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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.12%, DAX30 +0.32%, CAC40 (0.18%)

Aug 23 ,2023

  • Synopsis

    • European indices are set to open mixed amidst Asia equities trading mixed Wednesday. Japan, Hong Kong and Australia tracking moderate gains after a soft open, while mainland China and South Korea lagging. Regional growth stocks broadly underperforming. US futures gaining momentum after benchmarks finished mostly lower overnight around intraday lows.

    • On today's agenda, statement of Iceland Central Bank's MPC; Monetary Bulletin including updated forecasts. Other events, Nordea small and midcap days (through Thu), Hamburger Investorentag and Gamescom begins (through Sun). In the US, there's first televised debate of Republican presidential candidates being held in Milwaukee. Depending on the number of candidates who qualify (deadline 21-Aug), there may be a second debate night on Thur.

    • Economic releases due today include: Eurozone, France, Germany, UK Aug preliminary manufacturing/services PMIs, Eurozone Aug preliminary consumer confidence.

    • On the reporting front, Mowi (MOWI.NO), Lerøy Seafood Group (LSG.NO), Bavarian Nordic A/S (BAVA.DC), Scandi Standard (SCST.SS), MEKO AB (MEKO.SS) and Austevoll Seafood (AUSS.NO) are amongst other companies from Nordics to update investors with their latest numbers. In DACHs, Autoneum Holding (AUTN.SW) reported H1 earnings. Also reporting today Costain (COST.LN), Sydbank (SYDB.DC), and MDxHealth (MDXH.BB).

  • Politics/Macro/World News

    • British Small Businesses See Sales Sink by 20%, New Data Shows - Bloomberg

    • UK-India trade talks enter 'final, trickier' stage - government sources - BBC

    • Venture capital funds prop up young companies as inflation bites - FT

  • Top company news

    • Earnings/updates

      • Nordix

        • MOWI.NO (Mowi) -- reports Q2 underlying EPS €0.35 vs FactSet €0.37 [9 est, €0.34-0.40]

        • ZAP.NO (Zaptec) -- reports Q2 EPS NOK0.18 vs year-ago NOK0.04

        • VOW.NO (Vow ASA) -- reports H1 result for the period NOK6.3M vs year-ago NOK14.5M

        • BGBIO.NO (BerGenBio) -- reports Q2 EPS (NOK0.15) vs year-ago (NOK0.95)

        • LSG.NO (Lerøy Seafood Group) -- reports Q2 EPS (NOK2.11) vs year-ago NOK0.83

        • ODL.NO (Odfjell Drilling) -- reports Q2 net income $11M vs FactSet $10.0M [2 est, $5-14.9M]; announces new quarterly dividend programme

        • BETCO.SS (Better Collective) -- reports Q2 EPS €0.14 vs year-ago €0.12

        • B2H.NO (B2Holding) -- reports Q2 net income NOK182M vs FactSet NOK93.2M

        • AMSC.NO (AMSC ASA) reports Q2 adjusted net income $4.8M vs FactSet $6.6M

        • AUSS.NO (Austevoll Seafood) -- reports Q2 net income (NOK1.14B) vs FactSet NOK414.4M

        • MULTI.NO( Multiconsult) -- reports Q2 EPS NOK1.30 vs FactSet NOK1.31

        • NEXT.NO (Next Biometrics Group) -- reports Q2 revenue NOK7.3M, (38%) vs year-ago NOK11.7M

        • WSTEP.NO (Webstep) -- reports Q2 EPS NOK0.46 vs year-ago NOK0.36

        • MEKO.SS (MEKO AB) -- reports Q2 EPS SEK3.03 vs year-ago SEK1.73

        • SCST.SS (Scandi Standard) -- reports Q2 EPS SEK1.11 vs year-ago SEK0.07

        • BWE.NO (BW Energy) -- reports H1 net income $0.3M vs year-ago $19.2M

        • DVYSR.SS (Devyser Diagnostics) -- reports Q2 EPS (SEK0.90) vs year-ago (SEK0.90)

        • BAVA.DC (Bavarian Nordic A/S) -- reports Q2 net income DKK538.1M vs FactSet DKK463.1M [5 est, DKK55.6-900M]; FY23 guidance maintained

