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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.2%, DAX30 +0.2% , CAC40 +0.2%

Aug 15 ,2023

  • Synopsis

    • European equity markets are set to open in positive territory amid Asian equities mixed Tuesday. S&P 500 futures edging higher afterhours. Offshore yuan pulling lower following China activity data, hitting weakest level since Oct-2022. Aussie swinging up following RBA minutes. Commodities narrowly mixed with base metals turning positive. Of note, it's holidays in Greece, Italy, Poland (Assumption Day).

    • Focus on UK's labour market report today and inflation data tomorrow which can have a bigger impact on expectations for BoE policy than any other indicator. 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.

    • Other macroeconomic due today include: Germany Aug ZEW survey, Switzerland Jul PPI, Sweden Jul CPI, Norway Jul trade balance, Denmark Q2 preliminary GDP, Ireland Jun trade balance.

    • In corporate news, Tecan Group (TECN.SW) reported H1 adjusted net income CHF65.8M vs FactSet CHF59.6M and reiterted mid-term outlook; Medartis Holding (MED.SW) saw H1 adjusted EBITDA CHF14.8M vs FactSet CHF13.2M and reaffirmed FY guidance. PolyPeptide Group (PPGN.SW) posted H1 EPS (€1.04) vs year-ago €0.31, updated its guidance for 2023 and new CFO appointment. Montana Aerospace (AERO.SW) H1 net income (€23.1M) vs year-ago (€26.5M) and confirmed FY23 guidance. Also in the DACHs, Encavis AG (ECV.GR) posted H1 earnings yesterday after the market close.

    • Out of the Nordics, FLSmidth & Co. Group (FLS.DC) confirmed prelim Q2/H1 earnings and FY23 outlook as per 8-Aug update; Wallenius Wilhelmsen (WAWI.NO) posted Q2 EPS $0.70 vs FactSet $0.45; Pandora (PNDORA.DC) released Q2 net income DKK778M vs consensus DKK807M. In the Benelux, Alfen (ALFEN.NA) lowered FY revenue guidance from €540-600M to €490-520M.

    • Elsewhere, Legal & General (LGEN.LN), Jyske Bank (JYSK.DC), TKH Group (TWEKA.NA) are also expected to update the market today.

    • On the speculation front, Adnoc has reportedly indicated to Covestro it is willing to increase its offer to €60/share if it would get negotiations started, with Covestro's management and supervisory board now considering their options before possibly responding as soon as this week, Bloomberg reported.

  • Macro/politics

    • Europe's airlines clash with Italian premier over planned fare cap - FT

    • Russia expected to hike interest rates to curb ruble's slide - Politico

    • Europe's Golden visas are booming, despite calls to get rid of them - Bloomberg

    • Argentine far-right outsider Javier Milei posts shock win in primary election - Reuters

  • Top company news

    • Earnings/updates

      • DACHs

        • STMN.SW (Straumann Holding) -- reports H1 core net income CHF228.7M vs consensus CHF239M; reaffirms FY guidance

        • TECN.SW (Tecan Group) -- reports H1 adjusted net income CHF65.8M vs FactSet CHF59.6M [4 est, CHF51.3-66.1M]

        • FHZN.SW (Flughafen Zuerich) -- reports Jul traffic statistics

        • PPGN.SW (PolyPeptide Group) -- reports H1 EPS (€1.04) vs year-ago €0.31; appoints new CFO

        • ECV.GR (Encavis AG) -- reports H1 operating EPS €0.31 vs year-ago €0.33

        • HUBN.SW (HUBER+SUHNER) -- reports H1 net income CHF38.2M, (13%) vs year-ago CHF43.8M

        • MED.SW (Medartis Holding) -- reports H1 adjusted EBITDA CHF14.8M vs FactSet CHF13.2M [2 est, CHF12.6-13.7M]; reaffirms FY guidance

