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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.20%), DAX30 (0.37%), CAC40 (0.21%)

Aug 16 ,2023

  • Synopsis

    • European indices are set to open in negative territory again today as global markets continue to be impacted by China growth slowdown concerns and cautious Fitch comments on US Banks.

    • Asian equities trading lower Wednesday. Benchmarks in Hong Kong, Japan Australia and Korea down at least 1%. China equity markets on track to erase all the gains accrued with growth slowdown concerns compounded by spillover risks from liquidity issues plaguing real estate developers. S&P 500 futures flat afterhours.

    • US equities were lower in Tuesday trading as the major averages ended near session lows. All sectors lower though commodity equities and machinery among worst performers on latest China data disappointments. Banks hit by cautious comments out of Fitch.

    • On today's earnings agenda: Aviva (AV.LN), Admiral Group (ADM.LN), Glanbia (GL9.ID), Balfour Beatty (BBY.LN), Essentra (ESNT.LN), Hochschild Mining (HOC.LN), Restore (RST.LN) whilst Aeroports de Paris ADP (ADP.FP) is due to report traffic

    • Companies having reported today so far include Feintool International Holding (FTON.SW) reporting H1 net income (cont-ops) CHF6.5M, (38%) vs year-ago CHF10.4M and Gurit Holding (GURN.SW) reporting H1 EPS CHF1.54 vs year-ago CHF3.61. Still in the DACHs, Implenia (IMPN.SW) reports H1 net income attributable CHF32.2M, (49%) vs year-ago CHF63.1M and confirms FY guidance. Out of the Nordics, H. Lundbeck (HLUN.B.DC) reports Q2 adj EPS DKK1.11 vs consensus DKK0.82 and raised FY23 guidance whilst Demant (DEMANT.DC) reports Q2 revenue DKK5.65B vs consensus DKK5.55B.

    • Among central banks updates, Chancellor Scholz speech at North Rhine-Westphalia Entrepreneurs' Day and also attends Düsseldorfer Budchentag at 16:00CET. Poland's lower house of parliament to vote on legislation concerning the organisation of referenda, one of which will be on the privatisation of state companies (also on Thur).

    • Macroeconomic releases due today include: Finland Q2 preliminary GDP, UK Jul CPI.RPI/PPI input/output, Netherlands Q2 preliminary GDP, Eurozone Q2 GDP (2nd estimate), Jun industrial production.

  • Politics/Macro/World News

    • Beating Inflation Might Still Need Higher Rates (Bloomberg)

    • Argentina struggles to avoid economic collapse after shock primary win (FT)

  • Top company news

    • Earnings/updates

      • HLUN.B.DC (H. Lundbeck) -- reports Q2 adj EPS DKK1.11 vs consensus DKK0.82; raises FY23 guidance

      • NKT.DC (NKT) -- reports Q2 net income €35.3M vs FactSet €25.9M [3 est, €24.7-28M]

      • DEMANT.DC (Demant) -- reports Q2 revenue DKK5.65B vs consensus DKK5.55B

      • FLNG.NO (Flex LNG) -- reports Q2 adj EPS $0.53 vs FactSet $0.56 [8 est, $0.53-0.64]; reiterates revenue guidance for Q3 and Q4

      • FACC.AV (FACC) -- reports Q2 EPS €0.25 vs year-ago €0.00

      • GYC.GR (Grand City Properties) -- reports H1 FFO €0.54 vs year-ago €0.59; updated guidance

      • VZN.SW (VZ Holding) -- reports H1 net income CHF86.3M, +12% vs year-ago CHF77.0M

      • IMPN.SW (Implenia) -- reports H1 net income attributable CHF32.2M, (49%) vs year-ago CHF63.1M; reaffirms FY guidance

      • NEWA.B.SS (New Wave Group) -- reports Q2 EPS SEK1.96 vs year-ago SEK2.00

      • STOR.B.SS (Storskogen Group) -- reports Q2 EPS SEK0.04 vs FactSet SEK0.28 [3 est, SEK0.25-0.32]

    • M&A

      • RETA (Reata Pharmaceuticals) -- Sanofi narrowly lost to Biogen in race to acquire Reata Pharmaceuticals - Bloomberg (15:35 ET)

      • FORTUM.FH (Fortum) -- Oil & Natural Gas amongst shortlisted bidders for Fortum Oyj's Indian solar projects - Mint

      • NANO.FP (Nanobiotix) -- announces HSR waiting period expiry for NBTXR3

      • LTR.AU (Liontown Resources) -- Speculation Kathleen Valley lithium project location could pique interest of BHP - The Australian

      • MAU.FP (Maurel et Prom) -- Maurel & Prom has signed, a SPA with Carlyle International Energy Partners for the acquisition of 100% of the shares in Assala Energy Holdings

      • DUNI.SS (Duni) -- Group informs that Mellby Gård AB has passed the 30% threshold for a mandatory offer

      • BYW6.GR (BayWa) -- Atmos Renewables completes acquisition of Victoria's Karadoc Solar Farm from BayWa r.e. ; terms undisclosed

    • Other

      • Regional Gaming Revenues - Massachusetts July 2023

      • UAW announces preparations for strike authorization vote at Ford, GM, and Stellantis next week in preparation for 14-Sep deadline - Bloomberg

  • Key rating changes

    • Upgrades

      • Barclays upgrades BBOX.LN; downgrades SGRO.LN; others

      • MKS.LN (Marks & Spencer Group) -- to add from hold at Numis (15-Aug, 13:45 BST)

    • Downgrades

      • BAYN.GR (Bayer AG) -- to hold from buy at Berenberg

      • O2D.GR (Telefonica Deutschland Holding) -- to neutral from overweight at JPMorgan

      • PAL.AV (Palfinger) -- to hold from buy at Berenberg

  • Data

    • Nikkei (1.18%) to 31857.79

    • Hang Seng (1.30%) to 18338.72

    • Shanghai Composite (0.28%) to 3167.20

    • S&P futures (0.3) vs prior close of 4454.0

    • €-$ +0.0007 or +0.06% to 1.0914

    • $-¥ (0.11) or (0.08%) to 145.46

    • €-¥ (0.00) or (0.00%) to 158.74

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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