      • France

        • VIRP.FP (Virbac) -- - 2023 half-year results: publication postponed to end of Septembe

      • Benelux

        • ALFEN.NA (Alfen) -- reports Q2 adjusted EBITDA €8.4M vs FactSet €16.5M [4 est, €14.1-21.8M]

        • FLOW.NA (Flow Traders) -- reports July ETP market data

        • BTLS.BB (Biotalys) -- reports H1 net income (€10.7M) vs year-ago (€9.9M)

        • KENDR.NA (Kendrion) -- reports Q2 net income €3.7M vs year-ago €3.7M

        • AGFB.BB (Agfa-Gevaert) -- reports Q2 net income from cont ops (€17M) vs year-ago (€20M)

      • DACHs

        • ZAG.AV (Zumtobel Group) -- announces updated FY23/24 revenue guidance

        • SENS.SW (Sensirion Holding) -- reports H1 net income CHF1.4M vs year-ago CHF35.0M

        • AUTN.SW (Autoneum Holding) -- reports H1 net income attributable CHF51.3M vs FactSet CHF29.5M [3 est, CHF27.9-30.6M]; reaffirms FY guidance

        • ORON.SW (ORIOR) -- reports H1 net income CHF12.9M vs year-ago CHF13.0M

        • TNIE.GR (tonies) reports Q2 revenue €48.0M, +25% vs year-ago €38.5M

    • M&A

      • BAS.GR (BASF SE) -- BASF exploring sale of ECMS unit - Bloomberg (22-Aug, 14:09 CET)

      • CLF (Cleveland-Cliffs) -- sends letter to US Steel regarding Right to Bid - 8-K

    • Healthcare

      • APLS (Apellis Pharmaceuticals) -- provides updates on rare safety events with SYFOVRE (pegcetacoplan injection)

      • SOBI.SS (Swedish Orphan Biovitrum) -- announces terms of ~SEK 6.024B rights issue

      • CELC (Celcuity) -- enters into a clinical trial collaboration and supply agreement with Bayer (BAYN.GR) to provide Nubeqa (darolutamide) for planned Phase 1B/2 clinical trial

      • VIRP.FP (Virbac) -- launches a share buyback program

    • Other

      • RKT.LN (Reckitt) -- CFO Jeff Carr to depart company ahead of new CEO taking over later this year - Bloomberg

      • ORSTED.DC (Ørsted) -- US Dept. of Interior approves Revolution Wind project off Rhode Island coast

      • AM.FP (Dassault Aviation) -- announces receipt of EASA and FAA Certification for the Falcon 6X

      • VPK.NA (Royal Vopak) -- Gate terminal starts construction of 4th LNG tank at the port of Rotterdam

      • TRE.SM (Tecnicas Reunidas) -- QatarEnergy awards Técnicas Reunidas additional EPC off-plot facilities work for North Field South Project (post EU close 22-Aug)

  • Key rating changes

    • Upgrades

      • GURN.SW (Gurit Holding) -- to outperform from underperform at Credit Suisse

      • ROR.LN (Rotork) -- to buy from add at Peel Hunt

      • SYNT.SS (SyntheticMR) -- upgraded to buy from hold at Pareto

      • GLE.FP (Societe Generale) -- upgraded to overweight from equal-weight at Morgan Stanley

    • Downgrades

      • GN.DC (GN Store Nord) -- to hold from buy at Kepler Cheuvreux

      • TLX.GR (Talanx) -- to hold from buy at HSBC

      • BAKKA.NO (Bakkafrost) -- to hold from buy at Carnegie Securities

      • UNI.IM (Unipol Gruppo) -- to hold from buy at Kepler Cheuvreux

      • PFV.GR (Pfeiffer Vacuum Technology) -- to reduce from hold at Kepler Cheuvreux

      • ELK.NO (Elkem) -- downgraded to equal-weight from overweight at Morgan Stanley

  • Data

    • Nikkei +0.40% to 31985.48

    • Hang Seng +0.66% to 17908.98

    • Shanghai Composite (0.64%) to 3100.40

    • S&P futures +13.0 vs prior close of 4399.3

    • €-$ +0.0012 or +0.11% to 1.0860

    • $-¥ (0.27) or (0.19%) to 145.60

    • €-¥ (0.10) or (0.06%) to 158.13

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