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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.2%), DAX +0.4%, CAC +0.5%, MIB +0.5%, IBEX +0.3%

Aug 10 ,2023

  • Synopsis

    • European equity markets are set to open mostly higher amid Asian equities mixed Thursday. S&P 500 futures pushing higher afterhours. Bond markets weaker with Treasury yields up 1-3 bp ahead of US CPI. JGB curve bear steepening. Yen a touch weaker on major crosses. Muted moves in commodity markets.

    • On today's agenda, Norges Bank releases its Q2 survey of bank lending at 10:00CET, the same time as the ECB's latest economic bulletin is published. Elsewhere, OPEC's latest monthly oil market report is due to be released. In the evening, Chancellor Scholz is holding his ninth (of 16) TALK with citizens, this one in Erfurt

    • Macroeconomic releases in Europe include: UK Q2 preliminary GDP, Jun manufacturing/industrial production, trade balance, construction output, Jul GDP tracker - NIESR, France Q2 unemployment rate, Jul final CPI, Spain Jul final CPI, Italy Jun trade balance. US inflation data is also due.

    • In earnings, out of the DACH region, Allianz (ALV.GR) reports Q2 core net income €2.52B vs consensus €2.31B and confirms FY23 operating profit outlook; ThyssenKrupp (TKA.GR) Q3 net income attributable from cont. ops. €83M vs FactSet €153M and sees Adj. EBIT ar high end of prior guidance; Siemens AG (SIE.GR) posts Q3 pre- PPA EPS €1.78 vs consensus €1.95;

    • Still in the DACHs, Deutsche Telekom (DTE.GR) reports Q2 adjusted net income €1.89B vs consensus €2.07B; raises FY23 guidance for adj EBITDA AL to ~ €41.0B from previous ~ €40.9B; Knorr-Bremse (KBX.GR) reports Q2 EBIT €209M vs FactSet €204.5M with revenue target increased to €7.5-7.8B from previously €7.3-7.7B; Rheinmetall reports H1 EPS from cont ops €2.42 vs year-ago €2.28 and confirms current guidance; Henkel (HEN.GR) sees H1 EPS €2.13 ex-items vs consensus €2.06 and raises FY guidance.

    • From the Benelux, KBC Group (KBC.BB) reports Q2 net income €966M vs consensus €863M whilst lowers FY23 net interest income guidance; SBM Offshore (SBMO.NA) reported H1 Underlying EPS $0.20 vs consensus $0.50 and confirmed FY guidance. Out of the Nordics, Novo Nordisk (NOVO.B.DC) reports Q2 EPS DKK8.63 vs consensus DKK9.04 and raises FY Sales growth guidance at CER to +27-33% vs prior guidance +24-30%.

  • Politics/Macro/World News

    • Grain exports back in Russia's sights in Ukraine war - FT

    • Bumper year for banks draws political backlash as slowdown nears - Bloomberg

    • Rupee leans on RBI policy, US inflation for pickup in volatility - Reuters

    • Britain's state pensions to cost more than education, policing and defence combine - Times

    • Sunak faces calls from Cabinet to ditch ECHR - Telegraph

    • Netherlands Jun Manufacturing Production +0.7% m/m vs consensus (0.7%) and prior +0.8%

  • Top company news

    • Earnings/updates

      • DACHs

        • MOR.GR (Morphosys) -- reports Q2 EPS (€2.16) vs year-ago (€6.88)

        • HFG.GR (HelloFresh) -- reports Q2 revenue €1.92B vs FactSet €1.93B [4 est, €1.92-1.95B], in line with preliminary

        • ALV.GR (Allianz) -- reports Q2 core net income €2.52B vs consensus €2.31B; confirms FY23 operating profit outlook

        • ZURN.SW (Zurich Insurance Group) -- reports H1 net income attributable $2.49B vs consensus $2.63B

        • GLJ.GR (GRENKE) -- revises market expectations and outlook for 2024; FY24 net profit €95-115M vs prior guidance €120M and FactSet €107.5M

        • WIE.AV (Wienerberger) reports Q2 EPS €1.16 vs consensus €1.19

        • SDF.GR (K+S)-- reports Q2 Adj. EPS (€0.29) vs FactSet (€0.13) [3 est, (€0.19)-(0.05)]

        • KBX.GR Knorr-Bremse reports Q2 EBIT €209M vs FactSet €204.5M [7 est, €196-209M]; revenue target increased to €7.5-7.8B from previously €7.3-7.7B

        • VTSC.GR (Vitesco Technologies Group) -- reports Q2 EBIT €76.3M vs FactSet €71.4M [5 est, €68-76M]

        • CEC.GR (CECONOMY) -- reports Q3 EPS (€0.38) vs year-ago (€0.24)

        • DTE.GR (Deutsche Telekom) -- reports Q2 adjusted net income €1.89B vs consensus €2.07B; raises FY23 guidance for adj EBITDA AL to ~ €41.0B from previous ~ €40.9B

