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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.4%), DAX (0.4%), CAC (0.3%), IBEX (0.4%), FTSE MIB (0.2%)

Aug 07 ,2023

  • Synopsis

    • European equity markets set to open lower, extending last week's losses when the Stoxx 600 index dropped (2.4%). July US CPI report may be the key macro event this week, as the market continues to try and gauge when the Fed will end their tightening cycle.

    • Macro data releases out today in Europe include Germany Jun industrial production, Switzerland Jul unemployment rate, Aug business survey - KOF, Norway Jun manufacturing production, UK Jul house price index - Halifax, Austria Jul PPI, Eurozone Aug Sentix investor confidence

    • Today also sees BOE's Pill Monetary Policy Report live Q&A at 17:00BST

    • On the corporate front, Scout24 (G24.GR) has increased its guidance for EBITDA growth and revenue growth for FY23. Aurubis (NDA.GR) has reported mixed Q3 results (Operating EBT in line with consensus but revenue weaker than consensus) and confirmed its FY forecast. PostNL (PNL.NA) has reported Q2 EBIT above consensus and has raised its FY normalised EBIT guidance. Adtran Networks (ADV.GR) has reported higher operating income for Q2 y/y but has lowered its FY23 guidance. Bertrandt (BDT.GR) has reported higher EPS for Q3 and reaffirmed its FY guidance. Clas Ohlson (CLAS.B.SS) reports July sales +11% y/y to SEK 775M; organic sales +10% y/y. Siemens Energy (ENR.GR) has reported lower than expected EPS for Q3 and has lowered its FY comparable revenue growth guidance. Also, Siemens Energy is reviewing the current strategy and action plan in the wind business, with details of this strategic plan to be presented at the Capital Markets Day in November. Credito Emiliano (CE.IM) and PageGroup (PAGE.LN) among those due to report today.

    • In M&A and other highlights, Campari (CPR.IM) sees an increase in voting rights by Lagfin, its main holder, from 68.6% to 84.0% and announces a new Special Voting Mechanism. KKR controlled - Orchid Lux HoldCo - confirms to take OHB (OHB.GR) private; offers €44.00 per share. Potential buyers are interested in acquiring Haleon's (HLN.LN) Nicotinell, according to Sky News. The Struengmann brothers' Athos Service is reportedly close to a deal to acquire Schuelke & Mayr from EQT AB (EQT.SS), as reported by Bloomberg. Elsewhere, bidders entering the next round of bidding for Vinda International Holdings (3331.HK) include Suzano SA and a number of other PE firms, with Bain Capital, CVC Capital Partners and DCP Capital having moved forward in the bidding process for Essity AB's (ESSITY.B.SS) majority stake (52%) in Vinda, Bloomberg reports, citing sources. Eastnine (EAST.SS) plans to sell its 36% stake in Melon Fashion Group for RUB15.6B (€149M). Sky News reports that Shawbrook Group is seeking to acquire Co-operative Bank.

  • Macro/politics

    • EU trade chief to push China on barriers to exports - FT

    • UK hiring falls at fastest pace in over three years, wage growth slows - Reuters

    • Spain's Vox Pledges Not to Impede Efforts to Unseat Sanchez - Bloomberg

    • Pound's Glory Days Are Over as Bets on Ever-Higher Rates Fade - Bloomberg

    • Scope upgrades Greece's long-term credit ratings to BBB- and changes the Outlook to Stable - link

  • Top company news

    • Earnings/updates

      • G24.GR (Scout24) -- increases guidance for EBITDA growth from ordinary activities to 18-19% and revenue growth to c. 15% for FY23

      • NDA.GR (Aurubis) -- reports Q3 Operating EBT €115M vs consensus €114M; FY forecast confirmed

      • PNL.NA (PostNL) -- reports Q2 EBIT €18M ex-items vs consensus €4M; raises FY normalised EBIT guidance

      • ADV.GR (Adtran Networks) -- reports preliminary Q2 operating income €12.1M vs year-ago €6.4M; lowers FY23 guidance

      • BDT.GR (Bertrandt) -- reports Q3 EPS €0.47 vs year-ago €0.12; reaffirms FY guidance

      • CLAS.B.SS (Clas Ohlson) -- reports July sales +11% y/y to SEK 775M; organic sales +10% y/y

