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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.51%), DAX30 (0.38%), CAC40 (0.43%)

Aug 11 ,2023

  • Synopsis

    • European indices set to see declines at the open

    • Asian equities are lower today. Greater China markets extending declines as property stocks remain under pressure (Hang Seng Mainland Properties index down more than 10% week-to-date). Quiet elsewhere with Japan closed for Mountain Day.

    • S&P 500 futures flat afterhours. US equities finished mostly higher in Thursday trading, but ended well off best levels. S&P and Nasdaq remain lower on the week. Big tech was largely higher. US CPI data largely supported disinflation narrative and led markets to reduce already low probability of further Fed rate hikes. However, some press takes noted disinflation path likely to be bumpy.

    • On today's agenda: IEA monthly oil market report and NIESR Summer Economic Forum - presents forecasts, at 11:00 BST

    • Macroeconomic releases due today 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

    • Today also sees IEA monthly oil market report and NIESR Summer Economic Forum - presents forecasts, at 11:00 BST. In the Netherlands, PvdA and GL members begin voting to elect leader for combined general election bid; result of the vote on 22-Aug, EU's Timmermans among candidates.

    • In corporate news: (FRA.GR) Fraport reports July Frankfurt Airport traffic statistics: passengers 6.01M, +19.7% y/y. (CWC.GR) CEWE Stiftung & Co reports Q2 EBIT before special effects (€3.1M) vs year-ago (€3.3M). (US.IM) UnipolSai Assicurazioni reports H1 net income €431M, +2.0% vs year-ago €422M

  • Politics/Macro/World News

    • US inflation edges up to 3.2% in July (FT)

    • UBS Ends Loss Protection Agreement With Swiss Government (BBG)

    • ECB to pause in September, say slim majority of economists (Reuters poll)

  • Top company news

    • Earnings/updates

      • ACHR (Archer Aviation) -- reports Q2 adjusted EBITDA ($76.3M) vs FactSet ($77.4M) [3 est, ($79.0)-(74.8M)]

      • B4B.GR (METRO) -- reports Q3 EPS €0.48 vs year-ago (€0.80)

      • VAR1.GR (VARTA) -- reports H1 EPS (€2.59) vs year-ago €0.07 and FactSet (€1.78); confirms FY guidance

      • UNI.IM (Unipol Gruppo) -- reports H1 net income attributable €416M vs FactSet €373M [1 est]

      • COFA.FP (Coface) -- reports Q2 net income €67.7M vs FactSet €63.5M [2 est, €62-65M]

      • PAT.GR (Patrizia) -- confirms previously reported preliminary H1 results: Adjusted EBITDA €28.4M; AUM of €57.9B

      • SZG.GR (Salzgitter) --reports H1 earnings in line with prelim. release; Q2 net income attributable €49.8M vs FactSet €101M [1 est]; Reaffirms FY guidance

      • GSC1.GR (GESCO) -- reports H1 net income €14.3M, (15%) vs year-ago €16.8M; 2023 sales and group earnings expected at lower end of guidance ranges

    • M&A

      • IDR.SM (Indra Sistemas) -- completes the acquisition of 9.5% stake in ITP Aero from Bain Capital (10-Aug)

      • BHP.AU (BHP Group) -- Coronado pulls out of competition to acquire Daunia and Blackwater mines - The Australian, citing sources

      • TIT.IM (Telecom Italia) -- Italian Treasury and KKR sign preliminary agreement towards Telecom Italia SpA bid; Italy to acquire 20% stake of TIM's landline grid - Reuters

    • Healthcare

      • GNFT.FP (GENFIT) -- announces publication of new data on the clinical performance of NIS2+ in older patients in hepatology communications

      • 0KCC.LN (OncoCyte) -- SEC filing: 10-Q

      • ABVX.FP (Abivax) -- announces plans to conduct registered public offering in US

    • Other

      • UBSG.SW (UBS Group) -- voluntarily decides to terminate the LPA and PLB with the Swiss government and SNB; Credit Suisse repays ELA+ loan

      • VWS.DC (Vestas Wind Systems) -- signs conditional agreement for an up to 1.2 GW offshore project in Poland

      • YAR.NO (Yara International) -- Yara Int'l signed agreement aimed at decarbonizing German cereal cultivation with green fertilizers

      • KBC.BB (KBC Group) -- NV announces start of share buyback program for up to €1.3B

      • SPM.IM (Saipem) -- awarded two new contracts for a total value of ~$700M

      • ARL.GR (Aareal Bank) -- supervisory board elects Jean Pierre Mustier as chairman

      • Regional Gaming Revenues - New York Sports Betting July 2023

  • Key rating changes

    • Upgrades

      • MUSTI.FH (Musti Group) -- to buy from hold at Nordea

      • HEN3.GR (Henkel) -- to hold from sell at Berenberg

    • Downgrades

      • NOVO.B.DC (Novo Nordisk) -- to hold from buy at DnB Markets

      • GFG.GR (Global Fashion Group) -- to hold from buy at HSBC

      • CVSG.LN CVS Group downgraded to sector perform from outperform at RBC Capital Markets

      • DOM.LN (Domino's Pizza Group) -- to hold from buy at Deutsche Bank

      • HOLM.B.SS (Holmen) -- to sell from hold at DnB Markets

  • Data

    • Nikkei +0.00% to 32473.65

    • Hang Seng (0.57%) to 19137.82

    • Shanghai Composite (1.24%) to 3214.28

    • S&P futures +1.0 vs prior close of 4485.8

    • €-$ +0.0008 or +0.07% to 1.0991

    • $-¥ (0.03) or (0.02%) to 144.72

    • €-¥ +0.06 or +0.04% to 159.03

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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