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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.29%, DAX30 +0.17%, CAC40 (0.01%)

Sep 11 ,2023

  • Synopsis

    • European equity markets set to open flat to marginally higher. Asian equities mixed Monday. Hang Seng underperforming after resuming trade following Friday's cancellation. BOJ Governor Ueda's NIRP comments reverberating in Japan with banks rallying, yen appreciating across-the-board and JGB yields rising sharply.

    • European equities ended lower last week with the Stoxx 600 posting the longest daily losing streak since at least 2018 and reversing all of the previous week's gains. The week ahead sees ECB interest rate decision, EU's von der Leyen State of the Union speech, OPEC/IEA monthly oil market reports, Germany Sep ZEW survey, UK Aug unemployment data.

    • Today's agenda sees local elections in Norway; country uses a proportional voting system (thelocal). Meanwhile, in Russia, Reuters notes Sunday wrapped up widely denounced regional and municipal elections, including in regions annexed from Ukraine, delivering strong support for President Vladimir Putin amidst criticism of vote rigging.

    • In central banks today, BIS regular central bank managers meeting in Basel, Estonia Central Bank's Müller, Latvia Central Bank's Kaz�?ks among participants. Bank of France's Benassy-Queré speech at 9:00CET at Banque de France - EUI workshop whilst BOE's Pill panellist at 9:00BST at the Kent Invicta Chamber of Commerce. 'Rendez-Vous de Septembre' conf (thru Wed), Swiss Re (SREN.SW) press conf

    • Today's macro data releases include Italy Jul industrial production, Norway Aug CPI, Denmark Aug CPI

    • On the corporate front, some focus on M&A headlines. Carlisle (CSL) rejects takeover proposal from Kingspan Group (KRX.ID), according to a Bloomberg report. Covestro (1COV.GR) board decides to enter into open-ended discussions with Abu Dhabi National Oil Company (ADNOC) regarding potential transaction. Restaurant Group (RTN.LN) confirms it is in "advanced discussions" with Big Table Group regarding potential divestment of leisure business

    • In earnings/updates, Uk housebuilder Vistry (VTY.LN) is the latest in the sector due to update investors. Roche is hosting its Pharma Day that will take place in London and starts at 10:00 BST.

  • Macro/politics

    • EU to unveil €1bn in N Ireland funding to boost reconciliation - FT

    • Russian regional vote delivers strong result for Putin amid claims of rigging - Reuters

    • Sunak Hints at UK Benefits Cut After 'Huge' Rise in Payments - Bloomberg

    • G20: How Russia and West agreed on Ukraine language - BBC

    • UK government split on listing China as security threat - Times

  • Top company news

    • Earnings/updates

      • VTBR.RU (VTB Bank) -- expects to earn record profits this year, although dividends are unlikely - RBC.RU

      • EXM.BB (Exmar NV) -- reports H1 IFRS EPS $0.37 vs year-ago $0.17

      • BB.FP (Bic) -- sees 2025 adj EBIT margin improvement of ~150 bps from 2022 level of 14.0% -- Horizon strategic plan objectives

      • NORSE.NO (Norse Atlantic) -- reports Aug load factor 86% vs 85% in Jul

      • Also reporting today

        • Earnings:

          • France: SES-imagotag (SESL.FP), Seche Environnement (SCHP.FP)

          • Southern Europe: Pharmanutra (PHN.IM), Antares Vision (AV.IM), Newlat Food (NWL.IM), Aquafil (ECNL.IM), GR Sarantis (SAR.GA),

          • UK: Vistry Group (VTY.LN), M.P. Evans (MPE.LN), Inspired (INSE.LN)

        • CMD/events: Roche (ROG.SW) pharma day, Swiss Re (SREN.SW)

    • M&A

      • CSL (Carlisle Cos.) -- Carlisle rejects takeover proposal from Kingspan Group (KRX.ID) - Bloomberg

