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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.34%), DAX30 (0.11%), CAC40 (0.14%)

Sep 06 ,2023

  • Synopsis

    • European equity markets are set for a lower open amidst mostly negative markets in Asia on Wednesday. Greater China markets extending losses as tech stocks weigh on Hang Seng. Nikkei outperforming while ASX and Kospi posting mild declines. S&P 500 futures down slightly afterhours.

    • Attention on oil prices after Saudi Arabia and Russia's decision to extend crude output cuts. Fits in with concerns that disinflation momentum may have peaked, which may complicate central bank effort to curb inflation and exit tightening cycle. Reinforces recent narrative of higher for longer rates. Markets pricing in approximately 25% change that ECB will rate rates by 25 bps next week due to recent Eurozone data softness.

    • Chancellor Scholz will give a speech at the general debate in the German Bundestag. Prior to the first UK PMQs of the new parliamentary session at 12noon BST, there are MPs questions on Northern Ireland. There's also Opposition Day Debate (topic: safety of school buildings). Committee topics include preparing for the winter (11:00, execs for British Gas (CNA.LN), E.ON (EOAN.GR), others), electric vehicles (11:00, execs from Vauxhall (STLAM.IM) and SMMT's CEO Hawes), BOE's monetary policy report (14:15 BOE's Bailey, others). EU court rules on Russian lawsuits against Ukraine sanctions whilst EU's Gentiloni participates in the Festival della Politica 2023. EU's Breton delivers a keynote speech at the Bruegel Annual Meeting (through Thu) other speakers include Ireland Central Bank's Donnery, Bank of Austria's Holzmann, EU's McGuinness and Schmit.

    • In central banks, Riksbank's Flodén speech at 13:00CET at UBS Nordic Financial Service Conf and Thedéen lecture at 18:00CET in which he will discuss his view of the economic situation in Sweden. ECB's McCaul panellist at 14:00CET at INSEAD webinar. Bundesbank's Wuermeling speech at 15:35CET at event hosted by Fintech Convergence Council and Balz speech at 18:00CET at EU Parliament's Financial Services Forum Annual Reception.

    • Also due today Germany's IfW economic forecast whilst Fed Beige Book is released after the EU market close.

    • On the macro front, Germany Jul factory orders, Germany and UK Aug construction PMI, Finland Jul trade balance, Eurozone Jul retail sales, Greece Q2 GDP and Ireland Aug unemployment rate are due to be released.

    • In earnings, Swiss Life Holding (SLHN.SW) reported H1 net income CHF630M vs consensus CHF602M and announced a new CHF300M buyback whilst Zumtobel Group (ZAG.AV) reported Q1 net income €9.8M, (10%) vs year-ago €10.9M and lowered FY revenue guidance. InPost (INPST.NA) reported Q2 net income attributable PLN128.0M vs FactSet PLN158.8M. In the Nordics, Clas Ohlson (CLAS.B.SS) is out with Q1 and SalMar (SALM.NO) released a CMD update.

    • Also reporting today are Boiron (BOI.FP), Ashmore Group (ASHM.LN), Barratt Developments (BDEV.LN) and Darktrace (DARK.LN) whilst Halfords Group (HFD.LN) releases its trading update and Norwegian Air Shuttle (NAS.NO) and Finnair (FIA1S.FH) report traffic data.

  • Macro

    • French Minister of the Economy confirms the reduction of taxation on households promised by the President of the Republic for at least 2 billion euros, "if possible" from the 2025 budget - Le Figaro

    • Rishi Sunak to face PMQs test over schools concrete crisis - Evening Standard

    • Landini won't rule out striking against budget - ansa

  • Top company news

    • Earnings/updates

      • Benelux:

        • INPST.NA (InPost) -- reports Q2 net income attributable PLN128.0M vs FactSet PLN158.8M [5 est, PLN29.3-216.1M]

        • SOF.BB (Sofina) -- reports H1 EPS €0.42 vs year-ago (€39.80)

      • DACHs:

        • ZAG.AV (Zumtobel Group) -- reports Q1 net income €9.8M, (10%) vs year-ago €10.9M

        • SLHN.SW (Swiss Life Holding) -- reports H1 net income CHF630M vs consensus CHF602M; announces new CHF300M buyback

        • BARN.SW (Barry Callebaut) -- announces strategic investment program; appoints Peter Vanneste as CFO effective 1-Nov

      • Nordics:

