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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.13%), DAX30 (0.07%), CAC40 +0.28%

Aug 08 ,2023

  • Synopsis

    • European equity markets set to open mixed amidst mixed session in Asia and higher close on Wall Street overnight. US futures slightly lower with S&P down 0.2% in pre-market trade. Bond markets mixed with Treasury yields reversing lower and Australian bonds in a catchup rally. US Dollar stronger across the board. Crude oil slightly higher. Gold lightly lower. Industrial metals lower.

    • On the agenda for today, ECB publishes its latest consumer expectation survey results at 10:00CET the same time as an Economic Bulletin pre-release. Bank of Italy publishes Italian housing market survey short-term outlook. In UK, NIESR holds Summer Economic press conf (journalists only) at 11:00 BST, at which it'll discuss its findings and predictions for the next economic quarter. There's also the EnergiRike conf (thru Wed) speakers include Norway's Minister for Climate and Environment Eide, DNB (DNB.NO) CEO Braathen, Equinor (EQNR.NO) EVP Renewables Eitrheim.

    • Amongst the economic data releases for today, of note, Germany Jul final CPI is due at 7:00 BST, followed by France Jun trade balance at 7:45 BST. Italian banks may also garner attention after PM Meloni approved surprise 40% tax on extra profits. Bundesbank will stop paying interest on German government deposits. In the UK, BoE's Pill said food prices may never retreat from high levels. BRC retail sales numbers for July showed that like for like sales slowed during the month.

    • In earnings, out of DACHs, Bayer (BAYN.GR) reports Q2 Core EPS €1.22 vs prelim ~€1.20 and confirms FY23 guidance; Fraport AG Frankfurt Airport Services Worldwide (FRA.GR) posts Q2 net income €117.6M vs cons €97.0M with FY23 EBITDA and group result expected to reach upper half of ranges. Porsche Automobil Holding (PAH3.GR), RTL Group (RRTL.GR) amidst those due to release results. FLSmidth & Co.(FLS.DC) sees prelim Q2 revenue at DKK6.4M vs FactSet DKK5.91B and raises FY 2023 financial guidance.

  • Politics/Macro/World News

    • EU struggles to 'de-risk' trade with China - FT

    • Rainy July hurts UK retailers: spending growth slowest in 11 months - Reuters

    • BOE's Pill warns food prices may not fall back from high levels - Bloomberg

    • Netherlands Jul CPI +4.6% y/y vs preliminary +4.6%

  • Top company news

    • Earnings/updates

      • BAYN.GR (Bayer AG) -- Q2 Core EPS €1.22 vs prelim ~€1.20 and FactSet €1.17 [7 est, €0.99-1.34]; confirms FY23 guidance

      • DWNI.GR (Deutsche Wohnen) -- H1 FFO €297.4M vs year-ago €295.4M, in line with preliminary

      • SIX2.GR (Sixt) -- Q2 pretax income €131.9M vs FactSet €130.8M; reaffirms FY guidance, notes recent deterioration in economic outlook in Germany

      • FRA.GR (Fraport) -- Q2 net income €117.6M vs cons €97.0M; FY23 EBITDA and group result expected to reach upper half of ranges

      • NOEJ.GR (Norma Group) -- Q2 EPS €0.45 ex-items vs FactSet €0.44 [2 est, €0.40-0.48]; reaffirms FY guidance

      • FLS.DC (FLSmidth & Co.) -- prelim Q2 revenue DKK6.4M vs FactSet DKK5.91B [9 est, DKK5.73-6.06B]; raises FY 2023 financial guidance

      • G24.GR (Scout24) -- confirms prelim Q2/H1 earnings and FY23 outlook as per 6-Aug update

      • TTR1.GR (technotrans) -- final H1 earnings in line with prelim. release: EPS €0.48 vs year-ago €0.59; reaffirms FY guidance

      • ENX.FP (Euronext) -- Jul trading activity: Total cash market 47.5M vs year-ago 63M

      • GALE.SW (Galenica) -- H1 net income CHF187.3M vs FactSet CHF113.4M [3 est, CHF74-182M]; reaffirms FY guidance

