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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.29%), DAX30 (0.19%), CAC40 +0.05%

Sep 05 ,2023

  • Synopsis

    • European equity markets are set to open flat to lower amidst Asian equities weaker Tuesday. Hang Seng leading China markets lower amid pullback in real estate stocks. Steady elsewhere with Japan and Korean markets flat. Not much in the way of leads with US markets closed Monday for Labor Day holiday.

    • In Central Banks, ECB's Lagarde, Fernandez-Bollo, Schnabel and de Guindos chair panels at 9:00CET, 11:00, 14:30 and 16:30, respectively, at ECB Legal Conf. Bank of Italy's Visco speech at 10:30CET title "A new climate: towards a sustainable economy and finance''. Bundesbank's Wuermeling panellist at 11:30CET at event hosted by Fintech Convergence Council (thru Thu). Latvia Central Bank's Kaz�?ks meets with Edgars Rinkēvi�?s, President of Latvia. Results of latest ECB Consumer Expectations Survey published at 10:00CET.

    • Also on today's agenda, there's the first reading of the German government's 2024 budget in the Bundestag, with vote at end of week. In UK, House of Commons starts with MPs topical question to HM Treasury at 11:30BST whilst committee business includes gambling regulation (10:00 regulators and gov. ministers), Tom Josephs' pre-Budget Responsibility Committee appointment hearing (10:15). IAA Mobility 2023 (thru 10th) includes speeches from Chancellor Scholz, VDA President Müller. UK FCA's Matthew Long speech/Q+A at event hosted by OMFIF title establishing a regulatory framework for cryptoassets in the UK. EU's von der Leyen participates in the Africa Climate Summit. Germany and UK Aug new car registrations. Deutsche Börse regular review of the composition of its DAX indices

    • Macroeconomic releases due today include: Italy/Spain/Sweden Aug services PMIs with final reads for Eurozone/France/Germany/UK, Eurozone Jul PPI, UK Aug retail sales monitor - BRC

    • In earnings news, DACHs companies kicked off the session with Partners Group Holding (PGHN.SW), Accelleron Industries (ACLN.SW) and BKW AG (BKW.SW) reporting H1 earnings. In M&A, Tremor International (TRMR.LN) notes the recent press speculation and confirmed that it is not currently in a sale process.. In other corporate news, Air France SA (AF.FP) and Airbus SAS (AIR.FP) entered into exclusive negotiations to establish JV for the provision of Airbus A350 component maintenance services. The objective is for the joint venture to be operational by H1 of 2024.

  • Politics/Macro/World News

    • More than one in eight UK bank branches to close in 2023 - FT

    • Poland prepares pre-election rate cut despite double digit inflation - FT

    • Italy Reassures China on Ties Even as It Inches Toward BRI Exit - Bloomberg

    • UK retail sales in August up 4.1% vs prior year - release

    • Turkey's Erdogan says Black Sea grain deal can be restored soon - Reuters

  • Top company news

    • Earnings/updates

      • PGHN.SW (Partners Group Holding) -- reports H1 net income CHF551M vs consensus CHF496M; confirms FY23 guidance

      • CYAD.BB (Celyad Oncology) -- reports H1 net income (€3.7M) vs year-ago (€14.1M)

      • ACLN.SW (Accelleron Industries) -- reports H1 net income $46.9M, (30%) vs year-ago $67.2M

      • BKW.SW (BKW AG) -- reports H1 net income CHF340M vs year-ago CHF71M; raises FY EBIT guidance to CHF600 to 650M vs FactSet CHF582.1M

      • OPAP.GA (Greek Organisation of Football Prognostics) -- reports Q2 net income attributable €106.4M, +35% vs year-ago €79.0M; on track to deliver 2023 outlook

      • BNOR.NO (BlueNord) -- reports preliminary Aug production 25.8 mboepd (net)

      • Also reporting today

        • Earnings:

          • Benelux: Sofina (SOF.BB)

          • France: Damartex (ALDAR.FP)

          • Nordics: Sectra (SECT.B.SS)

          • Southern Europe: Fourlis Holdings (FOYRK.GA), GVS (GVS.IM), Sabaf (SAB.IM)

          • UK: Alumasc Group (ALU.LN), Ashtead Group (AHT.LN), Craneware (CRW.LN), Ecora Resources (ECOR.LN), Eurocell (ECEL.LN), Gamma Communications (GAMA.LN), Headlam Group (HEAD.LN), Johnson Service Group (JSG.LN), Luceco (LUCE.LN), Michelmersh Brick Holdings (MBH.LN), Midwich Group (MIDW.LN), Sigmaroc (SRC.LN), STV Group (STVG.LN), The Pebble Group (PEBB.LN), Tissue Regenix Group (TRX.LN)

        • Trading Update: DS Smith (SMDS.LN), Nordnet (SAVE.SS), Avanza Bank Holding (AZA.SS)

        • CMD/events: Ryanair (RYA.ID), Telekom Austria (TKA.AV)

    • M&A

      • TRMR.LN (Tremor International) -- notes the recent press speculation and confirms that it is not currently in a sale process.