      • ROG.SW (Roche Holding) -- Roche would consider large acquisition if it makes scientific and financial sense - NZZ am Sonntag

      • COV.GR (Covestro) -- board decides to enter into open-ended discussions with Abu Dhabi National Oil Company (ADNOC) regarding potential transaction

      • MBTN.SW (Meyer Burger Technology) -- and Helion Energy enter strategic partnership; terms undisclosed

      • RTN.LN (Restaurant Group) -- confirms it is in "advanced discussions" with Big Table Group regarding potential divestment of leisure business - Reuters

      • CLNX.SM (Cellnex Telecom) -- seeks a partner for its business in the Nordics valued at ~ €1.0B - Cinco Dias, citing sources

      • EQT, Affinity preparing bids for VetPartners - Australian Financial Review

    • Healthcare

      • AZN.LN (AstraZeneca) -- CEO Pascal Soriot looking to leave AstraZeneca - Mail on Sunday

      • AZN.LN (AstraZeneca) -- AstraZeneca, Daiichi Sankyo present initial results from Phase Ib TROPION-Lung04 trial

      • AZN.LN (AstraZeneca) -- notes positive results from FLAURA2 Phase III presented at IASLC 2023 World Conference on Lung Cancer

      • SAN.FP (Sanofi) -- FDA grants orphan drug designation to Sanofi US for AAV-based vector to treat phenylketonuria

      • MRK.GR (Merck KGaA) -- FDA converts Bavencio accelerated approval in MCC to traditional approval

      • BGBIO.NO (BerGenBio) -- to present company update at H.C. Wainright Annual Global Investment Conference

      • ALBPS.FP (Biophytis) -- FDA authorizes Biophytis to initiate SARA-31 phase 3 study in sarcopenia

    • Other

      • BARC.LN (Barclays) -- retains ambitions for its investment bank - Sunday Times

      • BARC.LN (Barclays) -- planning to cut up to hundreds of jobs - Reuters citing sources

      • SREN.SW (Swiss Re) -- expects continued growth momentum for non-life reinsurance; risk-adequate returns required

      • ECV.GR (Encavis AG) -- expands its involvement in the successful Strategic Development Partnership with GreenGo Energy.

      • BUR.LN (Burford Capital) -- provides update on YPF damages ruling; says court's ruling suggests a final judgment of approximately $16B against Argentina

      • DOC.AV (DO & CO) -- discloses conversion of convertible bonds

      • HNR1.GR (Hannover Re) -- anticipates further price increases and improvements in terms and conditions in the renewals at 1-Jan-24 in property and casualty reinsurance

      • Estimated weekend box office revenues in US, Canada $87.7M, +102.9% y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • VWS.DC (Vestas Wind Systems) -- to hold from reduce at HSBC

      • AGS.BB (Ageas) -- to neutral from underweight at JPMorgan

      • DEQ.GR (Deutsche EuroShop) -- to Add from Reduce at Baader Helvea

      • DEC.FP (JCDecaux) -- to outperform from neutral at Oddo

      • PRU.LN Prudential upgraded to neutral from underperform at BNP Paribas Exane

    • Downgrades

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

      • MRO.LN (Melrose Industries) -- to sector perform from outperform at RBC Capital Markets

      • AZA.SS (Avanza Bank Holding) -- Avanza Bank Holding long-term recommendation downgraded to market perform from outperform at Handelsbanken

    • Initiations

      • SIE.GR (Siemens AG) -- underweight at Barclays

      • MTRO.LN (Metro Bank Holdings) -- hold at Peel Hunt

  • Data

    • Nikkei (0.48%) to 32448.94

    • Hang Seng (0.97%) to 18025.96

    • Shanghai Composite +1.04% to 3149.25

    • S&P futures +11.3 vs prior close of 4461.8

    • €-$ +0.0018 or +0.17% to 1.0732

    • $-¥ (0.78) or (0.53%) to 146.20

    • €-¥ (0.57) or (0.36%) to 156.89

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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