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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.03%, DAX30 +0.04%, CAC40 +0.07%

Aug 31 ,2023

  • Synopsis

    • European indices are expected to open flat amid Asian equities mixed Thursday. S&P 500 futures flat after US indexes posted a fourth-straight gain overnight. Treasury yields mixed while Australian and New Zealand curves bull flattening. Dollar weakest against Aussie and yen, steady elsewhere. China iron ore futures extending recent rally, crude and base metals mixed.

    • On today's agenda, Annual conf of Germany's Bafin insurance supervisory authority. Frihamnsdagarna - Democracy Festival, in Sweden (through Sat) includes meeting of European Citizens' Initiative. In Norway, Government ministers meet for a budget conf. In the UK, new defence secretary is expected to be announced (BBC).

    • In central banks, ECB publishes minutes of last MPC meeting at 13:30CET. ECB's Schnabel opening remarks at 10:00CET at event hosted by ECB and The Federal Reserve Bank of Cleveland's Center for Inflation Research whilst ECB's de Guindos remarks/Q+A at 18:00CET at seminar organised by the Universidad Internacional Menéndez Pelayo.

    • Looking at macroeconomics, Germany Aug unemployment change, Germany/Switzerland Jul retail sales, France/Portugal/Belgium/Finland/Denmark Q2 GDP, Eurozone/France/Italy/Portugal/Netherlands/Austria Aug preliminary CPI, France Jul consumer spending and PPI, Eurozone/Italy/Greece/Denmark Jul unemployment rate, Greece Jun retail sales.

    • In corporate news, UBS Group (UBSG.SW) reported Q2 net income $28.88B vs consensus $33.45B and said to fully integrate Credit Suisse's Swiss bank. From the Benelux, Ackermans & Van Haaren (ACKB.BB) released H1 earnings end confirmed FY23 results are expected to be in line with FY22, after correction for capital gains.

    • Out of the Nordics, Ambu (AMBU.B.DC) posted Q3 EPS DKK0.19 vs FactSet DKK0.23 and narrows FY organic revenue growth guidance to +6-8% vs prior +5-8%. In France. Pernod Ricard (RI.FP) reported Q4 revenue €2.63B vs consensus €2.65B and reiterated its FY23 to FY25 mid-term financial framework of aiming for the upper end of +4% to +7% Net Sales growth and +50/+60bps operating margin. In the UK, Grafton Group (GFTU.LN) is also due to report.

  • Politics/Macro/World News

    • Crisis and coups as EU ministers discuss west Africa - FT

    • Rishi Sunak says it's 'sensible to engage' with China - Sky

    • Italy mulls sale of key state-owned stakes to bolster finances - Bloomberg

    • Adviser to UK Chancellor urges rethink on BOE's 2% CPI target - Bloomberg

    • UK business optimism at 18-month high on hopes for rate hike pause - Reuters

  • Top company news

    • Earnings/updates

      • UBSG.SW (UBS Group) -- reports Q2 net income $28.88B, (14%) vs consensus $33.45B; to fully integrate Credit Suisse's Swiss bank

      • AMBU.B.DC (Ambu) -- reports Q3 EPS DKK0.19 vs FactSet DKK0.23 [4 est, DKK0.20-0.25]: narrows FY organic revenue growth guidance to +6-8% vs prior +5-8%

      • FGR.FP (Eiffage) -- reports H1 net income €392M vs consensus €376.7M; reiterates outlook for 2023

      • ADE.NO (Adevinta) -- reports Q2 EBITDA €177M vs consensus €162.7M; improves FY23 outlook

      • DOKA.SW (dormakaba Holding) -- reports FY net income CHF88.5M vs FactSet CHF87.0M [7 est, CHF44.4-177.5M]

      • EMSN.SW (EMS-Chemie Holding) -- reports H1 net income CHF247M vs year-ago CHF286M

      • POXEL.FP (Poxel) -- reports Q2 revenue €506M vs year-ago €51M

      • IBAB.BB (Ion Beam Applications) -- reports H1 net income €27.3M vs year-ago (€1.7M); guidance reiterated

      • IIA.AV (Immofinanz) -- reports H1 FFO 1 (before tax) €140.9M vs year-ago €66M

      • IDL.FP (ID Logistics Group) -- reports H1 net income €16.4M, (10%) vs year-ago €18.3M

      • RECT.BB (Recticel) -- reports H1 net income attributable €2.2M vs year-ago €34.6M

      • CLCO.NO (Cool Co.) -- reports Q2 net income $44.6M vs FactSet $29.7M [6 est, $23.4-37.1M]

      • MRX.GR (Mister Spex) -- reports H1 adjusted EBITDA €0.7M vs year-ago (€4M); FY 2023 guidance confirmed

      • RI.FP (Pernod Ricard) -- reports Q4 revenue €2.63B vs consensus €2.65B

      • ELON.SS (Elon AB) -- reports Q2 EPS (SEK1.97) vs year-ago (SEK1.89)

    • M&A

      • OR.FP (L'Oreal) -- completes acquisition of Aesop from Natura &Co

      • TTE.FP (TotalEnergies) -- European Commission authorizes acquisition of joint control of RNS Enerji by TotalEnergies and RNS Holding

      • EJD.GR (Endeavour Silver) -- Gold Royalty completes previously announced acquisition of 1% royalty over Cozamin Copper-Silver Mine from Endeavour Silver for $7.5M cash

      • BGN.IM (Banca Generali) -- Banca Generali not looking at any M&A deal; FY profit well above targets -- CEO tells Sole24Ore

      • UPONOR.FH (Uponor) -- Georg Fischer extends offer period for Uponor to 31-Oct

    • Healthcare

      • UCB.BB (UCB) -- to present new data at 35th International Epilepsy Congress (IEC) highlighting important advancements across Fintepla (fenfluramine) oral solution and broader epilepsies portfolio

    • Other

      • ECV.GR (Encavis AG) -- Encavis, Innovar Solar sign framework agreement for solar projects with total volume of 160MW

      • DOKA.SW (dormakaba Holding) -- dormakaba achieves annual target to reduce Scope 1+2 carbon emissions by 4,004 tCO2

      • SPINN.FH (Spinnova) -- Spinnova appoints Tuomas Oijala as CEO effective 1-Jan-24 at the latest and Ben Selby as deputy CEO

      • IVA.FP (Inventiva) -- announces ~€35.7M financing via capital increase and royalty certificates

  • Key rating changes

    • Upgrades

      • HEIA.NA (Heineken) -- to sector perform from underperform at RBC Capital Markets; reverses downgrade from earlier today after company discussions

      • OPAP.GA (Greek Organisation of Football Prognostics) -- to overweight from neutral at JPMorgan

      • SRAIL.SW (Stadler Rail) -- upgraded to hold from reduce at Kepler Cheuvreux

    • Both

      • ORSTED (Ørsted) -- downgraded to hold from buy at Nordea; upgraded to hold from sell at DnB Markets

  • Data

    • Nikkei +0.98% to 32650.73

    • Hang Seng (0.48%) to 18394.48

    • Shanghai Composite (0.61%) to 3117.97

    • S&P futures +2.0 vs prior close of 4524.3

    • €-$ (0.0005) or (0.05%) to 1.0920

    • $-¥ (0.30) or (0.20%) to 145.95

    • €-¥ (0.39) or (0.24%) to 159.36

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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