      • ECV.GR (Encavis AG) -- acquires a 28 MW solar park in Spain from ILOS Projects GmbH for an undisclosed sum

      • ROTH.FP (Rothschild & Co.) -- provides Concordia tender offer update; remaining shares to be acquired represents ~13% of share capital & ~10.5% of voting rights

      • OVH.FP (OVHCloud) -- completes previously announced acquisition of Gridscale

      • AVIO.IM (Avio) -- acquires strategic minority investment in T4i

      • GCC.NO (Gram Car Carriers) -- acquires further 21.6% equity ownership in Mediterranean Sea for $6.1M

      • CVC nearing deal to acquire DIF Capital Partners - Bloomberg

    • Healthcare

      • GMAB.DC (Genmab) -- Phase 3 innovaTV 301 confirmatory trial met primary endpoint

      • GN.DC (GN Store Nord) -- moves to "one company" governance structure; appoints Peter Karlstromer to Group CEO

      • ADXN.SW (Addex Therapeutics) -- Addex says ADX71149 Phase 2 epilepsy study expected to readout data in Q2 2024

    • Other

      • DBK.GR (Deutsche Bank) -- unit Postbank under investigation by BaFin regarding disturbances in the handling of customer business

      • RNO.FP (Renault) -- CEO: Ampere could be valued at €8-10B in IPO - FT

      • NHY.NO (Norsk Hydro) -- partners with Shell Energy to decarbonize UK operations

      • AF.FP (Air France-KLM) -- Air France SA and Airbus SAS enter into exclusive negotiations to establish JV for the provision of Airbus A350 component maintenance services

      • LATO.B.SS (Latour Investment) -- board to exercise the authorization to repurchase a maximum of 125k own class B shares

      • OPAP.GA (Greek Organisation of Football Prognostics) -- announces on-market share buyback for up to €150M

  • Key rating changes

    • Upgrades

      • AKZA.NA (Akzo Nobel) -- to buy from hold at Deutsche Bank

      • BOL.SS (Boliden) -- to buy from hold at Deutsche Bank

      • EDPR.PL (EDP Renovaveis) -- to overweight from equal-weight at Morgan Stanley

      • COLR.BB (Colruyt) -- to overweight from underweight at JPMorgan

      • SAN.FP (Sanofi) -- to buy from hold at Berenberg

      • SHL.GR (Siemens Healthineers) -- to buy from hold at HSBC

    • Downgrades

      • BBVA.SM (BBVA) -- to equal-weight from overweight at Morgan Stanley

      • CPR.IM (Davide Campari-Milano) -- to equal-weight from overweight at Morgan Stanley

      • CBK.GR (Commerzbank) -- to underweight from equal weight at Barclays

      • ACA.FP (Credit Agricole) -- to sell from neutral at Goldman Sachs

      • KRX.ID (Kingspan Group) -- to hold from buy at Societe Generale (timing uncertain)

      • ERGO.LN (Ergomed) -- to hold from buy at Liberum Capital (timing uncertain)

      • SYNACT.SS (SynAct Pharma) -- to hold from buy at DnB Markets

      • TSCO.LN (Tesco plc) -- to neutral from overweight at JPMorgan

      • AD.NA (Koninklijke Ahold Delhaize) -- to underweight from overweight at JPMorgan

      • BME.LN (B&M European Value Retail) -- to underweight from overweight at JPMorgan

      • JMT.PL (Jeronimo Martins) -- to underweight from neutral at JPMorgan

      • ROG.SW (Roche Holding) -- to hold from buy at Berenberg

      • FRE.GR (Fresenius) -- to hold from buy at HSBC

      • BOO.LN (boohoo Group) -- to neutral from outperform at BNP Paribas Exane

    • Initiations

      • COLO.B.DC (Coloplast) -- neutral at Goldman Sachs

      • CTEC.LN (ConvaTec Group) -- buy at Goldman Sachs

      • ATE.FP (Alten) -- buy at Stifel

    • Others

      • EDP.PL (EDP-Energias de Portugal) -- resumed overweight at Morgan Stanley

      • PEAB.B.SS (Peab) -- reinitiated buy at Danske Bank

      • SKA.B.SS (Skanska) -- reinitiated buy at Danske Bank

      • LXS.GR (Lanxess) -- transferred buy at Deutsche Bank

      • SDF.GR (K+S) -- transferred hold at Deutsche Bank

      • YAR.NO (Yara International) -- transferred hold at Deutsche Bank

      • CMCX.LN (CMC Markets) -- resumed add at Peel Hunt

  • Data

    • Nikkei +0.05% to 32954.66

    • Hang Seng (1.36%) to 18587.62

    • Shanghai Composite (0.56%) to 3159.27

    • S&P futures (8.3) vs prior close of 4521.5

    • €-$ (0.0009) or (0.08%) to 1.0787

    • $-¥ +0.34 or +0.23% to 146.82

    • €-¥ +0.19 or +0.12% to 158.35

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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