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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.26%, DAX +0.29%, CAC40 +0.11%

Aug 04 ,2023

  • Synopsis

    • European equity markets are set to open higher amidst Asian equities rebounding Friday. Hang Seng leading gains in China with property stocks outperforming. Quiet elsewhere with benchmarks in Japan and Korea little changed. Taiwan and Australian equities slightly weaker. AMZN driving Nasdaq futures higher.

    • On today's agenda for today UK Jul new car registrations - SMMT. Norwegian politicians and business leaders speak at Blues Business conf. (thru Sun).

    • Economic releases due today include: Germany Jun factory orders, France Jun industrial production, Spain Jun industrial production, Italy Jun industrial production, Austria Jul PPI, Germany/UK Jul construction PMI

    • On the reporting front, a busy morning for earnings kicked off with results from DACHs companies, Carl Zeiss Meditec (AFX.GR), Swiss Re (SREN.SW), Commerzbank (CBK.GR), Lanxess (LXS.GR), and Dufry (DUFN.SW). In France, Rothschild & Co (ROTH.FP) and Credit Agricole (ACA.FP) reported Q2/H1 earnings with the latter confirming an agreement to acquire a majority stake in Bank Degroof Petercam.

    • In Southern Europe, Salvatore Ferragamo (SFER.IM) and Public Power Corp (PPG.GA) issued Q2/H1 updates whilst in Benelux, IMCD (IMCD.NA) and Bpost (BPOST.BB) updated investors with their latest numbers. Also reporting today, Maersk (MAERSK.B.DC), Fortum (FORTUM.FH), WPP (WPP.LN), Morgan Advanced Materials (MGAM.LN), Banca Monte dei Paschi di Siena (BMPS.IM).

  • Politics/Macro/World News

    • Hefty Outlier Bet Shows Traders Are Split Over BOE's Next Move - Bloomberg

    • Oil Coasts to Sixth Weekly Gain After Saudis, Russia Extend Cuts - Bloomberg

    • NHS to expand use of private sector to tackle waits - BBC

  • Top company news

    • Earnings/updates

      • DACHs

        • DUFN.SW (Dufry) -- reports H1 CORE net income CHF194.5M vs StreetAccount CHF85.2M

        • SIKA.SW (Sika Group) -- reports H1 EPS CHF2.59, unclear if comparable to FactSet CHF3.39 [3 est, CHF3.28-3.60]

        • AFX.GR (Carl Zeiss Meditec) -- reports 9M EPS €2.29 vs year-ago €2.14

        • VNA.GR (Vonovia) -- reports Q2 FFO per share €0.62 vs year-ago €0.63

        • FNTN.GR (Freenet) -- reports Q2 EBITDA €126.5M vs consensus €125.1M; reiterates FY guidance

        • NWRN.SW (Newron Pharmaceuticals) -- reports H1 net income (€7.0M) vs year-ago (€8.7M)

        • CLTN.SW (Coltene Holding) -- reports H1 net income CHF10.0M, (17%) vs year-ago CHF12.1M

        • DWNI.GR (Deutsche Wohnen) -- reports preliminary H1 FFO close to previous year's level of € 297.4M or €0.75 per share

        • SREN.SW (Swiss Re) -- reports H1 net income $1.45B vs consensus $1.44B; maintains FY guidance

        • CBK.GR (Commerzbank) -- reports Q2 net income attributable €565M vs consensus €538M; reaffirms net profit for 2023 expected well above 2022

        • LXS.GR (Lanxess) -- reports Q2 Adjusted EBITDA €107M vs consensus €103M and company guidance of around ~€100M

        • MOBN.SW (Mobimo Holding) -- reports H1 EPS excluding revaluation CHF5.94 vs year-ago CHF5.68

        • SHF.GR (SNP Schneider-Neureither & Partner) -- reports Q2 EBIT €1.0M, +43% vs year-ago €0.7M

        • HDD.GR (Heidelberger Druckmaschinen) -- reports Q1 net income €10M vs year-ago €5M and FactSet €8.8M

      • France

        • AIR.FP (Airbus SE) -- Airbus delivered 65 jets in July -- Reuters citing industry sources

        • ALCLS.FP (Cellectis SA) -- reports Q2 EPS ($0.19) vs year-ago ($0.42) - 6-K

        • ROTH.FP (Rothschild & Co.) -- reports H1 net income €128M, (49%) vs year-ago €249M

        • ACA.FP (Credit Agricole) -- reports Q2 underlying net income (CASA) €1.85B vs consensus €1.39B

        • MAU.FP (Maurel et Prom) -- reports H1 net income €70M ex-items vs year-ago €143M

      • Benelux

        • GLPG.NA (Galapagos) -- reports H1 EPS €0.43 vs year-ago (€0.49)

