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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.19%, DAX +0.18%, CAC +0.24%, MIB +0.13%, IBEX +0.15%, STOXX +0.22%

Sep 12 ,2023

  • Synopsis

    • European equity markets are set to open higher, whilst, Asian equities are mixed Tuesday. Greater China markets swinging up from earlier lows with Country Garden leading property developers after winning further reprieve on bond repayments. Japan and Taiwan markets also picking up gains while Korea underperforming. S&P 500 futures flat after recouping earlier losses.

    • Focus on tech sector; Arm IPO seeing strong demand with planned listing reportedly oversubscribed by 10x and banks planning to stop taking orders day earlier than planned. AAPL iPhone event also on today's agenda.

    • In Central Banks, BOE's Mann speech at 00:00BST at the Canadian Association for Business Economics Conf (webcast) whilst BOE's Johns speech at 9:20BST at Deutsche Bundesbank's 6th International Cash Conf (through Thu).

    • Also on today's agenda, OPEC monthly oil market report as well as UK parliament committee topics including batteries for electric vehicle manufacturing 10:30BST, the need for long-duration energy storage 10:15, pre-appointment hearing for Sarah Breeden as Deputy Governor for Financial Stability, BOE 10:15, implications of Russia's invasion of Ukraine for UK-EU relations at 16:00. OMFIF event at 8:45BST - The Labour party's response to the UK's economic challenges, speaker James Murray MP, Shadow Financial Secretary, UK Treasury. Husum Wind trade fair (through Thu)

    • Macroeconomic releases due today include: Germany Sep ZEW survey, UK Aug claimant count change, Jul unemployment rate, Spain Aug final CPI, Sweden Aug unemployment rate, Portugal Aug final CPI, Netherlands Aug final CPI

    • In earnings news, HMS Networks (HMS.SS) updated its 2025 strategic targets and issued a trading update in connection with today's CMD. In France, Interparfums (ITP.FP), SES-imagotag (SESL.FP),and Seche Environnement (SCHP.FP) all reported H1 earnings. UK companies Associated British Foods (ABF.LN), Fevertree Drinks (FEVR.LN) among those due it report earnings/updates.

    • In M&A, Handelsblatt reports that the German government is interested in taking a minority stake in Thyssenkrupp (TKA.GR) Marine Systems. People familiar with the plans tell Handelsblatt that Thyssenkrupp is negotiating with financial investors over the sale of a majority stake in the unit, with the German state to take a minority share, and Thyssenkrupp to also retain a minority stake. Also in Germany, FAZ reports Klaus-Michael Kühne is interested in collaborating with Hapag-Lloyd to acquire HHLA (HHFA.GR)

  • Politics/Macro/World News

    • Europe's Weak Gas Demand Signals Industrial Malaise Taking Hold - Bloomberg

    • Europe's Enforcer Wants Big Tech to Play by His Rules - Bloomberg

    • Jeremy Hunt says November Budget tax cuts 'unlikely' - The Telegraph

    • Arrest of alleged spy raises questions around UK's China policy - FT

  • Top company news

    • Earnings/updates

      • ITP.FP (Interparfums) -- reports H1 net income €77.6M vs year-ago €54.2M

      • SESL.FP (SES-imagotag) -- reports H1 net income €91.5M vs year-ago €4.9M

      • HMS.SS (HMS Networks) -- updates 2025 strategic targets; provides a trading update in connection with tomorrow's CMD

      • SCHP.FP (Seche Environnement) -- reports H1 EPS €2.94 vs year-ago €3.23

      • AV.IM (Antares Vision) -- reports H1 adjusted net income (€7.3M) vs year-ago (€1.8M)

      • CALN.SW (Calida Holding) -- announces new strategic focus on operational excellence for Group brands; reiterates 10% EBIT margin target by 2026; maintains attractive dividend policy with distribution of at least half of FCF generated

      • VK.FP (Vallourec) -- will host its Capital Markets Day: As part of today's presentation, Vallourec reiterates its full-year outlook for 2023

      • Also reporting today

        • Earnings:

          • France: Groupe Crit (CEN.FP), Sidetrade (ALBFR.FP), Haulotte Group (PIG.FP), Fleury Michon (ALFLE.FP)

          • Nordics: Orphazyme (ORPHA.DC)

          • Southern Europe: El.En. (ELN.IM), Cembre (CMB.IM), SAES Getters (SG.IM), Piovan (PVN.IM), Esprinet (PRT.IM), B&C Speakers (BEC.IM)

