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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.94%, DAX30 +0.23%, CAC40 +1.53%

Aug 29 ,2023

  • Synopsis

    • European equity markets are set to open higher with UK indices coming back online after Monday's bank holiday. Asian equities advancing on Tuesday. Greater China markets extending gains as stocks swing sharply higher following a tepid open. Milder gains in Japan, Korea and Australia. S&P 500 futures steady after US stocks ended higher in quiet Monday trade.

    • Macro focus on German and French confidence data in Europe in relatively quiet start. Other sentiment data has weakened with economy losing momentum. BRC shop price data showed slowest increase in UK grocery bills in a year, which drop down inflation in August. Other macro data due include Germany Sep consumer confidence - GfK and France Aug consumer confidence as well as Sweden Q2 final GDP and Jul trade balance and Jul retail sales from Germany, Portugal and Spain.

    • Some attention still on Jackson Hole with balanced Powell messaging, while ECB and BoE officials both warned rates could remain at restrictive levels for extended period. Mixed views on ECB's September policy decision, while BoE's decision might be the last in its tightening cycle.

    • On the earnings front, DACHs companies kicked off the session with H1 reports out from Evotec (EVT.GR), Flughafen Zuerich (FHZN.SW), Dermapharm (DMP.GR) and ADLER Group (ADJ.GR). Elsewhere, Unifiedpost Group (UPG.BB) and BW LPG (BWLPG.NO) also released H1 results.

    • Also due to report today are NN Group (NN.NA), PORR (POS.AV), Brunello Cucinelli (BC.IM) and Bunzl (BNZL.LN) whilst VINCI (DG.FP) is set to release traffic data.

  • Macro

    • EU's €86B budget battle casts shadow over Ukraine funding - FT

    • EU warns of financial risks from Andorra, Monaco and San Marino - politico

    • UK shop price inflation falls to lowest level in almost a year, data shows - FT, BBC

    • Dorries resignation set to trigger burst of by-election campaigning - Evening Standard

    • Meloni announces 'serious budget to boost growth' - ansa

    • UK air traffic issue fixed but flight disruption to continue - Reuters

  • Top company news

    • Earnings/updates

      • Benelux:

        • DEME.BB (DEME Group) -- reports H1 net income €30.2M, (24%) vs year-ago €39.5M; reaffirms FY guidance

        • UPG.BB (Unifiedpost Group) -- reports H1 net income (€24.0M) vs year-ago (€21.1M)

      • DACHs:

        • EVT.GR (Evotec) -- reports H1 revenue Adjusted EBITDA €26.1M vs year-ago €33.6M

        • FHZN.SW (Flughafen Zuerich) -- reports H1 net income CHF138.1M, +149% vs year-ago CHF55.4M; expects to post a much higher consolidated profit in 2023 vs past financial year

        • ADJ.GR (ADLER Group) -- reports H1 FFO €0.06 vs year-ago €0.42

        • DMP.GR (Dermapharm Holding) -- confirms H1 revenue €582.1M, +24% vs year-ago €471.1M

        • MCHN.SW (MCH Group) -- reports H1 net income CHF4.7M vs year-ago (CHF13.2M)

        • VAHN.SW (Vaudoise Assurances Holding) -- reports H1 net income CHF70.0M, +5% vs year-ago CHF66.8M

      • Nordics:

        • SAGA.NO (Saga Pure) -- reports Q2 EPS (NOK0.01) vs year-ago NOK0.27

        • RANA.NO (Rana Gruber) -- reports Q2 EPS NOK2.86 ex-items vs year-ago NOK2.15

        • NRC.NO (NRC Group) -- reports Q2 EPS NOK0.51 vs year-ago NOK0.44

        • BWLPG.NO (BW LPG) -- reports Q2 EPS $0.59 vs FactSet $0.75 [7 est, $0.63-0.89]

        • CADLR.NO (Cadeler) -- reports H1 net income €29.6M vs FactSet €23.4M [2 est, €22.8-24M]

    • M&A

      • TIT.IM (Telecom Italia) -- Italy approves decree allowing government and KKR to take 20% stake in Telecom Italia -- Sole24Ore

      • PETR4.BZ (Petrobras) -- BW Energy completes previously announced acquisition of Golfinho and Camarupim Clusters from Petrobras for $12.2M

      • FME.GR (Fresenius Medical Care) -- Potential sales of Fresenius Medical Care's Cura group to be later than previously expected - The Australian

      • EAPI.FP (Euroapi) -- to acquire BianoGMP for €10M

      • COFB.BB (Cofinimmo) -- to divest an office building on avenue des Nerviens/Nerviërslaan 105 in the Central Business District of Brussels for €20M

      • ROVIO.FH (Rovio Entertainment) -- announces preliminary result of the subsequent offer period of Sega Europe Limited's recommended cash offer for Corporation

      • Indicative bids tabled for Victorian bus company Ventura - The Australian

    • Healthcare

      • FYB.GR (Formycon) -- announces FDA File Acceptance for FYB203, a biosimilar candidate to Eylea (aflibercept)

      • NOVN.SW (Novartis) -- FDA approves sBLA for Ilaris; new indication gout flares

      • ROG.SW (Roche Holding) -- European Commission approves Roche's Evrysdi for babies under two months old with spinal muscular atrophy (SMA)

      • GLPG.NA (Galapagos) -- announces start of Phase 2 study with selective TYK2 inhibitor GLPG3667 in patients with active systemic lupus erythematosus

      • 13.HK (Hutchmed) -- receives Breakthrough Therapy Designation from China NMPA for savolitinib in gastric cancer

      • VLA.FP (Valneva) -- announced that Health Canada has completed screening validation of the company's regulatory application for marketing approval of its single-shot chikungunya vaccine candidate VLA1553 in persons aged 18 years and above

      • MITRA.BB (Mithra Pharmaceuticals) -- completes private placement of 10M new shares for an amount of €20M in gross proceeds

    • Other

      • EBUS.NA (Ebusco Holding) -- has secured a total of three new orders from ZES. Terms were not disclosed

      • ADJ.GR (Adler Group) -- to launch cash tender offer for its outstanding secured convertible notes and to issue new senior secured notes

      • GAM.SW (GAM Holding) -- concludes successful discussions with NewGAMe; to extend immediate short-term financing of CHF 20M to cover liquidity needs

      • TE.FP (Technip Energies) -- awarded "significant" contract by bp for hydrogen production unit at Kwinana biorefinery in Western Australia

  • Key rating changes

    • Upgrades

      • VWS.DC (Vestas Wind Systems) -- buy from hold at Nordea

      • BVIC.LN (Britvic) -- overweight from equal weight at Barclays

      • Jefferies upgrades ECV.GR; downgrades COK.GR, COP.GR

      • EVK.GR (Evonik Industries) -- to Add from Reduce at Baader Helvea

    • Downgrades

      • DANSKE.DC (Danske Bank) -- long-term recommendation downgraded to market perform from outperform at Handelsbanken

      • GRF.SM (Grifols) -- equal-weight from overweight at Morgan Stanley

      • HSBA.LN (HSBC Holdings) -- to neutral from buy at UBS

      • BGN.IM (Banca Generali) -- to hold from buy at Deutsche Bank

  • Data

    • Nikkei +0.21% to 32238.86

    • Hang Seng +2.32% to 18551.96

    • Shanghai Composite +1.39% to 3141.71

    • S&P futures +5.8 vs prior close of 4442.3

    • €-$ +0.0007 or +0.06% to 1.0826

    • $-¥ (0.09) or (0.06%) to 146.45

    • €-¥ (0.02) or (0.01%) to 158.53

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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