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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.20%), DAX30 (0.45%), CAC40 (0.31%)

Aug 25 ,2023

  • Synopsis

    • European equity futures indicate a lower open amidst broadly lower session in Asia. Japan, Taiwan and Hong Kong the main laggards. Ongoing China market/macro weakness remains a broader overhang for the region. US equity futures steady after Wall Street closed sharply lower on Thursday with S&P finishing below 4400 level. Bonds little changed with US 10-year at 4.24%. Dollar firmer. Oil up. Gold down. Industrial metals lower.

    • Markets attention now on Powell's speech in Jackson Hole, though previews have already flagged expectations for some hawkish leanings, in line with the Fed's tightening bias. Some attention on options price action that might portend higher volatility around the event. Bundesbank chief Nagel pushed back against market expectations for September rate hike pause, stating he is not convinced inflation is under control enough and more data needed.

    • On today's agenda, ECB's Lagarde speech at 21:00CET at Jackson Hole Economic Symposium, Deutschebank's Balz is a panelist at 11:00CET title 'the digital euro' at 5th Edition of the Europe's Summer Course and UK's Ofgem announces new energy price cap for Q4 of 2023.

    • On the macro calendar for today, Germany Q2 final GDP, Sweden Jul unemployment rate and PPI are all due at 7:00 BST, followed by Spain Jul PPI at 8:00 BST. UK Aug consumer confidence - GfK came in at (25) vs consensus (29) and prior (30); confidence jumped five points to -25 in August due to easing and firmer wage growth.

    • Light corporate news flow; of note, Novartis (NOVN.SW) Sandoz receives FDA approval for Tyruko (natalizumab-sztn), first and only FDA-approved biosimilar for relapsing forms of multiple sclerosis. Rolex to acquire watch retailer Bucherer; terms not disclosed.

  • Politics/ Macro/ World News:

    • UK Aug Gfk Consumer Confidence (25) vs consensus (29) and prior (30)

    • UK: Energy price cap to fall but bill will stay high - BBC

    • ECB's Nagel says much too early to consider rate hike pause (Bloomberg)

    • ECB's Centeno says downside risks for economy are materializing (Bloomberg)

    • ECB's Vujcic says more price data needed to determine rate peak (Bloomberg)

    • France extends coal plant waiver into 2024 to back power supply (Bloomberg)

    • BRICS members may be ignoring all the traumatic lessons of the half-baked euro (Telegraph)

  • Top company news

    • Earnings/updates

      • DACHs:

        • MOLN.SW (Molecular Partners) -- H1 EPS (CHF0.94) vs year-ago CHF4.59

        • ADVN.SW (Adval Tech Holding) -- H1 net income (CHF1.9M) vs year-ago (CHF2.3M)

      • Nordics:

        • RAY.B.SS (RaySearch Laboratories) -- Q2 EPS SEK0.32 vs year-ago (SEK0.58)

        • GSF.NO (Grieg Seafood) -- Q2 EPS (NOK5.00) vs FactSet NOK2.37 [8 est, NOK1.36-3.09]

        • AFG.NO (AF Gruppen) -- Q2 EPS NOK1.72 vs year-ago NOK2.68

        • KOSKI.FH (Koskisen) -- Q2 EPS €0.42 vs year-ago €1.86; profit guidance for 2023 unchanged

        • ANORA.FH (Anora Group) -- Q2 EPS (€0.06) vs FactSet €0.02 [3 est, €0.01-0.03]

        • HAFNI.NO (Hafnia) -- Q2 net income $213.3M vs FactSet $179.6M [8 est, $153.9-211M]

      • Benelux:

        • ECMPA.NA (Eurocommercial Properties) -- H1 EPRA EPS €1.21 vs year-ago €1.15; reaffirms FY direct investment result guidance

        • SIFG.NA (Sif Holding) -- H1 net income attributable €5.0M vs year-ago €4.6M; reaffirms FY guidance

    • M&A

      • SAHN.SW (Schaffner Holding) -- TE Connectivity Ltd. and Schaffner Holding update regarding public tender offer for Schaffner shares

      • +ARRIVA.GR (Arriva) -- I Squared Capital in exclusive talks to acquire Arriva - Bloomberg

      • Rolex to acquire watch retailer Bucherer; terms were not disclosed (24-August post close)

    • Healthcare

      • NOVN.SW (Novartis) -- Sandoz receives FDA approval for Tyruko (natalizumab-sztn), first and only FDA-approved biosimilar for relapsing forms of multiple sclerosis

      • BBIO (BridgeBio Pharma) -- to present detailed results from the Phase 3 ATTRibute study in patients with transthyretin amyloidosis cardiomyopathy (ATTR-CM) at European Society of Cardiology (ESC) Congress 2023

      • CYAD.BB (Celyad Oncology) -- receives €9.8M in private placement commitments at €0.52/sh

      • Medicare may name price negotiation drugs sooner - Politico

      • EVE.SW (Evolva Holding) -- Evolva shareholders approve increase of the conditional capital and upper limit of capital band

    • Other

      • HSBA.LN (HSBC) -- expands venture debt offering to early-stage startups in US (Reuters)

      • +JOHNL.lN (John Lewis Parternship) -- Britain's John Lewis to recruit for 10,000 jobs (Reuters)

      • Tech giants race to alter online operations as EU digital rules bite (FT)

      • EU to begin enforcement of new online content moderation rules (24-Aug)

      • Viasat confirms power subsystem anomaly on Inmarsat-6 F2 satellite

  • Key rating changes

    • Upgrades

      • AML.LN (Aston Martin Lagonda Global Holdings) -- to buy from hold at Jefferies

      • ATS.AV (AT & S Austria Technologie & Systemtechnik) -- to buy from hold at Jefferies

      • HM.B.SS (H&M Hennes & Mauritz) -- to buy from hold at DnB Markets

      • HUFV.A.SS (Hufvudstaden) -- to hold from sell at Danske Bank

      • NOLA.B.SS (Nolato) -- to buy from hold at Nordea

      • SUS.SS (Surgical Science Sweden) -- to buy from hold at Carnegie Securities

      • TOP.DC (Topdanmark) -- to buy from hold at Danske Bank

    • Downgrades

      • SCST.SS (Scandi Standard) -- to hold from buy at Kepler Cheuvreux

      • WOSG.LN (Watches of Switzerland Group) -- to hold from buy at HSBC

    • Initiations:

      • ALIG.SS (Alimak Group) -- outperform at BNP Paribas Exane

  • Data

    • Nikkei (2.04%) to 31628.11

    • Hang Seng (1.16%) to 18000.27

    • Shanghai Composite (0.68%) to 3061.38

    • S&P futures (1.0) vs prior close of 4386.0

    • €-$ (0.0021) or (0.19%) to 1.0790

    • $-¥ +0.11 or +0.08% to 145.95

    • €-¥ +0.07 or +0.04% to 157.74

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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