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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.45%, DAX30 +0.28%, CAC40 +0.18%

Sep 04 ,2023

  • Synopsis

    • European equity markets set to open broadly higher, extending last week's gains, in what should be a relatively quiet session with US markets closed for the Labor Day holiday.

    • Asian equities advancing Monday. Hang Seng resumes trade after Friday's session was canceled due to typhoon. Index near three-week high as property stocks outperform following latest round of policy support. Mainland China stocks also making new highs

    • European macro data releases include Switzerland Q2 GDP, Germany Jul trade balance, Spain Aug unemployment change, Eurozone Sep Sentix investor confidence

    • Today's agenda also sees Bundesbank's Nagel panellist at 15:00CET title "The role of central bank reserves in monetary policy" (livestream). ECB's Elderson speech at 13:30CET and panellist 14:00 and Lane panellist at 16:00 at the ECB Legal Conf, with Lagarde speech at 15:30 at event organised by the European Economics & Financial Centre. ECB's Panetta at EP Committee hearing (livestream) at 16:00 on the digital euro. Israel Central Bank interest rate decision. Diederik Samsom, EU Timmermans' head of Cabinet at EP, ASML's (ASML.NA) CEO Wennink, others due to speak at Eindhoven Univ at an event title building future earning power for the Netherlands and Europe through technology-driven transitions. EU's Šuica delivers a keynote speech via video message at Startup OLÉ

  • Macro/politics

    • ECB's Wunsch Says 'Bit More' Probably Needed on Rate Hikes - Bloomberg

    • Economists grow gloomier on 2024 as central banks delay rate cuts - FT

    • CEBR suggests high interest rates 'will lead to thousands of UK firms failing in 2024' - Guardian

    • UK might have highest inflation in G7 for two years - Telegraph

    • Hunt says government on track to hit its target of halving inflation by the end of the year - Guardian

    • French Wages Tipped to Rise by About 5% in 2023 - Bloomberg, citing BFM TV

    • Italy Aug new passenger car registrations 79,756 units, +12.0% y/y -- UNRAE

  • Top company news

    • Earnings/updates

      • FHZN.SW (Flughafen Zuerich) -- confirms medium-term financial targets with an incremental EBITDA contribution of CHF 100M compared to 2019 - CMD

      • KBCA.BB (KBC Ancora) -- reports FY EPS €3.82 vs year-ago €10.28

      • Also reporting today

        • Earnings:

          • Benelux: Celyad Oncology (CYAD.BB)

          • DACH: Burkhalter Holding (BRKN.SW), DEMIRE Deutsche Mittelstand Real Estate (DMRE.GR)

          • France: Delta Plus Group (ALDLT.FP), SergeFerrari Group (SEFER.FP)

          • Southern Europe: Greek Organisation of Football Prognostics (OPAP.GA)

          • UK: Ashtead Technology Holdings (AHT.LN)

        • Trading Update: Volvo Car (VOLCAR.B.SS)

        • CMD/events: CentralNic Group (CNIC.LN), Elis (ELIS.FP), NCAB Group (NCAB.SS)

    • M&A

      • BHP.AU (BHP Group) -- Whitehaven believed to be frontrunner for BHP's Daunia and Blackwater coal mines - The Australian

      • CON.GR (Continental) -- reviewing whether it is the best owner for ContiTech - Welt am Sonntag

      • BNR.GR (Brenntag) -- Via Kühne Holding, Klaus-Michael Kühne raises Brenntag stake to 10.00% vs prior 5.18% - filing

      • ABDN.LN (abrdn Plc) -- "More talk" about how splitting up abrdn might be good idea - Daily Business Magazine

      • RHC.AU (Ramsay Health Care) -- Certain investors urge Ramsay to spin-off Ramsay Sante - The Australian

      • KCO.GR (Kloeckner & Co.) -- EU sets a provisional deadline of 5-Oct to rule on SWOCTEM GmbH's acquisition of Klöckner & Co

      • HTRO.SS (Hexatronic Group) -- acquires ATG Technology; expands presence in the New Zealand market

      • INH.GR (INDUS Holding) -- closes sale of SELZER Group; says it plans to spend €50 to 60M annually on acquisitions