        • DEQ.GR (Deutsche EuroShop) -- reports H1 FFO €1.19 vs year-ago €1.08

        • AAG.GR (Aumann) -- reports H1 EBIT €5.3M vs year-ago €0.6M

        • HHFA.GR (Hamburger Hafen und Logistik) -- reports Q2 net income €5.4M vs year-ago €21.1M

      • Nordics

        • SDRL.NO (Seadrill) -- reports Q2 EPS $1.16 vs FactSet $0.80 [6 est, $0.40-1.28]

        • HTRO.SS (Hexatronic Group) -- reports Q2 EPS SEK1.27 vs year-ago SEK0.93

        • MGN.NO (Magnora) -- reports Q2 EPS NOK3.08 vs year-ago (NOK0.15)

        • NORBT.NO (Norbit) -- reports Q2 EPS NOK1.15 vs year-ago NOK0.73

        • RECSI.NO (REC Silicon) -- reports Q2 EPS ($0.03) vs year-ago ($0.06)

        • FLS.DC (FLSmidth & Co. Group) -- confirms prelim Q2/H1 earnings and FY23 outlook as per 8-Aug update

        • DFDS.DC (DFDS) -- reports Q2 EPS DKK9.53 vs year-ago DKK12.23; FactSet's EPS consensus is DKK7.83 [2 est, DKK6.80-8.85]

        • WAWI.NO (Wallenius Wilhelmsen)-- reports Q2 EPS $0.70 vs FactSet $0.45 [4 est, $0.40-0.48]

        • FG.SS (Fasadgruppen Group) -- reports Q2 EPS SEK1.13 vs year-ago SEK1.58

        • DDRIL.NO (Dolphin Drilling AS) -- reports Q2 EPS ($0.01) vs quarter-ago ($0.16)

        • PNDORA.DC (Pandora) -- reports Q2 net income DKK778M vs consensus DKK807M

      • Benelux

        • ALFEN.NA (Alfen) -- lowers FY revenue guidance from €540-600M to €490-520M

    • M&A

      • MATR.CN (Mattr) -- to sell substantial part of pipeline and pipe services segment to Tenaris for approximately C$220M

      • COV.GR (Covestro) -- Adnoc verbally signals to Covestro that it could come back with new, written proposal of €60/share - Bloomberg

      • EMMN.SW (Emmi) -- Mutares completes the acquisition of Gläserne Molkerei from Emmi Group

    • Healthcare

      • STMN.SW (Straumann Holding) -- Straumann Holding's chairman Gilbert Achermann will not seek re-election at the AGM 2024

      • REDX.LN (Redx Pharma) -- FDA grants orphan drug designation to zelasudil for IPF

      • NOVN.SW (Novartis) -- Sandoz announces positive results from Mylight Phase lll study for biosimilar aflibercept

    • Other

      • UBSG.SW (UBS Group) -- UBS resolves RMBS matter with US Department of Justice; to pay $1.435B to resolve all civil claims

      • FLTR.LN (Flutter Entertainment) -- Flutter Entertainment's Sportsbet in discussions for exclusive deal to run Western Australia's TAB - The Australian

      • ARCAD.NA (ARCADIS) -- partners with CubicPV for detailed design of new US solar wafer facility

      • AGLX.NO (Agilyx) -- announces progress on Toyo Styrene chemical recycling facility powered by Agilyx technology; remains on schedule for commissioning in Q1 of 2024

  • Key rating changes

    • Upgrades

      • GALE.SW (Galenica) -- to buy from neutral at UBS

    • Downgrades

      • METSB.FH (Metsa Board) -- to sell from neutral at UBS

    • Initiations

      • NCH2.GR (thyssenkrupp nucera) -- buy at Kepler Cheuvreux; buy at Deutsche Bank

  • Data

    • Nikkei +0.62% to 32258.44

    • Hang Seng (1.23%) to 18541.88

    • Shanghai Composite (0.84%) to 3151.76

    • S&P futures +5.3 vs prior close of 4506.0

    • €-$ +0.0003 or +0.03% to 1.0910

    • $-¥ (0.09) or (0.06%) to 145.47

    • €-¥ (0.04) or (0.03%) to 158.72

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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