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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.19%), DAX30 (0.25%), CAC40 +0.10%

Aug 14 ,2023

  • Synopsis

    • European equity markets are set for a mostly-lower open amidst a negative session in Asia. US equity futures softer with S&P off 0.1%.

    • German Chancellor Olaf Scholz on Sunday called for more diplomatic efforts to bring peace to Ukraine, following a summit on the issue last weekend in Saudi Arabia. Also focus on UK's labor market report Tuesday and inflation data on Wednesday to influence BoE policy expectations. Bloomberg report suggested fixed income strategists see risk of hawkish pivot from ECB due to energy price risk. Meanwhile, analysis by Savills suggested Britain's private landlords may be exiting property market at faster-than-expected pace. Data showed retail spending capital hit by government tourist tax.

    • On today's agenda, Germany's Ministry of Economics monthly report and Arendal Week in Norway, with several politicians due to speak

    • A light macro calendar sees Finland Jul CPI

    • On the earnings front, adesso (ADN1.GR) reported Q2 EPS (€1.19) vs year-ago (€0.29) and said it expects to achieve FY EBITDA forecast of between €100-110M whilst Talanx (TLXx.GR) reported Q2 net income attributable €404M vs FactSet €403M and confirmed FY and medium-term targets. Still in the DACHs region, TAG Immobilien (TEG.GR) reported H1 FFO I €0.64 vs year-ago €0.66 whilst Nagarro (NA9.GR) lowered FY23 revenue guidance to €915-940M vs FactSet €939.53M, on Friday post close.

  • Politics/Macro/World News

    • UK uses inflated carbon price to shape energy policy, analysts say - FT

    • Sharp rise in cost of food basics forces UK families 'to make desperate choices' - Guardian

    • Meloni talks to opposition parties over minimum wage - ansa

    • Germany's Scholz calls for more Ukraine peace talks - DW

    • Finland Jul CPI +6.5% y/y vs consensus +6.1% and prior +6.3%

  • Top company news

    • Earnings/updates

      • DACHs:

        • TLX.GR (Talanx) -- reports Q2 net income attributable €404M vs FactSet €403M [1 est]; reaffirms FY and medium-term targets

        • ADN1.GR (adesso) -- reports Q2 EPS (€1.19) vs year-ago (€0.29); expects to achieve FY EBITDA forecast of between €100M and €110M

        • QBY.GR (q.beyond) -- reports Q2 net income (€2.7M) vs year-ago (€3.1M)

        • TEG.GR (TAG Immobilien) -- reports H1 FFO I €0.64 vs year-ago €0.66

        • NA9.GR (Nagarro) -- lowers FY23 revenue guidance to €915M from €940M vs FactSet €939.53M

        • HYQ.GR (Hypoport) -- reports final Q2 earnings in line with prelim. release; EBIT (€2.5M)

        • PCZ.GR (ProCredit Holding) -- reports H1 net income €64.1M vs year-ago €7.7M

        • NWO.GR (New Work) -- reports Q2 pro forma EPS €1.72 vs year-ago €2.08; reaffirms FY outlook

        • ILM1.GR (Medios) -- reports H1 adjusted EBITDA €29.0M, +2% vs year-ago €28.5M; positive FY23 outlook confirmed

      • Nordics:

        • KESKOB.FH Kesko reports Jul sales €908.8M, (2.1%) y/y in comparable terms

    • M&A

      • SYAB.GR (SYNLAB) -- agrees to sell its veterinary diagnostics business to Mars; price not disclosed

      • PHIA.NA (Koninklijke Philips) -- Exor buys 15% stake in Koninklijke Philips; will propose one member to the board and becomes long-term investor

      • NOVN.SW (Novartis) -- completes previously announced acquisition of Chinook Therapeutics

      • MAJ.NA (Majorel Group Luxembourg) -- publishes position statement on voluntary public cash and exchange offer for all shares in Majorel by Teleperformance SE, recommending to accept the offer

      • Morgan Stanley's infrastructure investing arm expected to table a bid for Alinta's Pilbara assets - Australian Financial Review (Friday, 11-Aug)

      • SoftBank Group in discussions to acquire 25% stake in Arm from Vision Fund 1 - Reuters, citing people familiar with the matter

    • Healthcare

      • VLA.FP (Valneva) -- announces US FDA revises Prescription Drug User Fee Act action date for BLA for Chikungunya Virus Vaccine Candidate VLA1553 from end of Aug to the end of Nov

      • PHARM.NA (Pharming Group) -- to holder EGM on 25-Sep in connection with nomination of Richard Peters as new Chairman

    • Other

      • SUSE.GR (SUSE) -- appoints Ian Halifax as new CFO; also names Frank Feldmann as new CSO

      • SAP.GR (SAP) -- commences first tranche of €1.25B of previously announced share buyback programme of up to €5B

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- obtains funding for a series of Multi-client Programs in Southeast Asia

      • DIA.SM (Distribuidora Internacional De Alimentacion) -- DIA reiterates controlling shareholder Letterone says it's unaffected by restrictive measures on individuals imposed by US in conjunction with Ukraine war (12-Aug)

      • Archer Aviation receives $215M funding from Stellantis and United

      • Estimated weekend box office revenues in US, Canada $111.6M, +70.7% y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • EPR.NO (Europris) -- buy from hold at SEB

      • WOSG.LN (Watches of Switzerland Group) -- buy from hold at Kepler Cheuvreux

      • QLT.LN (Quilter) -- to neutral from underweight at JPMorgan

    • Downgrades

      • FME.GR (Fresenius Medical Care) -- to sell from neutral at UBS

      • ONCO.SS (Oncopeptides) -- to hold from buy at DnB Markets

    • Initiations

      • GXI.GR (Gerresheimer) -- buy at Jefferies

      • CHEMM.DC (ChemoMetec) -- buy at SEB

  • Data

    • Nikkei (1.11%) to 32112.32

    • Hang Seng (2.25%) to 18645.11

    • Shanghai Composite (0.74%) to 3165.62

    • S&P futures (6.3) vs prior close of 4480.8

    • €-$ (0.0017) or (0.16%) to 1.0937

    • $-¥ (0.12) or (0.08%) to 144.83

    • €-¥ (0.35) or (0.22%) to 158.42

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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