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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.1%, DAX30 +0.4% , CAC40 +0.1%

Sep 08 ,2023

  • Synopsis

    • European indices are set to open in positive territory amid Asian equities trading lower Friday. All benchmarks in negative territory with Nikkei underperforming. S&P 500 futures flat following another tech-led retreat on US markets. Dollar turning lower after earlier rising to highest since early March.

    • In geopolitical developments, G20 heads of state and government begin to gather in New Delhi for Summit (through Sun) with global energy goals on the agenda after climate ministers failed to agree a deal back in July.

    • Also on today's agenda, EU's Schinas participates in event hosted by The Economist - Third Thessaloniki Metropolitan Summit (through Sat). Among central banks updates/speakers, Bundesbank's Wuermeling panellist at 9:00CET and 12:45CET at Swiss Fintech. In UK, results expected of the latest auction for financial support contracts for offshore wind projects

    • Macroeconomic releases due today: Germany Aug final CPI, France Jul industrial production, trade balance, Spain Jul industrial production, Sweden Jul industrial production, Greece Aug CPI, Jul industrial production, Netherlands Jul manufacturing production, Denmark Jul trade balance

    • In corporate news, Rubis (RUI.FP) reported yesterday after the close H1 earnings and reaffirmed it was confident that 2023 will be another year of improving net income Group share vs 2022 (adjusted for goodwill impairment). Also in France, Viel & Cie (VIL.FP) reported H1 net income attributable €50.9M, +22% vs year-ago €41.8M. In Italy, Eni (ENI.IM) announced the successful placement of its sustainability-linked convertible bond. Other companies expected to update the market today include Computacenter (CCC.LN), Petershill Partners (PHLL.LN) and Berkeley Group (BKG.LN)

    • On M&A highlights, Repsol (REP.SM) to acquire the renewable energy platform ConnectGen for $768M from Quantum Capital Group. On the speculation front, Sky News reported in the UK that Restaurant Group (RTN.LN) chairman Hanna has informed fellow board members that he intends to step down once a successor is identified, with an announcement to possibly be made as soon as today.

  • Politics/Macro/World News

    • UK employers curb hiring at fastest rate in over 3 years, REC says - Reuters

    • ECB to pause hiking rates on 14-Sep; economists split on one more - Reuters poll

    • Germany backs delay to EV tariffs in boost to Sunak - FT

    • Euro heads for eight-week losing streak as economy falters - FT

    • UK pension triple lock bill to surge by up to £45B a year within decades, warns IFS - Telegraph

    • Netherlands Jul Manufacturing Production (0.6%) m/m vs consensus +0.3% and prior revised +0.9% from +0.7%

  • Top company news

    • Earnings/updates

      • ENX.FP (Euronext) -- August trading activity

      • DIE.BB (D'Ieteren Group) -- reports H1 pretax income €548.9M ex-items vs FactSet €467.3M

      • RUI.FP (Rubis) -- reports H1 EPS €1.66 vs year-ago €1.65

      • VETO.FP (Vetoquinol) -- reports H1 earnings; Q2 revenue €110.8M vs FactSet €133.9M [1 est]

    • M&A

      • REP.SM (Repsol) -- agrees to acquire the renewable energy platform ConnectGen for $768M from Quantum Capital Group

      • THAG.SW (Talenthouse) -- announces agreement regarding reverse merger transaction

    • Other

      • AUTO.NO (AutoStore Holdings) -- AutoStore announces Paul Harrison named CFO, effective 30-Oct-23

      • VANTI.FP (Vantiva) -- Vantiva's near-term GHG emissions reductions targets validated by SBTi

      • RTN.LN (Restaurant Group) -- chairman Ken Hanna to step down amid activist pressure - Sky News

      • SPM.IM (Saipem) -- awarded new offshore contracts in Côte d'Ivoire and Italy worth in total €850M

      • ENI.IM (Eni) -- announces the successful placement of its sustainability-linked convertible bond

      • BPE.IM (BPER Banca) -- appoints Gian Luca Santi as CFO

      • CLTN.SW (Coltene Holding) -- CEO Martin Schaufelberger to step down

  • Key rating changes

    • Upgrades

      • VOW3.GR (Volkswagen) - to buy from hold at Berenberg

    • Downgrades

      • FBK.IM (FinecoBank) -- to neutral from overweight at JPMorgan

      • P911.GR (Porsche) - to hold from buy at Berenberg

    • Initiations

      • WOSG.LN (Watches of Switzerland Group) -- initiated hold at Stifel

      • BOUV.NO (Bouvet) -- initiated buy at Kepler Cheuvreux

  • Data

    • Nikkei (1.20%) to 32594.83

    • Hang Seng +0.00% to 18202.07

    • Shanghai Composite (0.18%) to 3116.86

    • S&P futures +4.0 vs prior close of 4456.3

    • €-$ +0.0025 or +0.23% to 1.0723

    • $-¥ (0.11) or (0.08%) to 147.19

    • €-¥ +0.27 or +0.17% to 157.81

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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