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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.5% , DAX30 +0.6% , CAC40 +0.1%

Aug 24 ,2023

  • Synopsis

    • European indices are set to open in positive territory amid Asia equities trading higher Thursday. Bullish sentiment stemmed from follow-through momentum in US futures after main benchmarks logged sharp gains. Treasury yields higher after sharp declines overnight. Japan and Australia yields lower reflecting earlier strength. Major currencies narrowly mixed with yuan little changed after another strong PBOC fixing bias. Crude oil futures lower, gold back to flat, and Bitcoin paring earlier strength.

    • On today's agenda, Germany's Ministry of Finance releases its latest monthly report. Jackson Hole Economic Symposium about "Structural Shifts in the Global Economy" (through Sat) takes place, participants include Riksbank's Breman. Chancellor Scholz visits Eavor's deep geothermal project and delivers speech during visit. In central banks, Turkey Central bank interest rate decision (summary of MPC meeting released on 31-Aug).

    • Macroeconomic releases due today include: France Aug business confidence, Norway Jul unemployment rate, Finland Jul PPI, UK Aug distributive trades survey - CBI.

    • In corporate news, Swiss Prime Site (SPSN.SW) reported H1 EPS CHF0.86 vs year-ago CHF3.42 and confirmed FY targets. Also in the DACH region, CTS Eventim & Co. (EVD.GR) posted Q2 normalised EBITDA €94.8M vs FactSet €88.5M; Kudelski (KUD.SW) saw H1 net income ($28.5M) vs year-ago ($18.6M) and confirmed original FY23 EBITDA guidance in range $40M-$60M

    • Out of the Nordics, Abello (ALK.B.DC) reports Q2 EPS DKK0.3 vs year-ago DKK0.2 and narrows FY guidance; Elekta (EKTA.B.SS) Q1 adj EPS SEK0.65 vs consensus SEK0.33; SalMar (SALM.NO) Q2 EPS (NOK6.4) vs FactSet NOK5.91.

    • Elsewhere, Hays (HAS.LN) and Harbour Energy (HBR.LN) from the UK are expected to release their respective trading updates.

    • In other corporate developments, GAM Holding AG (GAM.SW) board has entered into constructive and productive discussions with representatives of the investor group "Newgame", including Rock Investment SAS, Newgame SA and Bruellan SA. These discussions are focused on agreeing short term bridge financing which has been offered by Rock on 18-Aug-23.

  • Politics/Macro/World News

    • Italy is flying in the wrong direction with price cap plans - FT

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

    • Decline of biggest UK Housebuilder fueled by mortgage plight - Bloomberg

    • BRICS expansion faces eleventh hour hurdle as divisions persist - Reuters

    • Finland Jul PPI (10.0%) y/y vs consensus (10.8%) and prior (9.5%)

  • Top company news

    • Earnings/updates

      • Nordics

        • NAS.NO (Norwegian Air Shuttle) -- reports Q2 net income NOK537.9M vs year-ago NOK1.25B

        • SALM.NO (Salmar) -- reports Q2 EPS (NOK6.4) vs FactSet NOK5.91 [9 est, NOK2.36-9.75]

        • CRNA.NO (Circio Holding) -- reports H1 EPS (NOK0.40) vs year-ago (NOK0.32)

        • CRAYN.NO (Crayon Group Holding) -- reports Q2 comprehensive net income NOK189M vs FactSet NOK175.7M [5 est, NOK138-214M]

        • SMCRT.NO (SmartCraft) -- reports Q2 net income NOK29.3M vs FactSet NOK25.1M [1 est]

        • NANOGH.FH (Nanoform Finland) -- reports Q2 EPS (€0.09) vs year-ago (€0.08)

        • ALK.B.DC (ALK-Abello) -- reports Q2 EPS DKK0.3 vs year-ago DKK0.2; narrows FY guidance

        • EKTA.B.SS (Elekta) -- reports Q1 adj EPS SEK0.65 vs consensus SEK0.33

        • SUS.SS (Surgical Science Sweden) -- reports Q2 net income SEK38.8M vs FactSet SEK38.9M [5 est, SEK29.9-47.4M]

        • KID.NO (Kid ASA) -- reports Q2 EPS NOK0.90 vs FactSet NOK0.61 [3 est, NOK0.50-0.72]

      • DACHs

        • SPSN.SW (Swiss Prime Site) -- reports H1 EPS CHF0.86 vs year-ago CHF3.42

        • SWON.SW (SoftwareONE Holding) -- reports H1 EPS CHF0.33 vs year-ago CHF0.41; confirms FY guidance

        • CAI.AV (CA Immobilien Anlagen) -- reports Q2 FFO €0.54 vs year-ago €0.73

        • EVE.SW (Evolva Holding) -- reports H1 adj. EBIT (CHF9.8M) vs FactSet (CHF12.2M) [1 est]; moves next Vanillin production campaign to 2024

        • LLBN.SW (Liechtensteinische Landesbank) -- reports H1 net income attributable CHF88.6M, +20% vs year-ago CHF74.1M; launching share buyback

        • EVD.GR (CTS Eventim) -- reports Q2 normalised EBITDA €94.8M vs FactSet €88.5M [3 est, €86.8-90.1M]

        • ENV.GR (EVN AG) -- reports 9M net income €132.5M vs year-ago €4.8M

        • FIE.GR (Fielmann Group) -- reports final H1 earnings in line with prelim. release; Q2 EPS €0.39 vs FactSet €0.41 [1 est]; reaffirms outlook

    • Healthcare

      • MITRA.BB (Mithra Pharmaceuticals) -- to raise €20M in gross proceeds via private placement of 10M new ordinary shares through H.C. Wainwright & Co.

    • Other

      • BA.LN (BAE Systems) -- awarded $113.1M US Army contract modification; awarded $91.5M US Navy contract

      • ALV.GR (Allianz) -- Allianz Global Investors receives CSRC approval to set up China asset management unit in Shanghai

      • SIKA.SW (Sika Group) -- to exercise option to redeem 0.15% Convertible Bonds 2018 - 2025

      • MDM.FP (Maisons du Monde) -- announces departure of CFO Régis Massuyeau; appoints Gilles Lemaire, Group Controlling Director, as intermin replacement

      • NB2.GR (Northern Data) -- updates on Taiga Cloud; to exercise option as soon as reasonably practicable in order to own 100% of Damoon and associated latest-generation GPU hardware with a value of €400M

  • Key rating changes

    • Upgrades

      • SY1.GR (Symrise) -- to overweight at Morgan Stanley

      • 2020.NO (2020 Bulkers) -- to buy at Pareto

      • BELCO.NO (Belships) -- to buy at Pareto

      • SY1.GR (Symrise) -- to overweight at Morgan Stanley

    • Downgrades

      • AMSC.NO (AMSC ASA) -- to hold at DnB Markets

    • Initiations

      • S92.GR (SMA Solar Technology) -- hold at Deutsche Bank

      • IVG.IM (Iveco Group) -- hold at Deutsche Bank

  • Data

    • Nikkei +0.89% to 32295.73

    • Hang Seng +2.08% to 18217.04

    • Shanghai Composite +0.53% to 3094.84

    • S&P futures +32.8 vs prior close of 4447.0

    • €-$ +0.0005 or +0.05% to 1.0871

    • $-¥ +0.33 or +0.23% to 145.18

    • €-¥ +0.47 or +0.30% to 157.84

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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