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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.03%, DAX30 +0.02%, CAC40 +0.11%

Aug 21 ,2023

  • Synopsis

    • European equity markets are set to open flat-to-higher amidst mixed Asian equities Monday. Hang Seng again leading China markets lower as property stocks extend declines. Better elsewhere with Nikkei, Kospi and Taiex gaining and ASX flat. S&P 500 futures little changed. Bond markets weaker with Treasury curve bear steepening ahead of Jackson Hole conference. Oil leading commodity market gains as copper trades near one-week high. Bitcoin nursing heavy losses after falling 11% last week to mid-June lows. Muted price action in FX markets.

    • UK Chancellor Hunt under pressure to freeze business rates again amid warning it could hit small firms and undermine investment. Latest developments in Ukraine also in the spotlight after Denmark and Netherlands agreed to send Ukraine F-16 fighter jets for its counteroffensive, though unclear when planes will be delivered.

    • Also on the agenda today, EU Parliament business resumes whilst joint press conf of Finance Ministers of Germany, Luxembourg, Austria, Switzerland and Liechtenstein at ~18:00CET. Bundesbank's monthly report.

    • In macro, Germany Jul PPI is due whilst latest update from UK property portal Rightmove showed asking prices are falling at the fastest rate since summer of 2018 as property market slows.

    • A light morning for earnings sees B&S Group (BSGR.NA) and Self Storage Group (SSG.NO) out with H1 results. Also due to report today are fashionette (FSNT.GR) and Investment AB Latour (LATO.B.SS).

  • Macro

    • German minister proposes tougher rules on Chinese foreign direct investment - FT

    • Ukraine nears deal with global insurers to cover grain ships - FT

    • China urges Brics to become geopolitical rival to G7 - FT

    • Netherlands and Denmark confirm plans to provide Kyiv with first F-16s - FT; Guardian

    • UK Aug House House Index (1.9%) y/y vs prior (0.2%) - Rightmove

Top company news

  • Earnings/updates

    • Benelux:

      • BSGR.NA (B&S Group) -- reports H1 net income attributable from cont.ops €7.0M, (43%) vs year-ago €12.3M

    • DACHs:

      • AFP.SW (Aluflexpack) -- reports H1 net income €1.3M vs year-ago €8.3M; guides FY23

    • Nordics:

      • THUNDR.SS (Thunderful Group) -- reports Q2 EBIT SEK24.8M vs FactSet SEK48.6M [3 est, SEK30-71.8M]

      • SSG.NO (Self Storage Group) -- reports Q2 adjusted net income NOK12.7M, (41%) vs year-ago NOK21.5M

  • M&A

    • ETL.FP (Eutelsat Communications) -- shareholders to vote on 28-Sep on combination with OneWeb

    • ENT.LN (Entain) -- seeking to acquire Racing.com - The Australian

    • SY1.GR (Symrise) -- acquires an additional 897.7K shares in Swedencare at up to SEK 47.295 per share

    • POLY.LN (Polymetal International) -- seeking to sell Russian business within the next six months - FT

    • HTRO.SS (Hexatronic Group) -- completes the acquisition of Fibron

    • 011200.KS (HMM) -- LX Group may submit offer for HMM - Korea Economic Daily, citing people with knowledge of the matter (18-Aug, 18:07 KT/11:07 CET)

    • SVW.AU (Seven Group Holdings) -- Atlas Copco acquires Sykes Group Pty Ltd (Sykes) from Seven Group Holdings Ltd (SGH); purchase price not disclosed

  • Healthcare

    • REGN (Regeneron) --

      • FDA approves Eylea HD for wet AMD, DME, and DR

      • sets US list price for Eylea HD at $2,625 per single use vial

    • EXEL (Exelixis) -- Phase 3 CONTACT-02 pivotal trial of Exelixis's CABOMETYX meets one of two primary endpoints

  • Other

    • 1COV.GR (Covestro) -- appoints Christian Baier as new CFO

    • DLG.LN (Direct Line Insurance Group) -- Direct Line in talks with Adam Winslow to take over as CEO - Sky News

    • FIA1S.FH (Finnair) -- CEO Topi Manner leaving to join Elisa Corporation

    • SBB.B.SS (Samhällsbyggnadsbolaget i Norden) -- CFO and Deputy CEO Eva-Lotta Stridh departs position

    • GFG.GR (Global Fashion Group) -- repurchases portion of outstanding convertible bonds due 2028

    • Estimated weekend box office revenues in US, Canada $97.1M, +23.1% y/y - Box Office Mojo

Key rating changes

  • Upgrades

    • VIRP.FP (Virbac) -- hold from buy at Stifel

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

    • CRBN.NA (Corbion) -- buy from hold at Berenberg

    • DEMANT.DC (Demant) -- to overweight from neutral at JPMorgan

    • FER.SM (Ferrovial) -- to reduce from sell at AlphaValue

    • IAG.SM (International Consolidated Airlines Group) -- to buy from reduce at AlphaValue

    • TECN.SW (Tecan Group) -- to Buy from Add at Baader Helvea

    • UBXN.SW (u-blox Holding) -- to neutral from sell at UBS

  • Downgrades

    • EXL1V.FH (Exel Composites) -- reduce from accumulate at Inderes

    • PYT.AV (Polytec Holding) -- hold from accumulate at Erste Group

    • MPCC.NO (MPC Container Ships) -- sell from hold at DnB Markets

    • ADYEN.NA (Adyen) --

      • to equal-weight from overweight at Morgan Stanley

      • to hold from buy at Jefferies

  • Initiations

    • KER.FP (Kering) -- outperform at TD Cowen

    • ARCAD.NA (ARCADIS) -- buy at Jefferies

Data

  • Nikkei +0.38% to 31571.27

  • Hang Seng (1.51%) to 17679.64

  • Shanghai Composite (0.55%) to 3114.88

  • S&P futures (3.3) vs prior close of 4382.8

  • €-$ +0.0009 or +0.08% to 1.0882

  • $-¥ +0.05 or +0.03% to 145.40

  • €-¥ +0.19 or +0.12% to 158.21

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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