H1 net income €116M ex-items vs year-ago €100M, confirmed its FY guidance and announced new share buyback of up to €150M.

    • Elsewhere, Bavarian Nordic (BAVA.DC) raised FY guidance following contract award.

  • Politics/ Macro/ World News:

    • UK and EU divide opens up on dealmaking regulation - FT

    • UK interest rates expected to rise for 14th time in a row - BBC

    • Ukraine hopes to hold peace summit this autumn, Zelenskiy says - Reuters

    • Trump prepares for first court date in DC on new federal charges - Bloomberg

  • Top company news

    • Earnings/updates

      • Benelux

        • ABI.BB (Anheuser-Busch InBev) -- Anheuser-Busch InBev reports Q2 underlying EPS $0.72 vs consensus $0.67; expects FY23 EBITDA to grow in line with medium-term outlook of between 4-8%

        • INGA.NA (ING Groep) -- reports Q2 net income €2.16B vs consensus €1.70B

        • FAGR.BB (Fagron) -- reports H1 EPS €0.46 vs year-ago €0.48

        • SOLB.BB (Solvay) -- reports Q2 underlying net profit €426M vs consensus €377M; confirms full year 2023 EBITDA guidance of +2% to -5% organic growth versus 2022.

      • Southern Europe

        • TEN.IM (Tenaris) -- reports Q2 EBITDA $1.41B vs FactSet $1.28B [9 est, $1.14-1.38B]

        • TIT.IM (Telecom Italia) -- reports Q2 organic EBITDA €1.64B vs consensus €1.61B

        • BPE.IM (BPER Banca) -- reports H1 net income €704.6M, (49%) vs year-ago €1.38B

        • DAL.IM (Datalogic) -- reports H1 net income €12.1M, +37% vs year-ago €8.8M; anticipates y/y drop in sales also in H2 of the year

        • SFL.IM (Safilo Group) -- reports H1 net income €6.9M vs FactSet €12.9M [2 est, €0-25.7M]

        • DOV.IM (doValue) -- reports Q2 adjusted net income €16.9M, (27%) vs year-ago €23.2M

      • DACHs

        • ZAL.GR (Zalando) -- reports Q2 net income €56.0M vs year-ago €14.0M; narrows FY Adjusted EBIT guidance to €300-350M vs prior €280-350M and FactSet €265.71M

        • ADEN.SW (Adecco Group) -- reports Q2 EPS €0.67 ex-items vs consensus €0.72

        • OERL.SW (OC Oerlikon Corp.) -- reports Q2 Operational EBIT CHF55M vs FactSet CHF54.5M [2 est, CHF54-55M]

        • FLU.AV (Flughafen Wien) -- raises passenger forecast for this year; expects significantly higher revenue and significant increase in EBITDA and profit for the period

        • IFX.GR (Infineon Technologies) -- reports Q3 adj EPS €0.68 vs consensus €0.63; guides Q4 and FY

        • RAA.GR (Rational) -- reports Q2 EPS €4.79 vs FactSet €4.36 [4 est, €4.13-4.50]; confirms FY forecast

        • MRK.GR (Merck KGaA) -- reports Q2 EPS €2.20 ex-items vs consensus €2.16; lowers FY guidance

        • LMN.SW (lastminute.com) -- reports Q2 net income €5.1M vs year-ago €10.7M

        • KTN.SW (Kontron) -- reports Q2 net income (cont ops) after NCI €17.4M vs year-ago €9.0M; targets FY net income of more than €66M vs FactSet €69.5M

        • IFX.GR (Infineon Technologies) -- reports Q3 adj EPS €0.68 vs consensus €0.63; guides Q4 and FY

        • UTDI.GR United Internet reports Q2 Comparable EBITDA €351.1M vs consensus €319M; confirms FY guidance

        • BMW.GR (BMW Group) -- confirms prelim Q2/H1 earnings and outlook as per 1-Aug update

        • ADS.GR (Adidas) -- confirms prelim Q2/H1 earnings and outlook as per 24-Jul update

      • France

        • GLE.FP (Societe Generale) -- reports Q2 net income €1.18B vs consensus €670M

        • BLV.FP (Believe) -- reports H1 EBIT €1.0M vs year-ago (€11.3M)

        • VIE.FP (Veolia Environnement) -- reports H1 current net income €662M vs consensus €634.6M; confirms FY targets with organic EBITDA growth now expected to be at upper end of +5-7% range

        • CS.FP (AXA) -- reports H1 net income €3.83B vs consensus €3.83B; on track to meet its FY23 underlying earnings target of above €7.5B

        • EXN.FP (Exclusive Networks) -- reports Q2 Gross sales €1.15B, +12% vs year-ago €1.03B

        • SESG.FP (SES) -- reports H1 net income €116M ex-items, +16% vs year-ago €100M; confirms FY guidance; new share buyback of up to €150M announced

    • M&A

      • EVD.GR (CTS Eventim) -- has informed Fnac Darty SA that it will exercise its call option to acquire further 17% of France Billet's share capital

      • SCOUT.SS (Scout Gaming Group) -- announces the completion of its previously announced transformation programme

      • ACA.FP (Credit Agricole) -- Credit Agricole and Stellantis finalize acquisition of ALD and LeasePlan activities in six European Countries and accelerate Credit Agricole Auto Bank and Leasys development

    • Healthcare

      • ROG.SW (Roche Holding) -- Roche Holding, Sysmex announce expansion of their Global Business Partnership agreement

      • ADXN.SW (Addex Therapeutics) -- extends collaboration agreement with Indivior until 30-Jun-24

      • MITRA.BB Mithra Pharmaceuticals receives milestone payment of €1.25M from partner Fuji Pharma under Estelle licensing agreement

    • Other

      • TEP.FP (Teleperformance) -- launches share buyback program of up to €500M

      • AZE.BB (Azelis Group) -- CEO Hans Joachim Müller to retire at the end of the year

      • SG.IM (SAES Getters) announces final result of offer to buyback ~1.4M savings shares in line with preliminary release

      • BAVA.DC (Bavarian Nordic)V-- receives $120M contract for the manufacturing of smallpox and Mpox vaccine from the U.S. Government ; raises FY guidance

  • Key rating changes

    • Upgrades

      • 1U1.GR (1&1 AG) -- to outperform from neutral at BNP Paribas Exane

      • UTDI.GR (United Internet) -- to outperform from neutral at BNP Paribas Exane

      • IVG.IM (Iveco Group) -- to neutral from underperform at Oddo

    • Downgrades

      • AG1.GR (Auto1 Group) -- to hold from buy at HSBC

      • ELIOR.FP (Elior Group) -- to sell from hold at Stifel

      • LEG.GR (LEG Immobilien) -- to Add from Buy at Baader Helvea

      • REG1V.FH (Revenio Group) -- to hold from buy at Danske Bank

      • HEX.NO (Hexagon Composites) -- to hold from buy at DnB Markets; to neutral from buy at Sparebank 1 Markets

      • RST.LN (Restore) -- Restore resumed hold at Peel Hunt; prior rating was buy

  • Data

    • Nikkei (1.40%) to 32251.13

    • Hang Seng +0.32% to 19579.77

    • Shanghai Composite +0.47% to 3277.10

    • S&P futures (2.8) vs prior close of 4537.3

    • €-$ (0.0003) or (0.03%) to 1.0936

    • $-¥ +0.26 or +0.18% to 143.59

    • €-¥ +0.22 or +0.14% to 157.00

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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