      • AOX.GR (Alstria) -- H1 FFO €47.90M vs year-ago €59.50M

      • WAC.GR (Wacker Neuson) -- confirms prelim. Q2 numbers; reports Q2 EPS €0.94 vs year-ago €0.55

      • BNOR.NO (BlueNord) -- prelim Jul production 22.9mboepd; reiterates Q3 production guidance 24.0-25.0mboepd

      • TETY.SS (Tethys Oil) -- Q2 EPS $0.25 vs year-ago $0.25

      • NOHO.FH (NoHo Partners) -- Q2 EPS €0.17 vs FactSet €0.17 [4 est, €0.13-0.21]; confirms FY guidance

      • GIGA.NO (Gigante Salmon) -- Q2 net income NOK23K vs year-ago (NOK0.1M)

      • EEZY.FH (Eezy) -- Q2 EPS €0.01 vs year-ago €0.07; will start wide profitability program to adjust business to weak economic outlook

      • CE.IM (Credito Emiliano) -- H1 net income €298.7M, +90% vs year-ago €157M

      • ASCN.SW (Ascom Holding) -- H1 net income CHF5.1M vs year-ago (CHF2.3M)

      • ASA.NO (Atlantic Sapphire) -- preliminary H1 adjusted EBITDA ($34M)

    • M&A

      • Investors including Carlyle balk at participating in Ant Group's buyback - Bloomberg

    • Healthcare

      • ALBPS.FP (Biophytis) -- receives a positive opinion for its SARA-31 phase 3 study in sarcopenia in Europe

      • MOB.SS (Moberg Pharma) -- announces correction of technical issuing details of the final terms in the rights issue

    • Other

      • HYPRO.NO (HydrogenPro) -- CEO Tarjei Johansen will step down with immediate effect; Jarle Dragvik to become new CEO

      • POLY.LN (Polymetal International) -- completes re-domiciliation to the AIFC in Kazakhstan

  • Key rating changes

    • Upgrades

      • DEMANT.DC (Demant) -- to buy from hold at Nordea

      • EPR.NO (Europris) -- to buy from neutral at Sparebank 1 Markets

      • HLN.LN (Haleon) -- to hold from sell at Investec

      • SHA.GR (Schaeffler) -- to buy from hold at Kepler Cheuvreux

      • SN.LN (Smith & Nephew) -- to neutral from sell at UBS

    • Downgrades

      • ABBN.SW (ABB Limited) -- to hold from buy at CrispIdea (7-Aug, timing uncertain)

      • BARC.LN (Barclays) -- to neutral from outperform at BNP Paribas

      • TOP.DC (Topdanmark) -- to neutral from outperform at Mediobanca

      • VMUK.LN (Virgin Money UK) -- to underperform from neutral at BNP Paribas

      • VNV.SS (VNV Global) -- to hold from buy at Jefferies

      • WPP.LN (WPP Group) -- to hold from buy at Deutsche Bank

    • Initiations

      • ROO.LN (Deliveroo) -- buy at Panmure Gordon

      • JET.LN (Just Eat Takeaway.com) -- hold at Panmure Gordon

      • WISE.LN (Wise Plc) -- buy at HSBC

      • SK3.ID (Smurfit Kappa Group) -- overweight at Barclays

      • MNDI.LN (Mondi) -- equal weight at Barclays

      • SMDS.LN (DS Smith) -- equal weight at Barclays

      • SIGN.SW (SIG Combibloc Group) -- underweight at Barclays

    • Other Actions

      • IPN.FP (Ipsen) -- transferred hold at Deutsche Bank; prior rating was hold

      • ZEAL.DC (Zealand Pharma) -- assumed equal-weight at Morgan Stanley; prior rating was equal-weight

  • Data

    • Nikkei +0.52% to 32423.11

    • Hang Seng (1.47%) to 19249.90

    • Shanghai Composite (0.17%) to 3263.24

    • S&P futures (9.8) vs prior close of 4537.8

    • €-$ (0.0005) or (0.05%) to 1.1001

    • $-¥ +0.83 or +0.58% to 143.31

    • €-¥ +0.86 or +0.55% to 157.64

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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