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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.5%, DAX +0.7%, CAC +0.8%, MIB +1.3%, IBEX +0.8%

Aug 09 ,2023

  • Synopsis

    • European equity markets are set to open higher amidst a mixed session in Asia. Greater China markets posting more losses, though Hang Seng off worst levels. S&P 500 futures up 0.1% in pre-market trade, after US equities finished the day lower on Tuesday.

    • European banking sector may remain in focus today after Italy unexpectedly approved a 40% windfall tax on Tuesday. Risk appetite firming though, after authorities added in a statement on Tuesday that new tax could not breach 0.1% of a lender's total assets. Still, EU markets may be on guard for similar moves by other countries. Little else in focus ahead of US CPI on Thursday.

    • In central banks, Bank of Italy publishes its latest The Italian economy in brief.

    • A light macro front sees Denmark Jun trade balance, Portugal Q2 unemployment rate and Ireland Jun industrial production.

    • In earnings, ABN AMRO Bank (ABN.NA) reported Q2 net income €870M vs consensus €570M and said it does not expect to reach its 2024 cost target. In the DACHs region, E.ON (EOAN.GR) reported final H1 earnings in line with prelim. release and confirmed FY guidance whilst Swissquote (SQN.SW) reported H1 and raised FY Pre-tax profit guidance to CHF 250M vs prior CHF 230M. Jenoptik (JEN.GR), Hannover Re (HNR1.GR) and Voestalpine (VOE.AV) are also out with H1 whilst Delivery Hero (DHER.GR) reported Q2 segment revenue group €2.58B vs year-ago €2.33B.

  • Macro

    • Risk of UK recession at next general election is 60%, says thinktank - Guardian

  • Top company news

    • Earnings/updates

      • Benelux:

        • ABN.NA (ABN AMRO Bank) -- reports Q2 net income €870M vs consensus €570M; does not expect to reach our 2024 cost target

        • NYXH.BB (Nyxoah) -- reports Q2 EPS (€0.45) vs FactSet (€0.41) [7 est, (€0.44)-(0.39)]

        • EBUS.NA (Ebusco Holding) -- reports final H1 earnings in line with prelim. release; net income attributable (€32.2M) vs year-ago (€13.7M)

      • DACHs:

        • EOAN.GR (E.ON SE) -- reports final H1 earnings in line with prelim. release; reaffirms FY guidance

        • VOE.AV (Voestalpine) -- reports Q1 EPS €1.01 vs consensus €1.15

        • SAX.GR (Ströer) -- reports Q2 adjusted net income €31.2M vs consensus €32.0M; reaffirms FY forecast

        • DHER.GR (Delivery Hero) -- trading update: Q2 segment revenue group €2.58B vs year-ago €2.33B

        • HNR1.GR (Hannover Re) -- reports Q2 net income €475.6M vs consensus €444M; confirms FY guidance

        • JEN.GR (Jenoptik) -- reports Q2 EPS €0.35 vs FactSet €0.42 [2 est, €0.40-0.43]; FY23 guidance confirmed

        • BEKN.SW (Berner Kantonalbank) -- reports H1 net income CHF75.6M, +15% vs year-ago CHF66.0M

        • SBS.GR (Stratec) -- reports final H1 earnings in line with prelim. release; EPS €0.33 ex-items vs year-ago €1.38; reaffirms FY guidance

        • SQN.SW (Swissquote Group Holding) -- reports H1 net income CHF106.5M, +38% vs year-ago CHF77.1M; raises FY Pre-tax profit guidance to CHF 250M vs prior CHF 230M

        • KURN.SW (Kuros Biosciences) -- reports H1 EPS (CHF0.14) vs year-ago (CHF0.11)

        • RSL2.GR (R. Stahl) -- reports Q2 EPS €0.29 vs year-ago (€0.13)

        • SYAB.GR (Synlab) -- reports Q2 adjusted net income €25.0M vs year-ago €93.0M; confirms its FY 2023 guidance

        • HGEA.GR (hGears) -- reports H1 net income (€5.6M) vs year-ago (€0.9M); reaffirms FY guidance