          • UK: Fevertree Drinks (FEVR.LN), Keywords Studios (KWS.LN), JTC (JTC.LN), Smart Metering Systems (SMS.LN), Mattioli Woods (MTW.LN), The Gym Group (GYM.LN), Equals (EQLS.LN), IQE (IQE.LN), Petra Diamonds Ltd. (PDL.LN), hVIVO (HVO.LN), Creo Medical (CREO.LN), Gaming Realms (GMR.LN), Eleco (ELCO.LN)

        • Trading Update: Associated British Foods (ABF.LN), DFDS (DFDS.DC)

        • Traffic: Flughafen Zurich (FHZN.SW)

    • M&A

      • HHFA.GR (Hamburger Hafen und Logistik) -- Klaus-Michael Kühne interested in collaborating with Hapag-Lloyd to acquire HHLA - FAZ

      • TKA.GR (ThyssenKrupp) -- German government interested in taking minority stake in Thyssenkrupp Marine Systems - Handelsblatt (11-Sep, 16:52 CET)

      • ADP.FP (Aeroport de Paris) -- notes French Competition Authority decision regarding Extime Food & Beverage

      • EMBRAC.B.SS (Embracer Group) -- weighing options for Gearbox Entertainment, including possible sale -- Reuters (earlier, intraday Sweden)

      • ICP.LN (Intermediate Capital Group) -- puts SCF Containers back on the block - Australian Financial Review

      • SAS.SS (SAS) -- extends the timeline for its equity solicitation process by one week

      • EXN.FP (Exclusive Networks) -- to acquire 70% of Ingecom; terms undisclosed

      • NB2.GR (Northern Data) -- to exercise call option to acquire remaining circa 30% of shares in Damoon for 6.6M shares; to issue €52.9M mandatory convertible bond

      • SMD.LN (Spectral MD Holdings) -- Spectral MD announces closing of business combination

    • Other

      • HLN.LN (Haleon) -- SEC filing: SC 13D/A (Filed by PFIZER INC)

      • HLN.LN (Haleon) -- SEC filing: SC 13D/A (Filed by GSK plc)

      • IGG.LN (IG Group Holdings) -- Activist investor Phase 2 builds stake in IG Group - London Times

      • AAK.SS (AarhusKarlshamn) -- appoints Patrik Andersson as Chairman

      • ARCAD.NA (ARCADIS) -- wins 10-year €125M infrastructure contract extension in Netherlands for smart operations management and data driven asset maintenance

      • MGM Resorts reportedly experiencing cybersecurity incident -- CNBC

  • Key rating changes

    • Upgrades

      • GETI.B.SS (Getinge) -- Getinge short-term recommendation upgraded to buy from hold at Handelsbanken

      • IPN.FP (Ipsen) -- to buy from neutral at UBS

      • NESN.SW (Nestle) -- to hold from sell at Societe Generale (timing uncertain)

      • WOSG.LN (Watches of Switzerland Group) -- to buy from neutral at Goldman Sachs

      • BEI.GR (Beiersdorf) -- to outperform from neutral at BNP Paribas Exane

    • Downgrades

      • OR.FP (L'Oreal) -- to sell from hold at Deutsche Bank

      • HEN3.GR (Henkel) -- to neutral from outperform at BNP Paribas Exane

      • RKT.LN (Reckitt) -- to underperform from neutral at BNP Paribas Exane

    • Initiations

      • ANTO.LN (Antofagasta) -- reduce at HSBC

      • DUE.GR (Duerr) -- buy at Societe Generale

      • CTPNV.NA (CTP NV) -- overweight at JPMorgan

      • JET2.LN (Jet2) -- overweight at Morgan Stanley

      • ALCRB.FP (Carbios) -- initiated buy at Berenberg

      • 2020.NO (2020 Bulkers) -- buy at Nordea

      • GOGL.NO (Golden Ocean Group) -- buy at Nordea

      • HSHP.NO (Himalaya Shipping) -- buy at Nordea

  • Data

    • Nikkei +0.79% to 32725.78

    • Hang Seng (0.12%) to 18075.03

    • Shanghai Composite (0.23%) to 3135.46

    • S&P futures (5.0) vs prior close of 4539.5

    • €-$ (0.0013) or (0.12%) to 1.0739

    • $-¥ +0.22 or +0.15% to 146.80

    • €-¥ +0.05 or +0.03% to 157.62

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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