        • CLAS.B.SS (Clas Ohlson) -- reports Q1 EPS (SEK0.42) vs year-ago (SEK0.38)

        • SALM.NO (SalMar) --sees increase in estimated annual synergies following integration of NTS, NRS and SalmoNor from NOK671M to NOK844M -- CMD

      • Ireland:

        • RYA.ID (Ryanair Holdings) -- releases presentation material in connection with its CMD (5-Sep)

    • M&A

      • PGHN.SW (Partners Group) -- Bidders looking at Techem - Bloomberg

      • VNA.GR (Vonovia) -- Private equity interested in Vonovia's northern German portfolio - Handelsblatt

      • GAM.SW (Gam Holding) -- convenes EGM to be held in Zurich on 27-Sep-23

      • UBSG.SW (UBS Group) -- looking to renegotiate Credit Suisse's sale of SPG to Apollo - Bloomberg

      • TECK.B.CN (Teck Resources) -- sees more interest than expected in EVR - Globe and Mail

      • TEF.SM (Telefonica) -- Saudi Telecom Company acquires 9.9% stake in Telefónica for a total amount of €2.1B

      • IDIA.SW (Idorsia) -- reacquires world-wide rights to aprocitentan for conditional consideration up to a total cap of CHF 306M

      • TPEIR.GA (Piraeus Financial Holdings) -- completes sale of leasing subsidiary including NPE portfolio

      • DIG.IM (Digital360) -- completes acquisition of Omnitel Comunicaciones and AdjudicacionesTic,

      • Several suitors progress to second round of bidding for Khoemacau project - Bloomberg

      • Mobility ADO and Keppel Infrastructure Holdings among shortlisted parties bidding for Victorian bus operator Ventura Group - Australian Financial Review

    • Healthcare

      • ROG.SW (Roche Holding) -- FDA accepts application for Genentech's Crovalimab for the treatment of PNH, a rare life-threatening blood condition

      • CYAD.BB (Celyad Oncology) -- SEC filing: SC 13D/A (Filed by Fortress Investment Group LLC)

      • NANO.FP (Nanobiotix) -- appoints Louis Kayitalire as Chief Medical Officer

      • CANTA.SS (Cantargia) -- FDA grants orphan drug designation to CAN10 for Systemic Sclerosis

      • EVE.SW (Evolva Holding) -- receives approval for Veri-te Resveratrol in Thailand

    • Other

      • CFR.SW (Richemont) -- appointed Boet Brinkgreve to the newly created role of CEO of Laboratoire de Haute Parfumerie et Beauté on 1-Sep

      • HEALTH.FH (Nightingale Health) -- to provide blood sample analysis service for a large U.S. healthcare system

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for July

      • UMG.NA (Universal Music Group) -- Universal Music Group's new streaming deal with Deezer to be revenue-positive - FT, citing Universal executive

      • DEC.FP (JCDecaux) -- announces two Toulouse contract wins

      • ONTEX.BB (Ontex Group) -- announces Peter Vanneste, CFO, has decided to leave Ontex early Oct-23, to pursue a career opportunity outside the group

      • NSW government increases coal royalties by 260bp - The Australian

  • Key rating changes

    • Upgrades

      • KRN.GR (Krones) -- to buy from hold at HSBC

      • STLA.IM (Stellantis) -- to outperform from neutral at BNP Paribas Exane

      • UCB.BB (UCB) -- to buy from hold at Deutsche Bank

    • Downgrades

      • CAF.SM (Construcciones y Auxiliar de Ferrocarriles) -- neutral from outperform at BNP Paribas Exane

      • PPGN.SW (PolyPeptide Group) -- to sell at Mirabaud

      • GMAB.DC (Genmab (GMAB.DC) -- sector perform from outperform at RBC Capital Markets

      • HIK.LN (Hikma Pharmaceuticals) -- sector perform from outperform at RBC Capital Markets

      • JDEP.NA (JDE Peet's) -- to hold from buy at Deutsche Bank

    • Initiations

      • DPLM.LN (Diploma) -- overweight at Morgan Stanley

  • Data

    • Nikkei +0.60% to 33235.00

    • Hang Seng +0.14% to 18481.97

    • Shanghai Composite +0.18% to 3159.95

    • S&P futures (3.5) vs prior close of 4502.5

    • €-$ +0.0013 or +0.12% to 1.0735

    • $-¥ (0.62) or (0.42%) to 147.10

    • €-¥ (0.48) or (0.30%) to 157.92

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.
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