        • MZX.GR (Masterflex) -- reports Q2 EPS €0.08 vs year-ago €0.27

      • France:

        • PRC.FP (Artmarket.com) -- reports Q2 revenue €1.4M, +8% vs year-ago €1.3M

      • Nordics:

        • CTEK.SS (CTEK) -- reports Q2 net income (SEK22.1M) vs FactSet (SEK5M) [1 est]

        • ORRON.SS (Orrön Energy) -- reports Q2 revenue €5.9M vs FactSet €4.0M [1 est]

        • SHLF.NO (Shelf Drilling) -- reports Q2 EPS $0.01 vs year-ago ($0.12)

        • ICEAIR.IR (Icelandair Group) -- reports July traffic +12.0% y/y

        • AKTIA.FH (Aktia Bank) -- reports Q2 Comparable EPS €0.29 vs FactSet €0.28 [2 est, €0.27-0.28]

        • RAIVV.FH (Raisio) -- reports Q2 comparable EPS €0.03 vs FactSet €0.02

        • HKSAV.FH (HKScan) -- reports Q2 EPS (€0.02) vs year-ago €0.00

    • M&A

      • ROVIO.FH (Rovio Entertainment) -- Sega Europe discloses that 73.3M Rovio Entertainment shares were tendered in the recommended public cash offer, representing approximately 96.3% of all Rovio shares

      • GFX.UT (Golden Falcon Acquisition) -- discloses termination of proposed combination with MNG Airlines - 8-K

      • CHN.AU (Chalice Mining) -- Rio Tinto, South32 and Anglo American withdraw from Chalice Mining sale process - The Australian

      • Amazon in talks to join as cornerstone investor in Arm ahead of IPO - Reuters

    • Healthcare

      • MARI.AV (Marinomed Biotech) -- enters first long-term Solv4U partnership with Shanghai-based SPH Sine Pharmaceutical Laboratories Co. Ltd

      • PHARM.NA (Pharming Group) -- announces first patient enrolled in Phase III clinical trial of leniolisib for the treatment of APDS in Japan

    • Other

      • NOVN.SW (Novartis) -- remibrutinib Phase III trials met their primary endpoints and showed rapid symptom control in chronic spontaneous urticaria

      • UMG.NA (Universal Music Group) -- and Google reportedly in discussions to license artists' voices, melodies for AI-generated songs -- FT

      • ENR.GR (Siemens Energy) -- wants to slash growth and investment plans in renewable energy business - Handelsblatt

      • IWG.LN (IWG Plc) -- IWG considering moving listing from London to New York - London Times

      • UAW's contract demands would add more than $80B of labor costs to US automakers - Bloomberg

  • Key rating changes

    • Upgrades

      • EQNR.NO (Equinor) -- outperform from sector perform at RBC Capital Markets

      • FRE.GR (Fresenius) -- buy from hold at Deutsche Bank

      • PSM.GR (ProSiebenSat.1 Media) -- equal-weight from underweight at Morgan Stanley

      • ALFEN.NA (Alfen) -- to hold from underperform at Jefferies

      • DOM.LN (Domino's Pizza Group) -- to hold from underperform at Jefferies

      • FME.GR (Fresenius Medical Care) -- to buy from hold at Metzler Capital Markets (8-Aug CET, timing uncertain)

    • Downgrades

      • ASA.NO (Atlantic Sapphire) -- hold from buy at Carnegie Securities

      • BIRG.ID (Bank of Ireland Group) -- neutral from outperform at BNP Paribas Exane

      • LXS.GR (Lanxess) -- to neutral from buy at UBS

      • ENR.GR (Siemens Energy) -- to neutral from overweight at JPMorgan

    • Initiations

      • NDA.GR (Aurubis) -- buy at UBS

  • Data

    • Nikkei (0.41%) to 32243.66

    • Hang Seng (0.28%) to 19131.14

    • Shanghai Composite (0.50%) to 3244.16

    • S&P futures +5.0 vs prior close of 4518.5

    • €-$ +0.0019 or +0.17% to 1.0978

    • $-¥ (0.25) or (0.18%) to 143.13

    • €-¥ +0.03 or +0.02% to 157.12

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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