      • ENR.GR (Siemens Energy) --

        • reports Q3 EPS (€3.42) vs FactSet (€0.82) [4 est, (€1.19)-(0.30)]; lowers FY Comparable revenue growth guidance to be in a range of 9-11% vs prior 10-12%;

        • Siemens Energy is reviewing the current strategy and action plan in the wind business. Details of this strategic plan will be presented at the Capital Markets Day in November

      • Also reporting today:

        • Earnings:

          • DACH: Addex Therapeutics Ltd. (ADXN.SW)

          • Southern Europe: Credito Emiliano (CE.IM)

          • UK: PageGroup (PAGE.LN)

        • Traffic: SAS (SAS.SS)

    • M&A

      • SIKA.SW (Sika Group) -- Sika acquires Peru-based Chema; price not disclosed

      • CPR.IM (Campari) -- Main holder Lagfin increases its voting rights in Davide Campari-Milano from 68.6% to 84.0%; announces new Special Voting Mechanism

      • HLN.LN (Haleon) -- Buyers looking at Haleon's Nicotinell - Sky News

      • CNXC (Concentrix) -- shareholders approve issuance of stock in connection with Webhelp transaction

      • EQT.SS (EQT AB) -- Struengmann brothers' Athos Service near deal to acquire Schuelke & Mayr from EQT AB - Bloomberg

      • 3331.HK (Vinda International Holdings) -- Suzano SA and multiple PE firms emerge as bidders entering subsequent bid round or Vinda International Holdings; Vinda's founder also a potential participant - Bloomberg

      • EAST.SS (Eastnine) -- to sell its 36% stake in Melon Fashion Group for RUB15.6B (€149M)

      • OHB.GR (OHB SE) -- KKR planning to take OHB private at €1B valuation - Bloomberg

      • Shawbrook Group seeking to buy Co-operative Bank - Sky News

      • Chow Tai Fook Enterprises expected to pick a preferred bidder for Alinta assets in the next two weeks - Australian Financial Review

      • BCC Iccrea Group starts exclusive negotiations with BNP Paribas Cardif and Assimoco regarding bancassurance agreements)

    • Healthcare

      • GSK.LN (GSK Plc) -- GSK's Arexvy approved in Canada

      • BAVA.DC (Bavarian Nordic A/S) -- reports Chikungunya vaccine candidate met all the co-primary endpoints of Phase 3 study

      • MOB.SS (Moberg Pharma) -- announces final terms for the rights issue of approx. SEK 100M

    • Other

      • UBSG.SW (UBS Group) -- to restructure investment banking division worldwide following completion of Credit Suisse merger - Reuters

      • NWG.LN (NatWest Group) -- NatWest to hire new chair before hiring new CEO - FT, citing bank insiders

      • CS.FP (AXA) -- looking at "business opportunities" presented by problems at UK's NHS - FT

      • DTG.GR (Daimler Truck Holding) -- Daimler Truck announces death of CFO Jochen Goetz

      • Competition authorities approve subsea JV between Aker Solutions, SLB and Subsea7; anticipated closing in the Q4 of 2023

      • Estimated weekend box office revenues in US, Canada $174.5M, +89.5% y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • REP.SM (Repsol) -- to outperform from neutral at BNP Paribas Exane

      • SDF.GR (K+S) -- to buy from hold at Berenberg

      • OERL.SW (OC Oerlikon Corp.) -- to Add from Reduce at Baader Helvea

      • RR.LN (Rolls-Royce) -- to neutral from underweight at JPMorgan

    • Downgrades

      • MAERSK.B.DC (Maersk) -- to sell from hold at Danske Bank

      • UTG.LN (UNITE Group) -- to sector perform from outperform at RBC Capital Markets

      • AFX.GR (Carl Zeiss Meditec) -- to hold from buy at Deutsche Bank

      • DB1.GR (Deutsche Boerse) -- to neutral from buy at UBS

      • DNB.NO (DNB Bank) -- to hold from buy at Berenberg

  • Data

    • Nikkei +0.11% to 32227.44

    • Hang Seng (0.31%) to 19478.50

    • Shanghai Composite (0.80%) to 3261.65

    • S&P futures +15.8 vs prior close of 4498.0

    • €-$ (0.0031) or (0.28%) to 1.0986

    • $-¥ +0.49 or +0.35% to 142.20

    • €-¥ +0.06 or +0.04% 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.
Please refer to "Terms Of Use".

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