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StreetAccount Summary - Europe Pre-Open: Futures FTSE closed, DAX30 +0.60%, CAC40 +0.46%

Aug 28 ,2023

  • Synopsis

    • European indices are for a positive open with the UK market shut for its annual Summer Bank Holiday.

    • Asian equities strengthening Monday. Big early gains on Chinese markets led by mainland stocks. Japan, Australia and Korean markets also making new session highs. S&P 500 futures steady. Attention will again today focus on global spillover risks from China's economic slowdown and deepening property market slump.

    • Today, Bundesbank's Nagel, Austria Central Bank's Holzmann, Denmark Central Bank's Krogstrup panellists at 14:00CET at European Forum Alpbach and Bundesbank's Balz speech at 18:00CET on the digital euro at one of the bank's reginal offices. Also on Mon, Bled Strategic Forum and Annual Congress of the European Economic Assn (through Fri)

    • Macroeconomic releases due today include: Norway Jul retail sales, Eurozone Jul M3 money supply, Ireland Jul retail sales, Denmark Jul retail sales

    • Holidays: UK

    • In corporate news: Sandoz (NOVN.SW) completes acquisition of Mycamine from Astellas; deal was announced 23-Jan. thyssenkrupp nucera (NCH2.GR) reports Q3 EPS €0.06 vs year-ago €0.03; expects continued strong FY sales growth. BW Offshore (BWO.NO) reports Q2 EPS $0.07 vs FactSet $0.10 [3 est, $0.07-0.12]. Flow Traders (FLOW.NA) announces resignation of Folkert Joling as Chief Trading Officer

  • Politics/Macro/World News

    • Policymakers face up to changing global economy at Jackson Hole (FT)

    • Lagarde Policy Silence Keeps ECB Interest-Rate Debate Raging (Bloomberg)

  • Top company news

    • Earnings/updates

      • UBSG.SW (UBS Group) -- Credit Suisse incurred CHF3.5B loss in Q2 - SonntagsZeitung, citing sources

      • BWO.NO (BW Offshore) -- reports Q2 EPS $0.07 vs FactSet $0.10 [3 est, $0.07-0.12]

      • NCH2.GR (thyssenkrupp nucera) -- reports Q3 EPS €0.06 vs year-ago €0.03; expects continued strong FY sales growth

      • JIN.NO (Jinhui Shipping & Transportation) -- reports Q2 EPS ($0.06) vs year-ago $0.19

    • M&A

      • ABCM (Abcam) -- Danaher is reportedly in the lead to acquire Abcam - Reuters, citing sources

      • BAYN.GR (Bayer AG) -- Artisan Partners seeks sales of Bayer's over-the-counter, pharmaceutical units - Reuters

      • LLOY.LN (Lloyds Banking Group) -- Barclays offer to buy back £1B of Telegraph Media Group debt owed to Lloyds Banking Group - Sky News

      • FM.CN (First Quantum Minerals) -- First Quantum Minerals, Rio Tinto complete previously announced transaction to progress next phase of La Granja project

      • TKA.GR (ThyssenKrupp) -- Marine Systems thinks German government should take stake in the business - Bloomberg

    • Healthcare

      • BBIO (BridgeBio Pharma) -- BridgeBio presents detailed positive results from Phase 3 ATTRibute-CM study of acoramidis for patients with transthyretin amyloid cardiomyopathy (ATTR-CM) at European Society of Cardiology Congress 2023

      • XOMA (XOMA) -- discloses Novartis Pharma AG's intent to discontinue development activities related to NIS793, an anti-TGFß monoclonal antibody - 8-K

      • VLA.FP (Valneva) -- reports positive initial Phase 3 safety data for VLA1553 in adolescents

      • BCART.BB (Biocartis Group) -- Biocartis appoints new Medical Advisory board (MAB) of renowned practice leaders

    • Other

      • MKS.LN (Marks & Spencer Group) -- Marks & Spencer CEO Stuart Machin seeks "sustainable growth" - Mail on Sunday

      • EXO.NA (EXOR) -- sees Philips investment as part of natural evolution amid refocus on health, technology and luxury sectors - FT

      • Cyprus turns down Chevron-led consortium's plan to develop Aphrodite field - Bloomberg (15:50 ET)

      • Estimated weekend box office revenues in US, Canada $92.8M, +78% y/y - Box Office Mojo

      • SBTi actions last week include net zero approval for Tesco, Demant, ASM International (25-Aug)

  • Data

    • Nikkei +1.66% to 32150.82

    • Hang Seng +1.44% to 18214.99

    • Shanghai Composite +1.61% to 3113.45

    • S&P futures +8.3 vs prior close of 4414.3

    • €-$ +0.0013 or +0.12% to 1.0810

    • $-¥ (0.07) or (0.05%) to 146.38

    • €-¥ +0.14 or +0.09% to 158.24

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