        • RWE.GR (RWE) -- reports H1 adjusted net income €2.63B vs consensus €2.60B

        • RHM.GR (Rheinmetall) -- reports H1 EPS from cont ops €2.42 vs year-ago €2.28; current guidance for year confirmed

        • HEN.GR (Henkel) -- reports H1 EPS €2.13 ex-items vs consensus €2.06; raises FY guidance

        • POST.AV (Oesterreichische Post)-- reports Q2 EPS €0.67 vs year-ago €0.38; now expects FY revenue growth in the mid-single-digit range vs prior guidance in the low to mid-single digit range

        • SFQ.GR (SAF-HOLLAND SE) -- confirms prelim Q2/H1 earnings as per 8-Aug update

        • VSC.GR (4SC) -- provides Q2 2023 and H1 2023 update: As of 30-Jun-23, 4SC holds cash balance/funds of €12.16B vs €14.83B as at 31-Dec-22

      • UK

        • MXCT.LN (MaxCyte) -- reports Q2 EPS ($0.10) vs FactSet ($0.10) [5 est, ($0.12)-(0.08)]

      • Benelux

        • SBMO.NA (SBM Offshore) -- reports H1 Underlying EPS $0.20 vs consensus $0.50; confirms FY guidance

        • CRBN.NA (Corbion) -- reports H1 core adj EBITDA €82.2M, +9% vs year-ago €75.6M; specifies FY23 EBITDA guidance

        • KBC.BB KBC Group reports Q2 net income €966M vs consensus €863M; lowers FY23 net interest income guidance

      • Nordics

        • SOON.NO (SpareBank 1 Sorost-Norge) -- reports Q2 net income NOK387M vs FactSet NOK346.4M [5 est, NOK329.6-362.5M]

        • MING.NO (SpareBank 1 SMN) -- reports Q2 EPS NOK4.21 vs FactSet NOK4.51 [6 est, NOK3.63-6.69]

        • MORG.NO (Sparebanken Møre) -- reports Q2 EPS NOK2.46 vs FactSet NOK2.40 [4 est, NOK2.35-2.48]

        • TLT1V.FH (Teleste) -- reports Q2 Adjusted EPS €0.02 vs year-ago (€0.07)

        • NOVO.B.DC (Novo Nordisk) -- reports Q2 EPS DKK8.63 vs consensus DKK9.04; raises FY Sales growth guidance at CER to +27-33% vs prior guidance +24-30%

    • M&A

      • ISS.DC (ISS A/S) -- to divest its French business except for Global Key Account customers that would become the exclusive focus in France

      • ONTEX.BB (Ontex Group) -- to sell its Algerian business to Hygianis SPA for an undisclosed sum

      • MWTR.NO (Meltwater) -- announces completion of take-private acquisition by MW Investment B.V.

    • Healthcare

      • ROG.SW (Roche Holding) -- FDA approves Genentech's pralsetinib for adults with certain types of NSCLC

      • MDXH.BB (MDxHealth) -- announces Cigna has expanded coverage to Include Mdxhealth's Select mdx for Prostate Cancer test

      • POXEL.FP (Poxel) -- FDA grants orphan drug designation to vonafexor for Alport Syndrome

    • Other

      • RYA.ID (Ryanair Holdings) -- Online booking agents call on UK regulators to investigate Ryanair - FT

      • ALO.FP (Alstom) -- to supply 60 single-level coach cars to CTDOT

      • SIGN.SW (SIG Combibloc Group) -- SIG appoints Ann-Kristin Erkens as CFO

      • SPM.IM (Saipem) -- awarded offshore contract for BGUP worth approx. $1B by Mellitah Oil & Gas

  • Key rating changes

    • Upgrades

      • FLTR.LN (Flutter Entertainment) -- to hold from reduce at Numis (timing uncertain)

      • QLT.LN (Quilter) -- to neutral from underperform at BNP Paribas Exane

      • RCO.FP (Remy Cointreau) -- to outperform from neutral at BNP Paribas Exane

      • FSECURE.FH (F-Secure) -- to buy from hold at Nordea

    • Downgrades

      • EQNR.NO (Equinor) -- to neutral from buy at Sparebank 1 Markets

      • ABN.NA (ABN AMRO Bank) -- to underperform from neutral at Mediobanca

      • BOOZT.SS (Boozt Fashion) -- to sell from hold at Danske Bank

  • Data

    • Nikkei +0.84% to 32475.51

    • Hang Seng (0.65%) to 19120.36

    • Shanghai Composite +0.07% to 3246.86

    • S&P futures +17.5 vs prior close of 4485.8

    • €-$ +0.0011 or +0.10% to 1.0985

    • $-¥ +0.27 or +0.19% to 144.00

    • €-¥ +0.44 or +0.28% to 158.20

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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