        • IMCD.NA (IMCD) -- reports H1 Cash EPS €3.28 vs year-ago €3.68

        • BPOST.BB (bpost) -- reports Q2 net income €43.2M vs consensus €67.8M

      • Southern Europe

        • SFER.IM (Salvatore Ferragamo) -- reports H1 net income €21M vs consensus €19.9M

        • PPC.GA (Public Power Corp.) -- reports Q2 net income €130.4M vs FactSet €190.7M [2 est, €146-235.4M]; reaffirms FY guidance (post EU close 3-Aug)

        • ILTY.IM (illimity Bank) -- reports Q2 net income €44.4M vs FactSet €47.7M [2 est, €47-48.3M]; reaffirms FY guidance

      • Nordics

        • CTM.SS (Catena Media) -- Covestro to divest UK and Australian businesses for €6.0M

        • BITTI.FH Bittium reports Q2 EPS €0.00 vs year-ago €0.02

        • TOKMAN.FH (Tokmanni Group) -- reports Q2 EPS €0.33 vs year-ago €0.35; confirms FY outlook

        • SYNACT.SS (SynAct Pharma) -- reports Q2 EPS (SEK1.37) vs year-ago (SEK0.91)

      • Hungary

        • MOL.HB (MOL Hungarian Oil & Gas) -- reports Q2 EPS $0.31

    • M&A

      • WAVE.FP (Wavestone) -- to acquire 100% of the shares of Q_PERIOR for an entreprise value of €330M

      • SY1.GR (Symrise) -- acquires an additional ~823K shares in Swedencare at a maximum price of SEK 47 per share

      • ATO.FP (ATOS SE) -- Kretinsky aiming to remain passive, minority shareholder in Atos amid concerns among French lawmakers - Reuters

      • NOS.PL (NOS SGPS) -- Portugal's CMVM declares that Sonaecom does not have to make a mandatory takeover bid for NOS (post EU close 3-Aug)

      • LOG.SM (Compañía de Distribución Integral Logista) -- increases its stake to 73.33% in Transportes El Mosca

      • CTM.SS (Catena Media) -- Covestro to divest UK and Australian businesses for €6.0M

      • ESKN.LN (Esken Ltd.) -- subsidiary completes the sale of its investment in Mersey Bioenergy for £9.0M

    • Healthcare

      • AZN (AstraZeneca) -- Sanofi, AstraZeneca's Beyfortus list price to be $495 per dose

      • SAN.FP (Sanofi) -- CDC ACIP votes unanimously to recommend RSV antibody Beyfortus (nirsevimab) for infants and children

      • SRT3.GR (Sartorius) -- appoints Florian Funck CFO effective 1-Apr-24

      • ALSEN.FP (Sensorion) -- completes a private placement of €35M

    • Other

      • BNP.FP (BNP Paribas) -- launches the €2.5B second tranche of the share buyback program planned for 2023

      • BA.LN (BAE Systems) -- awarded $119.7M US Army contract modification

      • TRN.IM (TERNA Rete Elettrica Nazionale) -- Terna confirms CFO Agostino Scornajenchi to step down; to continue in role until 31-Aug and remain with the company until 31-Dec

      • SPM.IM (Saipem) -- awarded two new E&C offshore contracts in Romania and in Germany with a total value of around €1.8B

      • PIRC.IM (Pirelli & C.) -- signs renewal of the Patent Box benefit for 3-year period 2020-2022 at ~40M

      • DAL.IM (Datalogic) -- Datalogic's previously disclosed share buyback program is to run from 4-Aug to 9-Oct-23

      • SBTi removes pledge commitments for major firms including Amazon, Vale, Principal Financial Group; approves 2050 net zero targets for Aramark and International Game Technology (3-Aug)

      • UAW seeking 40% pay raise from Big Three car makers - Automotive News

  • Key rating changes

    • Upgrades

      • TIFS.LN (TI Fluid Systems) -- to buy from hold at Jefferies

      • OUT1V.FH (Outokumpu) -- to accumulate from reduce at Inderes

    • Downgrades

      • VANQ.LN (Vanquis Banking Group) -- to reduce from hold at Peel Hunt

      • QTCOM.FH (Qt Group) -- to hold from buy at SEB

      • 1COV.GR (Covestro) -- to hold from buy at Kepler Cheuvreux

      • PSM.GR (ProSiebenSat.1 Media) -- to hold from buy at Kepler Cheuvreux

      • OUT1V.FH (Outokumpu) -- to neutral from outperform at Oddo

    • Others

      • ARAMI.FP (Aramis Group) assumed equal-weight at Morgan Stanley

  • Data

    • Nikkei (0.10%) to 32128.28

    • Hang Seng +1.23% to 19658.96

    • Shanghai Composite +0.71% to 3303.81

    • S&P futures +17.8 vs prior close of 4521.8

    • €-$ +0.0007 or +0.06% to 1.0957

    • $-¥ (0.11) or (0.08%) to 142.43

    • €-¥ +0.01 or +0.01% to 156.05

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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