      • ENR.GR (Siemens Energy) -- EU sets a provisional deadline of 4-Oct to rule on Bridgepoint's acquisition of Windar Renovables

    • Healthcare

      • RLYB (Rallybio) -- presents phase 1 SAD data for RLYB116 at ICW

      • COPN.SW (Cosmo Pharmaceuticals) -- terminates agreement for Rifamycin SV MMX with Dr. Falk Pharma

      • COPN.SW (Cosmo Pharmaceuticals) -- and Adalvo sign license and supply agreement for Rifamycin SV MMX 200Mg in Europe, APAC, MENA and LATAM regions

      • CRNA.NO (Circio Holding) -- announces ONCOS-102 mesothelioma study published in Journal for ImmunoTherapy of Cancer

    • Other

      • MBG.GR (Mercedes-Benz Group) -- Mercedes-Benz expects variable costs for producing EVs to remain higher compared to combustion engine models for foreseeable future - Reuters

      • BMW.GR (Bayerische Motoren Werke) -- BMW expects to sell more cars in China this year despite local EV price war - Reuters

      • BA.LN (BAE Systems) -- awarded $797M U.S. Army contract

      • BA.LN (BAE Systems) -- awarded $74.6M U.S. Army contract

      • BMPS.IM (Banca Monte dei Paschi di Siena)

        • Italy may speed up its sale of Banca Monte dei Paschi di Siena shares - Bloomberg

        • Italy will cut Monte dei Paschi stake in its own time -- eco min Giancarlo Giorgetti tells Reuters

      • Estimated weekend box office revenues in US, Canada $88.4M, +58.9% y/y - Box Office Mojo

    • Index changes (all effective 18-Sep):

      • EURO STOXX 50: RACE.IM and SGO.FP to be added, VNA.GR, CRH.LN to be deleted

      • STOXX Europe 50: INGA.NA, MUV2.GR to be added, KER.FP, ADYEN.NA to be deleted

      • STOXX Europe 600: ACLN.SW, BZU.IM, CDR.PW, HOT.GR, TMV.GR all to be added; ALK.B.DC, BAVA.DC, CBG.LN, ANE.SM, O2D.GR all to be deleted

Key rating changes

  • Upgrades

    • AGAS.NO (Avance Gas Holding) -- to buy from hold at ABG Sundal Collier

    • BWLPG.NO (BW LPG) -- to buy from hold at ABG Sundal Collier

    • AMBU.B.DC (Ambu) -- Ambu long-term recommendation upgraded to outperform from market perform at Handelsbanken

    • HO.FP (Thales) -- to buy from hold at Jefferies

    • O2D.GR (Telefonica Deutschland) -- to hold from sell at Berenberg

    • HMSO.LN (Hammerson) -- to overweight from equal-weight at Morgan Stanley

    • VNA.GR (Vonovia) -- to equal-weight from underweight at Morgan Stanley

    • MERY.FP (Mercialys) -- to outperform from neutral at Oddo

  • Downgrades

    • GLE.FP (Societe Generale) -- to equal weight from overweight at Barclays

    • BLND.LN (British Land Co.) -- to neutral from overweight at JPMorgan

    • PGS.NO (PGS) -- to sell from hold at SEB

    • STAN.LN (Standard Chartered) --to underperform from market perform at Keefe, Bruyette & Woods

    • COFB.BB (Cofinimmo) -- to equal-weight from overweight at Morgan Stanley

    • LAND.LN (Land Securities) -- to equal-weight from overweight at Morgan Stanley

    • WDP.BB (Warehouses de Pauw) -- to underweight from equal-weight at Morgan Stanley

  • Other

    • NOKIA.FH (Nokia) -- initiated buy at Carnegie

    • STAN.LN (Standard Chartered) -- initiated neutral at Mediobanca

Data

  • Nikkei +0.51% to 32876.81

  • Hang Seng +2.37% to 18817.89

  • Shanghai Composite +1.07% to 3166.67

  • S&P futures +2.5 vs prior close of 4521.5

  • €-$ +0.0009 or +0.08% to 1.0788

  • $-¥ (0.04) or (0.03%) to 146.18

  • €-¥ +0.08 or +0.05% to 157.68

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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